Page 1

Wolfspeed . Wolfspeed Reports Financial Results for the Fir Quarter of Fiscal Year 2022 DURHAM , N.C. October 27 , 2021 -- Wolfspeed , Inc. ( NYSE : WOLF ) , formerly known as Cree , Inc. , today announced revenue of $ 156.6 million for its first quarter of fiscal 2022 , ended September 26 , 2021. This represents a 36 % increase compared to revenue from continuing operations of $ 115.5 million reported for the first quarter of fiscal 2020 , and a 7 % increase compared to the fourth quarter of fiscal 2021. GAAP net loss from continuing operations for the first quarter of fiscal 2022 was $ 70.1 million , or $ 0.60 per diluted share , compared to GAAP net loss from continuing operations of $ 75.3 million , or $ 0.69 per diluted share , for the first quarter of fiscal 2021. On a non - GAAP basis , net loss from continuing operations for the first quarter of fiscal 2022 was $ 23.8 million , or $ 0.21 per diluted share , compared to non - GAAP net loss from continuing operations for the first quarter of fiscal 2021 of $ 26.5 million , or $ 0.24 per diluted share . Exhibit 99.1 " We are pleased to report a solid fiscal first quarter , our fifth consecutive quarter of revenue growth bolstered by the rapidly expanding marketplace for Silicon Carbide products . We are driving the transition to Silicon Carbide - based solutions during a period of momentous change , which is demonstrated by our expanding list of customers and formal name change , " said Wolfspeed Chief Executive Officer , Gregg Lowe . " We remain confident that the business is well positioned to realize its full potential as a pure - play global semiconductor powerhouse . " Business Outlook : For its second quarter of fiscal 2022 , Wolfspeed targets revenue in a range of $ 165 million to $ 175 million . GAAP net loss is targeted at $ 69 million to $ 73 million , or $ 0.59 to $ 0.63 per diluted share . Non - GAAP net loss is targeted to be in a range of $ 19 million to $ 23 million , or $ 0.16 to $ 0.20 per diluted share . Targeted non - GAAP net loss excludes $ 50 million of estimated expenses , net of tax , related to stock - based compensation expense , amortization or impairment of acquisition - related intangibles , factory optimization restructuring and start - up costs , net accretion on convertible notes , interest income from transaction - related note receivable and project , transformation , transaction and transition costs . Quarterly Conference Call : Wolfspeed will host a conference call at 5:00 p.m. Eastern time today to review the highlights of the first quarter results and the fiscal second quarter 2022 business outlook , including significant factors and assumptions underlying the targets noted above . 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 . Supplemental financial information , including the non - GAAP reconciliation attached to this press release , is available on Wolfspeed's website at investor.wolfspeed.com/results.cfm . 1