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Expansion of Drone Payload Capabilities Planned to Advance WRAP’s Vision for Integrated Non-Lethal Response Systems Across Public Safety, Homeland Security, and Defense Markets May 28, 2026 08:51 ET  | Source: Wrap Technologies, Inc.

MIAMI, May 28, 2026 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (NASDAQ: WRAP) (“WRAP” or the “Company”), a global leader in Non-Lethal Response™ (“NLR”) and public safety technology, today unveiled plans to expand its drone payload and autonomous response initiatives with the development of directional light, laser dazzler, and sensory deterrence capabilities designed for deployment from unmanned systems.

The initiative represents a strategic expansion of WRAP’s broader NLR platform and supports the Company’s long-term vision of integrating advanced sensory, restraint, and escalation-management technologies into both human-operated and autonomous public safety systems.

WRAP believes the future of public safety, homeland security, and force protection may increasingly rely on layered, non-lethal technologies capable of creating time, distance, distraction, disorientation, and deterrence before lethal force becomes necessary. The Company’s planned drone payload capabilities are intended to support early intervention, perimeter control, suspect deterrence, crowd management, and critical infrastructure protection missions.

The planned payload systems are expected to include configurable directional light and visual disruption technologies, including laser dazzler concepts designed to temporarily impair visual focus, disrupt escalation pathways, and create opportunities for safer tactical resolution and lawful follow-on control tactics.

WRAP believes these payload capabilities may ultimately be integrated alongside its proprietary BolaWrap® remote restraint technology as part of a broader drone-enabled Non-Lethal Response ecosystem. The Company is exploring how directional light, visual disruption, sensory deterrence, and remote restraint technologies may operate together to support earlier intervention opportunities for law enforcement and public safety personnel before situations escalate into higher-force encounters.

WRAP believes the future of public safety response may increasingly leverage unmanned systems to create time, distance, distraction, and tactical advantage during rapidly evolving incidents. By integrating sensory disruption payloads with remote restraint technologies such as BolaWrap, WRAP aims to support safer standoff engagement options designed to improve decision-making time, reduce escalation pathways, and enable lawful follow-on control tactics while minimizing injury risks to officers, subjects, and surrounding communities.

The Company believes these capabilities may have future applications across public safety, border security, corrections, force protection, crowd management, critical infrastructure security, and autonomous response operations where early intervention and non-lethal escalation management are operational priorities.

“These technologies represent another step toward our broader vision for integrated Non-Lethal Response,” said Jared Novick, president of WRAP. “We believe the future operating environment for public safety and homeland security may increasingly involve autonomous systems, drone-enabled response, sensory disruption technologies, and scalable non-lethal tools designed to help personnel intervene earlier and safer while preserving lawful escalation options if needed.”

WRAP’s expected expansion into drone-based sensory deterrence technologies builds upon the Company’s existing investments in non-lethal restraint systems, virtual reality training, counter-UAS initiatives, and autonomous response concepts. The Company believes integrating directional sound, light, visual disruption, restraint technologies, and AI-assisted situational awareness into unified platforms may create significant opportunities across domestic and international government markets.

The Company’s broader roadmap includes continued exploration of drone-enabled non-lethal response technologies, integrated autonomous payload systems, and scalable deployment architectures designed for public safety agencies, corrections, force protection, border security, and defense applications.

About Wrap Technologies, Inc.

Wrap Technologies, Inc. (Nasdaq: WRAP) a global leader in innovative public safety technologies and non-lethal tools, delivering cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

WRAP’s complete public safety portfolio includes the non-lethal BolaWrap® 150 device, WrapReality® immersive training platform, WrapVision™ body-worn camera system, WrapTactics™ training programs, and next-generation C-UAS solutions like PAN-DA and the 1KC Kinetic Anti-Drone Cassette, all of which supports the Company's mission to provide safer, scalable, and cost-effective technologies for public safety, defense, and critical infrastructure markets.

With a growing demand for non-lethal tools and techniques to create time, distance and tactical advantage in non-criminal calls, Wrap's BolaWrap® 150 incorporates a multi-sensory distraction of sight and sound as a first response, followed by a non-lethal restraint if further escalation is required. This approach reduces the risk of injury to officers, subjects, and the community.

Wrap's BolaWrap® 150 solution is intended to provide law enforcement with a safer choice for nearly every phase of a critical incident. This innovative, patented device deploys a multi-sensory, cognitive disruption to expand the pre-escalation period and gives officers the advantage and critical time to manage non-compliant subjects before resorting to higher-force options. The BolaWrap® 150 is not pain-based compliance. It does not shoot, strike, shock, or incapacitate, instead, it helps officers strategically operate pre-escalation on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap's commitment to public safety through cutting-edge technology and expert training.

WrapReality™ VR is a fully immersive training simulator to enhance decision-making under stress.

As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, WrapReality™ is intended to equip officers with the skills and confidence to navigate high stakes encounters effectively, which we believe leads to safer outcomes for both responders and the communities they serve.

WrapVision is an all-new body-worn camera and evidence management system built for efficiency.

Designed for efficiency, security, and transparency to meet the rigorous demands of modern law enforcement, WrapVision captures, stores, and helps manage digital evidence, ensuring operational security, regulatory compliance, and enhanced video picture quality and field of view.

The WrapVision camera, powered by IONODES, boasts streamlined cloud integration and final North American assembly, with a critical made-in-America roadmap projected for early 2026. This track helps ensure data integrity and helps eliminate critical concerns over unauthorized access or foreign surveillance risks.

Trademark Information

WRAP, the Wrap logo, BolaWrap®, Non-Lethal Response™, WrapReality™, Wrap Training Academy, and Non-Lethal Response™ are trademarks of WRAP Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements - Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "anticipate," "should", "believe", "target", "project", "goals", "estimate", "potential", "predict", "may", "will", "could", "intend", and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control and include, but are not limited to, statements relating to the Company's planned future products, technologies, integration, intended product designs and expected benefits therefrom, expected market opportunities and outcomes related to Wrap's products to increase officer and public safety. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to maintain compliance with the Nasdaq Capital Market's listing standards; the Company's ability to successfully implement training programs for the use of its products; the Company's ability to manufacture and produce products for its customers; the Company's ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Relations Contact:
(800) 583-2652
[email protected]
wrap.com

DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technology, today announced two executive appointments that strengthen the company's leadership team and support its continued growth and engagement with customers, investors, and stakeholders. The appointments come as Wolfspeed accelerates global expansion, deepens engagement with policymakers and advances long-term growth strategy. Brad Kohn will rejoin Wolfspeed as Executive Vice President, Chief.

DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the third quarter of fiscal 2026.

Business Highlights

Continued sequential quarterly growth in AI data center applications of approximately 30%, reflecting a moderate but expanding part of the Company's business with meaningful long-term potential. Launched first commercially available 10 kV SiC power MOSFET for grid modernization, industrial electrification and AI data center infrastructure. Introduced next-gen TOLT portfolio to address growing AI data center demand. Durham facilities now focused on materials production, further increasing earnings potential of the site. CFIUS clearance and equity issuance to Renesas completes Chapter 11 procedures. Quarterly Financial Highlights

Consolidated revenue of approximately $150 million, aligned with midpoint of guidance range. GAAP gross margin of (27)% and Non-GAAP gross margin of (21)%. GAAP net loss of $120 million and adjusted EBITDA of ($62) million. Operating cash flow of ($84) million. Refinanced approximately $476 million of first-lien debt, reducing total debt balance by $97 million and annual interest expense by an estimated $62 million. Improved the Company’s equity position by more than $400 million, primarily from the strategic refinancing and reclassification of Renesas ownership upon CFIUS clearance $1.2 billion of cash, cash equivalents and short term investments as of March 29, 2026. “In the third quarter, we continued to make meaningful progress against our priorities, improving Wolfspeed’s long-term growth trajectory and our financial flexibility to execute our strategic priorities,” said Wolfspeed CEO Robert Feurle. “We accelerated innovation across the business, launching our next-generation TOLT portfolio, introducing the first commercially available 10 kV silicon carbide power MOSFET, and continuing to advance our 300mm substrate platform. At the same time, we continue to deepen our engagement with a diversified customer base."

“Our third-quarter actions represent another major step in strengthening our balance sheet,” said Wolfspeed CFO Gregor van Issum. “We successfully reduced our highest-cost first-lien debt by 43%, decreased the total debt by $97 million and thereby reduced the annual interest expense by an estimated $62 million. Backed by $1.2 billion in liquidity and rigorous operational discipline, we are well-positioned to continue to fund our highest-priority initiatives."

Business Outlook:

The Company expects to generate revenue between $140 million and $160 million for its fiscal fourth quarter. The Company expects operating expenses to be approximately flat with the fiscal third quarter and gross margins to remain negative in the fourth quarter.

Quarterly Conference Call:

Wolfspeed will provide additional commentary on a conference call at 5:00 p.m. Eastern time today reviewing the highlights of its third quarter results.

The conference call will be available to the public through a live audio web broadcast via the Internet. For webcast details, visit Wolfspeed's website at investor.wolfspeed.com/events.cfm.

About Wolfspeed, Inc.

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world’s most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Real.TM Learn more at www.wolfspeed.com.

Fresh Start Accounting:

As a result of emerging from a voluntary proceeding under Chapter 11 and qualifying for the adoption of fresh-start accounting, on September 29, 2026 (the "Effective Date"), Wolfspeed’s assets and liabilities were recorded at their estimated fair values which, in some cases, are significantly different than amounts included in our financial statements prior to the Effective Date. Accordingly, our condensed consolidated financial statements after the Effective Date are not comparable with our condensed consolidated financial statements on or before that date.

References to “Successor” relate to our financial position and results of operations after the Effective Date. References to “Predecessor” refer to our financial position and results of operations on or before the Effective Date.

Non-GAAP Financial Measures:

This press release highlights the Company's financial results on both a GAAP and a non-GAAP basis. The GAAP results include certain costs, charges and expenses that are excluded from non-GAAP results. By publishing the non-GAAP measures, management intends to provide investors with additional information to further analyze the Company's performance, core results and underlying trends. Wolfspeed's management evaluates results and makes operating decisions using both GAAP and non-GAAP measures included in this press release. Non-GAAP results are not prepared in accordance with GAAP, and non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures attached to this press release.

