Wolfspeed Inc (WOLF) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to Wolfspeed, Incorporated third-quarter fiscal year 2026 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加 Wolfspeed, Incorporated 2026 會計年度第三季財報電話會議。(接線員指示)

I will now hand the conference over to Ed Goodwin, Investor Relations. Please go ahead.

現在我將把會議交給投資人關係部的 Ed Goodwin。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's third-quarter fiscal 2026 conference call. Today, Wolfspeed's Chief Executive Officer, Robert Feurle; and Chief Financial Officer, Gregor van Issum, will report on the results for the third quarter of fiscal year 2026. We would also encourage you to reference the slides that were published on our IR website today.

謝謝，接線員，各位下午好。歡迎參加 Wolfspeed 2026 會計年度第三季電話會議。今天，Wolfspeed 執行長 Robert Feurle 與財務長 Gregor van Issum 將報告 2026 會計年度第三季的業績。我們也鼓勵各位參考我們今天發布於投資人關係網站上的簡報投影片。

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，我們在今天的電話會議中將呈現非 GAAP 財務結果，我們相信這能為投資人提供有用資訊。非 GAAP 結果不符合 GAAP，且可能無法與其他公司提供的非 GAAP 資訊相互比較。非 GAAP 資訊應視為依 GAAP 編製之財務報表的補充，而非替代。

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.

與最直接可比的 GAAP 指標之調節表載於我們的新聞稿中，並已張貼於本公司網站的投資人關係專區，同時亦包含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.

今天的討論包含關於我們業務展望的前瞻性陳述，我們也可能在會議中提出其他前瞻性陳述。此等前瞻性陳述受到眾多風險與不確定性影響。我們今日的新聞稿以及新聞稿中所提及的 SEC 申報文件，列示了可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

With that, let me turn the call over to Robert.

接下來，讓我把電話交給 Robert。

Thank you, and good afternoon, everyone. We appreciate you joining us today.

謝謝，各位下午好。感謝各位今天加入我們。

We are pleased to see that our strategy is building meaningful momentum. The third quarter of fiscal 2026 delivered revenue of $150 million, in line with the midpoint of our guidance. We continue to make strong progress on the areas of our business within our control, addressing our capital structure, improving our operational efficiency and deepening engagement with customers across the broad set of end markets.

我們很高興看到我們的策略正在累積具實質意義的動能。2026 會計年度第三季營收為 1.5 億美元，符合我們財測區間的中點。我們持續在可控範圍內的業務領域取得強勁進展，包括處理資本結構、提升營運效率，並加深與廣泛終端市場客戶的互動。

As we move forward, we remain focused on three key strategic priorities: advancing technology leadership, demonstrating strict financial discipline, and driving operational excellence.

展望未來，我們仍聚焦三項關鍵策略優先事項：推進技術領導地位、展現嚴格的財務紀律，以及推動卓越營運。

We have made strong progress in each of these areas this quarter. Starting with technology leadership. We continue to accelerate innovation across our silicon carbide platform to create a fundamental technology advantage. We are maintaining a disciplined approach to R&D, focusing our investments on high-return programs in the fastest-growing markets, and our efforts are delivering tangible results.

本季我們在上述各方面都取得了顯著進展。先從技術領導地位談起。我們持續加速在碳化矽平台上的創新，以建立根本性的技術優勢。我們維持嚴謹的研發策略，將投資聚焦於成長最快市場中高報酬的計畫，而我們的努力正帶來具體成果。

This quarter we introduced the first commercially available 10-kilovolt silicon carbide power MOSFET and launched our next-generation TOLT portfolio. These innovations, particularly 10-kilovolt will help to cement Wolfspeed's position as a leader in high-voltage applications.

本季我們推出了首款可商用的 10 千伏碳化矽功率 MOSFET，並發布了我們的下一代 TOLT 產品組合。這些創新，特別是 10 千伏產品，將有助於鞏固 Wolfspeed 在高電壓應用領域的領導地位。

At the same time, we are making progress on our materials capabilities. After shifting all device production to 200-millimeter at Mohawk Valley, our Durham facilities anchor our materials capabilities. The infrastructure, talent and floor space there today support at least our near-term growth ambitions, including commercial scale 300-millimeter development as the market evolves.

