Wolfspeed Inc (WOLF) 2026 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to Wolfspeed's fiscal first-quarter 2026 earnings conference call. Today's call will include prepared remarks from our Chief Executive Officer, Robert Feurle; and our Chief Financial Officer, Gregor van Issum. Following their remarks, the call will conclude. We will not be conducting a Q&A session today.

大家下午好。歡迎參加 Wolfspeed 2026 財年第一季財報電話會議。今天的電話會議將包括執行長羅伯特·費爾勒和財務長格雷戈爾·範·伊蘇姆的準備好的演講。發言結束後，通話將結束。我們今天不會進行問答環節。

Please note that we will be presenting non-GAAP financial results during today's call, which we believe provide useful information to our investors. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered as a supplement to and not a substitute for financial statements prepared in accordance with GAAP.

請注意，我們將在今天的電話會議上公佈非GAAP財務業績，我們相信這些業績將為我們的投資者提供有用的資訊。非GAAP績效不符合GAAP準則，可能與其他公司提供的非GAAP資訊不具可比性。非公認會計準則資訊應被視為依照公認會計準則編製的財務報表的補充，而不是替代。

A reconciliation to the most directly comparable GAAP measures is in our press release and posted in the Investor Relations section of our website, along with a historical summary of our other key metrics.

與最直接可比較的 GAAP 指標的調整表已發佈在我們的新聞稿中，並已發佈在我們網站的投資者關係部分，同時也發布了我們其他關鍵指標的歷史摘要。

Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially.

今天的討論包含有關我們業務前景的前瞻性陳述，我們可能會在電話會議期間發表其他前瞻性陳述。此類前瞻性陳述受許多風險和不確定因素的影響。我們今天發布的新聞稿以及新聞稿中提到的美國證券交易委員會文件中提到了一些可能導致實際結果與預期結果有重大差異的重要因素。

With that, I'll turn the call over to Robert.

接下來，我會把電話交給羅伯特。

Thank you, Tyler, and good afternoon, everyone. It's great to be speaking with you and providing an update on the business following the successful completion of our financial restructuring. We recognize this has been a significant journey for all of our stakeholders, and we sincerely appreciate your continued support and engagement throughout this process.

謝謝你，泰勒，大家下午好。很高興能與您交流，並向您報告我們成功完成財務重組後的業務進度。我們意識到這對所有利害關係人來說都是一段意義重大的旅程，我們衷心感謝您在過程中持續的支持和參與。

I'd also like to acknowledge the exceptional efforts of our employees whose focus and dedication were critical to achieving this important milestone. Throughout this process, we remain committed to operating with discipline and integrity and continuing to run the business in the normal course.

我還要感謝我們員工的卓越努力，他們的專注和奉獻精神對於實現這一重要里程碑至關重要。在此過程中，我們將繼續秉持嚴謹誠信的原則開展業務，並以正常流程繼續運作。

As we begin a new fiscal year in the next chapter of Wolfspeed story, our first priority is clear: to accelerate our path to profitability. The foundation for that journey is already taking shape as we emerge from restructuring with an improved balance sheet and a simplified operating model that can make us more efficient.

隨著我們開啟 Wolfspeed 發展歷程的新篇章，進入新的財年，我們的首要任務很明確：加快獲利的步伐。隨著我們完成重組，資產負債表得到改善，營運模式得到簡化，效率更高，這一征程的基礎已經初具雛形。

I want to emphasize that we are treating this as a new starting point. We have a disciplined plan under development that can guide us towards sustainable self-funding operations. We are taking a hard look at every aspect of the business to better align our operations with customer needs, improving how we deliver, how we invest, and how we grow.

我想強調的是，我們將此視為一個新的起點。我們正在製定一項嚴謹的計劃，以指導我們實現可持續的自籌資金運作。我們正在認真審視業務的方方面面，以更好地使我們的營運與客戶需求保持一致，改善我們的交付方式、投資方式和發展方式。

That means focusing on the areas that drive the most long-term value for our customers, while deploying capital where it can generate strong, sustainable revenue growth. Profitability with discipline can define the next phase for Wolfspeed, and it begins with growing alongside our customers and helping them succeed.