Forward Looking Statements:

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, including estimates, forecasts, and projections about possible or assumed future results of Wolfspeed’s business, financial condition, liquidity, results of operations, plans, and objectives and Wolfspeed’s industry and market growth. Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” “forward” or “continue” and similar expressions are used to identify forward-looking statements. All statements in this press release that are not historical are forward-looking statements, including statements regarding Wolfspeed’s position in the industry, the impacts of Wolfspeed's recent restructuring and the expected strength of its capital structure, and Wolfspeed's ability to design and sell products for new industries. Actual results could differ materially due to a number of factors, including but not limited to, risks and uncertainties associated with Wolfspeed's recent emergence from Chapter 11 bankruptcy, including the potential effects on Wolfspeed's relationship with its various stakeholders, including customers, vendors, contractors, employees or suppliers, its ability to attract, motivate, and/or retain management and key personnel, its ability to retain customers, and third parties willing to do business with Wolfspeed on acceptable terms or at all; ongoing uncertainty in global economic and geopolitical conditions; changes in progress on infrastructure development or changes in customer or industrial demand that could negatively affect product demand, including as a result of an economic slowdown or recession, collectability of receivables and other related matters if consumers and businesses defer purchases or payments, or default on payments; risks associated with Wolfspeed’s expansion plans, including cost overruns, the timing and amount of government incentives actually received, including, among other things, any direct grants and tax credits, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control, and potential increases to Wolfspeed’s restructuring costs; Wolfspeed’s ability to obtain additional funding as needed, including, among other things, from government funding, public or private equity offerings, or debt financings, on favorable terms and on a timely basis, if at all; the risk that Wolfspeed does not meet its production commitments to those customers who provide Wolfspeed with capacity reservation deposits or similar payments; the risk that Wolfspeed may experience production difficulties that preclude it from shipping sufficient quantities to meet customer orders or that result in higher production costs, lower yields and lower margins; Wolfspeed’s ability to lower costs; the risk that Wolfspeed’s results will suffer if it is unable to balance fluctuations in customer demand and capacity, including scaling back its manufacturing expenses or overhead costs quickly enough to correspond to lower than expected demand or bringing on additional capacity on a timely basis to meet customer demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor’s products instead; product mix; risks associated with the ramp-up of production of Wolfspeed’s new products, and Wolfspeed’s entry into new business channels and industries different from those in which it has historically operated; Wolfspeed’s ability to convert customer design-ins to design-wins and sales of significant volume, and, if customer design-in activity does result in such sales, when such sales will ultimately occur and what the amount of such sales will be; the risk that the markets for Wolfspeed’s products will not develop as it expects, including the adoption of Wolfspeed’s products by electric vehicle manufacturers and the overall adoption of electric vehicles and our ability to diversify our end markets in medium- to high-voltage verticals such as AI datacenters; the risk that the economic and political uncertainty caused by the tariffs imposed or announced by the United States on imported goods, and corresponding tariffs and other retaliatory measures imposed by other countries (including China) in response, may continue to negatively impact demand for Wolfspeed’s products; the risk that Wolfspeed or its channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, including production and product mix, which can result in increased inventory and reduced orders as Wolfspeed experiences wide fluctuations in supply and demand; risks related to international sales and purchases; risks resulting from the concentration of Wolfspeed’s business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that Wolfspeed’s investments may experience periods of significant market value and interest rate volatility causing it to recognize fair value losses on Wolfspeed’s investment; the risk posed by managing an increasingly complex supply chain (including managing the impacts of supply constraints in the semiconductor industry and meeting purchase commitments under take-or-pay arrangements with certain suppliers) that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; risks relating to outbreaks of infectious diseases or similar public health events, including the risk of disruptions to Wolfspeed’s operations, supply chain, including its contract manufacturers, or customer demand; the risk Wolfspeed may be required to record a significant charge to earnings if its amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; Wolfspeed’s ability to complete development and commercialization of products under development; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; the potential lack of customer acceptance for Wolfspeed’s products; risks associated with ongoing litigation; the risk that customers do not maintain their favorable perception of Wolfspeed’s brand and products, resulting in lower demand for its products; the risk that Wolfspeed’s products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs; risks associated with strategic transactions; the risk that Wolfspeed is not able to successfully execute or achieve the potential benefits of Wolfspeed’s efforts to enhance its value; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission (the “SEC”), including Wolfspeed’s report on Form 10-K for the fiscal year ended June 29, 2025, and subsequent reports filed with the SEC. These forward-looking statements represent Wolfspeed’s judgment as of the date of this press release. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Wolfspeed disclaims any intent or obligation to update any forward-looking statements after the date of this press release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

WOLFSPEED, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

  Successor

Predecessor

(in millions of U.S. Dollars, except per share data)

Three months ended March 29, 2026

Three months ended March 30, 2025

Revenue, net

$

150.2

$

185.4

Cost of revenue, net

190.2

207.9

Gross loss

(40.0

)

(22.5

)

Gross margin percentage

(27

)%

(12

)%

Operating expenses:

Research and development

27.2

42.2

Sales, general and administrative

37.0

41.1

Factory start-up costs

—

23.5

Gain on disposal of property and equipment

(0.5

)

(0.2

)

Restructuring and other expenses

10.6

65.4

Total operating expense

74.3

172.0

Operating loss

(114.3

)

(194.5

)

Operating loss percentage

(76

)%

(105

)%

Interest expense, net of capitalized interest

52.1

85.4

Non-operating (income) expense, net

(46.2

)

5.5

Loss before income taxes

(120.2

)

(285.4

)

Income tax (benefit) expense

(0.3

)

0.1

Net loss

($

119.9

)

($

285.5

)

Basic loss per share

Net loss

($

3.05

)

($

1.86

)

Diluted loss per share

Net loss

($

3.05

)

($

1.86

)

Weighted average shares (in thousands)

Basic

39,282

153,897

Diluted

39,282

153,897

WOLFSPEED, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

  Successor

Predecessor

(in millions of U.S. Dollars, except share data)

Period from September 30, 2025 to March 29, 2026

Period from June 30, 2025 to September 29, 2025

Nine months ended March 30, 2025

Revenue, net

$

318.7

$

196.8

$

560.6

Cost of revenue, net

437.0

273.9

656.5

Gross loss

(118.3

)

(77.1

)

(95.9

)

Gross margin percentage

(37

)%

(39

)%

(17

)%

Operating expenses:

Research and development

52.1

31.7

137.5

Sales, general and administrative

66.4

37.9

154.4

Factory start-up costs

—

—

66.0

Gain on disposal of property and equipment

(2.9

)

(5.7

)

(1.0

)

Restructuring and other expenses

38.8

20.4

294.8

Total operating expense

154.4

84.3

651.7

Operating loss

(272.7

)

(161.4

)

(747.6

)

Operating loss percentage

(86

)%

(82

)%

(133

)%

Reorganization items, net

—

(563.4

)

—

Interest expense, net

110.1

0.7

230.4

Non-operating income, net

(113.2

)

(22.4

)

(38.5

)

(Loss) income before income taxes

(269.6

)

423.7

(939.5

)

Income tax expense

0.9

3.5

0.4

Net (loss) income

($

270.5

)

$

420.2

($

939.9

)

Basic (loss) earnings per share

Net (loss) income

($

8.27

)

$

2.69

($

6.88

)

Diluted (loss) earnings per share

Net (loss) income

($

8.27

)

$

2.22

($

6.88

)

Weighted average shares (in thousands)

Basic

32,706

156,185

136,550

Diluted

32,706

189,052

136,550

WOLFSPEED, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

  Successor as of

Predecessor as of

(in millions of U.S. Dollars)

March 29, 2026

June 29, 2025

Assets

Cash, cash equivalents, and short-term investments

$

1,164.8

$

955.4

Accounts receivable, net

96.8

178.8

Inventories, net

280.5

435.4

Prepaid expenses

43.0

97.2

Investment tax credit receivable

71.5

653.4

Other current assets

52.5

222.0

Total current assets

1,709.1

2,542.2

Property and equipment, net

717.1

3,916.5

Intangible assets, net

409.2

23.8

Long-term investment tax credit receivable

109.5

105.0

Other assets

202.4

266.9

Total assets

$

3,147.3

$

6,854.4

Liabilities and Stockholders' Equity

Accounts payable and accrued expenses

$

115.7

$

280.2

Contract liabilities and distributor-related reserves

70.5

50.0

Income taxes payable

0.6

0.8

Finance lease liabilities

0.3

0.5

Current maturity on long-term borrowings

—

6,538.0

Other current liabilities

56.0

220.5

Total current liabilities

243.1

7,090.0

Long-term debt

922.2

—

Convertible notes, net

798.3

—

Finance lease liabilities - long-term

1.8

8.4

Other long-term liabilities

160.2

203.1

Total liabilities

2,125.6

7,301.5

Stockholders’ equity:

Common stock

0.1

0.2

Additional paid-in-capital

1,292.3

4,094.1

Accumulated other comprehensive loss

(0.2

)

(3.8

)

Accumulated deficit

(270.5

)

(4,537.6

)

Total stockholders' equity (deficit)

1,021.7

(447.1

)

Total liabilities and stockholders’ equity (deficit)

$

3,147.3

$

6,854.4

WOLFSPEED, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

  Successor

Predecessor

(in millions of U.S. Dollars)

Period from September 30, 2025 to March 29, 2026

Period from June 30, 2025 to September 29 2025

Nine months ended March 30, 2025

Operating activities:

Net (loss) income

($

270.5

)

$

420.2

($

939.9

)

Adjustments to reconcile net loss to cash used in operating activities of continuing operations:

Non-cash reorganization items

—

(625.6

)

—

Depreciation and amortization

68.3

69.3

191.7

Gain on sale of property

(2.9

)

(5.7

)

(1.0

)

Gain on RTP Fab Transfer

—

(25.4

)

—

Amortization and write-off of deferred financing costs

10.5

—

34.7

Stock-based compensation

17.9

13.6

62.7

Loss on equity investment

—

10.9

9.2

Inventory write-off

29.1

29.0

—

Loss on disposal or impairment of property and equipment

2.9

0.2

153.7

Impairment of right-of-use assets

—

—

4.8

Loss on debt extinguishment

2.8

—

—

Gain on contingent cash

(10.0

)

—

—

Amortization of premium on investments, net

(1.1

)

(1.2

)

(7.8

)

Change in fair value of liability classified derivative contracts

(87.8

)

—

—

Paid-in-kind interest on long-term debt

21.8

—

75.5

Deferred income taxes

1.1

1.0

—

Changes in operating assets and liabilities:

91.5

91.3

(52.8

)

Cash used in operating activities

(126.4

)

(22.4

)

(469.2

)

Investing activities:

Purchases of property and equipment

(67.8

)

(104.0

)

(1,059.5

)

