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Wolfspeed FY26 Q2 Earnings © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. February 2026
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NON-GAAP MEASURES & FORWARD LOOKING STATEMENTS Non-GAAP Fina ncial Measures: This presentation hig hlights the Company's financial results on both a GAAP and a non-GAAP basis. The GAAP results include certain costs, charges a nd expenses that are excluded from non-GAAP results. By publishing the non-GAAP measures, mana gement intends to provide investors with additional information to further analyze the Company's performance, core results and underlying trends. Wolfspeed's management eva luates results and ma kes ope rating decisions using both GAAP and non-GAAP measures included in this pre sentation. Non-GAAP results are not prepa red in a ccordance 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 a nd potential investors are encouraged to review the reconciliation of non-GAAP fina ncial measures to their most directly comparable GAAP measures attached to this presentation. Forward Looking Statements: This presentation contains forward-looking sta teme nts involving risks a nd uncerta inties, both known and unknown, tha t may cause Wolfspeed’s actual results to differ materia lly from those indica ted in the forward-looking sta teme nts. Forward-looking sta teme nts by their nature address matters that are, to different degrees, uncertain, including estimates, forecasts, and proje ctions about possible or assumed future results of Wolfspeed’s business, financial condition, liquidity, results of opera tions, plans, and objective s 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,” “forwa rd” or “continue” and similar expressions a re used to identify forw ard-looking sta teme nts. All statements in this pre sentation tha t a re not historical are forwa rd-looking sta teme nts, 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 industrie s. Actual results could differ materially due to a number of factors, including but not limited to, risks and uncertainties associate d with Wolfspeed's recent emergence from Chapter 11 bankruptcy, including the potential effects on Wolfspeed's rela tionship with its va rious stake holde rs, including customers, vendors, contractors, employe es or suppliers, its a bility to attract, motivate , and/or re tain mana gement a nd key pe rsonnel, its ability to reta in customers, and third parties willing to do business with Wolfspeed on a cceptable terms or at all; ongoing unce rtainty in global economic and geopolitica l conditions, such as the ongoing military conflict between Russia and Ukraine a nd tension in the Middle East; change s in progress on infrastructure development or change s in customer or industrial dema nd tha t could neg ative ly affect product demand, including a s a result of an economic slowdown or recession, colle ctability of receivable s and othe r related m atters if consumers and businesses defer purchase s or payments, or default on payments; risks associated with Wolfspeed’s expa nsion pla ns, including design and construction delays, cost overruns, the timing and a mount of government incentive s actually received, including, among other things, any direct grants and tax cre dits, issue s in installing and qua lifying new equipment and ramping production, poor production process yields and qua lity control, a nd potential increase s to Wolfspeed’s restructuring costs; Wolfspeed’s ability to obta in additional funding as needed, including, among other things, from government funding, public or private equity offe ring s, or debt financings, on favorable terms and on a timely basis, if at all; the risk that Wolfspee d does not meet its production commitments to those customers who provide Wolfspeed with capacity reservation deposits or simila r payments; the risk that Wolfspeed may experience production difficulties tha t preclude it from shipping sufficient quantities to meet customer orders or that re sult in higher production costs, lower yields and lower margins; Wolfspeed’s ability to lowe r costs; the risk that Wolfspeed’s results will suffer if it is una ble to balance fluctuations in customer de mand and capacity, including bring ing on additional capacity on a timely basis to meet custome r demand or scaling ba ck its manufa cturing expenses or overhead costs quickly e nough to correspond to lower than expected demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor’s products instea d; product mix; risks associated with the ra mp-up of production of Wolfspeed’s new products, and Wolfspeed’s entry into new business channels different from those in which it has historically operated; Wolfspeed’s ability to convert customer desig n-ins to de sign-wins and sales of sig nificant volume, and, if customer des ign-in activity does result in such sa les, when such sales will ultimately occur and what the amount of such sales will be ; the risk that the mark ets for Wolfspeed’s products will not develop as it expects, including the adoption of Wolfspeed’s products by electric ve hicle manufacturers and the overall a doption of e lectric vehicle