Wolfspeed, Inc. (WOLF): Business Model Canvas [Dec-2025 Updated]

You're digging into Wolfspeed, Inc. (WOLF) right after they finished a major restructuring, and honestly, the whole business model hinges on their successful pivot to 200mm Silicon Carbide (SiC) production. This is a massive bet, secured by a $2 billion, 10-year supply agreement with General Motors and up to $1 billion in US government incentives, even though they just booked $417.6 million in restructuring expenses for fiscal year 2025. I broke down the nine essential blocks-from the high fixed costs of ramping the new fabs, which saw $47 million in underutilization hits in one recent quarter, to their critical customer relationships-so you can see the precise structure supporting this high-stakes transition below.

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Wolfspeed, Inc. has locked in to fund its massive capital expenditure plans and secure its place in the electric vehicle (EV) and renewable energy supply chains. These aren't just casual chats; these are multi-billion-dollar commitments that define the company's near-term financial stability and long-term production capacity.

Automotive Supply Agreements

The deal with General Motors (GM) is a cornerstone, validating the need for domestic, high-efficiency silicon carbide (SiC) in the automotive sector. This relationship is designed to provide predictable revenue as Wolfspeed, Inc. scales its 200mm wafer production.

Wolfspeed, Inc. secured a 10-year, $2 billion SiC wafer supply contract with General Motors (GM) specifically for its Ultium Drive units. Analysts project this contract could generate between $150 million and $200 million annually by 2026. This secures a domestic, scalable supply for GM, aligning with U.S. policy goals.

Government Support and Capital Infusion

Government backing, particularly through the CHIPS and Science Act, has been critical, especially following the recent financial restructuring. These funds are directly tied to Wolfspeed, Inc.'s multi-billion-dollar capacity expansion plan, which is over $6 billion in total scope.

The support structure from the U.S. Government is multi-faceted:

• The U.S. Department of Commerce signed a non-binding preliminary memorandum of terms (PMT) for up to $750 million in proposed direct funding.
• Wolfspeed, Inc. also expects to benefit from the Investment Tax Credit of up to 25% of qualified capital expenditures.
• As of early December 2025, Wolfspeed, Inc. reported receiving $698.6 million in federal tax refunds authorized by the CHIPS Act (Advanced Manufacturing Investment Credit).
• This latest refund, added to a prior refund of $186.5 million in fiscal 2024-25, bolstered the company's cash balance to approximately $1.5 billion.

Financial Restructuring and Lender Commitments

To navigate its capital structure challenges, Wolfspeed, Inc. entered into a Restructuring Support Agreement (RSA) in June 2025, aiming to emerge from Chapter 11 by the end of Q3 CY25. This agreement fundamentally reshaped the balance sheet with the support of key lenders, including Renesas Electronics Corporation's wholly owned U.S. subsidiary.

The expected outcomes of the RSA are significant:

• Overall debt reduction of approximately 70%, representing a reduction of about $4.6 billion.
• Annual total cash interest payments reduction by approximately 60%.
• The company had approximately $1.3 billion in cash as of Q3 FY25 before the latest CHIPS Act refund, and the deal is expected to provide $275 million of new funds.

Renesas Electronics Corporation's role is particularly detailed, stemming from a prior wafer supply deposit. Here's how that $2.062 billion deposit (originally $2 billion) is being converted under the restructuring framework:

To be fair, this conversion is expected to result in a substantial financial impact for Renesas Electronics, which anticipates recording a loss of approximately ¥250 billion (roughly $1.71 billion) in the first half of fiscal 2025.

Strategic Industrial Collaborations

Wolfspeed, Inc. is also cementing partnerships outside of automotive to diversify its revenue base into industrial and energy verticals. The collaboration with Hopewind, a key Chinese wind power converter supplier, focuses on next-generation renewable energy solutions.

This partnership centers on integrating Wolfspeed, Inc.'s 2.3kV LM Pack Module into Hopewind's 950Vac Wind Power Converter. This integration is designed to achieve up to a 38% increase in power density. Commercial availability for this module is slated for early 2026.

Finance: draft 13-week cash view by Friday.

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Key Activities

You're looking at the core engine of Wolfspeed, Inc. (WOLF) right now-the activities that consume the most capital and drive the future product mix. It's all about the transition from 150mm to 200mm, which is a massive undertaking in terms of execution and cash management.