這意味著要專注於為客戶創造最大長期價值的領域，同時將資金投入能夠產生強勁、可持續收入成長的領域。獲利能力與自律結合，可以定義 Wolfspeed 的下一個發展階段，而這一切都始於與客戶共同成長，幫助他們取得成功。

Our second priority is to advance Wolfspeed's technology leadership. We remain the clear leader in silicon carbide with 10 consecutive quarters of revenue generation from our 200-millimeter Mohawk Valley Fab. A strong validation of our first-mover position in the industry shift from 150-millimeter to 200-millimeter technology.

我們的第二個重點是提升 Wolfspeed 的技術領先地位。我們仍然是碳化矽領域的絕對領導者，我們的 200 毫米 Mohawk Valley 工廠已連續 10 個季度實現營收。這有力地驗證了我們在業界從 150 毫米技術轉向 200 毫米技術過程中的先發優勢。

While we have faced challenges scaling production to meet robust customer demand in the past, we've made meaningful progress at Mohawk Valley and believe we are well positioned to support future growth as the market conditions improve.

雖然過去我們在擴大生產規模以滿足強勁的客戶需求方面面臨挑戰，但我們在莫霍克谷取得了實質進展，並且相信隨著市場狀況的改善，我們已做好充分準備支持未來的成長。

While peers are still ramping 200-millimeter device production for the last few years, we've been shipping devices and leveraging the learning curve that comes with that being first. Earlier this year, we launched our Gen 4 device platform, the most advanced generation of silicon carbide technology Wolfspeed has ever brought to the market. Gen 4 was purpose-built for the high-voltage, high-performance demands of next-generation applications, including AI data centers, aerospace, and defense.

過去幾年，同行們仍在努力提高 200 毫米設備的產量，而我們已經開始出貨，並利用先發優勢帶來的學習曲線。今年早些時候，我們推出了第四代裝置平台，這是 Wolfspeed 迄今為止推向市場的最先進的碳化矽技術。第四代產品是專為滿足下一代應用（包括人工智慧資料中心、航空航天和國防）的高電壓、高性能需求而設計的。

Additionally, the company has also introduced commercially available full suite of 200-millimeter silicon carbide materials. This is another important milestone as it reinforces our technology leadership and opens additional potential with customers looking to accelerate their own silicon carbide roadmap. This leadership isn't accidental, it's the product of years of investment and unmatched materials capabilities and a team committed to continued innovation.

此外，該公司還推出了全套商用 200 毫米碳化矽材料。這是另一個重要的里程碑，因為它鞏固了我們的技術領先地位，並為那些希望加速推進自身碳化矽路線圖的客戶帶來了更多潛力。這種領先地位並非偶然，而是多年投資、無與倫比的材料能力以及致力於持續創新的團隊共同努力的成果。

As we look forward, technology leadership can continue to be Wolfspeed's competitive advantage, and it's essential to our ability to deliver profitable growth. We are aligning R&D priorities, customer programs, and our manufacturing footprint to strengthen that lead.

展望未來，技術領先地位將繼續成為 Wolfspeed 的競爭優勢，這對我們實現獲利成長至關重要。我們正在調整研發重點、客戶計畫和生產佈局，以鞏固這一領先優勢。

Our third priority is driving operational excellence, improving quality, cost and speed across every factory and process. This means executing with precision at our facilities and ensuring that every site in our network is aligned around throughput, yield, and reliability.

我們的第三個優先事項是推動卓越運營，提高每個工廠和流程的品質、成本和速度。這意味著要在我們的設施中精準執行，並確保我們網路中的每個站點都圍繞吞吐量、產量和可靠性保持一致。

Operational excellence also means matching output to demand and tightening our supply chain. The steps we've already taken, expanding our product portfolio, optimizing our footprint, and embedding sound manufacturing principles position us well to improve efficiency and enhance customer delivery performance in the quarters ahead.

