Wolfspeed reported QQ3 2025 revenue of $185.4 million, but the quarter featured a negative gross profit of $22.5 million and an operating loss of $285.5 million, translating to an EBITDA of -$285.5 million. Net income was also negative at -$285.5 million, with EPS of -$1.86. Year-over-year, revenue declined by 7.6%, while sequential (QoQ) revenue rose 2.7%. The negative gross margin (-12.1%) underscores ongoing cost or mix pressures despite a modest quarterly revenue uptick. Cash burn persisted, with operating cash flow at -$142.1 million and free cash flow at -$364.3 million, contributing to a cash balance of $730.2 million at quarter end. The balance sheet remains heavily levered: long-term debt stands at $4.50 billion, total liabilities are $7.36 billion, and stockholders’ equity is modest at $0.21 billion, leaving a debt ratio of 0.86 and a capitalization structure that implies meaningful refinancing and liquidity considerations ahead. Given the data, Wolfspeed faces near-term profitability headwinds even as strategic opportunities in silicon carbide (SiC) materials and devices could support longer-term growth if margin discipline and cash preservation improve. A more complete assessment of management’s narrative from the earnings call would be essential to gauge trajectory, guidance, and execution plans; the provided dataset contains no transcript quotes for QQ3 2025.