Purchases of patent and licensing rights

(1.8

)

(1.4

)

(3.9

)

Proceeds from sale of property and equipment

26.9

13.9

1.0

Proceeds from sale of MACOM Shares

—

92.7

—

Purchases of short-term investments

(301.7

)

(83.4

)

(243.2

)

Proceeds from maturities of short-term investments

186.3

151.8

773.1

Proceeds from sale of short-term investments

1.0

67.2

39.4

Reimbursement of capital expenditures from incentives and investment credits

733.1

0.1

238.6

Cash provided by (used in) investing activities

576.0

136.9

(254.5

)

Financing activities:

Proceeds from Existing Senior Secured Notes

—

—

240.0

Proceeds from issuance of 1.5L Convertible Notes

379.0

—

—

Proceeds from issuance of New Common Stock and Pre-Funded Warrants

96.9

—

—

Proceeds from issuance of 2L Convertible Notes through the rights offering

—

275.0

—

Payments on Existing Senior Secured Notes

—

(308.5

)

—

Payments of deferred financing costs

(4.8

)

(3.5

)

(40.2

)

Payment of Contingent Cash

—

(10.0

)

—

Proceeds from contingent consideration

10.0

—

—

Proceeds from issuance of Old Common Stock

—

—

203.9

Adequate protection payments on Existing Senior Secured Notes

—

(38.4

)

—

Tax withholding on vested equity awards

—

(0.6

)

(3.9

)

Payments on long-term debt borrowings, including finance lease obligations

(716.4

)

—

(0.4

)

Incentive-related escrow refunds

—

—

10.0

Payment of Existing Senior Secured Notes commitment fees

—

(15.5

)

—

Payment of unused capacity fee on pre-emergence debt

—

—

(1.5

)

Cash (used in) provided by financing activities

(235.3

)

(101.5

)

407.9

Effects of foreign exchange changes on cash and cash equivalents

(0.2

)

0.8

0.1

Net change in cash, cash equivalents and restricted cash

214.1

13.8

(315.7

)

Cash and cash equivalents, beginning of period

481.0

467.2

1,045.9

Cash and cash equivalents, end of period

$

695.1

$

481.0

$

730.2

add: Short-term Investments

$

469.7

$

354.4

$

599.4

Cash, cash equivalents, and short-term investments

$

1,164.8

$

835.4

$

1,329.6

Product Line Revenue

  Successor

Predecessor

(in millions of U.S. Dollars)

Three months ended March 29, 2026

Three months ended March 30, 2025

Power Products

$

100.1

$

107.5

Materials Products

50.1

77.9

Total

$

150.2

$

185.4

Non-GAAP Measures of Financial Performance

To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), Wolfspeed uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross margin, non-GAAP operating loss, non-GAAP non-operating (expense) income, net, non-GAAP net loss, non-GAAP diluted loss per share, non-GAAP EBITDA, adjusted EBITDA and free cash flow. These measures are presented for continuing operations only.

Reconciliation to the nearest GAAP measure of all historical non-GAAP measures included in this press release can be found in the tables included with this press release.

Non-GAAP measures presented in this press release are not in accordance with or an alternative to measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Wolfspeed's results of operations as determined in accordance with GAAP. These non-GAAP measures should only be used to evaluate Wolfspeed's results of operations in conjunction with the corresponding GAAP measures.

Wolfspeed believes that these non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, enhance investors' and management's overall understanding of the Company's current financial performance and the Company's prospects for the future, including cash flows available to pursue opportunities to enhance shareholder value. In addition, because Wolfspeed has historically reported certain non-GAAP results to investors, the Company believes the inclusion of non-GAAP measures provides consistency in the Company's financial reporting.

For its internal budgeting process, and as discussed further below, Wolfspeed's management uses financial statements that do not include the items listed below and the income tax effects associated with the foregoing. Wolfspeed's management also uses non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the Company's financial results.

Wolfspeed excludes the following items from one or more of its non-GAAP measures when applicable:

Stock-based compensation expense. This expense consists of expenses for stock options, restricted stock, performance stock awards and employee stock purchases through its Employee Stock Purchase Program. Wolfspeed excludes stock-based compensation expenses from its non-GAAP measures because they are non-cash expenses that Wolfspeed does not use to evaluate core operating performance.

Restructuring and facility closure costs. During the first quarter of fiscal 2025, the Company began a headcount reduction and facility consolidation plan (the "2025 Restructuring Plan") to incur costs to optimize its operating model and accelerate its transition to 200 mm silicon carbide offerings through facility closures and headcount reduction initiatives. Wolfspeed does not include these expenses when evaluating core operating activities for strategic decision making, forecasting future results and evaluating current performance, as these activities may be non-recurring, unusual, infrequent or directly related to an event that is distinct and non-reflective of the Company's ongoing business operations. Restructuring and facility closure costs associated with the 2025 Restructuring Plan primarily consist of severance, asset-related charges and other closure-related costs related to facilities in the process of closing or are already closed. Other closure-related costs primarily consist of contract termination costs, manufacturing transition charges and certain inventory abandonments that are directly attributable to a facility closure. Contract termination costs are directly attributable to facility closures and other restructuring-related activities. Manufacturing transition charges include non-productive manufacturing expenses incurred during the period from when shutdown activities commence to when a facility is closed. Inventory abandonments relate to identification and disposal of inventory that will not be utilized after a product line is transferred to a new manufacturing location. Loss on disposition of assets results from abandonment of non-productive assets in accordance with a restructuring plan. During the second quarter of fiscal 2026, the Company implemented and substantially completed a headcount reduction. The costs related to this initiative, primarily severance, were recorded in the second quarter of fiscal 2026.

Amortization of acquisition-related intangibles. Wolfspeed incurred amortization or impairment of acquisition-related intangibles in connection with acquisitions. Wolfspeed excludes these items because they are non-cash expenses that Wolfspeed does not use to evaluate core operating performance. These costs are recorded within "Restructuring and other expenses". Amortization related to intangibles recognized upon the adoption of fresh start accounting are not excluded from non-GAAP measures other than EBITDA.

Legal Settlement. In the third quarter of fiscal 2025, Wolfspeed incurred costs to settle legal matters that were considered outside the ordinary course of business, given the nature of the litigation and remedies sought. Wolfspeed excludes these extraordinary items because Wolfspeed believes they are not indicative of Wolfspeed's overall operating performance.

Change in fair value of liability-classified derivative contracts. The Company remeasures liability-classified derivatives, including the forward equity contract, an embedded conversion feature on one of its new 2.5% Convertible Second-Lien Senior Secured Notes due 2031, and its liability-classified warrant, to fair value each reporting period. Each derivative contract was remeasured using the observable market prices, Goldman Sachs binomial lattice model and a Black-Scholes model, respectively. Wolfspeed excludes the impact of these gains or losses from its non-GAAP measures because Wolfspeed believes they are not reflective of the ongoing operating results of Wolfspeed's business.

Gain/loss on disposal of property and equipment. Wolfspeed sold idle equipment and a building, which included the building improvements and land during fiscal 2026. Wolfspeed does not believe these gains and losses are reflective of ongoing operating results.

Project, transformation and transaction costs. The Company has incurred professional services fees and other costs associated with completed and potential acquisitions and divestitures, transformation programs focused on optimizing the Company's administrative processes, and certain costs associated with the Chapter 11 cases that are not accounted for as Reorganization items, net in accordance with ASC 852. These costs are recorded within "Restructuring and other expenses". Wolfspeed excludes these items because Wolfspeed believes they are not reflective of the ongoing operating results of Wolfspeed's business.

Amortization of premiums, discount and debt issuance costs. net Interest expense for certain of the Company's outstanding debt obligations includes amortization of premiums/discount and debt issuance costs. Wolfspeed excludes amortization of premium/discount and debt issuance costs from its non-GAAP measures because they are non-cash expenses that Wolfspeed does not use to evaluate core operating performance.

Gain/Loss on equity investment. The Company received shares of MACOM common stock in connection with the divestiture of the RF product line. These shares are accounted for utilizing the fair value option and changes in the fair value of the shares are recognized in income. The Company disposed of the MACOM shares in September 2025. Wolfspeed excluded the impact of these gains or losses from its non-GAAP measures because Wolfspeed believes it is not reflective of the ongoing operating results of Wolfspeed's business.

Gain/loss on contingent cash gain. During the third quarter of fiscal 2026, the $10 million held in escrow in accordance with the Chapter 11 plan of reorganization was remitted back to the Company, resulting in a gain for the Company. Wolfspeed does not believe the gain is reflective of the ongoing operating results of Wolfspeed's business.

Gain/loss on debt extinguishment. The Company recognizes gains/losses on debt extinguishment which represents the accounting impact of partial principal repayments on its long-term debt, equal to the difference between the net carrying amount of the extinguished portion of the debt and the reacquisition price (including any premiums and third-party costs). Wolfspeed believes it is not reflective of the ongoing operating results of Wolfspeed's business.

Income tax adjustment. This amount reconciles GAAP tax expense (benefit) to a calculated non-GAAP tax expense (benefit) utilizing a non-GAAP tax rate. The non-GAAP tax rate estimates an appropriate tax rate if the listed non-GAAP adjustments were excluded. The non-GAAP tax rate estimate applied to the non-GAAP adjustments includes application of a zero-tax rate where a valuation allowance exists on a non-GAAP basis. This reconciling item adjusts non-GAAP net (loss) income to the amount it would be if the calculated non-GAAP tax rate was applied to non-GAAP (loss) income before income taxes.

Wolfspeed may incur some of these same expenses, including income taxes associated with these expenses, in future periods.

In addition to the non-GAAP measures discussed above, Wolfspeed also uses free cash flow as a measure of operating performance and liquidity. Free cash flow represents operating cash flows from continuing operations, less net purchases of property and equipment and patent and licensing rights. Wolfspeed considers free cash flow to be an operating performance and a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of property and equipment, a portion of which can then be used to, among other things, invest in Wolfspeed's business, make strategic acquisitions and strengthen the balance sheet. A limitation of the utility of free cash flow as a measure of operating performance and liquidity is that it does not represent the residual cash flow available to the company for discretionary expenditures, as it excludes certain mandatory expenditures such as debt service.

WOLFSPEED, INC.

