(Updates with Bloomberg report on convertible bonds starting in third paragraph.)

Wolfspeed (WOLF) said Friday it received $192.1 million in cash tax refunds through the Section 48D advanced manufacturing tax credit, including $186.5 million for fiscal 2023 and 2024, plus interest.

Wolfspeed also said in a statement it is actively exploring financial alternatives for its convertible notes while engaging with lenders, including Apollo Global Management (APO) and Renesas Electronics, and is in talks with government entities to secure funding and support US semiconductor manufacturing and supply chain initiatives.

The company is struggling to refinance its $575 million convertible bonds due next year, and the chipmaker is working with JPMorgan Chase (JPM) on the issue, Bloomberg News reported, citing people with knowledge of the matter.

JPMorgan Chase and Wolfspeed declined to comment, Bloomberg said.

The tax refund was part of an expected $1 billion of total Section 48D refunds, with over $600 million expected in fiscal 2026, Wolfspeed said in the statement, adding that it expects its cash balance to be around $1.3 billion by the end of its fiscal Q3, including the recently received 48D cash tax credits.

The company reaffirmed its fiscal Q3 guidance, expecting a non-GAAP net loss of $0.76 to $0.88 per diluted share on revenue of $170 million to $200 million. Analysts surveyed by FactSet expect a loss of $0.82 on revenue of $185.7 million.

Wolfspeed shares tumbled 50% in recent Friday trading.

Price: 2.69, Change: -2.69, Percent Change: -50.00