卓越營運也意味著使產出與需求相匹配，並加強我們的供應鏈。我們已經採取了一系列措施，包括擴大產品組合、優化佈局以及融入合理的製造原則，這些措施使我們能夠在未來幾季提高效率並增強客戶交付績效。

To achieve these priorities, we are rebuilding and strengthening the leadership team that can drive Wolfspeed's future. Over the past several months, we have made meaningful progress, bringing in proven leaders with deep semiconductor and operational experience across every part of the business.

為了實現這些優先事項，我們正在重建並加強能夠推動 Wolfspeed 未來發展的領導團隊。在過去的幾個月裡，我們取得了實質的進展，在業務的各個方面都引入了具有深厚半導體和營運經驗的優秀領導者。

We're pairing new perspective with the experience of long-term leaders who know Wolfspeed's DNA. Together, we are creating a team that balances innovation with execution discipline, critical as we move from recovery into growth. This includes Gregor as our CFO; Dave Emerson as Chief Operating Officer; Matthias Buchner as Senior Vice President of Global Sales and Chief Marketing Officer; and Cengiz Balkas, who has been with Wolfspeed for several years, was appointed to Chief Business Officer, bringing greater focus and accountability to how we align our product roadmap and commercial strategy with the evolving needs of our customers.

我們將新的視角與了解 Wolfspeed DNA 的長期領導者的經驗相結合。我們正在共同打造一支兼具創新性和執行力的團隊，這對我們從復甦走向成長至關重要。其中包括 Gregor 擔任財務長；Dave Emerson 擔任營運長；Matthias Buchner 擔任全球銷售資深副總裁兼首席行銷長；以及在 Wolfspeed 工作多年的 Cengiz Balkas 被任命為首席商務官，這將使我們更加專注於如何調整產品路線圖和商業策略，以滿足客戶不斷變化的需求。

These leaders are driving a renewed focus on customer centricity and the performance culture, underpinned by deep experience in scaling complex businesses and managing cost structures with rigor.

這些領導者正推動重新聚焦以客戶為中心和績效文化，並以擴展複雜業務和嚴格管理成本結構的豐富經驗為支撐。

Equally important, we're seeing strong interest from top talent who want to be part of Wolfspeed's mission. We are attracting people who understand the magnitude of what's ahead, the opportunity to redefine the compound semiconductor industry and establish Wolfspeed as the backbone of the global transition to electrification.

同樣重要的是，我們看到頂尖人才對加入 Wolfspeed 的使命表現出了濃厚的興趣。我們正在吸引那些了解未來發展前景、有機會重新定義化合物半導體產業並將 Wolfspeed 打造成全球電氣化轉型支柱的人才。

We've also reorganized Wolfspeed business around the markets where our technology delivers the greatest impact: automotive, industrial, energy, aerospace and defense and materials.

我們也圍繞著我們的技術能夠產生最大影響的市場重新組織了 Wolfspeed 的業務：汽車、工業、能源、航空航太和國防以及材料。

In automotive, silicon carbide remains at the heart of next-generation electric vehicles. And our customer pipeline includes major global OEMs focused on EV performance and efficiency. Demand in the broader EV market has moderated near term, but the long-term fundamentals are intact.

在汽車領域，碳化矽仍然是下一代電動車的核心材料。我們的客戶群包括專注於電動車性能和效率的主要全球原始設備製造商。短期內，整體電動車市場的需求放緩，但長期基本面依然穩固。

And Wolfspeed's more efficient 200-millimeter devices are well-positioned to lead the industry transition from silicon-to-silicon carbide. In Industrial & Energy, we're focused on data center power, renewable energy infrastructure, and energy storage applications, areas where we have a clear and defined value proposition. Even as customers work through elevated inventory levels, which moderates demand, interest in silicon carbide power solutions for high-efficiency systems continues to build.