同時，我們也在材料能力方面取得進展。在將所有元件製造轉移至莫霍克谷（Mohawk Valley）的 200 毫米產線之後，我們位於達勒姆（Durham）的設施成為我們材料能力的核心基地。目前當地的基礎設施、人才與廠房空間，至少足以支撐我們近期的成長企圖心，包括隨市場演進而推動的商業規模 300 毫米開發。

Now turning to financial discipline. We took an important step this quarter to further optimize our capital structure through the refinancing of a portion of our first lien senior secured notes. This refinancing was supported by both new and existing institutional investors, demonstrating confidence in the long-term growth prospects of Wolfspeed and silicon carbide technology more broadly. Gregor will provide more on the specific financial implications shortly.

接著談財務紀律。本季我們透過為部分第一順位留置權（first lien）優先擔保票據進行再融資，邁出進一步優化資本結構的重要一步。此次再融資獲得新舊機構投資人支持，展現其對 Wolfspeed 長期成長前景以及更廣泛的碳化矽技術的信心。Gregor 稍後將就具體財務影響提供更多說明。

This brings us to our third priority, driving operational excellence. We remain focused on differentiating through quality, customer responsiveness, time to market and supply chain resilience. We continue to refine our manufacturing processes to improve quality, cost and speed across everything we do.

接下來是我們的第三項優先事項：推動卓越營運。我們仍聚焦於以品質、客戶回應速度、上市時程（time to market）以及供應鏈韌性來建立差異化。我們持續精進製造流程，以提升我們各項作業的品質、成本與速度。

As mentioned last quarter, we completed the shutdown of 150-millimeter device production at Durham ahead of schedule. This creates optionality to redeploy that space. This approach allows us to increase output and improve our earnings potential by leveraging our current tooling base without the heavy incremental capital investment that would otherwise be required. The Durham campus can currently support all commercial materials activities as well as our emerging 300-millimeter platform.

如同上季所提及，我們已提前完成關閉達勒姆 150 毫米元件製造產線。這為重新配置該空間創造了彈性選項。此作法使我們能在不需要原本可能必須投入的大量額外資本支出的情況下，運用現有設備基礎來提高產出並提升獲利潛力。達勒姆園區目前可支援所有商業化材料活動，以及我們新興的 300 毫米平台。

We are also leveraging AI within our own operations. Through our expanded partnership with Snowflake, we have unified factory, supply chain and enterprise data on a single platform, and we've deployed AI-driven tools that enable real-time insights and faster decision-making across the organization.

我們也在自身營運中導入 AI。透過與 Snowflake 擴大的合作夥伴關係，我們已將工廠、供應鏈與企業資料整合至單一平台，並部署 AI 驅動工具，使全組織能取得即時洞察並加速決策。

Last quarter, we outlined the realignment of our go-to-market strategy around four verticals: auto, I&E, aerospace and defense and materials.

上季我們說明了將我們的市場進入（go-to-market）策略重新調整為四大垂直領域：汽車、工業與能源（I&E）、航太與國防，以及材料。

During the quarter, we have sharpened our approach with the completion of recent leadership additions, including Daihui Yu as Regional President for Greater China; Stefan Steyerl as Vice President of Sales for EMEA, and, most recently, Yasuhisa Harita as Regional President for Asia Pacific. These leaders strengthen our ability to scale our go-to-market efforts globally, and we are encouraged by early traction we are seeing across each of these end markets.

本季，隨著近期領導團隊增補完成，我們進一步強化了策略作法，包括任命 Daihui Yu 擔任大中華區區域總裁；Stefan Steyerl 擔任 EMEA 銷售副總裁，以及最近任命 Yasuhisa Harita 擔任亞太區區域總裁。這些領導者強化了我們在全球擴大市場拓展工作的能力，而我們也對在各終端市場看到的初步進展感到鼓舞。

In auto, global EV adoption continues to grow, though more modestly in certain regions. Silicon carbide revenue doesn't necessarily scale in lockstep with vehicle sales due to design-in and qualification cycles. As the industry evolved, we believe that we needed to retool the approach as the market entered its next phase. Therefore, we strengthened our team with experienced automotive executives and launched a focused strategy targeting key global accounts with high electric adoption, positioning Wolfspeed to capture the next wave of design wins.

在汽車領域，全球電動車（EV）採用率持續成長，但在部分地區增速較為溫和。由於設計導入與認證週期的影響，碳化矽營收不一定會與車輛銷量同步等比例成長。隨著產業演進，我們認為當市場進入下一階段時，需要重新調整作法。因此，我們以具經驗的汽車產業高階主管強化團隊，並推出聚焦策略，鎖定電動化採用率高的全球關鍵客戶，讓 Wolfspeed 能掌握下一波設計導入（design wins）。

Given the qualification cycles of EV programs, our success from these engagements are expected to translate into revenue over time.