s; the risk that the economic and politica l uncertainty caused by the tariffs imposed or a nnounced by the United States on imported goods, and corresponding tariffs and other reta liatory measure s imposed by other countries (including China) in response, may continue to negatively impa ct de mand for Wolfspeed’s products; the risk that Wolfspeed or its channel partners are not able to develop and expand customer bases and a ccurately anticipate demand from end customers, including production and product mix, which can result in increased inventory and reduced orders as Wolfspeed expe riences wide fluctua tions in supply and demand; risks related to internationa l sales and purchases; risks resulting from the concentration of Wolfspeed’s business among few customers, including the risk that customers may re duce or cancel orders or fail to honor purchase commitments; the risk that Wolfspeed’s investments may experience periods of sig nificant mark et value and inte rest rate volatility causing it to recognize fair value losses on Wolfspeed’s investment; the risk posed by ma naging an increasingly complex supply chain (including managing the impacts of supply constraints in the semiconductor industry and meeting purchase commitme nts under take-or- pay arrangements w ith certain suppliers) that has the ability to supply a sufficient quantity of raw mate rials, subsystems and finished products with the required specifications and qua lity; risks relating to outbreaks of infectious diseases or similar public health events, including the risk of disruptions to Wolfspeed’s ope rations, supply chain, including its contract ma nufacturers, or customer de mand; the risk Wolfspe ed ma y be required to record a significant charge to earnings if its remaining goodwill or a mortizable assets be come impaired; risk s re lating to confidential information theft or misuse, including through cybe r-attacks or cyber intrusion; Wolfspeed’s ability to complete development and commercialization of products unde r development; the ra pid development of new technology and competing products that may impair demand or rende r 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 fa vorable perception of Wolfspeed’s brand and products, resulting in lower dema nd for its products; the risk that Wolfspeed’s products fail to perform or fail to meet customer requirements or e xpectations, re sulting in significa nt additional costs; risk s associate d with strategic transactions; the risk tha t Wolfspeed is not able to successfully exe cute or a chie ve the potential benefits of Wolfspeed’s efforts to e nhance its value; and othe r factors discussed in Wolfspeed’s filings with the Securitie s 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 forwa rd-looking statements repre sent Wolfspeed’s judgment as of the da te of this prese ntation. Except as required under the U.S. federal securities la ws and the rules and re gulations of the SEC, Wolfspeed disclaims a ny intent or obliga tion to update any forward-looking sta teme nts after the date of this presentation, whether as a result of new information, future eve nts, developme nts, changes in assumptions or othe rwise. 2© 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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SOLID MOMENTUM ACROSS THE BUSINESS 3 Final restructuring milestone achieved with CFIUS clearance Announced key customer wins, including EVs (Toyota) and wind energy ( Hopewind) Achieved significant technology breakthrough with successful production of 300mm SiC wafer Streamlining production footprint, shutdown of Durham 150mm device fab completed one month ahead of schedule Strengthening balance sheet, ending with $1.3B in cash, including ~$700M from Section 48D cash tax refunds 50% growth in AI data center revenue QoQ • Recently introduced next -gen TOLT portfolio positions Wolfspeed to capture surging AI data center demand © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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KEY INITIATIVES NEW ERA NEW ENERGY 4 Strict Financial Discipline – secure financial strength and stability through execution, doubling down on core end markets, and diversifying revenue in emerging, mid- and high-voltage verticals and materials 1. 2. Advance Technology Leadership – by significantly improving the pace of innovation 3. Drive Operational Excellence – through increased execution rigor in quality, cost and speed. © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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Scale, Innovation, and Execution 5 POSITIONED TO WIN IN SILICON CARBIDE Fully Vertically Integrated 200mm Footprint Secure and stable, U.S. based SiC supply chain for materials and devices Expanding Product Portfolio to Address Customer Needs Thick epi capabilities for high voltage devices Commercial availability of 200mm bare/epi wafers Doubling down on established SiC markets and new, emerging high voltage applications Diversifying Customer Base and Go-To- Market Channel Leading SiC Patent Portfolio >2,300 issued globally and pending foundational patents © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc.