Reconciliation of GAAP to Non-GAAP Measures

(in millions of U.S. Dollars, except per share amounts and percentages)

(unaudited)

  Non-GAAP Gross Margin

  Successor

Predecessor

Three months ended March 29, 2026

Three months ended March 30, 2025

GAAP gross loss

($

40.0

)

($

22.5

)

GAAP gross margin percentage

(27

)%

(12

)%

Adjustments:

Stock-based compensation expense

2.8

9.7

Restructuring and facility closure costs

6.2

16.8

Non-GAAP gross (loss) profit

($

31.0

)

$

4.0

Non-GAAP gross margin percentage

(21

)%

2

%

Non-GAAP Operating Loss

  Successor

Predecessor

Three months ended March 29, 2026

Three months ended March 30, 2025

GAAP operating loss

($

114.3

)

($

194.5

)

GAAP operating loss percentage

(76

)%

(105

)%

Adjustments:

Stock-based compensation expense:

Cost of revenue, net

2.8

9.7

Research and development

1.2

3.1

Sales, general and administrative

6.3

6.0

Total stock-based compensation expense

10.3

18.8

Amortization of acquisition-related intangibles

—

0.3

Legal settlements

—

17.0

Project, transformation and transaction costs

5.0

6.8

Restructuring and facility closure costs:

Cost of revenue, net

6.2

16.8

Restructuring and other expenses

1.7

40.7

Total restructuring and other costs

7.9

57.5

Gain on disposal of property and equipment

(0.5

)

—

Total adjustments to GAAP operating loss

22.7

100.4

Non-GAAP operating loss

($

91.6

)

($

94.1

)

Non-GAAP operating loss percentage

(61

)%

(51

)%

Non-GAAP Non-Operating Income (Expense), net

  Successor

Predecessor

Three months ended March 29, 2026

Three months ended March 30, 2025

GAAP non-operating income (expense), net

($

5.9

)

($

90.9

)

Adjustments:

Change in fair value of liability classified derivative contracts

(28.7

)

—

Loss on debt extinguishment

2.8

—

Loss on equity investment

—

24.9

Amortization of premiums, discount and debt issuance costs, net

4.9

14.5

Gain on contingent cash

(10.0

)

—

Non-GAAP non-operating income (expense), net

($

36.9

)

($

51.5

)

Non-GAAP Net Loss

  Successor

Predecessor

Three months ended March 29, 2026

Three months ended March 30, 2025

GAAP net loss

($

119.9

)

($

285.5

)

Adjustments:

Stock-based compensation expense

10.3

18.8

Amortization of acquisition-related intangibles

—

0.3

Legal settlements

—

17.0

Project, transformation and transaction costs

5.0

6.8

Restructuring and facility closure costs

7.9

57.5

Gain on disposal of property and equipment

(0.5

)

—

Loss on equity investment

—

24.9

Amortization of premiums, discount and debt issuance costs, net

4.9

14.5

Change in fair value of liability classified derivative contracts

(28.7

)

—

Loss on debt extinguishment

2.8

—

Gain on contingent cash

(10.0

)

—

Total adjustments to GAAP net loss before provision for income taxes

(8.3

)

139.8

Income tax adjustment - benefit

—

34.9

Non-GAAP net loss

($

128.2

)

($

110.8

)

Non-GAAP diluted loss per share

($

3.26

)

($

0.72

)

Diluted weighted average shares (in thousands)

39,282

153,897

Adjusted EBITDA

  Successor

Predecessor

Three months ended March 29, 2026

Three months ended March 30, 2025

GAAP net loss

($

119.9

)

($

285.5

)

Income tax (benefit) expense

(0.3

)

0.1

Interest expense, net

41.2

65.9

Depreciation and amortization

30.9

53.9

EBITDA (Non-GAAP)

(48.1

)

(165.6

)

Reconciling items to adjusted EBITDA (Non-GAAP)

Stock based compensation

10.3

18.8

Project, transformation and transaction costs

5.0

6.8

Legal settlements

—

17.0

Loss on equity investment

—

24.9

Restructuring and facility closure costs(1)

7.5

52.9

Gain on disposal of property and equipment

(0.5

)

—

Change in fair value of liability classified derivative contracts

(28.7

)

—

Loss on debt extinguishment

2.8

—

Gain on contingent cash

(10.0

)

—

Adjusted EBITDA (Non-GAAP)

($

61.7

)

($

45.2

)

Free Cash Flow

  Successor

Predecessor

Three months ended March 29, 2026

Three months ended March 30, 2025

Net cash used in operating activities

($

83.8

)

($

142.1

)

Less: PP&E spending, net of reimbursements from long-term incentive agreement

(5.0

)

(24.1

)

Less: Patents spending

(1.2

)

(1.5

)

Total free cash flow

($

90.0

)

($

167.7

)

More News From Wolfspeed, Inc.

Wolfspeed stock is challenging resistance. What’s driving WOLF to record levels? Today's move looks like a classic rebound: the stock sold off on the headline numbers, and now traders are stepping back in as the dust settles.

The Setup: A Bad Quarter Yesterday, A Relief Move TodayThe company reported a third-quarter loss of $3.26 per share, much deeper than the $2.02 loss analysts expected and far worse than the 72 cent loss in the same quarter last year. Revenue came in at $150.2 million, well below the $194.8 million consensus and down nearly 19% year‑over‑year.

Wolfspeed also guided fourth-quarter revenue to $140 through $160 million, with gross margins expected to stay negative.

Balance Sheet Moves May Be Stabilizing SentimentThe company refinanced $476 million of first‑lien debt, which reduced its total debt by $97 million and lowered annual interest expense by an estimated $62 million.

Management also noted that Wolfspeed's equity position improved by more than $400 million, largely due to the strategic refinancing and the reclassification of Renesas ownership following CFIUS clearance. Liquidity remains solid as well, with $1.2 billion in cash, cash equivalents and short‑term investments at the end of the quarter.

Management also pointed to ongoing product and technology progress, including the launch of its next‑generation TOLT portfolio, the first commercially available 10 kV silicon carbide MOSFET, and continued advancement of its 300mm substrate platform. The CFO, Gregor van Issum, emphasized that these moves significantly strengthen the balance sheet and give the company more flexibility to fund its highest‑priority initiatives.

WOLF Shares Are On The RiseWOLF Price Action: Wolfspeed shares were up 16.11% at $42.53 at the time of publication on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro.

Image: T. Schneider/Shutterstock

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While shares of Wolfspeed (WOLF 6.89%) skyrocketed following its fiscal third-quarter earnings report, the company still faces serious issues. The question is: Could the company be headed toward bankruptcy again?

Remarkably, Wolfspeed shares are up nearly 170% this year, as of this writing. The company emerged from bankruptcy last fall with reduced debt and a new management team. However, the operational issues the company has faced have not yet been fixed.

Today's Change

(

-6.89

%) $

-3.14

Current Price

$

42.40

Serious issues remain Two of Wolfspeed's biggest issues before bankruptcy were negative gross margins and operating cash flow, and those issues have not gone away. For fiscal Q3, Wolfspeed recorded a gross margin of -27%, while its adjusted gross margin was -21%. That means it is selling its silicon carbide components for less than it costs to make them.

This pricing crunch stems largely from underutilization of its manufacturing facility, which it said contributed roughly $46 million. However, even if you strip that out, its gross margins would still be a paltry 4.6%. The company has struggled with yield issues in the past. On the earnings call, management said that it is "making progress with qualification on 200 millimeter material." Wolfspeed is still trying to prove to customers that its 200 millimeter wafers are reliable and defect-free.

At the same time, Wolfspeed's sales have struggled, which is also likely contributing to its underutilization issues. In fiscal Q3, its revenue fell 19% to $150.2 million. Electric vehicles (EVs) were supposed to be the big market for its silicon carbide chips, but the company has been struggling in this segment despite increasing EV adoption. As a result, it is trying to shift into other markets, like AI data centers, but it's still early.

Meanwhile, the company continues to burn cash. It produced negative operating cash flow of $84 million in the quarter. It ended the quarter with $1.2 billion in cash and short-term investments against $1.7 billion in debt, of which $798.3 million was in the form of convertible debt. In May, after the quarter, it closed a private placement of stock, convertible notes, and pre-funded warrants and redeemed nearly $476 million in senior secured notes. It said the move will save it $62 million a year in interest expense.

Looking ahead, Wolfspeed guided that its fiscal fourth-quarter revenue would come in between $140 million and $160 million. That's down from $197 million last year.

Image source: Getty Images.

Given Wolfspeed's cash on hand and cash outflows together with the interest expense savings it will get from its recent balance sheet reshuffling, it doesn't look like the company is headed toward bankruptcy again any time soon.

However, this business continues to struggle. It doesn't appear that Wolfspeed has convinced its customers that its yield issues with 200millimeter wafers are fully resolved, and it is already trying to move to 300mm, which is even more technologically challenging. Meanwhile, what was supposed to be its main market with EVs just isn't materializing.

As such, this is a stock I'd be selling.

The last thing investors are thinking about right now -- as Wall Street wrestles with surging oil prices and a AI sector reckoning -- is a short squeeze. But maybe that's what contrarians should be doing now, monitoring stocks to buy the dip on that could send bearish bettors packing. 

This screen finds stocks where the shorts might be at a big loss and therefore likely to begin covering. Obviously, there are quite a few assumptions so these would be very rough estimates.

To estimate the return for the shorts, Rocky went back over the past year of short interest reports to find when the shorts were added. Then he used the average price over the prior two weeks and estimated the shorts were added at that average price. Below are stocks where significant shorts have been added and they could be at a big loss. 

Bear in mind, this data is from the most recent reporting period (5/1).

For the past few months, the same names have kept appearing. So for this reporting period, the table below is sorted by short interest increases of the last month. Note that AST SpaceMobile Inc (NASDAQ:ASTS) has its fair share of detractors and 11% of its total available float sold short.

Oklo Inc (NYSE:OKLO) and Wolfspeed Inc (NYSE:WOLF) are also presenting a similar enticing setup; an exodus of bearish bettors, yet plenty of short squeeze potential still.

Wolfspeed (WOLF) is now positioned as a scarce AI infrastructure asset, not a distressed EV supplier. Q3 delivered 30% sequential AI data center revenue growth, improved gross margin, and a significant $476M debt refinancing. WOLF's vertically integrated 200mm SiC fab, first-to-market 10kV MOSFET, and application-led go-to-market underpin the investment thesis.

Even after its share price dropped more than 20% at one point on no news on May 27, Wolfspeed (WOLF 6.89%) has been one of the hottest stocks in the market the past month, more than doubling in value. The rise in the stock appears to stem largely from Substack publication Citrini Research pumping it up.

Run by James van Geelen, whose past experience has been running an "alternative medicine" business and working as an emergency medical technician (EMT), Citrini has managed to gain a following despite its founder's lack of investment experience. The research outfit has made a name for itself in some peculiar ways over the past year.