鑑於電動車（EV）專案的認證週期，我們在這些合作案中的成功預期將隨時間逐步轉化為營收。

In I&E, momentum in AI data center applications continues to build. Our TOLT portfolio is purpose-built for AI rack power, and we are actively collaborating with AI ecosystem partners on the transition from 400-volt to 800-volt architectures. While it represents a moderate portion of our business today, we have continued to see strong sequential growth in AI applications with approximately 30% sequential growth from Q2 to Q3 and increasing customer engagement, which gives us confidence in the long-term trajectory of this opportunity.

在 I&E 領域，AI 資料中心應用的動能持續增強。我們的 TOLT 產品組合是為 AI 機架供電量身打造，我們也正積極與 AI 生態系夥伴合作，推動從 400 伏特到 800 伏特架構的轉換。雖然目前其占我們業務的比重屬中等，但我們持續看到 AI 應用的強勁季增成長，從第二季到第三季約有 30% 的季增，且客戶互動持續提升，這讓我們對此機會的長期發展軌跡更具信心。

In aerospace and defense, growth is supported by electrification trends and increasing demand for secure domestic supply chains. In addition, we continue to expand our presence in emerging applications such as electric aviation. Our partnership with a leading manufacturer of electrical vertical takeoff and landing aircraft is a strong example of how our solutions enable higher efficiency and power density in the next-generation platforms.

在航太與國防方面，成長受電氣化趨勢以及對安全的國內供應鏈需求增加所支撐。此外，我們也持續擴大在電動航空等新興應用的布局。我們與一家領先的電動垂直起降（eVTOL）飛機製造商的合作，是我們解決方案如何在下一代平台上實現更高效率與更高功率密度的有力例證。

Finally, in our materials business, we continue to serve our 150-millimeter materials customers, including under the LTA framework. In addition, we are making progress with qualification on 300-millimeter materials. At the same time, we are engaging with AI ecosystem companies to explore how 300-millimeter substrates can address thermal, mechanical and electrical challenges in next-generation AI and high-performance computing packaging architectures.

最後，在我們的材料業務方面，我們持續服務 150 毫米材料客戶，包括在 LTA 架構下的客戶。此外，我們在 300 毫米材料的認證方面也取得進展。同時，我們正與 AI 生態系公司合作，探索 300 毫米基板如何在下一代 AI 與高效能運算封裝架構中，解決散熱、機械與電氣方面的挑戰。

We continue to engage on 300-millimeter as a longer-term opportunity. I want to thank the team for their continued execution against our strategic priorities and for the excellent progress against our technological, operational and go-to-market objectives.

我們持續將 300 毫米視為一項較長期的機會並保持投入。我要感謝團隊持續依照我們的策略優先事項落實執行，並在技術、營運與市場推進目標上取得優異進展。

With that, I will turn it over to Gregor.

接下來我把時間交給 Gregor。

Thank you, Robert, and good afternoon, everyone. Before walking through our financials, I want to highlight the benefits of our recent refinancing.

謝謝你，Robert，各位下午好。在說明我們的財務表現之前，我想先強調我們近期再融資所帶來的效益。

We took a significant step to strengthen our capital structure through the private placements of new convertible 1.5 lien senior secured notes, common stock and prefunded warrants, generating approximately $476 million of aggregate gross proceeds. We used the cash on hand to cover fees associated with the private placement, directing the full aggregate gross proceeds towards reducing our existing senior secured note balance by approximately 43%.

我們透過私募發行新的可轉換 1.5 順位留置權（lien）優先擔保票據、普通股與預付認股權證，募集約 4.76 億美元的合計總募資額，朝強化資本結構邁出重要一步。我們以手上現金支付與該私募相關的費用，並將合計總募資額全數用於將既有優先擔保票據餘額降低約 43%。

These actions reduced total debt principal by approximately $97 million and are expected to lower the annual interest expense by approximately $62 million. Our first debt maturity remains in 2030, providing runway to execute our strategic plans as we continue to optimize our capital structure.

這些措施使總債務本金減少約 9,700 萬美元，並預期可使年度利息費用降低約 6,200 萬美元。我們的第一個債務到期日仍在 2030 年，為我們在持續優化資本結構的同時，執行策略計畫提供了充足的時間。

Additionally, during the quarter we received CFIUS clearance that resulted in the release of equity to Renesas. CFIUS approval, coupled with our strategic refinancing, primarily drove the more than $400 million increase in the company's equity position during the quarter, significantly improving our debt-to-equity ratio.