Manufacturing 200mm Silicon Carbide (SiC) materials and power devices

The central activity here is scaling up the production of 200mm SiC wafers and the resulting power devices. This shift is designed to deliver breakthrough scalability and improved quality, which is key for next-generation applications. Wolfspeed announced the commercial launch of its 200mm SiC materials products in September 2025, moving beyond initial select customer offerings. The company is now the only one manufacturing SiC devices on an 8-inch platform in high volume as of 2025.

The John Palmour Manufacturing Center (The JP) in Siler City, North Carolina, is the materials powerhouse, representing a total investment of $5 billion across 445 acres. This facility is expected to increase Wolfspeed's current materials production capacity by ten times. The full-year fiscal 2025 Capital Expenditure (CapEx) was $1031 million, which helped halve the full-year CapEx year-on-year from the $2.1 billion spent in fiscal 2024.

Ramping up production at the Mohawk Valley Fab (200mm device fab)

The Mohawk Valley Fab in Marcy, New York, is the purpose-built, fully automated 200mm device fab. Getting this fab up to speed is a critical activity, though it has come with start-up costs reflected in the financials. The fab reached 20% wafer start utilization in June 2024. By fiscal Q4 2025, the Mohawk Valley Fab contributed $94.1 million in revenue, more than doubling the $41 million it contributed year-over-year in Q4 2024.

The ramp-up has been costly in terms of gross margin impact due to underutilization. For the full fiscal year 2025, underutilization costs were $105.2 million. Still, the focus is paying off in device revenue growth, as Power Product revenue rebounded to $118.6 million in fiscal Q4 2025. The automotive business saw 2.5 times year-over-year growth in Q1 fiscal 2025, with the number of car models using a Wolfspeed SiC solution in the powertrain expected to grow by another approximately 75 percent year over year in 2025.

• Mohawk Valley Fab Revenue (FY Q4 2025): $94.1 million
• Mohawk Valley Fab Revenue (FY Q4 2024): $41 million
• Full Year FY 2025 Underutilization Costs: $105.2 million
• Automotive Business YoY Growth (FY Q1 2025): 2.5 times

Research and development (R&D) in SiC and Gallium Nitride (GaN) technologies

Wolfspeed, Inc. continues to invest in R&D to maintain its technology leadership, though spending has been managed down as capital focus shifts to the physical build-out. For the full fiscal year 2025, total Research & Development was $175.1 million, a year-over-year decrease of 13.27%. The quarterly spend in Q2 2025 was $37.6 million. This R&D supports the development of new platforms, such as the Gen4 platform launched in fiscal 2025, which is purpose-built for high-voltage, high-performance demands across AI data centers, aerospace and defense, automotive, and energy storage.

Executing the facility consolidation plan, including the Durham 150mm fab closure

This activity is about streamlining the operational footprint to cut costs and accelerate the 200mm transition. Wolfspeed initiated a facility closure and consolidation plan during fiscal Q1 2025. The Durham 150mm wafer fab is scheduled to close permanently in December 2025. Also, the Farmers Branch 150mm epitaxy facility closed at the end of December. These consolidation efforts, which also included workforce reductions of around 20 percent of total company employment, are expected to yield approximately $200 million in annual cash savings. The closure of the older, less automated Durham facility removes a significant drag on the company's efficiency.

Here's the quick math on the expected savings from these efficiency drives:

• Expected Annual Cash Savings from Consolidation: $200 million
• Workforce Reduction: Around 20 percent
• Durham 150mm Fab Closure Date: December 2025

If onboarding takes 14+ days, churn risk rises, but here, the closure timeline is firm.

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Key Resources

You're looking at the core assets Wolfspeed, Inc. (WOLF) relies on to execute its strategy in the silicon carbide (SiC) space, especially after coming out of its Chapter 11 restructuring in late September 2025. These resources are capital-intensive and technology-dependent; they define the company's competitive moat.

The most immediate and tangible resource is the enhanced liquidity position. Following the receipt of a nearly $700 million tax refund from the CHIPS Act (Section 48D), Wolfspeed, Inc. announced a cash balance of approximately $1.5 billion in cash and investments as of early December 2025. This figure is a significant boost from the $926 million in cash, cash equivalents, and short-term investments reported at the end of the first quarter of fiscal 2026. Honestly, that infusion provides runway for at least two more years under a normalized loss outlook.