It helped sink software-as-a-service (SaaS) stocks after publishing a thought piece about how artificial intelligence (AI) could negatively impact different businesses in the future. It was later revealed that the idea came from small hedge fund manager, Alap Shah, who was shorting the stocks mentioned in the article. Then earlier this year, Citrini claimed it sent an analyst to the Strait of Hormuz to interview smugglers, fishermen, and officials armed with $15,000 in cash, Cuban cigars, and a roll of Zyn. While news outlets, including CNBC, reported on this, it was never independently confirmed that this actually happened.

Image source: The Motley Fool.

More recently, Citrini has been pumping up Wolfspeed's stock, highlighting the value of its fabs, saying they deserve a premium as they are unlikely to ever be replicated. It also sees a huge opportunity in its silicon carbide (SiC) powered chips within AI data centers. With much of its debt wiped out following its previous bankruptcy, Citrini called this the perfect setup.

Looking for a new market The big gap in Citrini's argument, though, is that Wolfspeed is really a company looking to find a market for its chips. The company was originally supposed to become the dominant player in the electric vehicle (EV) market due to the superior heat-conducting properties of its SiC chips, which would enable faster charging times and longer ranges. However, Tesla was able to improve its thermal dynamics and mix SiC with traditional silicon chips to reduce its SiC utilization by 75%, really denting Wolfspeed's sales. Today, SiC is mostly used in high-performance EVs and not in the mass market.

As such, sales have been on the decline, and Wolfspeed is looking to turn to the AI market. Now there is some potential here, as distributing power at higher voltages through the use of SiC solid-state transformers (SSTs) can improve power efficiency and reduce maintenance costs. If data centers are going to want to move up to 800 volts, they could have to turn to SiC.

Today's Change

(

-6.89

%) $

-3.14

Current Price

$

42.40

However, SiC is much more expensive than silicon chips, and Citrini is trying to enter a market that is looking to reduce infrastructure capital expenditures (capex), not drive them higher. At the same time, it has run into a lot of yield issues in the past, and it has negative gross margins, as its fab remains underutilized. It's tough to imagine hyperscalers or chip designers feeling comfortable changing architecture that would solely rely on a supplier with a history of operational hiccups.

Wolfspeed's gains over the past month can largely be attributed to Citrini pumping a stock that has a 33% short interest. The company has yet to prove it has a business model that works, and it's rare to luck into finding a new market for a product after the first one didn't play out as hoped. Wolfspeed's business remains an incredibly risky, unprofitable manufacturing operation that still has to prove it can run its fabs at a high enough yield to survive without further dilution.

While it has an outside chance of becoming an AI winner, I'd stay far away from the stock after this run.

DURHAM, N.C.--(BUSINESS WIRE)--GE Aerospace (NYSE: GE) and Wolfspeed Inc. (NYSE: WOLF) today announced that they have entered into a Memorandum of Understanding (MOU) to collaborate on accelerating the adoption of high-voltage silicon carbide across the industrial, aerospace and defense markets.

Under the MOU, the companies plan to develop standards for high-voltage silicon carbide-based power modules to support solid-state transformers, industrial electrification, and next-generation aerospace & defense (A&D) platforms while strengthening supply chain resilience. These higher-voltage power modules will enable systems with fewer series-connected devices and less complexity, enabling solutions that are more compact, efficient and reliable.

“Separately, our two companies have contributed to several industry-first technologies,” said Kris Shepherd, president of Electrical Power for GE Aerospace. “Together, we’re ready to shape a robust value chain of high-power silicon carbide based on a mutual appreciation for achieving smaller, reliable and more efficient high-voltage end systems.”

"As AI, electrification, and defense platforms push power demands higher and timelines shorter, GE Aerospace and Wolfspeed are uniquely positioned to deliver the high-voltage silicon carbide building blocks the market needs," said Robert Feurle, CEO at Wolfspeed. “By securing domestic sourcing of high-power silicon carbide modules, the two companies are jointly committed to enabling systems that improve efficiency and lower time-to-power. High-voltage silicon carbide is finally production-ready exactly as the market confronts a power-delivery crunch legacy silicon cannot solve.”

Leveraging silicon carbide, GE Aerospace recently qualified high-voltage power units for U.S. military ground vehicles, marking them production ready. The team also successfully demonstrated their fourth generation of silicon carbide power MOSFET (metal-oxide-semiconductor-field-effect transistors) devices at the company’s Research Center in Niskayuna, N.Y. that will improve switching speed, efficiency, and durability.

Wolfspeed leads the industry in high-volume 200 mm silicon carbide manufacturing and recently introduced the world's first commercially available 10 kV SiC MOSFET — honored as a PCIM Top Innovation — giving the industrial, AI, and aerospace & defense markets a production-ready path to high-voltage power.

About Wolfspeed, Inc.

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world’s most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Real™ Learn more at wolfspeed.com. Wolfspeed® is a registered trademark and The Power to Make It Real™ is a trademark of Wolfspeed, Inc.

About GE Aerospace

GE Aerospace is a global aerospace propulsion, services, and systems leader with an installed base of approximately 50,000 commercial and 30,000 military aircraft engines. With a global team of approximately 57,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow, and the future at www.geaerospace.com.

More News From Wolfspeed Inc.

GE Aerospace (NYSE:GE) shares are trading lower on Monday.

• GE Aerospace shares are experiencing downward pressure. What’s pulling GE shares down?

This news comes during a day when major indices are showing positive momentum, with the S&P 500 up 0.80% and the Nasdaq gaining 2.28%, suggesting that GE Aerospace’s decline might be more related to company-specific factors than broader market trends.

Partner On High-Voltage Silicon CarbideThe companies have entered into a Memorandum of Understanding (MOU) aimed at developing high-voltage silicon carbide-based power modules.

The agreement covers the supply of Wolfspeed's 10 kV MOSFET die and joint development of standardized high-voltage power module designs for future commercial deployment.

The collaboration also aligns with U.S. government priorities aimed at accelerating critical technologies and enabling faster deployment of power solutions for strategic sectors such as artificial intelligence.

The company expects to enhance efficiency and reliability in aerospace and defense applications, particularly as GE recently qualified high-voltage power units for U.S. military ground vehicles.

GE Stock Technical Outlook: Key Levels and MomentumDespite the positive news regarding innovation and collaboration, the stock is moving against a backdrop of a generally strong market, indicating potential concerns specific to GE Aerospace.

Currently, GE Aerospace is trading at $323.50, which is about 5.5% above its 20-day simple moving average (SMA) of $306.40. The stock has shown a solid 12-month performance, up 28.60%, but is facing pressure due to a recent death cross in May, where the 50-day SMA crossed below the 200-day SMA.

Momentum indicators are showing mixed signals; the MACD is above its signal line, indicating that downside pressure is easing, which could suggest a potential for recovery. However, the stock remains in a precarious position, trading 6.9% above the 200-day SMA, which could act as a key support level.

Key Resistance: $348.50 — Nearby level where rebounds can stall. Key Support: $279.50 — Nearby level where buyers previously stepped in. GE Earnings Preview and Analyst Price TargetsGE Aerospace is slated to provide its next financial update on July 16 (estimated).

EPS Estimate: $1.85 (Up from $1.66) Revenue Estimate: $11.78 Billion (Up from $11.02 Billion) Valuation: P/E of 40.7x (Indicates premium valuation) Analyst Consensus & Recent Actions: The stock carries a Buy rating with a consensus price target of $271.96. Recent analyst moves include:

Seaport Global: Initiated with Buy (Target $375 on May 27) RBC Capital: Outperform (Maintains target to $355 on May 20) Morgan Stanley: Overweight (Lowers target to $400 on April 22) How GE Ranks On Value, Growth, Quality and MomentumBelow is the Benzinga Edge scorecard for GE Aerospace, highlighting its strengths and weaknesses compared to the broader market:

Value: 3.64 — Stock is trading at a steep premium relative to peers. Growth: 41.5 — Moderate growth potential observed. Quality: 86.8 — Indicates a strong balance sheet and operational efficiency. Momentum: 69.66 — Stock is showing decent momentum, but not exceptionally strong. The Verdict: GE Aerospace’s Benzinga Edge signal reveals a mixed profile with strong quality metrics but a premium valuation. While the company shows potential for growth, its current momentum and value rankings suggest caution for investors considering entry points.

Top ETF Holding GE Stock and Why It Matters Invesco Aerospace & Defense ETF (NYSE:PPA): 7.78% Weight Significance: Because GE carries such a heavy weight in this fund, any significant inflows or outflows for the ETF will likely trigger automatic buying or selling of the stock.

GE Stock Slides Despite Broader Market StrengthGE Stock Price Activity: GE Aerospace shares were down 1.72% at $322.36 at the time of publication on Monday, according to Benzinga Pro data.

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Posted by Defense World Staff on Apr 8th, 2026

Wynn Resorts (NASDAQ:WYNN – Get Free Report) and PLAYSTUDIOS (NASDAQ:MYPS – Get Free Report) are both consumer discretionary companies, but which is the superior stock? We will contrast the two businesses based on the strength of their valuation, institutional ownership, risk, dividends, earnings, profitability and analyst recommendations.

Insider and Institutional Ownership 88.6% of Wynn Resorts shares are owned by institutional investors. Comparatively, 37.5% of PLAYSTUDIOS shares are owned by institutional investors. 0.5% of Wynn Resorts shares are owned by company insiders. Comparatively, 14.7% of PLAYSTUDIOS shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company will outperform the market over the long term.

Valuation and Earnings This table compares Wynn Resorts and PLAYSTUDIOS”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Wynn Resorts $7.14 billion 1.46 $327.33 million $3.00 33.48 PLAYSTUDIOS $235.10 million 0.25 -$28.64 million ($0.22) -2.06 Wynn Resorts has higher revenue and earnings than PLAYSTUDIOS. PLAYSTUDIOS is trading at a lower price-to-earnings ratio than Wynn Resorts, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a summary of recent recommendations for Wynn Resorts and PLAYSTUDIOS, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Wynn Resorts 0 3 13 1 2.88 PLAYSTUDIOS 1 2 1 0 2.00 Wynn Resorts presently has a consensus price target of $138.53, indicating a potential upside of 37.94%. PLAYSTUDIOS has a consensus price target of $1.25, indicating a potential upside of 175.82%. Given PLAYSTUDIOS’s higher possible upside, analysts clearly believe PLAYSTUDIOS is more favorable than Wynn Resorts.