此外，本季我們取得 CFIUS 核准，促使股權得以釋出給瑞薩（Renesas）。CFIUS 的核准，加上我們的策略性再融資，主要推動公司本季股東權益增加逾 4 億美元，顯著改善我們的負債對股權比率。

Now I will turn to our third-quarter results. We generated $150 million in total revenue for the quarter, in line with the midpoint of our guidance. Power revenue was approximately $100 million, of which 90% was from our Mohawk Valley 200-millimeter device fab. The remaining 10% of power device revenue was last time buys of our 150-millimeter device inventory. Materials revenue was approximately $50 million, flat sequentially.

接下來我將說明第三季的業績。本季我們的總營收為 1.50 億美元，符合我們財測區間的中位數。功率元件營收約 1.00 億美元，其中 90% 來自我們 Mohawk Valley 的 200 毫米元件晶圓廠。其餘 10% 的功率元件營收來自我們 150 毫米元件庫存的最後一次採購（last time buys）。材料營收約 5,000 萬美元，與前一季持平。

Next, our gross margin for the third quarter was negative 20.6%, representing a double-digit percentage point improvement compared to the last quarter, partially driven by a more favorable product mix as well as beneficial impact from digesting the fresh start accounting inventory in the last quarter.

接著，第三季毛利率為負 20.6%，較上一季改善超過 10 個百分點，部分受惠於較有利的產品組合，以及上一季消化新起點會計（fresh start accounting）存貨所帶來的正面影響。

The impact of underutilization across our manufacturing footprint was approximately $46 million in Q3. Underutilization continues to be the primary driver of our gross margin profile and improving factory utilization remains one of the most important levers to drive margin expansion going forward.

第三季我們製造據點的產能利用不足影響約為 4,600 萬美元。產能利用不足仍是影響我們毛利率結構的主要因素，而提升工廠稼動率仍是未來推動毛利擴張最重要的槓桿之一。

One point worth highlighting is as our operation performance continue to improve, we are producing the same revenue with less capacity consumed. These continuous efforts position us to keep expanding our earnings potential per dollar of invested capital even if it makes the reported underutilization look larger.

值得強調的一點是，隨著我們營運表現持續改善，我們在消耗更少產能的情況下，能產出相同的營收。即使這可能使報表上呈現的產能利用不足看起來更大，這些持續性的努力仍使我們得以持續提升每投入一美元資本所能創造的獲利潛力。

Non-GAAP operating expenses totaled $61 million in the quarter. With headcount reduction actions largely complete, we expect to maintain approximately this level of OpEx moving into the next quarter. Adjusted EBITDA for the quarter was negative $62 million.

本季非 GAAP 營業費用合計為 6,100 萬美元。由於人力縮減措施大致已完成，我們預期下一季的營業費用將大致維持在此水準。本季調整後 EBITDA 為負 6,200 萬美元。

Now turning to cash flow, which remains one of our top priorities. Operating cash flow for Q3 was negative $84 million, driven by improvement in precious metal reclamation, interest income and continued working capital improvements. Capital expenditures were approximately $5 million on a net base in the third quarter, reflecting $38 million of gross CapEx, mostly coming from previous commitments we have made.

接下來談現金流，這仍是我們最優先的事項之一。第三季營運現金流為負 8,400 萬美元，主要受貴金屬回收改善、利息收入以及持續的營運資金改善所帶動。第三季資本支出以淨額計約 500 萬美元，反映總資本支出 3,800 萬美元，主要來自我們先前已承諾的支出。

These investments were nearly entirely offset by $33 million of incentive receipts from the New York State related to Mohawk Valley.

這些投資幾乎完全被與 Mohawk Valley 相關、來自紐約州的 3,300 萬美元獎勵款入帳所抵銷。

We ended the quarter with approximately $1.2 billion in cash and short-term investments, allowing us to continue to pursue our strategic priorities with confidence. Whilst we've taken meaningful steps to strengthen our balance sheet, we recognize there is more work ahead.

本季末我們持有約 12 億美元的現金與短期投資，使我們能有信心地持續推進策略優先事項。儘管我們已採取具實質意義的步驟強化資產負債表，我們也認知仍有更多工作要做。

Looking ahead, while near-term demand in automotive remains uncertain, we continue to see encouraging momentum in high-growth areas such as AI data centers and other I&E applications. These markets represent meaningful long-term opportunities, though it will take time for them to scale and offset current softness in automotive.