The manufacturing footprint represents the physical manifestation of Wolfspeed, Inc.'s strategy, centered entirely on the transition to 200mm wafers. The company is now the only fully vertically integrated 200mm silicon carbide manufacturer at scale, combining materials and device fabrication.

Here's a quick look at the key production assets and their recent performance metrics:

The intellectual property (IP) around the 200mm SiC manufacturing process is a critical, non-physical resource. This vertical integration means Wolfspeed, Inc. controls the entire process from raw material crystal growth to the final device. The company has been shipping 200mm Mohawk devices for 10 quarters as of late 2025. Still, this scale comes with costs; underutilization related to both the Mohawk Valley Fab and The JP materials factory amounted to $47 million in the first quarter of fiscal 2026.

The strategic shift away from older tech is also a key resource deployment. Wolfspeed, Inc. is actively winding down its 150-millimeter wafer production, planning to officially close the Durham, North Carolina, factory by the end of the calendar year. This consolidation onto 200mm capacity is a major focus post-restructuring.

You should note the following operational highlights:

• Mohawk Valley Fab has achieved LEED Silver Certification.
• The company is focusing revenue diversification into AI data centers, aerospace and defense, and industrial/energy segments.
• The company's total assets stood at $6.55 billion at the end of Q1 FY2026.

Finance: draft 13-week cash view by Friday.

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Wolfspeed, Inc. right now, late in 2025, especially after the recent restructuring. These aren't just marketing points; they are backed by tangible performance metrics and supply chain commitments.

High-efficiency SiC power devices for extended EV range and faster charging

The primary value here is moving beyond traditional silicon to wide-bandgap technology. Wolfspeed's Gen 4 Silicon Carbide Technology, launched in January 2025, is a big deal. It cuts power losses by up to 80% compared to silicon. For the electric vehicle market, this translates directly into an estimated 10% extension in driving range. That's a concrete benefit you can measure on the road.

Demand is clearly following this performance. For the first quarter of fiscal year 2025, Wolfspeed recorded $1.5 billion in design-ins, with about 70% of that tied to electric vehicle platforms. Furthermore, automotive EV revenue growth was reported at 92% year-over-year for the third quarter of fiscal year 2025. The number of car models using their low-speed SiC devices in the powertrain has quadrupled between 2023 and 2024, with another projected growth of approximately 75% expected in 2025.

Here's a quick look at the market adoption metrics:

Secure, vertically integrated, US-based 200mm SiC supply chain at scale

You need certainty of supply, especially with geopolitical trade restrictions rising. Wolfspeed, Inc. is positioned as the only U.S.-based vertically integrated supplier. This control spans from the raw material to the finished device. The strategic shift to 200mm wafers is central to this scale and cost advantage. Moving to 200mm wafers is projected to reduce manufacturing costs by 30% and offers an approximate 80% increase in usable chips per wafer compared to the older 150mm standard. This move is expected to yield $200 million in annual cash savings once fully realized.

The Mohawk Valley Fab, their 200mm device facility, is ramping up production, contributing $94.1 million to revenue in the fourth quarter of fiscal year 2025, more than double the prior year. To support this, the company secured significant non-dilutive funding. On December 1, 2025, Wolfspeed received an IRS cash refund totaling $698.6 million under the CHIPS Act Section 48D credits. This influx boosted total liquidity to approximately $1.5 billion, providing a substantial buffer. For context, the company's full fiscal year 2025 free cash flow was negative $1.98 billion, so this non-dilutive cash is critical runway.

The supply chain restructuring also addressed debt. Post-restructuring, total debt was reduced by approximately 70%, from an estimated $6.5 billion down to $2 billion. This cut annual cash interest expenses by about 60%, saving over $200 million annually.

Superior power density and thermal performance for industrial and energy systems

The physics of SiC provide inherent advantages over traditional silicon. Beyond EVs, this efficiency matters in stationary power. The Gen 4 platform specifically helps reduce thermal loads in AI data centers by 40%. This superior thermal performance means systems can run cooler or handle more power in the same footprint. For industrial and energy systems, this means smaller, lighter inverters and power supplies.