Wolfspeed 更有效率的 200 毫米元件有望引領產業從矽轉向碳化矽的轉型。在工業和能源領域，我們專注於資料中心電力、再生能源基礎設施和儲能應用，在這些領域，我們擁有清晰明確的價值主張。即使客戶正在努力應對庫存水準升高的問題，這抑制了需求，但人們對用於高效系統的碳化矽動力解決方案的興趣仍在持續增長。

In aerospace and defense, Wolfspeed's high voltage devices are enabling mission-critical systems where performance and reliability matters most. These programs can diversify our revenue base and highlight the strategic importance of US-based semiconductor manufacturing.

在航空航太和國防領域，Wolfspeed 的高壓元件為性能和可靠性至關重要的關鍵任務系統提供了支援。這些項目可以使我們的收入來源多元化，並凸顯美國半導體製造業的戰略重要性。

Finally, in materials, Wolfspeed's vertically integrated model remains a key differentiator. The quality and scale of our materials output gives us a distinct advantage as we ramp 200-millimeter production. The John Palmer manufacturing center in Siler City, North Carolina provides a significant capacity to meet future customers' demand.

最後，在材料方面，Wolfspeed 的垂直整合模式仍然是關鍵的差異化優勢。我們在擴大 200 毫米生產規模時，材料的品質和規模為我們帶來了明顯的優勢。位於北卡羅來納州錫勒市的約翰·帕爾默製造中心擁有強大的產能，能夠滿足未來客戶的需求。

Together, these segments give us diversified foundation, multiple growth engines built on one technology platform. Over time, the structure can limit our dependency on any single end market. As we execute this transformation, we're also exercising disciplined stewardship, making every decision with a long-term value mindset.

這些業務板塊共同為我們提供了多元化的基礎，以及建立在同一技術平台上的多個成長引擎。隨著時間的推移，這種結構可以限制我們對任何單一終端市場的依賴。在執行這項轉型過程中，我們也秉持著嚴謹的管理原則，以長遠價值的思維方式做出每一個決定。

We are taking a fresh look at every dollar we spend, prioritizing projects that directly advance our three priorities, moderating capital intensity where appropriate, and aligning production to market demand. The transition to 200-millimeter manufacturing is central to this effort. By accelerating that conversion and consolidating production from legacy 150-millimeter lines, we expect to increase throughput and improve die cost.

我們正在重新審視每一筆支出，優先考慮能夠直接推進我們三大優先事項的項目，在適當情況下降低資本密集度，並使生產與市場需求保持一致。向 200 毫米製造工藝的過渡是這項工作的核心。透過加快這種轉換，並將生產從傳統的 150 毫米生產線整合過來，我們期望能夠提高產量並降低晶片成本。

The previously planned transfer of remaining RTP operations completed in Q1 as part of the previously announced sale of our RF business to MACOM and the closure of our Durham 150-millimeter wafer fab facility targeted for Q2 are deliberate steps towards a leaner, more efficient manufacturing footprint.

先前計劃將剩餘的 RTP 業務轉移至 MACOM，並已於第一季完成，這是先前宣布的將射頻業務出售給 MACOM 的一部分。此外，我們位於達勒姆的 150 毫米晶圓製造廠計劃於第二季關閉，這些都是為更精簡、更有效率的製造佈局而採取的蓄意措施。

We're also strengthening our relationship across our supply base and maintaining clear communication with customers as we navigate a still uneven demand environment. Our objective is to emerge from this period stronger, more efficient, and better positioned to capture share as markets recover.

在當前需求仍不穩定的情況下，我們也加強與供應鏈各方的關係，並與客戶保持清晰的溝通。我們的目標是走出這段時期，變得更加強大、高效，並在市場復甦時更好地搶佔市場份額。

Finally, stewardship isn't just about cost, it's about accountability. We're measuring progress against clear milestones, financial, operational and technology and holding ourselves to those standards. Wolfspeed's mission has always been to pioneer and scale what's next in power semiconductors. That hasn't changed.

最後，管理不僅關乎成本，更關乎問責。我們根據明確的里程碑（包括財務、營運和技術方面）來衡量進展，並堅持這些標準。Wolfspeed 的使命始終是引領和拓展功率半導體領域的未來發展方向。這一點沒有改變。

We're simply approaching it now with a sharper focus and a greater discipline.