展望未來，儘管汽車領域的短期需求仍不確定，我們在 AI 資料中心及其他 I&E 應用等高成長領域仍看到令人鼓舞的動能。這些市場代表具意義的長期機會，但其規模化並抵銷目前汽車市場疲弱仍需要時間。

During the fourth quarter of fiscal year '26, we are targeting revenues between $140 million and $160 million. We expect non-GAAP gross margin to remain negative in the fourth quarter and OpEx to be roughly flat quarter over quarter.

在 2026 會計年度第四季，我們的營收目標為 1.40 億至 1.60 億美元。我們預期第四季非 GAAP 毛利率仍將為負，且營業費用將大致與前一季持平。

On the long term, our objective remains clear: to return to above-market revenue growth driven by a more diversified customer base and to achieve EBITDA and cash flow profitability.

就長期而言，我們的目標依然明確：在更分散的客戶基礎帶動下，回到高於市場的營收成長，並實現 EBITDA 與現金流的獲利。

Thank you, Gregor. This quarter reflects continued progress against our three strategic priorities: advancing technology leadership, demonstrating strict financial discipline, and driving operational excellence. The actions we have taken this quarter, strengthening our balance sheet, launching industry-leading products, deepening our leadership team in the region with a focus on customer centricity and enhancing our operational capabilities are all directed towards one objective, positioning Wolfspeed to capture growth and expand earnings power as the market environment improves.

謝謝你，Gregor。本季反映我們在三項策略優先事項上持續取得進展：推進技術領導地位、展現嚴格的財務紀律，以及推動營運卓越。我們本季所採取的行動——強化資產負債表、推出業界領先產品、在區域內深化以客戶為中心的領導團隊，以及提升營運能力——皆指向同一個目標：在市場環境改善之際，讓 Wolfspeed 能夠掌握成長並擴大獲利能力。

With that, operator, we are now ready to take questions.

接下來，接線員，我們已準備好開始提問。

(Operator Instructions) Christopher Rolland, Susquehanna.

(接線員指示) Christopher Rolland，Susquehanna。

I guess my first one is going to be around AI and your opportunities to address AI very specifically. If you could talk about perhaps the AI power tree, what's available in your view for silicon carbide, what applications you might address earliest, whether it might be PSUs or power delivery boards or solid-state transformers or the 300-millimeter kind of future applications that you spoke about in your prepared remarks.

我想我的第一個問題會聚焦在 AI，以及你們非常具體地切入 AI 的機會。如果可以的話，請談談或許所謂的 AI 電力樹（power tree），在你們看來碳化矽有哪些可用的切入點、你們可能最早會切入哪些應用，是否可能是電源供應器（PSU）、電力傳輸板（power delivery boards）、固態變壓器，或是你們在事先準備的發言中提到的 300 毫米等未來應用。

If you could just talk about what you think actually comes to revenue first and what might be meaningful for Wolfspeed, that would be great.

如果你能談談你認為實際上最先帶來營收的是什麼，以及哪些可能對 Wolfspeed 具有實質意義，那就太好了。

Thank you. So that's a great question. Let me quickly start kind of answering, you discuss two things. The one is on the device side here. It's everything which is, I call it, 650 volt up, right? Then if you look at from an application perspective, these are the power supplies in the data center, the traditional new customers around that space. And this is, of course, battery backup storage, kind of powering also the air conditioning in the data centers consuming silicon carbide.

謝謝。這是個很好的問題。我先快速開始回答，你其實提到了兩件事。第一個是在元件（device）端。基本上是我所稱的 650 伏以上的所有領域，對吧？從應用面來看，這些包括資料中心的電源供應器，以及該領域周邊的傳統與新客戶。當然也包括電池備援儲能，以及為資料中心空調供電等，這些都會消耗碳化矽。

And then outside of the data center, more of the transmission piece where pretty much you will see the future adoption of solid state transformers, right? So this is really a significant driver of future silicon carbide demand. And we are engaged, I would say, the whole chain from energy generation to up to the kind of 650-volt level.

接著在資料中心之外，更多是在輸配電（transmission）這一塊，未來你幾乎會看到固態變壓器的採用，對吧？因此，這確實是未來碳化矽需求的一個重要驅動因素。而我們可以說是參與了整個鏈條，從能源發電一路到大約 650 伏等級的應用。

Below that, that's then a different wide bandgap technology kind of taking that space. But up to that space, I think we are engaged with everybody in the ecosystem. Lower voltages are primarily, I'll call it, component and discrete approaches and the higher voltage are modules. So the qualification times are also a little bit different between modules and improving reliability of a solid-state transformer versus pretty much selling components to the power supply.