The materials science itself is the value proposition here:

• Higher performance thresholds.
• Reduced risk of thermal runaway.
• Semiconductors are smaller and thinner.
• The company holds a 62% market share in SiC wafers as of February 2025.

Enabling next-generation technologies like AI data centers and aerospace/defense

Wolfspeed's power SiC devices are now a significant portion of their business, accounting for over 50% of revenue in 2024. The company ranks globally at No. 4 in SiC power semiconductors. Their reach extends into critical, high-reliability sectors. For instance, their Gallium Nitride (GaN)-on-SiC products target 5G infrastructure and defense applications. The focus on high-voltage, high-power density components makes their technology essential for the next wave of computing infrastructure and defense electronics.

Finance: review the impact of the $105.2 million in Q4 FY2025 underutilization costs on the non-GAAP gross margin of (1)% for the full fiscal year 2025.

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Customer Relationships

Long-term, high-touch strategic supply agreements with Tier 1 automotive OEMs form the bedrock of Wolfspeed, Inc.'s customer relationship strategy. This approach secures high-volume, multi-year revenue streams, which is critical given the company's capital-intensive manufacturing ramp. For instance, the strategic supplier agreement with General Motors (GM) is a 10-year commitment for silicon carbide (SiC) wafer supply, valued at $2 billion. This deal is projected to contribute between $150-$200 million annually to Wolfspeed, Inc.'s revenue by 2026. Furthermore, Wolfspeed, Inc. has a similar $2 billion supply agreement with Renesas Electronics.

The relationship model necessitates a direct sales and technical support structure to embed Wolfspeed, Inc.'s technology within customer designs, a process known as design-in. This high-touch engagement ensures continuity, even while navigating significant corporate events. For example, Wolfspeed, Inc. maintained operations, delivering materials and paying vendors, while implementing its Chapter 11 restructuring, which was expected to conclude by the end of the third quarter calendar year 2025. The company expected its cash balance at the end of its fiscal third quarter of 2025 to be approximately $1.3 billion, inclusive of received Section 48D tax credits, demonstrating liquidity to support ongoing customer commitments. The reaffirmed guidance for fiscal third quarter of 2025 revenue was $170 million to $200 million.

Joint development and application-specific solutions are integral to securing these long-term deals. The partnership with GM is a prime example, focusing on SiC power device solutions specifically for the integrated power electronics within GM's Ultium Drive units in next-generation EVs. This technology is designed to enable more efficient EV propulsion systems, with projections indicating up to a 15% boost in energy efficiency for GM's vehicles. This level of co-development is necessary as Wolfspeed, Inc. scales its manufacturing, including the transition to 200mm wafers by late 2025.

The Assurance of Supply Program (WS AoSP) is the formal mechanism used to solidify commitments with critical customers like GM. Participation in the WS AoSP is intended to secure a domestic, scalable, and sustainable material source for the customer's electric vehicle production. This program directly addresses geopolitical supply risks by anchoring critical semiconductor supply within the U.S., aligning with policy priorities.

Key long-term supply commitments illustrate the structure of these relationships:

• Securing supply for next-generation EV propulsion systems.
• Focus on 200mm wafer technology for scale and efficiency.
• Leveraging domestic manufacturing capacity like the Mohawk Valley Fab.
• Generating projected annual revenue of $150-$200 million from the GM deal by 2026.

Here's a look at the major contractual anchors supporting the customer relationship strategy:

The company's financial stability, bolstered by expected Section 48D cash tax refunds of over $600 million in fiscal year 2026, is intended to assure customers of Wolfspeed, Inc.'s ability to deliver on these long-term supply promises.

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Channels

You're looking at how Wolfspeed, Inc. gets its silicon carbide (SiC) products-materials and devices-into the hands of customers, which is heavily weighted toward direct engagement given the technical nature of the product.

The primary channel for high-volume, strategic sales is the direct sales force, which targets the largest Original Equipment Manufacturers (OEMs) and Tier 1 suppliers, especially in the Electric Vehicle (EV) sector. This focus is clear when you look at the Power Products revenue, which reached $414 million for the full fiscal year 2025, with the Mohawk Valley Fab contributing $94.1 million in Q4 FY2025 alone, more than doubling from just $41 million in the prior year's fourth quarter. This facility is central to the direct supply chain, as it is designed to take wafers from The JP materials facility, which was targeted to deliver those wafers by the summer of 2025.