我們現在只是以更明確的目標和更強的自律性來對待這件事。

Before I hand this to Gregor, I want to reiterate, Wolfspeed enters 2026 with a stronger foundation, a clear set of priorities, and the right team to execute. Our focus on profitability, technology leadership and operational excellence will guide every decision we make.

在將這份文件交給格雷戈爾之前，我想重申，Wolfspeed 進入 2026 年時擁有更強大的基礎、一套清晰的優先事項以及一支合適的執行團隊。我們將以獲利能力、技術領先地位和卓越營運為核心，指導我們所做的每一個決定。

Gregor will now walk you through our financial performance for the quarter and provide more detail on the path forward.

接下來，格雷戈爾將帶您了解我們本季的財務業績，並詳細介紹未來的發展方向。

Thanks, Robert, and good afternoon, everyone. We had a very productive start to fiscal year 2026 as we completed our financial restructuring. The team delivered strong revenue for the first quarter while taking steps to reduce inventory and operating expenses.

謝謝你，羅伯特，大家下午好。我們在 2026 財年伊始就取得了非常正面的成果，完成了財務重組。該團隊在第一季實現了強勁的收入成長，同時採取措施減少了庫存和營運費用。

Before we get into the quarter's results, I want to provide some additional context on an important upcoming change in how we report our financials. We expect to adopt fresh-start accounting next quarter as part of our emergence from Chapter 11.

在深入探討本季業績之前，我想就我們財務報告方式即將發生的一項重要變化提供一些背景資訊。我們預計將在下個季度採用重新開始的會計制度，作為我們擺脫破產法第 11 章計畫的一部分。

This will result in a new basis of accounting and a reset of our financial statements. This includes a revaluation of assets and liabilities, which will represent noncash adjustments. The results we're reporting today represent the final quarter under our historical reporting structure. Starting next quarter, our financials will reflect the reorganized company. And as a result, prior period comparison can no longer be done 1:1.

這將導致新的會計基礎和財務報表的重置。這包括對資產和負債進行重新評估，這將代表非現金調整。我們今天公佈的業績代表了我們歷史報告結構下的最後一個季度。從下個季度開始，我們的財務報表將反映重組後的公司狀況。因此，不能再進行前期比較了。

We'll provide all necessary disclosures and walk-throughs at that time to help you understand the new starting point. From an investor perspective, this is more than just a technical reset. It's a defining inflection point. Fresh-start accounting provides a clean slate to align our financials with a restructured business, a more sustainable capital structure and a focused operating model. It allows the market to evaluate the new Wolfspeed on its own merits with transparency, comparability and a forward-looking lens.

屆時我們將提供所有必要的揭露資訊和操作指南，幫助您了解新的起點。從投資人的角度來看，這不僅僅是技術性調整。這是一個決定性的轉捩點。全新的會計制度為我們提供了一個全新的起點，使我們的財務狀況與重組後的業務、更永續的資本結構和更專注的營運模式保持一致。它讓市場能夠以透明、可比性和前瞻性的視角，根據新款 Wolfspeed 本身的優點對其進行評估。

We will be focused on becoming a self-funded business by thoughtfully preserving our cash and carefully considering future investments. We ended the quarter with $926 million in cash and short-term investments, maintaining a strong liquidity position, giving us ample runway to execute our plans. The cash balance also reflects approximately $91 million of cash proceeds from the sale of MACOM equity that's received as part of the previously announced sale of our RF business to MACOM.

我們將專注於透過謹慎地保留現金並認真考慮未來的投資，成為一家自籌資金的企業。本季末，我們擁有 9.26 億美元的現金和短期投資，保持了強勁的流動性，為我們執行計劃提供了充足的資金。現金餘額也反映了從出售 MACOM 股權中獲得的約 9,100 萬美元現金收益，這是先前宣布將我們的射頻業務出售給 MACOM 的一部分。

Next, it will be very important to be highly disciplined in how we deploy capital with a clear focus on maximizing the return on the capacities we have already built. Our priority is to drive additional volume through our existing manufacturing footprint, improving asset utilization and enhancing financial performance over time.