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Wolfspeed's Fully Vertically Integrated U.S. Footprint Delivers Secure, Scalable, and Immediate Supply of 200mm Silicon Carbide – From Substrate to Device 6 Fayetteville, AR Module R&D, Manufacturing Marcy, NY Device Fabrication Durham & Siler City, NC Substrates & Epitaxy AMERICA’S FIRST – AND ONLY – SCALABLE 200mm SiC SUPPLY CHAIN © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc.© 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc.
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Source: Yole Power SiC 2 025 - Markets and Applications, Status of the Power Ele ctronics Industry 2 025, Yole Power GaN 2025 Frequency 7 Company's demonstrated leadership in vertical integration strengthens ability to innovate at speed, scale efficiently, and deliver the highest quality products Power = (Voltage x Current) 1 MW 100 kW 10 kW 1 kW 10 MHz100 kHz 1 MHz1 kHz 10 kHz 10 MW SiC 2024 Market - $3.4B Si 2024 Market - $23B GaN 2024 Market - $355M SiC CONTINUES TO TAKE MARKET SHARE IN HIGH VOLTAGE APPLICATIONS SiC is growing at a ~21% CAGR from 2026 to 2030, outpacing Si Currently ~50% of Si market is addressable by SiC SiC market is currently ~10x larger than GaN SiC adoption is expected to accelerate in high voltage applications due to performance, reliability, and system cost savings Key Statistics: © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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8 EMPOWERING THE ENERGY CHAIN FOR AI DATA CENTERS FROM GRID-TO-RACK Nuclear Fusion Power HVDC Transmission Solid-State Transformer 10kV+ 10kV+ 2.3kV+ MV Energy Storage 2.3kV+ Emerging Clean Energy Developers High Voltage Transmission OEMs Power Conversion & Distribution Specialists Hyperscale Providers From Clean Energy Generation to AI Compute – Enabling the Full Power Delivery Chain with High Voltage SiC Power Backup and Conditioning Suppliers © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc.
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9 Future Considerations Power Conversion 650V, 1200V Cooling is a major consideration; accounting for ~40% of electricity usage today Traditional data centers (400v) use a combination of silicon and silicon carbide HVDC AI data centers (800v) are expected to be designed with a focus on greater energy efficiency, driving SiC upside Scaling From Proven Applications Into High-Growth Markets That Demand Performance and Efficiency INSIDE THE DATA CENTER SiC CAN DRIVE GREATER EFFICIENCY Si /SiC Today Si Power Conversion Int. Converter Si DC DCDCAC DCAC DC DC DC/DC Power Conversion Int. Converter 600V 30kW HVCD 380V AC +/-400V DC 48V 48V400V240V AC DC/DC DC/DC DC/DC DC/DC Processor Si Processor Processor Processor Std Enterprise : 10kW Rack Traditional (400V) Data Center AI: 30kW – 1MW Rack DC/DC DC/DC DC/DC Processor Processor Processor Processor Cooling System 1200V Si HVDC (800V) AI Data Centers WOLFSPEED: AI data centers revenue up 50% FY26 Q1 to Q2 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc.
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E- mining Established Applications Emerging Applications Lower Voltage Higher Voltage HVAC Medical Aerospace & Defense AI Data Centers Grid Energy Storage Rail Automotive (800V) Automotive (400V) Electric Vehicle Charging Wind Robotics eVTOL Electric Bus Heavy Equipment Grid Modernization Traditional Data Centers Solar Industrial Motors UPS Test & Measurement 10 POSITIONED TO WIN IN HIGH VOLTAGE EMERGING MARKET Wolfspeed’s core strengths in SiC materials position the company to grow in established applications and enable emerging, high -growth applications Mining © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc.