Wolfspeed, Inc. also relies on a global network of authorized distributors to achieve broader market reach, particularly for smaller or more fragmented segments outside the major automotive and industrial contracts secured directly. While the exact revenue split between direct sales and distributors isn't broken out, the overall consolidated revenue for fiscal year 2025 was $757.60 million.

Direct shipments are the physical manifestation of the vertical integration strategy. The Mohawk Valley Fab, the world's first purpose-built, fully automated 200mm SiC fab, is a key node for these shipments, contributing $94.1 million to the Q4 FY2025 consolidated revenue of $197 million. The company has a stated long-term goal that its 200mm footprint, including the Mohawk Valley Fab and North Carolina materials factories, will generate approximately $3 billion in revenue annually.

For design-in activities, Wolfspeed, Inc. heavily promotes its online technical resources and application support. The success of this channel is measurable through the design-in pipeline, which is critical for future revenue realization. For instance, in the first quarter of fiscal 2025, the company reported Power device design-ins of $1.5 billion and Power device design-wins of $1.3 billion. This pipeline supports the projected growth in the automotive business, which saw a 2.5 times year-over-year increase in Q1 FY2025, with EV revenue expected to grow by approximately 75% year over year in calendar 2025.

Here's a look at the revenue contribution from the primary manufacturing channel in the latest reported quarter:

The engagement with future customers through technical channels is substantial, as evidenced by the pipeline metrics:

• Power device design-ins (Q1 FY2025): $1.5 billion
• Power device design-wins (Q1 FY2025): $1.3 billion
• Expected EV revenue growth (Calendar 2025): Approximately 75% year over year

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Customer Segments

You're looking at the core markets Wolfspeed, Inc. serves with its silicon carbide (SiC) technology, which is the foundation of their entire business model right now. As of late 2025, the customer base is clearly bifurcated between high-growth electrification and more cyclical industrial/energy needs.

The primary focus, and where the most significant near-term revenue acceleration is expected, is in the automotive sector. This segment is driving the design-win pipeline. For instance, Wolfspeed reported a staggering 92% year-over-year growth in EV revenue during their second quarter of fiscal 2025. The future book of business is heavily weighted here; back in Q2 of fiscal 2024, over 75% of their record $2.9 billion in design-wins were related to automotive applications.

The total Power Products revenue for the full fiscal year 2025 was $414.0 million. This figure represents the combined sales to EV manufacturers, I&E customers, AI server power suppliers, and A&D contractors. To give you a snapshot of the recent dynamics, in the third quarter of fiscal 2025, Power revenue hit $107 million, which was propelled by significant automotive growth, though this was slightly countered by softness elsewhere.

Here's how the key end-markets are interacting with Wolfspeed, Inc.'s Power Products segment:

• The Electric Vehicle (EV) manufacturers and Tier 1 automotive suppliers are the clear growth engine, evidenced by the 92% year-over-year EV revenue growth reported in Q2 FY2025.
• The Industrial and Energy (I&E) sector, which includes solar and wind inverters, is currently experiencing weakness, as noted by the sequential decline in I&E revenues offsetting automotive gains in Q2 and Q3 FY2025.
• Power supply manufacturers for AI data centers and server power are a key application area for their high-efficiency power devices, though specific revenue attribution isn't broken out separately from the overall Power segment.
• Aerospace and Defense contractors represent a high-reliability niche, utilizing SiC for demanding applications, which falls under the general Power Devices category.

The pipeline of future business, as measured by design-wins, remains substantial, with an estimated $5.4 billion in design-wins recorded for fiscal year 2025. This indicates that while current revenue conversion has been challenging due to production ramp-up costs and market adjustments, the customer base is committed to adopting SiC for these critical applications.

You can see the recent quarterly revenue split between the two main reporting segments, which house these customer groups:

The Mohawk Valley Fab, which produces the 200mm power devices for these customers, contributed $94.1 million to the Q4 FY2025 revenue, more than doubling from $41 million a year prior. That's where the EV and data center components are being manufactured.