Profitability This table compares Wynn Resorts and PLAYSTUDIOS’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Wynn Resorts 4.59% -39.05% 3.41% PLAYSTUDIOS -12.18% -10.75% -8.43% Risk & Volatility Wynn Resorts has a beta of 1.04, suggesting that its stock price is 4% more volatile than the S&P 500. Comparatively, PLAYSTUDIOS has a beta of 0.95, suggesting that its stock price is 5% less volatile than the S&P 500.

Summary Wynn Resorts beats PLAYSTUDIOS on 12 of the 15 factors compared between the two stocks.

About Wynn Resorts (Get Free Report)

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays. The Wynn Macau segment operates casino space with private gaming salons, sky casinos, and a poker room; a luxury hotel tower, that include health clubs, spas, a salon, and a pool; food and beverage outlets; retail space; meeting and convention space; and Chinese zodiac-inspired ceiling attractions. The Las Vegas Operations segment operates casino space with private gaming salons, a sky casino, a poker room, and a race and sports book; a luxury hotel tower with suites, and villas, including swimming pools, private cabanas, full-service spas and salons, and a wedding chapel; food and beverage outlets; meeting and convention space; retail space; and theaters, nightclubs, a beach club. The Encore Boston Harbor segment operates casino space with gaming areas, and a poker room; a luxury hotel tower including a spa and salon; food and beverage outlets and a nightclub; retail space; meeting and convention space; and a waterfront park, floral displays, and water shuttle service. Wynn Resorts, Limited was incorporated in 2002 and is based in Las Vegas, Nevada.

About PLAYSTUDIOS (Get Free Report)

PLAYSTUDIOS, Inc. develops and publishes free-to-play casual games for mobile and social platforms in the United States and internationally. The company's game portfolio includes a diverse range of titles comprising social casino, card, puzzle, and adventure games. It also offers POP! Slots, myVEGAS Slots, my KONAMI Slots, MGM Slots Live, myVEGAS Blackjack, myVEGAS Bingo, Tetris, Solitaire, Spider Solitaire, Jumbline 2, Sudoku, and Mahjong games. PLAYSTUDIOS, Inc. is headquartered in Las Vegas, Nevada.

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LAS VEGAS, April 21, 2026 /PRNewswire/ -- Wynn Resorts (Nasdaq: WYNN), a global leader in luxury hospitality, today announced the release of its 2025 Environmental, Social and Governance (ESG) Report and Executive Overview, detailing the Company's environmental sustainability, workforce development and community impact initiatives across its North American operations. The Wynn Resorts ESG Report 2025 highlights continued investment in employee development, measurable improvements in environmental performance and record-setting philanthropic contributions.

, /PRNewswire/ -- Wynn Las Vegas (Nasdaq: WYNN) earned eight awards at the 2026 Southern Nevada Hotel Concierge Association Top Honors Awards, the most of any resort in Las Vegas. The recognitions span across Wynn's dining, nightlife, and entertainment portfolios, including for Awakening, Delilah, Wing Lei, and XS Nightclub.

"These accolades from the concierge community underscore the trust they place in our teams to deliver exceptional moments for guests and visitors," said Brian Gullbrants, COO – Wynn Resorts North America. "It reflects the consistency and care our teams bring to elevating experiences across a diverse range of amenities and resort offerings."

Wynn Las Vegas received awards in the following categories:

Best Production Show: Awakening (third win) Best Supper Club: Delilah at Wynn Las Vegas (fourth consecutive win) Best Seafood Restaurant: PISCES Best Asian Restaurant: Wing Lei (seventh consecutive win) Best Steakhouse: SW Steakhouse Best Golf Course: Wynn Golf Club Best Dayclub: Encore Beach Club (10th consecutive win) Best Nightclub: XS Nightclub (10th consecutive win) Awakening earned Best Production Show honors for the third time. The immersive theatrical experience blends advanced stage technology with dynamic choreography and visual storytelling.

For the fourth consecutive year, Delilah at Wynn Las Vegas was named Best Supper Club. In partnership with h.wood Group, the venue offers a modern interpretation of the classic supper club with live entertainment, a refined dining program, and an atmosphere inspired by the glamour of 1950s Las Vegas showrooms.

PISCES received Best Seafood Restaurant honors. The Mediterranean-inspired restaurant offers a refined interpretation of coastal cuisine and showcases fresh seafood, seasonal ingredients, and whole fish preparations.

For the seventh consecutive year, Wing Lei was named Best Asian Restaurant. The first Chinese restaurant in North America to earn a Forbes Travel Guide Five-Star Award, Wing Lei offers a menu rooted in Cantonese, Shanghai, and Szechuan cuisine.

SW Steakhouse earned the Best Steakhouse recognition. The Forbes Travel Guide award-winning restaurant pairs prime cuts and fresh seafood with exceptional service overlooking the Lake of Dreams.

Wynn Golf Club was recognized as Best Golf Course. Designed by Tom Fazio and the only championship golf course on the Las Vegas Strip, it offers a distinctive resort experience on impeccably-maintained greens and fairways.

On the nightlife front, Encore Beach Club and XS Nightclub were named Best Dayclub and Best Nightclub, respectively – each marking a decade of consecutive wins.

Encore Beach Club and XS Nightclub are recognized as premier daylife and nightlife destinations offering high-energy experiences paired with a roster of globally acclaimed DJ talent which includes The Chainsmokers, Diplo, Kaskade, Hugel, Marshmello, SOFI TUKKER, Mau P, Loud Luxury and more.

ABOUT WYNN LAS VEGAS
Wynn Resorts has the longest-running Forbes Travel Guide Five-Star Awards of all independent hotel companies in the world, and in 2026 was once again honored on FORTUNE Magazine's World's Most Admired Companies list. Wynn and Encore Las Vegas have two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites and villas. The resort features approximately 196,000 square feet of casino space, 22 signature dining experiences, 10 bars, two award-winning spas, approximately 560,000 rentable square feet of meeting and convention space, approximately 174,000 square feet of retail space as well as two showrooms, two nightclubs, a beach club, and recreation and leisure facilities, including Wynn Golf Club, an 18-hole championship golf course. For more information on Wynn and Encore Las Vegas, visit newsroom.wynnresorts.com.

Media Contact:

Wynn Las Vegas
[email protected] 
702-770-2120

SOURCE Wynn Las Vegas

, /PRNewswire/ -- Wynn Resorts, a global leader in luxury hospitality, today announced the release of its 2025 Environmental, Social and Governance (ESG) Report and Executive Overview, detailing the Company's environmental sustainability, workforce development and community impact initiatives across its North American operations.

The Wynn Resorts ESG Report 2025 highlights continued investment in employee development, measurable improvements in environmental performance and record-setting philanthropic contributions.

"Our progress as a company is grounded in the values our employees bring to life every day," said Craig S. Billings, CEO of Wynn Resorts. "We believe that doing good and doing well are one and the same, and that commitment is reflected in how we support our people, engage with our communities and operate our business with care, dignity and respect."

Guided by its ESG pillars—Our People, Our Communities and Our Planet—Wynn Resorts focused on the following priorities in 2025:

Empowering Our People

Wynn Resorts continued to invest in its global workforce through employee recognition, education and professional development. Wynn Las Vegas marked its 20th anniversary by awarding stock grants to eligible employees based on years of service, recognizing long-term contributions to the Company's success.

Through Wynn University, employees gained access to leadership training and career development programs in partnership with leading institutions including the University of Nevada, Las Vegas and Boston University. The Wynn Resorts Foundation Scholarship Program reached a milestone of more than $1.4 million awarded to over 110 students since its inception in 2018.

Strengthening Communities

In 2025, Wynn Resorts contributed more than $20.6 million in cash donations and $2.6 million in in-kind support to nonprofit organizations across North America.

Through the Wynn Resorts Foundation, employee-led fundraising generated $1.4 million, with participation from more than 2,600 employees supporting over 300 nonprofit organizations and community initiatives.

Wynn Resorts also celebrated the groundbreaking of Campus for Hope, a public-private partnership in Southern Nevada focused on addressing homelessness through housing, healthcare, job training and social services.

Additionally, Wynn Resorts employees and community partners packaged more than 2.2 million meals in 2025, bringing the total meals packed through its partnership with The Pack Shack to more than 8 million meals since 2018.

Advancing Environmental Stewardship

Wynn Resorts continues to make progress toward its environmental sustainability goals, including:

Peaking operational carbon emissions by 2030 Achieving net-zero emissions by 2050 Increasing renewable electricity procurement to 50 percent of North American consumption by 2030 Waste reduction initiatives also advanced across properties. In 2025:

Wynn Las Vegas diverted 49 percent of waste from landfills Encore Boston Harbor diverted 57 percent through recycling and composting programs The Wynn Resorts ESG Report 2025 aligns with select Global Reporting Initiative (GRI) Standards and Sustainability Accounting Standards Board (SASB) frameworks, providing a comprehensive overview of the Company's environmental, social and governance performance, employee initiatives and long-term sustainability commitments.

The full 2025 Wynn Resorts ESG Report and Executive Overview are available at: https://www.wynnresorts.com/esg/reports.

About Wynn Resorts 
Wynn Resorts, Limited, is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts (wynnresorts.com) owns and operates Wynn Las Vegas (wynnlasvegas.com), Wynn Mayfair in London (wynnmayfair.com), and operates Encore Boston Harbor (encorebostonharbor.com). It is the majority shareholder of Wynn Macau, Limited, which is listed on the HKSE (1128.HK), and includes Wynn Macau (wynnmacau.com) and Wynn Palace in Cotai (wynnpalace.com). The Company, along with its equity partner Marjan, is constructing an Integrated Resort in Ras Al Khaimah, United Arab Emirates, set to open in early 2027.

Wynn and Encore Las Vegas consist of two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites, and villas. The resort features 22 signature dining experiences, 10 bars, two award-winning spas, meeting and convention space, three shopping esplanades, as well as two showrooms, two nightclubs, a beach club, and Wynn Golf Club, an 18-hole championship golf course.

Encore Boston Harbor is a luxury resort destination featuring 671 hotel rooms and suites, an ultra-premium spa, fourteen dining and lounge venues, a nightclub, and a state-of-the-art ballroom and meeting spaces. Situated on the waterfront along the Mystic River in Everett, Massachusetts, the resort has a six-acre public park and Harborwalk.

Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People's Republic of China with two luxury hotel towers with a total of 1,010 spacious rooms, meeting and convention space, a shopping esplanade, two opulent spas, a salon and two public entertainment experiences.