接下來，我們必須嚴格自律地部署資本，明確地重點在於最大限度地提高我們已建成產能的回報。我們的首要任務是透過現有的生產設施提高產量，提高資產利用率，並隨著時間的推移提升財務績效。

At the same time, we are continuing to invest in R&D to extend our technology leadership. This remains a core priority for the company as we balance near-term execution with long-term innovation. This means growing top line revenue wherever we can, efficiently and reliably. We see this as the most effective way to unlock scale benefits, drive operating leverage and building a stronger, more resilient business over the long term.

同時，我們將繼續加大研發投入，以鞏固我們的技術領先地位。在平衡近期執行與長期創新方面，這仍然是公司的核心優先事項。這意味著我們要盡可能有效率、可靠地提高營收。我們認為這是釋放規模效益、推動營運槓桿作用以及從長遠來看打造更強大、更具韌性的企業的最有效方法。

Finally, we can ensure that in every decision we make, we are doing so with a view towards long-term sustainable success of the business. Consistent with this approach, we are aligning production with near-term demand to optimize efficiency whilst preserving flexibility at all of our sites. We also believe this action can help us address the ongoing softness in the market that we and our peers are currently experiencing. We anticipate this weakness may continue through the remainder of fiscal 2026.

最後，我們可以確保我們所做的每一個決定，都著眼於企業的長期永續發展。秉承這一理念，我們正在調整生產以滿足近期需求，以優化效率，同時保持所有生產基地的靈活性。我們也相信，這項措施可以幫助我們應對我們和同業目前面臨的持續市場疲軟局面。我們預計這種疲軟態勢可能會持續到 2026 財年結束。

We're also on track to close our 150-millimeter Durham device fab by the end of this calendar year, further consolidating our device production around the next-generation 200-millimeter manufacturing we've installed at our Mohawk Valley Fab in Upstate New York.

我們正按計劃於今年年底前關閉位於達勒姆的 150 毫米裝置製造廠，進一步將我們的裝置生產集中到我們在紐約州北部莫霍克谷製造廠安裝的下一代 200 毫米製造廠。

Now I'd like to discuss our first-quarter results in more detail.

現在我想更詳細地討論一下我們第一季的業績。

Fiscal first-quarter results reflected the combination of a soft demand environment and several onetime items associated with our restructuring and leadership transitions. Revenue for the first quarter came in at $197 million, flat sequentially and up slightly compared to the same period a year ago and consistent with our expectations. Non-GAAP gross margin was negative 26%, including approximately $29 million in specific inventory reserves and other onetime charges related to realignment of our manufacturing footprint and transition costs.

財年第一季業績反映了疲軟的需求環境以及與公司重組和領導層過渡相關的幾個一次性項目的影響。第一季營收為 1.97 億美元，與上一季持平，與去年同期相比略有成長，符合我們的預期。非GAAP毛利率為-26%，其中包括約2,900萬美元的特定庫存準備金以及與重新調整生產佈局和過渡成本相關的其他一次性費用。

This also includes the impact of approximately $47 million in underutilization costs from both Mohawk Valley and the JP materials factory, where the latter was previously included as start-up costs and reported as part of OpEx. GAAP operating expenses were $84 million, which included $15 million of restructuring and transition-related items.

這還包括 Mohawk Valley 和 JP 材料工廠約 4700 萬美元的未充分利用成本的影響，其中後者以前被計入啟動成本並作為營運支出的一部分進行報告。GAAP營運費用為8,400萬美元，其中包括1,500萬美元的重組和過渡相關項目。

As noted previously, our operating expenses included start-up costs related to the JP previously. Excluding these start-up costs related to the JP and restructuring-related and other charges, our operating expenses have declined $4 million sequentially and approximately $44 million compared to the same period a year ago. This reflects the impact of our cost efficiency actions we have already taken.