在那之下，則會由另一種寬能隙技術來承接那個市場空間。但在那個範圍之內，我認為我們與生態系中的所有人都有合作。較低電壓主要是我所稱的元件與分立（discrete）方案，而較高電壓則是模組（modules）。因此，模組的認證時間，以及提升固態變壓器可靠性的時間，與單純向電源供應器銷售元件相比，也會有所不同。

So the one which is probably ramping faster is more the power supply stuff while then solid-state transformers, I think, will kick in kind of over time.

所以，可能爬坡更快的是電源供應器相關的部分，而固態變壓器我認為會隨著時間逐步啟動。

And second piece to the second answer to your question is around 300-millimeter. So again, we started these, we call it beyond power activities, and we see quite some really good momentum here with a lot of ecosystem partners on using silicon carbide's unique property around thermals and mechanicals in various aspects, but all of them come around packaging, co-packaging, interposers, heat things in that kind of application area. I think people are looking like, wow, there is really unique properties being super conductive while also being insulating, and I think here, the discussions have started here.

第二部分、也就是你問題的第二個答案，是關於 300 毫米。同樣地，我們已啟動我們稱之為「超越功率」（beyond power）的活動，並且在這裡看到相當不錯的動能，與許多生態系夥伴合作，利用碳化矽在熱特性與機械特性方面的獨特優勢，應用在各種面向；但這些多半都圍繞在封裝、共同封裝（co-packaging）、中介層（interposers）、散熱等這類應用領域。我想大家會覺得，哇，它具有非常獨特的特性：導熱性極佳，同時又具備絕緣性；我認為相關討論已經在這裡展開。

This is early discussions. Also as we've indicated, there's nothing where we see revenue short term. But we believe here the technology has certainly a right to play.

這些都還是早期討論。也如同我們所指出的，目前沒有任何我們認為短期內會帶來營收的項目。但我們相信，在這方面這項技術確實有其發揮空間。

Excellent. Maybe as a follow-up, I think the legacy for Wolf for silicon carbide has primarily been automotive. I was wondering if you could speak to how the end markets might change under your management, particularly between automotive, industrial and AI. And AI, in particular, might you be able to offer maybe an aspirational AI target for revenue at some point in the future?

很好。也許追問一下，我認為 Wolf 在碳化矽方面的既有定位主要是在車用。我想請你談談在你的管理之下，終端市場的比重可能如何改變，特別是在車用、工業與 AI 之間。尤其是 AI，你是否能提供一個對未來某個時間點的 AI 營收目標（偏願景性）？

No, absolutely, very good question here. Look, when I came in, I mean, the company was organized around products. There was one gentleman running modules, one gentleman running discrete. And so what I said is we got to change this to be application-oriented because, look, at the end of the day the focus was all around EVs.

可以，當然，這是個非常好的問題。你看，我剛加入時，公司是以產品來組織的。有一位先生負責模組，另一位先生負責分立元件。所以我說我們必須改成以應用為導向，因為說到底，當時的焦點幾乎都放在電動車（EV）上。

And then we did an organizational change and said let's move to an application-focused go-to-market approach. And so the business lines are now pretty much we've got an automotive business line, the gentleman from Onsemi running that business line. And there's an I&E business line and that I&E business line is kind of with some substructures around renewables, AI data center and then generally drives business, which is pretty much all of what we call industrial here.

接著我們做了組織調整，並表示要轉向以應用為核心的市場進入（go-to-market）方式。因此，目前的事業線大致上是：我們有一條車用事業線，由來自 Onsemi 的那位先生負責。另外有一條 I&E 事業線，而 I&E 事業線之下又有一些子架構，涵蓋再生能源、AI 資料中心，以及一般驅動業務——也就是我們在此所稱的工業領域的幾乎全部。

And then we have a segment around aerospace and defense, and then there's the materials business. And this is kind of how we view kind of the go-to-market to really support a more differentiated view of how do we approach customers, but also how do we service the customers because the design cycles are different, the requirements are different and the dynamics are certainly different.