Wynn Palace is a luxury resort in Macau. Designed as a floral-themed destination, it boasts 1,706 exquisite rooms, suites and villas, 14 food and beverage outlets, meeting and convention space, an expansive boutique shopping esplanade, SkyCabs that traverse an eight-acre Performance Lake, an extensive collection of rare art, a spa and salon.

Wynn Mayfair is a historic private members' club in the heart of London's celebrated Mayfair district, blending the best of gaming and dining in an elegant, convivial environment. Popular games such as Baccarat, Blackjack, and American Roulette are played in sumptuously appointed private salons, while fine dining, imaginative cocktails, and exceptional spirits are enjoyed in the Dining Room and Bar and social spaces that include the club's open-air rooftop terrace.

Wynn Al Marjan Island will be the first integrated resort in the United Arab Emirates. Set to open in 2027, the resort is located less than 50 miles from Dubai International Airport in the emirate of Ras Al Khaimah. Wynn Resorts is developing the project with its equity partner Marjan. It will offer 1,530 rooms and well-appointed suites, as well as 22 restaurants, lounges, and bars, a theater, a nightclub, and a beach club adjacent to the Arabian Gulf. Wynn Al Marjan Island will feature an extensive poolscape with tropical landscaping, a five-star spa, and a salon. The resort will have its own marina with 118 berths to accommodate luxury yachts, a 15,000-square-meter shopping promenade filled with the world's top luxury boutiques, and a 7,500-square-meter celebrations and events center.

Media Contact
Public Relations, Wynn Las Vegas
702-770-2120
[email protected]

SOURCE Wynn Resorts

Wynn Resorts (WYNN - Free Report) came out with quarterly earnings of $1.25 per share, beating the Zacks Consensus Estimate of $1.18 per share. This compares to earnings of $1.07 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.21%. A quarter ago, it was expected that this casino operator would post earnings of $1.33 per share when it actually produced earnings of $1.17, delivering a surprise of -12.03%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Wynn, which belongs to the Zacks Gaming industry, posted revenues of $1.86 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.21%. This compares to year-ago revenues of $1.7 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Wynn shares have lost about 10.6% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Wynn?While Wynn has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Wynn was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.25 on $1.81 billion in revenues for the coming quarter and $4.93 on $7.45 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Gaming is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Super League Enterprise (SLE - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 15.

This company is expected to post quarterly loss of $2.64 per share in its upcoming report, which represents a year-over-year change of +97.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Super League Enterprise's revenues are expected to be $2.9 million, up 6.6% from the year-ago quarter.

Wynn Resorts, Limited (WYNN) Q1 2026 Earnings Call Transcript

U.S.-Iran peace deal hopes and strong April jobs data are driving stocks higher this afternoon, with the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) both hitting more record highs as they head for their sixth-straight weekly gains. The Dow Jones Industrial Average (DJI) is modestly higher, on track for a weekly win as well. This morning's nonfarm payrolls reading saw an increase of 115,000 jobs last month, far beyond estimates of 84,000.

Coinbase Global stock slips on job cuts. Revenue, contract buzz triggers Rocket Lab stock surge. Plus, call traders circle casino name; golf stock's post-earnings; AI efforts trigger mass layoffs for NET.

Casino name Wynn Resorts Ltd (NASDAQ:WYNN) stock is trading 4.9% lower at $101.60 this afternoon, adding to its more than 15% year-to-date deficit despite posting a Q1 beat. Overhead pressure has stemmed from its 80-day moving average and options traders have been anything but shy after the report. So far today 33,000 calls have crossed the tape, 32 times the average intraday pace and over 22 times the number of puts traded. Most popular are the September and June 90 calls.

Calloway Golf Co (NYSE:CALY) is one of the top stocks on the New York Stock Exchange (NYSE) today, up 19.2% to trade at $17.58, a nearly three-year high of $17.01. The golfing giant posted an impressive first-quarter earnings and revenue beat, now adding to its 2026 gain of 50%. CALY is eyeing its best day since June 9.

One of the worst NYSE stocks this afternoon is Cloudflare Inc (NYSE:NET), last seen down 25% to trade at $193.70, brushing off a first-quarter earnings and revenue beat after the company said it will be cutting about 20% of its workforce to enhance its AI efforts. Today's bear gap has sent NET below its year-to-date breakeven level.

2 hours ago

MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in StockMarketBeat

MSA Safety Incorporporated (NYSE:MSA - Get Free Report) CFO Julie Beck bought 448 shares of the stock in a transaction dated Thursday, June 11th. The stock was acquired at an average price of $158.69 per share, with a total value of $71,093.12. Following the completion of the purchase, the chief financial officer owned 3,825 shares of the company's stock, valued at $606,989.25. This represents a 13.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

NYSE:MSA

Read MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in Stock

2 hours ago

Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of StockMarketBeat

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) Director Heidi Hoeller sold 2,100 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the transaction, the director owned 11,560 shares of the company's stock, valued at approximately $555,226.80. This represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

NASDAQ:NBTB

Read Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of Stock

2 hours ago

Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) StockMarketBeat

IGM Financial Inc. (TSE:IGM - Get Free Report) Director Douglas Milne sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of C$80.61, for a total value of C$128,976.00. Following the sale, the director directly owned 800 shares in the company, valued at C$64,488. The trade was a 66.67% decrease in their ownership of the stock.

TSE:IGM

Read Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) Stock

2 hours ago

GlobalFoundries (NASDAQ:GFS) Insider Michael James Hogan Sells 2,800 SharesMarketBeat

GlobalFoundries Inc. (NASDAQ:GFS - Get Free Report) insider Michael James Hogan sold 2,800 shares of GlobalFoundries stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $75.17, for a total value of $210,476.00. Following the transaction, the insider owned 6,695 shares in the company, valued at $503,263.15. This trade represents a 29.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

NASDAQ:GFS

Read GlobalFoundries (NASDAQ:GFS) Insider Michael James Hogan Sells 2,800 Shares

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On May 20, 2026, Wynn Resorts Ltd WYNN shares rose 3.5% to a current price of $98.06. The stock has been quite volatile, trading within a 52-week range of $82.63 to $134.72, reflecting a downward trend year-to-date with an 18.1% decline. However, today's movement indicates a potential shift in market sentiment.

GF Value™ verdict: Current price is $98.06, while GF Value™ estimates fair value at $117.87, indicating the stock is 16.8% undervalued.GF Score™: 82/100, categorized as strong, suggesting favorable long-term performance potential.Most notable signal: No insider transactions have occurred in the last 3 months, indicating a lack of insider confidence in the near term. Is WYNN Overvalued or Undervalued? Considering the current price of $98.06 against the GF Value™ of $117.87, Wynn Resorts appears to be undervalued by approximately 16.8%. This presents a margin of safety for potential investors, supporting the idea that the stock could be a good opportunity for those looking for value in the travel and leisure sector. The GF Valuation label classifies the stock as modestly undervalued, which suggests that there is room for price appreciation based on intrinsic value calculations.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Therefore, while the undervaluation indicates a potential opportunity, investors should consider the broader market conditions and the company's financial health before making investment decisions.

How Does WYNN's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 29.3x 22.9x Forward P/E 19.6x N/A The current P/E (TTM) for Wynn Resorts is 29.3x, which is 28% above its 5-year median P/E of 22.9x. The forward P/E of 19.6x suggests anticipated earnings growth in the future. This P/E analysis aligns with the GF Value™ verdict, indicating that the stock may be trading at a higher valuation compared to its historical benchmarks, reinforcing the notion of potential undervaluation given its GF Value™ assessment.

What Does WYNN's GF Score™ Tell Us? Metric Rating GF Score™ 82/100 Financial Strength 3/10 Profitability 8/10 Growth 7/10 Valuation 8/10 Momentum 7/10 The GF Score™ provides insight into the overall health and potential of Wynn Resorts. With a strong score of 82/100, the company demonstrates solid profitability (8/10) and valuation (8/10), suggesting strong historical performance and a favorable outlook. However, the financial strength score of 3/10 reveals significant weaknesses in this area, indicating potential risks that investors should be aware of. The growth and momentum rankings of 7/10 suggest that while the company has room for improvement, there are also positive indicators for future performance.

What Are Insiders Doing with WYNN Stock? In the past three months, there have been no insider transactions reported for Wynn Resorts Ltd. This lack of insider activity could suggest that company executives are not currently confident in the stock’s short-term performance or may indicate a wait-and-see approach amidst market volatility. Insider activity can often serve as a signal to investors, and the absence of transactions may warrant cautious consideration.

What This Means for Investors Based on the current analysis, Wynn Resorts Ltd WYNN appears to be undervalued according to GF Value™, offering a potential opportunity for investors. However, the company's financial strength and insider activity suggest that caution may be warranted when considering this investment.

For the complete analysis, visit the Wynn Resorts Ltd WYNN stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is WYNN's GF Score™?

WYNN's GF Score™ is 82/100, indicating a strong overall performance potential based on key financial metrics.

Is WYNN overvalued or undervalued?

Wynn Resorts is currently undervalued, with a GF Value™ of $117.87 compared to its current price of $98.06.

What is WYNN's P/E ratio?

Wynn Resorts has a P/E (TTM) of 29.3x, which is significantly above its 5-year median of 22.9x, suggesting a higher valuation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

The hospitality and gaming markets have evolved into a battle of scale versus luxury. Choosing between MGM Resorts International (MGM +3.28%) and Wynn Resorts (WYNN 0.41%) requires deciding between high-volume diversification and premium-focused concentration.

MGM Resorts provides broad exposure to the mass market and digital gaming through its massive domestic footprint. In contrast, Wynn Resorts targets the high-end traveler with a smaller number of iconic properties that generate significant cash per room.

MGM Resorts is a global leader in the gaming and entertainment industry, operating a vast portfolio of 31 hotel and gaming destinations. Its business strategy centers on a diverse mix of revenue streams, including hospitality, retail, and its expanding BetMGM digital platform. The company's reach extends from the Las Vegas Strip to international markets like Macau, catering to both leisure travelers and corporate meeting planners.

In its 2025 fiscal year (FY), revenue reached $17.5 billion, representing a growth rate of 1.7% over the previous year. The company reported a net margin of 1.2%, which is the percentage of revenue remaining as profit after all expenses are paid. This performance resulted in net income of $211.1 million for the fiscal year.

As of its December 2025 balance sheet, the company carries a debt-to-equity ratio of 23.1x. This metric, which compares total debt to shareholder equity, indicates a high level of leverage in the capital structure. MGM generated free cash flow of $1.7 billion, which is the cash a company produces through its operations minus the money spent on physical assets. Its current ratio, a measure of the ability to pay short-term obligations with short-term assets, stands at 1.2x.