如前所述，我們的營運費用包括先前與JP相關的啟動成本。除與日本私募股權公司相關的啟動成本、重組相關費用及其他費用外，我們的營運支出較上月減少了 400 萬美元，與去年同期相比減少了約 4,400 萬美元。這反映了我們已經採取的成本效益措施所達到的效果。

In line with GAAP, all costs associated with the bankruptcy process prior to our emergence have been classified as reorganization items. On a GAAP basis, we have reported a net loss of $4.12 per share.

根據公認會計原則，在我們重組之前與破產程序相關的所有成本均已歸類為重組項目。以美國通用會計準則計算，我們報告每股淨虧損 4.12 美元。

Our GAAP loss per share includes $504 million of reorganization items related to our Chapter 11 proceeding. This includes $28 million of professional fees, along with $476 million of noncash debt-related adjustments, primarily in the form of the write-off of original issue discounts and deferred financial costs on debt that was restructured during the Chapter 11 process.

我們的 GAAP 每股虧損包括與我們的破產重整程序相關的 5.04 億美元重整項目。這包括 2,800 萬美元的專業費用，以及 4.76 億美元的非現金債務相關調整，主要以註銷原始發行折扣和在第 11 章破產重組過程中重組的債務的遞延財務成本的形式進行。

These charges are nonrecurring and will be replaced by fresh-start accounting beginning at the start of fiscal Q2. On a non-GAAP basis, the net loss was $0.55 per share, an improvement of $0.36 per share compared to the same period last year. Inventory levels were $385 million at the end of Q1, down approximately $50 million sequentially.

這些費用為一次性費用，將從第二財季開始採用全新的會計方法取代。以非GAAP準則計算，每股淨虧損0.55美元，較去年同期每股虧損減少0.36美元。第一季末庫存水準為 3.85 億美元，季減約 5,000 萬美元。

We are taking further steps to reduce our inventory and improve working capital over time with our effort to align production with current customer demand and the ramp down and closure of the 150-millimeter device fab in Durham. Capital expenditures were $104 million, directed primarily towards closing out former capital commitments.

我們正在採取進一步措施，透過努力使生產與當前客戶需求保持一致，以及逐步關閉和關閉位於達勒姆的 150 毫米裝置製造廠，來減少庫存並隨著時間的推移改善營運資金。資本支出為 1.04 億美元，主要用於償還先前的資本承諾。

We've continued to reduce our capital expenditures as construction of the initial phase of the JP construction is complete, having decreased gross CapEx spend by $108 million sequentially and $333 million year over year, and we expect these to be substantially reduced going forward. Turning to the second quarter outlook. We expect fiscal second quarter revenue in the range of $150 million to $190 million.

隨著 JP 項目第一階段建設的完成，我們繼續削減資本支出，資本支出總額環比減少了 1.08 億美元，比去年同期減少了 3.33 億美元，我們預計未來這些支出將大幅減少。接下來展望第二季。我們預計第二財季營收將在 1.5 億美元至 1.9 億美元之間。

This quarter-over-quarter decline is driven primarily by accelerated customer purchase in our fiscal Q1 as certain customers build up inventory by placing last-time buy orders from the Durham fab prior to its closure at year-end as well as by certain customers pursuing second sourcing of products during the period Wolfspeed bankruptcy process was ongoing.

這一季度環比下降主要是由於我們第一財季客戶採購加速，因為某些客戶在年底 Durham 工廠關閉之前下了最後的採購訂單來增加庫存，以及某些客戶在 Wolfspeed 破產程序進行期間尋求第二供應商。

As I mentioned earlier, we expect to adopt fresh-start accounting next quarter, which is why we are not providing specific guidance on profitability at this time. The company has not completed its fresh-start accounting procedures and is unable to sufficiently and accurately confirm the impact that emergence from Chapter 11 can have on its financial condition and results of operations.