然後我們還有航太與國防的事業區塊，以及材料事業。這就是我們看待市場進入方式的架構，目的是更差異化地看待我們如何接觸客戶、以及如何服務客戶，因為設計週期不同、需求不同、動態也確實不同。

I think that's something which we really see that organizational change which I put in place last year is really starting to pay off to get that focus on it. And as you've probably seen here, previous quarter, Q1 to Q2, we grew 50% on the data center side. This quarter, Q2 to Q3, we grew 30%. So it's really growing here.

我認為這正是我們看到的：我去年推動的組織變革，確實開始帶來成效，讓焦點更集中。而且你可能也看到，上一季從 Q1 到 Q2，我們在資料中心端成長了 50%。本季從 Q2 到 Q3，我們成長了 30%。所以這塊確實在成長。

Again, it's not a huge size of revenue yet, but it's certainly the growth shows putting the focus on it. We got the product portfolio, yes, and we are making really, really good progress.

同樣地，目前營收規模還不算大，但這樣的成長確實顯示出把焦點放在這裡是有效的。我們有產品組合，是的，而且我們正在取得非常、非常好的進展。

Jed Dorsheimer, William Blair.

Jed Dorsheimer，William Blair。

Robert, a question for you, just maybe a little bit on the go-to-market strategy. Some of your competitors, I mean, everybody is talking of the use in AI in terms of 800 voltage. But utilization at some of the competitors has actually come down, which tells me that auto is still the main driver.

Robert，我有個問題想請教你，可能是關於上市推廣（go-to-market）策略的一點。你的一些競爭對手，我是說，大家都在談 AI 在 800 伏方面的應用。但部分競爭對手的產能利用率其實已經下滑，這讓我覺得汽車仍然是主要驅動力。

So I'm just -- I guess my question for you is, as you think about your go-to-market strategy on the product level for AI applications and maybe also for solid-state transformers, how much absorption do you think you can -- what type of utilization do you think you can get to in Mohawk Valley? And then I have a follow-up question.

所以我只是——我想我對你的問題是，當你思考在產品層面針對 AI 應用、以及可能也包括固態變壓器的 go-to-market 策略時，你認為在 Mohawk Valley 你能吸收多少——你覺得產能利用率可以提升到什麼程度？然後我還有一個追問。

Yes. Look, I mean, at the end of day, first of all, we're not disengaging from automotive, yes. Let's make this very clear here. Automotive is a very, very important part of our business. And I think, look, the cars are becoming electric and the cars are becoming connected. So we will clearly focus on, I call it, technology leadership around really penetrating these, let's say, high-end sockets.

是的。你看，我的意思是，歸根結底，首先，我們並沒有要退出汽車領域，是的。讓我們把這點說得非常清楚。汽車是我們業務中非常、非常重要的一部分。而且我認為，你看，汽車正在電動化，汽車也正在連網化。因此我們會明確聚焦於——我稱之為——技術領先，真正去切入這些所謂的高端應用插槽（high-end sockets）。

And quite frankly speaking, the customers are really appreciating kind of what we're doing on the technology side. And you will see here some announcement at PCIM. PCIM is the upcoming trade show on the power side here, beginning of June here, and you will see some announcement around the technology side coming out on that trade show.

坦白說，客戶非常欣賞我們在技術面所做的事情。你們也會在 PCIM 上看到一些公告。PCIM 是接下來在電力領域的展會，六月初舉行，你們會看到一些與技術相關的公告在該展會上發布。

Then on your question on AI data center, again, this is being driven out of our I&E business line. And again, it really represents a significant growth for us in a sense that really diversifying Wolfspeed away from pretty much being a pure-play auto company and really diversifying the revenue.

至於你關於 AI 資料中心的問題，同樣地，這是由我們的 I&E 事業線所帶動。而且這對我們而言確實代表顯著成長，因為它讓 Wolfspeed 不再幾乎只是純汽車公司，而是能真正讓營收來源多元化。

And then within I&E, like I already mentioned, right, it goes pretty much everything from 650 volts upwards. So a 650-volt discrete, it's pretty much 1,200-volt discrete. And then kind of in the 2.3 kilowatt, 3.3 kilowatts, you look into modules. And these are pretty much modules which are used for the solid-state transformers. And as these transitions in this transformer space happens, I think we are very, very well positioned here with the customers in this ecosystem.