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FY26 Q2 Financials © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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Cash balance $1.3B, net debt $600M FY26 Q2 FINANCIAL HIGHLIGHTS Solid progress implementing strict financial discipline in areas we control and strengthening the balance sheet 12 Closed Durham 150mm device fab early, benefitting gross margin by $5 million in Q2; Power devices now on 200mm platform 1 Continued to reduce OPEX; down ~$200m on annualized basis YoY; CAPEX down 90% YoY to $31M in Q2, all linked to past commitment 2 Received ~$700 million in 48D cash tax refunds, working capital improved by ~$90M (excl liability mgt fees) and paid down $175M of 1L debt 3 Adopted Fresh Start Accounting 4 5 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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FY26 Q2 FINANCIAL OVERVIEW Emphasizing technology leadership with meaningful improvements to operations and profitability 13 Income Statement & Cash Flow Revenue $168M $75M from Mohawk Valley Adj. EBITDA $(82)M Strongest comparison to pre- Chapter 11 Wolfspeed Cash $1.3B Includes ~$700M 48D cash refunds; $175m paydown of L1 Debt Net Debt $600M 1.5M shares converted from 2L convert CapEx $31M Expect continued step-down Op. Cash Flow $(71)M Continued progress Balance Sheet © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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STRENGTHENED FINANCIAL POSITION 14 $400M $31M 2Q25 2Q26 3Q26 4Q26 Significantly Lowered CapEx, with Continued Reductions Anticipated >90% reduction Demonstrated commitment to disciplined capital allocation and operational efficiency © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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WOLFSPEED ADOPTING FRESH START ACCOUNTING (FSA) POST-EMERGENCE 15 Under FSA, the income statement is split between a predecessor period ending 9/291 and successor period beginning 9/30 • FSA requires fair values be established for assets, liabilities, and equity as of the date of emergence • Certain pre- and post-emergence financial and operational results will not be comparable • All FSA adjustments are non-cash FSA Fundamentals Predecessor: Reflects activity up to and including our emergence from bankruptcy Successor: Reflects results following emergence 1) Predecessor period includes one day in FQ2’26 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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FRESH START ACCOUNTING ADJUSTMENTS Income Statement Impacts Adjusted EBITDA • Largely unaffected by FSA impacts beyond Q2 Non-GAAP Gross Margin • Q2 Only Impact • $23 million reduction in Q2 GM from step -up in fair value on WIP/FG (one -time impact, fully recognized in Q2) • Ongoing Impact • $16 million/quarter increase in COGS related to higher intangible amortization (ongoing impact) • $45 million/quarter reduction in COGS related to lower depreciation (ongoing impact Q3+, due to inventory absorption) Interest Expense • ~$60 million per quarter (includes cash/PIK interest and amortization of discounts and premiums) Depreciation and Amortization • ~$30 million per quarter reduction in D&A, compared to pre -emergence Wolfspeed • Amortization $20M per quarter increase • Depreciation $50M per quarter decrease Net Income • GAAP P+L includes $1.1B net gain Balance Sheet Impacts Total Assets • $2.6 billion of net adjustments to PPE and intangible assets Total Debt • $3.7 billion in debt forgiveness Income Tax • Cash taxes unaffected by net gain from debt forgiveness due to utilization of historic net operating losses • ~$4 million of one -time, non-cash tax expense in Q2 Share Count • From 26 million at emergence to 45.1 million following converts to date & Renesas shares post CFIUS approval © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 16
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FY26 Q3 FINANCIAL OUTLOOK 17 Revenue $140 million - $160 million Gross Margin Sequential improvement, expected to remain negative Operating Expenses Flat to slightly down Expect to provide update on long-term model by first half of calendar 2026 • Significantly improved liquidity position : ~$1.3B of cash, ~$600M net debt • Reduced OpEx by $200M on an annualized basis • Expect continued CapEx reductions • Diversifying revenue into high-voltage & high-growth verticals where Wolfspeed has a strong right to win Positioning the business for sustainable, profitable growth as the demand environment improves: © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
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© 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc.
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NON-GAAP RECONCILIATION – GROSS MARGIN © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc. 19
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NON-GAAP RECONCILIATION – EBITDA AND ADJ. EBITDA © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed lo go is a trademark of Wolfspeed, Inc. 20