For a more granular look at the Power segment performance, which directly reflects the demand from your listed customer segments, consider the Q3 FY2025 figures:

Finance: draft 13-week cash view by Friday.

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Cost Structure

You're looking at the cost side of Wolfspeed, Inc. (WOLF) as it navigates its post-Chapter 11 emergence and the massive capital expenditure required to scale its silicon carbide (SiC) technology. The cost structure is heavily weighted toward fixed costs associated with bringing its new, advanced manufacturing capacity online. The 200mm Mohawk Valley Fab, a key asset, was already contributing significantly to revenue, bringing in $94.1 million in the fourth quarter of fiscal 2025 alone, but this ramp-up comes with substantial overhead that isn't immediately absorbed by production volume.

The pressure from these fixed costs is most visible in the underutilization charges. For one recent quarter, the impact of running these fabs below capacity hit $47 million. This is a direct consequence of the high-volume, high-precision nature of the business; the equipment and cleanrooms are expensive to run even when not at peak output.

Here's a quick look at some of the major cost components reported around the end of fiscal year 2025:

Maintaining the technological edge in SiC and Gallium Nitride (GaN) requires continuous, significant investment in Research & Development. This spending is non-negotiable for Wolfspeed, Inc. to defend its leadership position against competitors scaling up their own advanced material production.

• R&D expenses for the full fiscal year 2025 totaled $175.1 million.
• The quarterly R&D spend in Q4 FY2025 was $37.6 million.
• The company incurred $417.6 million in restructuring and other expenses for the entirety of fiscal year 2025.
• Restructuring charges in Q4 FY2025 alone were $123 million on a GAAP basis.

The capital structure overhaul, which included emerging from Chapter 11, was designed to directly impact ongoing financing costs. The restructuring support agreement was intended to reduce debt by a nominal 70%, which translates to approximately $4.6 billion in nominal debt reduction. This move is expected to significantly lower the annual cash interest expense, with management projecting a 60% drop post-restructuring, easing a major drain on cash flow going forward.

Wolfspeed, Inc. (WOLF) - Canvas Business Model: Revenue Streams

You're looking at how Wolfspeed, Inc. brings in cash from its silicon carbide (SiC) focus, and as of late 2025, the revenue streams are clearly split between the finished devices and the raw materials that feed them, plus the growing contribution from new fabs.

The total revenue for the full fiscal year 2025, for continuing operations, landed at approximately $757.60 million. This top line is generated primarily through two major segments, which you can see broken down here:

The Power Products segment, which includes the actual semiconductor devices used in applications like electric vehicles and industrial power systems, brought in $414.0 million for the full fiscal year 2025. This segment showed some resilience, with Q4 FY2025 Power Products revenue hitting $118.6 million, up 13.4% versus Q4 FY2024.

Materials Products sales, which are the SiC substrates and wafers, totaled $343.6 million for fiscal year 2025. To be fair, this segment saw a year-over-year contraction, with Q4 FY2025 Materials Products revenue at $78.4 million, down 18.4% compared to the same quarter last year, reflecting softer demand for the raw material.

A significant and growing component of the Power Products revenue is the output from the new, high-capacity manufacturing sites. The Mohawk Valley Fab, for instance, is quickly becoming a major revenue contributor as it ramps production of 200mm SiC power devices. For the fourth quarter of fiscal 2025 alone, the Mohawk Valley Fab contributed $94.1 million in revenue, which is more than double the $41 million it contributed in Q4 FY2024.

Beyond direct product sales, Wolfspeed, Inc. secures future revenue visibility through long-term capacity reservation and supply agreements. These contracts lock in future demand from major customers, such as the agreement with General Motors (GM). These agreements help de-risk future capital expenditures by providing a committed revenue base, even if the specific revenue recognition timing isn't always immediately apparent on the income statement.

Here are the key revenue points from the Q4 FY2025 results:

• Total consolidated revenue for Q4 FY2025 was approximately $197 million.
• Mohawk Valley Fab revenue in Q4 FY2025 was $94.1 million.
• Q4 FY2025 Power Products revenue was $118.6 million.
• Q4 FY2025 Materials Products revenue was $78.4 million.

Finance: draft 13-week cash view by Friday.