The case for Wynn ResortsWynn Resorts focuses on the luxury end of the hospitality market, positioning its properties as premier destinations for high-end travelers. The company operates iconic resorts in Las Vegas, Macau, and Boston, and is currently expanding its footprint with a new project in the United Arab Emirates. This focus on the premium segment allows the company to target a specific demographic of affluent customers among consumer discretionary stocks.

During FY 2025, the company generated revenue of $7.1 billion, which remained relatively flat compared to the prior year. Despite the stagnant growth, it achieved a net margin of roughly 4.6%, demonstrating a higher level of profitability per dollar of sales than some of its peers. The resulting net income for the period was $327.3 million.

According to the December 2025 balance sheet, the debt-to-equity ratio is -44.6x. This negative figure means that total liabilities exceed shareholder equity. The company maintains a current ratio of 1.6x, providing a cushion for meeting its immediate financial liabilities. Free cash flow for the year was $692.2 million, reflecting the cash left over after accounting for capital expenditures.

Risk profile comparisonSubstantial debt and fixed rent obligations limit MGM Resorts International and its ability to navigate economic downturns. The company also faces significant geographic concentration on the Las Vegas Strip, making it vulnerable to local disruptions. Additionally, it must compete with large-scale operators like Las Vegas Sands and manage the complex regulatory environment in Macau.

Wynn Resorts relies on a small number of resorts for its entire cash flow, which creates significant vulnerability to local economic shifts. Its heavy dependence on the Macau market carries regulatory risks, as the local government holds the power to rescind gaming concessions. Wynn also faces intense competition from established players such as Caesars Entertainment.

Valuation comparisonMGM Resorts International appears cheaper based on total sales, while Wynn Resorts offers a lower multiple relative to its future earnings estimates.

MetricMGM Resorts InternationalWynn ResortsSector BenchmarkForward P/E25.7x21.9x31.2xP/S ratio0.7x1.5xn/aSector benchmark uses the SPDR XLY sector ETF. Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?Casino stocks have seen the industry experience a rough patch as Las Vegas  tourism dropped to record lows last year. This has led to big changes in the sector. Caesars Entertainment stock is going private, leaving MGM Resorts International and Wynn Resorts among two of the most prominent casino stocks.

Even so, that may soon change. MGM Resorts received an acquisition offer from People Incorporated on June 1. The terms involve paying $48.30 per share in an all-cash deal.

Consequently, MGM shares soared to a 52-week high of $51.59, and as a result, buying the stock at this point does not make sense. If the deal goes through, there would be little to no upside. Of course, MGM could reject the takeover bid. So the prudent approach is to hold off any decision around MGM Resorts stock until the dust has settled around the acquisition offer.

This leaves Wynn Resorts as the stock to buy at this time. Its lower forward P/E ratio indicates its future earnings are expected to outpace its rival’s, giving it a better valuation, thanks to its focus on the high-end market.

TMX Group (TSE: X) executives said the company has started 2026 with momentum across capital formation, markets, and recurring-revenue data and analytics businesses, while positioning the organization to benefit from emerging themes such as artificial intelligence and tokenization. Speaking with National Bank Financial equity research analyst Jaeme Gloyn, David Arnold, TMX Group's chief financial officer, and

TMX Group Limited (X:CA) Q1 2026 Earnings Call Transcript

For the quarter ended March 2026, W.R. Berkley (WRB - Free Report) reported revenue of $3.71 billion, up 5% over the same period last year. EPS came in at $1.30, compared to $1.01 in the year-ago quarter.

The reported revenue represents a surprise of -0.28% over the Zacks Consensus Estimate of $3.72 billion. With the consensus EPS estimate being $1.13, the EPS surprise was +15.04%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how W.R. Berkley performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Loss ratio - Total: 62.1% versus 62.5% estimated by three analysts on average.Expense Ratio - Total: 28.6% compared to the 28.4% average estimate based on three analysts.Combined Ratio - Total: 90.7% versus 90.9% estimated by three analysts on average.Loss ratio - Reinsurance & Monoline Excess: 48.3% versus 54.2% estimated by two analysts on average.Expense ratio - Reinsurance & Monoline Excess: 30.3% versus the two-analyst average estimate of 29.1%.Revenues from non-insurance businesses: $156.55 million versus the three-analyst average estimate of $132.99 million. The reported number represents a year-over-year change of +21.4%.Insurance service fees: $28.23 million versus the three-analyst average estimate of $29.27 million. The reported number represents a year-over-year change of -2.4%.Net premiums earned: $3.12 billion compared to the $3.19 billion average estimate based on three analysts. The reported number represents a change of +3.4% year over year.Net investment income: $404.33 million compared to the $389.14 million average estimate based on three analysts. The reported number represents a change of +12.2% year over year.Net premiums earned- Reinsurance & Monoline Excess: $349.68 million compared to the $384.19 million average estimate based on two analysts. The reported number represents a change of -5.5% year over year.Other income (loss): $1.82 million versus $1.06 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +242% change.Net premiums earned- Insurance: $2.77 billion versus $2.79 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.7% change.View all Key Company Metrics for W.R. Berkley here>>>

Shares of W.R. Berkley have returned +1% over the past month versus the Zacks S&P 500 composite's +9.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

WR Berkley (NYSE:WRB) reported mixed results for the first quarter after the closing bell on Tuesday.

The company posted quarterly earnings of $1.30 per share which beat the analyst consensus estimate of $1.15 per share. The company reported quarterly sales of $3.690 billion which missed the analyst consensus estimate of $3.759 billion.

WR Berkley shares gained 2.4% to trade at $66.94 on Wednesday.

These analysts made changes to their price targets on WR Berkley following earnings announcement.

Truist Securities analyst Mark Hughes maintained WR Berkley with a Buy and lowered the price target from $80 to $78. Barclays analyst Alex Scott maintained the stock with an Underweight rating and raised the price target from $62 to $64. Considering buying WRB stock? Here’s what analysts think:

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Key Takeaways W.R. Berkley's Q1 net premiums rose 1.3% to $3.17B, missing estimates. W.R. Berkley's revenues grew 4% on higher premiums, investment income and other business gains. W.R. Berkley's combined ratio improved to 90.7, while catastrophe losses fell YoY. W.R. Berkley Corporation (WRB - Free Report) reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year.

The insurer benefited from higher premiums, strong investment income growth and lower catastrophe losses.

Behind the HeadlinesW.R. Berkley’s net premiums written were about $3.2 billion, up 1.3% year over year. The figure missed our estimate as well as the Zacks Consensus Estimate of $3.18 billion.

Operating revenues totaled $ 3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. However, the top line missed the consensus estimate by 0.28%.

Net investment income grew 12.2% to $404.3 million, supported by higher invested assets, better yields and strong fund income. The figure topped our estimate of $387 million. The consensus estimate was $401 million.

Total expenses increased 2.2% to $3 billion, caused by higher losses and loss expenses, other operating costs and expenses, and expenses from non-insurance businesses. The figure was lower than our estimate of $3.7 billion.

The loss ratio improved 100 basis points (bps) to 62.2, while the expense ratio deteriorated 80 bps year over year to 28.6.

Catastrophe losses of $75.7 million were lower than the $111.1 million incurred in the year-ago quarter.

The consolidated combined ratio (a measure of underwriting profitability) improved 20 basis points year over year to 90.7, missing the Zacks Consensus Estimate of 91.8.

Q1 Segment DetailsNet premiums written at the Insurance segment increased 3.2% year over year to $2.78 billion in the quarter, primarily driven by higher premiums from other liability, short-tail lines, auto and professional liability. The figure was slightly higher than our estimate.

The combined ratio deteriorated 50 basis points year over year to 92.2. Our estimate was 92.8.

Net premiums written in the Reinsurance & Monoline Excess segment increased 10.4% year over year to $394.6 million. The figure beat our estimate of $393.8 million.

The combined ratio improved 680 bps to 78.6, which matched the Zacks Consensus Estimate. Our estimate for the metric was 86.

Financial UpdateW.R. Berkley exited the first quarter of 2026 with total assets worth $44.3 billion compared with $43.9 billion at the 2025-end level.

Senior notes and other debt increased 1.1% from the 2025-end levels to $1.8 billion.

Book value per share increased 1.6% from 2025-end levels to $26.13.

Cash flow from operations was $667.9 million, down 10.2% year over year.

Operating return on equity in the first quarter increased 120 basis points year over year to 21.2%.

Capital DeploymentTotal capital returned to shareholders was $336.1 million, comprising $302.4 million in share repurchases and $33.7 million in regular dividends.

WRB’s Zacks RankW.R. Berkley currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other InsurersThe Travelers Companies, Inc. (TRV - Free Report) reported that first-quarter 2026 core income rose to $7.71 per share in the current quarter from $1.91 in the prior-year quarter, and beat the Zacks Consensus Estimate by 10%. Travelers’ total revenues increased 1% from the year-ago quarter to $11.9 billion, primarily driven by higher premiums, net investment income and other revenues. The top line missed the Zacks Consensus Estimate by 3.74%.

Net written premiums increased 1% year over year to a record $10.8 billion. Net investment income increased 9% year over year to $833 million. Travelers witnessed an underwriting gain of $1.7 billion compared with an underwriting loss of $305 million in the prior-year quarter. The consolidated underlying combined ratio of 85.3% decreased 50 bps year over year.

The Progressive Corporation (PGR - Free Report) posted first-quarter 2026 earnings per share of $4.96, which beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year. Total revenues grew 8.2% year over year to $22.3 billion, driven by higher net premiums earned, an increase in net investment income and higher service revenues. However, the top line missed the Zacks Consensus Estimate by 1.2%.

Net premiums written were $23.6 billion in the quarter, up 6.5% from $22.2 billion a year ago. Net realized loss on securities was $120 million, narrower than the loss of $212 million in the year-ago quarter. The combined ratio deteriorated 40 bps from the prior-year quarter’s level to 86.4.

Upcoming ReleaseRLI Corp. (RLI - Free Report) is set to report results for the first quarter ended March 2026 on April 22 after the market close.

RLI is a specialty property-casualty (P&C) insurance company that is expected to post quarterly earnings of $0.85 per share in its upcoming report, representing a year-over-year decline of 7.6%. The consensus EPS estimate for the quarter has been revised 0.9% higher over the last 30 days to the current level. RLI's revenues are expected to be $453.45 million, up 4.2% from the year-ago quarter.