然後在 I&E 之內，如我先前提到的，基本上涵蓋從 650 伏以上的所有產品。所以 650 伏的分立元件（discrete），一直到 1,200 伏的分立元件。接著在約 2.3 千瓦、3.3 千瓦這些功率等級，你會看模組（modules）。而這些基本上就是用於固態變壓器的模組。隨著變壓器領域發生這些轉型，我認為我們在這個生態系的客戶端具備非常、非常好的布局。

And then, of course, we see demand picking up and that then also will increase the loading effectively in our Mohawk Valley. I mean, the good news is, quite frankly speaking, that the restructuring on our, let's say, device side is done. We talked about we phased out 6-inch. We pretty much exited our Durham facility. This means we have completely made the move over to Mohawk Valley, which means also it's the ability to scale, yes, because a lot of -- if I look at the competition here, a lot of them are still on 6-inch.

當然，我們也看到需求正在回升，而這也會有效提高我們 Mohawk Valley 的產線負載。我的意思是，好消息是，坦白說，我們在所謂器件端（device side）的重整已經完成。我們談過我們已逐步淘汰 6 吋。我們也基本上退出了 Durham 廠。這表示我們已完全轉移到 Mohawk Valley，也意味著具備擴產能力，是的，因為——如果我看競爭對手——很多人仍停留在 6 吋。

A lot of them are really trailing in that conversion. And I think this puts us in a unique position that we can also tell the customer, look, there is no PCN. We don't have to move the product anywhere to go through as kind of the demand picks up on these applications.

很多人其實在這個轉換上落後。我認為這讓我們處於一個獨特的位置，我們也可以告訴客戶：你看，沒有 PCN（產品變更通知）。隨著這些應用需求回升，我們不需要把產品移到其他地方去。

Great. And then maybe as a follow-up for Gregor, just it looks like you've been able to restructure a little bit more than half of the L1. I'm just curious what your intentions are in terms of that. Can you -- is the goal to -- and I may have missed this in the remarks, but get that completely restructured before the June time frame or July time frame?

很好。接著可能給 Gregor 一個追問，看起來你們已經能把 L1 重整了超過一半。我只是好奇你們在這方面的意圖是什麼。你能——目標是——我可能在發言中漏聽了，但是否希望在六月或七月之前把它完全重整完成？

Yes. Obviously, you saw that we took a first big step by taking out 43% of the first lien debt. That is the most expensive debt we have. It's around 14% interest rate. And there will be a further step up to 16%. So clearly this is the prime focus to address. We felt it was very important to take this first step, and we are very pleased with the signal of strength with new long holders coming in and even having a part of equity at a premium be part of this mix of taking a part of the L1 out.

是的。很明顯，你們看到我們先邁出了一大步，將第一順位留置權債務（first lien debt）削減了 43%。那是我們最昂貴的債務。利率大約 14%。而且之後還會再上調到 16%。所以很清楚，這是我們優先要處理的重點。我們認為先走出這第一步非常重要，而且我們對於展現實力的訊號感到非常滿意：有新的長期持有人進場，甚至還有一部分以溢價發行的股權納入這個組合，用來償還一部分 L1。

The size of the L1 was, however, such that doing this in one go would have been too costly, particularly because we expected that the stock would rerate after taking a first step and showing the signal of strength that we have disability. We think we see some of that over the last couple of weeks.

不過，L1 的規模相當大，如果一次性完成，成本會過高，特別是因為我們預期在先走出第一步、展現我們具備執行能力的強勢訊號之後，股價會重新評價（rerate）。我們認為過去幾週已經看到一些這樣的跡象。

And what we're doing right now is evaluating which exact steps we're going to take and when. We are not in a rush because of the maturities in 2030, but obviously I'm keen to do something. We're not going to put a specific time line against that. That is not necessary to put that pressure on ourselves. We will take the best possible approach when the market conditions are optimal to get the best cost of capital for the company.

而我們目前正在評估接下來要採取哪些具體步驟，以及在什麼時間點進行。由於到期日在 2030 年，我們並不急迫，但顯然我也希望能有所作為。我們不會對此設定特定時間表。沒有必要把那種壓力加在自己身上。我們會在市場條件最理想時採取最佳方案，為公司取得最好的資本成本。

There are no further questions at this time. I will now turn the call back to Robert for closing remarks.

目前沒有其他問題。我現在把電話會議交回給 Robert 作結語。

All right. Thank you also for joining us on the call, and thank you for the very constructive questions.

好的。也感謝各位參與本次電話會議，並謝謝大家提出非常具建設性的問題。

Thank you. Bye-bye.

謝謝。再見。

This concludes today's call. Thank you for attending. You may now disconnect.

本次電話會議到此結束。感謝各位出席。您現在可以掛線。