Recently, Wolfspeed and Navitas Semiconductor successively released their latest quarterly financial reports, disclosing multiple developments in the silicon carbide (SiC) sector:
Wolfspeed: SiC revenue in the third quarter of this year remained above CNY 1 billion. Fiscal Year 2027 may mark the starting point for long-term growth in revenue and profitability.
Navitas Semiconductor: Revenue in the third quarter of this year reached CNY 94.02 million, a year-over-year increase of 38%, with AI-related revenue expected to account for 40%.
01. Wolfspeed: SiC Revenue Remains Above CNY 1 Billion
On November 4, Wolfspeed released its financial report for the first quarter of Fiscal Year 2027 (July–September 2026).
The report shows that Wolfspeed's revenue for the quarter was USD 155 million (approximately CNY 1.041 billion), slightly exceeding the midpoint of guidance. The net loss was USD 144 million (approximately CNY 967 million), narrowing by approximately 77.6% year-over-year.
In terms of business segments, during the third quarter of this year, Wolfspeed's materials product line generated revenue of USD 38.2 million (approximately CNY 257 million), while the power product line achieved revenue of USD 116.8 million (approximately CNY 784 million), representing a 10% quarter-over-quarter increase.
Gregor van Issum, Chief Financial Officer of Wolfspeed, attributed this primarily to growth in the Industrial & Energy (I&E) end markets, including their data center business. During the earnings call, he further stated that Fiscal Year 2027 will be a turning point for Wolfspeed and the starting point for more meaningful long-term growth in revenue and profitability.
It is reported that the company has set its revenue target for the second quarter of Fiscal Year 2027 between USD 155 million and USD 175 million (approximately CNY 1.041 billion to CNY 1.175 billion).
During the reporting period, according to statements from management, Wolfspeed's SiC business continued to make new progress in several areas:
Automotive Sector: In addition to continuous deliveries, Wolfspeed recently signed a multi-year SiC device supply agreement with BorgWarner. As a strategic partner, Wolfspeed will provide SiC devices for BorgWarner's next-generation 800V SiC-based inverter platform, further consolidating Wolfspeed's position as a stable, long-term supplier.
Industrial & Energy Sector: Revenue from AI data centers more than doubled year-over-year, with order volumes accelerating. This segment continues to be viewed as the fastest-growing end market. Meanwhile, relationships with AI data center OEMs are being established, and share gains are increasing in High-Voltage Direct Current (HVDC) adoption. Wolfspeed management noted that as these projects mature, the trajectory of AI data center development will continue to improve. In September of this year, Wolfspeed received the Strategic Partner Award from Megmeet, an emerging customer in the AI data center market.
Aerospace & Defense Sector: Leveraging its existing leadership in high-voltage SiC, Wolfspeed has developed a class of ultra-high-voltage, high-current bipolar device architectures based on the industry's first commercial 10kV MOSFET.
Materials Sector: Wolfspeed continues to serve a broad range of power and RF customers, including extending and expanding its existing long-term supply agreement for 6-inch SiC substrates with Infineon Technologies AG, incorporating 8-inch substrates into the agreement to further transition toward larger-diameter SiC substrates. Additionally, Wolfspeed commercially launched its proprietary Silicon Carbide (TSiC™) technology, expanding the potential of SiC in next-generation augmented reality, quantum computing, and advanced optical applications.
Regarding the recent conditional loan of USD 1.5 billion from the U.S. Department of War, Wolfspeed stated during the earnings call that the funds would first be used to refinance high-cost debt. Subsequently, management explicitly identified "scaling up the existing SiC platform" as the primary direction for use, while also allocating resources to upgrade GaN epitaxy capabilities and advance GaN-on-SiC RF epitaxial wafer technology.
Robert Feurle, CEO of Wolfspeed, stated during the meeting that there is synergy between SiC and GaN, allowing them to adjust existing capacity as needed. He noted that SiC is at the core of their current leading high-voltage, high-power applications, while GaN extends their influence into low-voltage design domains. Together, they provide two engines driving high utilization rates across production lines, ultimately boosting Wolfspeed's revenue and gross margin growth.
02. Navitas Semiconductor: Revenue Achieves YoY Growth; AI Revenue Share to Reach 40%
On November 3, Navitas Semiconductor published its financial report for the third quarter of 2026.
During the reporting period, Navitas' total revenue for the quarter reached USD 14 million (approximately CNY 94.02 million), representing a 33% quarter-over-quarter increase and a 38% year-over-year increase. This marks the company's first year-over-year revenue growth since 2024.
According to management, this revenue growth was driven by momentum in the high-power market, primarily fueled by demand for artificial intelligence infrastructure. Specifically, Navitas' high-power market grew by over 50% quarter-over-quarter and achieved triple-digit growth year-over-year.
Furthermore, the financial report indicates that Navitas' non-GAAP operating loss for the third quarter was USD 10.9 million, narrowing from USD 11.4 million in the previous quarter and USD 11.5 million in the same period last year. Net income for the third quarter increased to USD 6.9 million.
From January to September of this year, Navitas Semiconductor's cumulative revenue reached USD 33.118 million (approximately CNY 222.4 million), a decrease of approximately 14.25% compared to USD 38.62 million (approximately CNY 259.4 million) in the same period last year.
Navitas' performance in the third quarter reflects the sustained momentum from the company's transformation. According to Chris Allexandre, President and CEO of Navitas, about a year ago, the company consciously shifted away from mobile and low-end consumer segments, concentrating resources on the high-power market. They have positioned AI data centers, energy and grid infrastructure, high-performance computing, and industrial electrification as clear focal points within the high-power market.
He further revealed that by the end of this year, revenue from mobile and low-end consumer businesses will be essentially eliminated from the company's revenue mix, with revenue relying almost entirely on the high-power market, particularly AI infrastructure. "We expect AI infrastructure introduced this year to account for more than 40% of our total revenue, and we believe this business will triple in2027."
Additionally, during this earnings call, Navitas Semiconductor disclosed its recent layout and progress in the SiC and GaN sectors:
Completion of Claros Acquisition: By integrating high-voltage and ultra-high-voltage SiC, GaN, and IVR technology stacks, the company serves Vertical Power Delivery (VPD) and Embedded Power Delivery (EPD) architectures, aiming to unlock the final step in power delivery to meet the growing demands of xPU. This move completes the company's AI infrastructure strategy portfolio from grid to xPU. Management believes this positions Navitas at the forefront of long-term growth areas.
Collaborative Development: Navitas is collaborating with NVIDIA to develop an 800V-to-12V power delivery board, complementing previous 800V-to-6V and 800V-to-50V solutions. It is also working with Microchip Technology to provide 800V reference designs supporting next-generation AI data centers for higher-power rack architectures. Furthermore, Navitas has reached a GeneSiC technology licensing and long-term foundry support agreement with Magnachip, covering scenarios of 1200V, 2300V, 3300V and above.
Projects: Navitas Semiconductor was successfully selected for the U.S. government's next-generation 10kV SiC project, which will strengthen its technological leadership and resilience of the U.S. supply chain. First shipments of Navitas' fifth-generation GaNFast devices manufactured at GlobalFoundries' U.S. fab have been realized, with the initial product being a 650V GaN FET.
Navitas noted that given the timing of its transformation coincides with fundamental architectural restructuring in AI infrastructure, it expects Q4 revenue to reach between USD 15.5 million and USD 16.5 million (approximately CNY 104 million to CNY 111 million). Full-year 2026 revenue growth is projected at 7%, with the core high-power business continuing to achieve triple-digit growth.