正如我之前提到的，我們預計下個季度將採用全新的會計準則，因此我們目前無法提供具體的獲利能力指引。該公司尚未完成重新開始的會計程序，因此無法充分、準確地確認從破產法第 11 章中恢復對其財務狀況和經營業績的影響。

Having said that, we do expect to record material adjustments related to our plan of reorganization and the application of fresh-start accounting during the second quarter of fiscal 2026. We can provide full details and reconciliations when we report Q2 results to ensure transparency and comparability going forward.

儘管如此，我們預計在 2026 財年第二季度，我們將對與重組計劃和重新開始會計處理相關的重大調整進行記錄。我們將在公佈第二季業績時提供完整的詳細資訊和核對結果，以確保未來的透明度和可比性。

Now moving to our long-term outlook. We are seeing meaningful shift across several of our key end markets. In response, we are developing a new sustainable long-term plan built from the ground up with a fresh and realistic perspective. We are taking a disciplined approach to execution. As we complete our strategic and operational plan review, we can ensure that our plans are tightly aligned with the realities of the market and the scale of the opportunity in front of us.

現在我們來談談長期展望。我們看到幾個主要終端市場正在發生顯著變化。為此，我們正在從零開始，以全新的、務實的視角，制定新的永續長期計畫。我們採取嚴謹的執行方式。在我們完成策略和營運計劃審查後，我們可以確保我們的計劃與市場實際情況以及我們面前的機會規模緊密契合。

We can share further updates once we've completed this strategy process. And above all, we are focused on making decisions that continue to create long-term value for our shareholders. We expect to unveil our comprehensive long-range plan in the first half of calendar 2026, providing financial and operational milestones to measure our progress.

待戰略制定過程完成後，我們將分享更多最新進展。最重要的是，我們專注於做出能夠持續為股東創造長期價值的決策。我們預計將於 2026 年上半年公佈我們的全面長期計劃，並提供財務和營運里程碑來衡量我們的進展。

We expect to provide a timing update for this release of the long-range plan during our next quarter earnings call in February. In summary, we are executing with discipline in a soft demand environment while laying a strong foundation for future profitable growth.

我們預計將在二月份的下一季財報電話會議上提供關於發布長期計劃的具體時間表。總而言之，我們在需求疲軟的環境下，以嚴謹的態度執行各項工作，同時為未來的獲利成長奠定堅實的基礎。

The actions we are taking to streamline operations, align production and preserve cash can position us well as market conditions improve. I'll now turn it back to Robert for closing remarks.

我們正在採取的精簡營運、調整生產和保留現金的措施，將使我們能夠在市場條件改善時佔據有利地位。現在我把發言權交還給羅伯特，請他作總結發言。

Yes. Thank you, Gregor. Gregor and I are fully aligned in our commitment to delivering a long-term view of the business that's grounded, provides a clear basis for measuring progress and is flexible enough to adapt as market conditions evolve. Developing that level of rigor takes time, and we believe it's worth doing right. The long-term demand for energy-efficient power solutions remains one of the most compelling opportunities in the compound semiconductor, and we are well-positioned to lead it.

是的。謝謝你，格雷戈爾。Gregor 和我完全一致，致力於為企業提供一個立足實際、著眼長遠的願景，為衡量進展提供清晰的基礎，並具有足夠的靈活性，能夠隨著市場條件的變化而進行調整。培養這種嚴謹的作風需要時間，我們相信這樣做是值得的。對節能電源解決方案的長期需求仍然是化合物半導體領域最具吸引力的機會之一，而我們已做好充分準備引領這一趨勢。

I'm proud of the resilience of our team and the progress we've made in a short period of time. We are focused on our customers and earning back their trust through consistent delivery. We have work ahead of us, but we have the people, the technology and the mindset to deliver sustained value for our customers and shareholders.

我為我們團隊的韌性和我們在短時間內取得的進步感到自豪。我們以客戶為中心，透過持續穩定的服務贏回客戶的信任。我們面前還有很多工作要做，但我們擁有為客戶和股東創造持續價值所需的人才、技術和思維方式。

Thank you for joining us today, and thank you for your continued confidence in Wolfspeed.

感謝您今天蒞臨現場，也感謝您一直以來對 Wolfspeed 的信任。