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Wolfspeed FY27 Q1 Earnings November 2026 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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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 accordance with GAAP, and non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in a ccordance with GAAP. Investors and potential investors a re encouraged to review the reconciliation of non-GAAP fina ncial measures to their most directly comparable GAAP me asures a ttached to this prese ntation. 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 projections about possible or assumed future re sults 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,” “forward” or “continue” and similar expressions are used to identify forward-looking sta teme nts. All statements in this pre sentation that a re not historical are forward-looking sta teme nts, including statements regarding Wolfspeed’s position in the industry a nd long-term growth prospects; Wolfspeed’s ability to achieve its targets for the second quarte r of fiscal 2027 and beyond; the anticipated be nefits of the conditional loan commitment from the U.S. Department of War’s Office of Strategic Capital (the “OSC Loan Commitment”), including expe cted improvements to Wolfspeed’s ca pital structure a nd anticipate d annua l and cash interest savings, and the ability to complete the related financing; the expe cted benefits of Wolfspeed's long-term supply agreements; Wolfspeed’s ability to return to a path of long-term, sustainable growth; initiative s to reduce Wolfspeed's debt and cost of capital; and the expected growth in AI data center applications for Wolfspeed's products. Actual results could differ materially due to a number of factors, including but not limited to, risks and uncertainties associate d with ongoing impa cts from Wolfspeed’s 2025 Chapter 11 reorganization, including effe cts on its commercial re lationships with customers, vendors, suppliers and other stakeholders; ong oing uncertainty in global economic and g eopolitical conditions; the ability of Wolfspee d and its cha nnel partners to generate and accurately forecast customer demand, convert design-ins into desig n-wins and volume sale s, manage product mix and inventory levels, and respond to changes in economic conditions and end-market demand; risks associated with Wolfspeed’s ability to receive and retain certain tax incentives and other government grants, loa ns and ince ntives, including with respect to the OSC Loan Commitment; production risks, including poor production process yields, qua lity control issues a nd related manufacturing inefficie ncies or disruptions; Wolfspeed’s ability to obta in 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; risks related to consummation of the financing contempla ted by the OSC Loan Commitment, including completion of due dilige nce, negotia tion of definitive agreeme nts, receipt of required governme nt approvals, and Wolfspeed’s ability to satisfy the conditions to closing and funding ; the risk that Wolfspe ed does not mee t its production commitments to those customers who provide Wolfspeed with capa city reservation deposits or similar payments; risks related to production difficulties and longe r ma nufacturing lead times that could increase costs, reduce margins, and cause customers to purchase competing products; risks related to balancing fluctuations in customer demand and manufacturing ca pabilities; risks associated with the ramp-up of production of Wolfspeed’s new products, and Wolfspeed’s entry into new business channels and industries differe nt from those in which it has historica lly operate d; the risk that the markets for Wolfspeed’s products will not de velop as it expe cts, including risks associated with the adoption, implementation a nd use of artificial intelligence ( AI) technologie s, including the ability to successfully integrate such technologies into Wolfspeed’s business and operations and the incorporation of Wolfspeed’s technology into such use s; risk s re lated to international sa les and purchases, including the impact of ta riffs, trade restrictions, retaliatory measures and related e conomic a nd political uncerta inty on demand for Wolfspeed’s products and its global operations; 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; risks posed by ma naging a complex supply chain, including ma naging the impacts of supply constraints in the semiconductor industry and meeting purchase commitments under take-or-pay arrangements w ith certain suppliers; 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; risks rela ting to the developme nt and commercialization of ne w products a nd remaining compe titive in the face of rapid te chnological change; risks rela ted to custom er acceptance of Wolfspeed’s products, ma intenance of the Wolfspeed bra nd and reputation, and the ability of its products to meet customer requirements and performance expecta tions; risks a ssocia ted with ongoing litigation, including but not limited to inte llectual property litigation; risks associated with strategic transactions; 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 28, 2026, and subsequent reports filed with the SEC. These forwa rd- looking sta teme nts represent Wolfspeed’s judgment as of the da te of this prestation. Except as required under the U.S. federal securities la ws and the rules and reg ulations of the SEC, Wolfspeed discla ims any inte nt or obligation to update any forward-looking sta teme nts after the date of this prestation, whether as a result of new informa tion, future e vents, deve lopments, changes in a ssumptions or otherw ise. 2 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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3 Delivered FY27 Q1 revenue of $155 million, above the midpoint of guidance Announced conditional 30-year, $1.5 billion loan commitment from the U.S. Department of War to advance wide bandgap supply chain AI data center revenue more than doubled year on year on a trailing 12 -month basis and our order book is accelerating Announced strategic partnership with LITEON to enable 800 VDC power solutions for next -generation AI data center deployments and awarded Strategic Partner Award from Megmeet, an emerging customer in the AI data center market Announced a multiyear supply agreement for our silicon carbide devices to support BorgWarner’s next-generation 800V silicon carbide -based automotive invertor platform Expanded and extended existing long-term silicon carbide wafer supply agreement with Infineon to include 200mm Commercially introduced our proprietary silicon carbon ( TSiC ) technology expanding the potential of silicon carbide to enable next -generation AR, quantum computing and advanced optical applications Highlights Focused Strategy Building Momentum © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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Strategic Objectives NEW ERA NEW ENERGY 4 Advance Technology Leadership – by significantly improving the pace of innovation1. 2. Diversify Revenue & Customer Base – in emerging, mid- and high-voltage verticals and materials 3. Drive Operational Excellence – through increased execution rigor in quality, cost and speed 4. Financial Discipline – secure financial strength and stability through execution, doubling down on core end markets © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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5 Image on left Commercially introduced proprietary silicon carbide (TS iC ) technology • Expanding the potential of silicon carbide to enable next-generation AR, quantum computing and advanced optical applications • Reinforces the versatility and transformative potential of silicon carbide Launched fifth -generation SiC MOSFET • Running in our highly-automated Mohawk Valley facility – quick conversion from design-in to volume production • Enables more compact traction inverters, extended EV driving range, right -sized battery systems and improved EV charging infrastructure • Addresses industrial power supply applications that demand leading edge performance, including AI data center power supplies, solid state transformers, and renewable energy conversion 10kV MOSFET named top innovation at PCIM in June and Memorandum of Understanding with GE Aerospace • Developed using internal 200mm substrates, epi wafers and design fabrication in Mohawk Valley • Represents the industry’s first commercially available 10kV SiC MOSFET 300mm engineering samples to initial customers • Continue to evolve toward translating this technology into revenue Technology Leadership Continuously improving © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, the Wolfstreak logo, WolfPACK®, Wolfspeed WolfPACK®, and the Wolfspeed WolfPACK logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice. © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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Application-Focused Go-To-Market Gaining Traction 6 Positioning Wolfspeed for growth as end-market demand accelerates AUTOMOTIVE Announced a multiyear supply agreement to support BorgWarner’s next -generation 800V silicon carbide -based invertor platform Awarded business from tier 1 European supplier, supporting on-board charger for large German OEM Gen 5 MOSFET addresses cost and efficiency pressures faced by auto OEMs INDUSTRIAL & ENERGY AI data center revenue more than doubled y -o-y on a trailing 12-month basis Awarded Strategic Partner Award from Megmeet Announced strategic collaboration with LITEON Technology Gen 5 MOSFET delivers leading edge performance AEROSPACE & DEFENSE Growth supported by electrification and increasing demand for secure, domestic supply chains Partnering with GE Aerospace to supply 10kV SiC MOSFET Working with a leading eVTOL manufacturer to power next - gen electric aviation platforms MATERIALS Expanded and extended long - term supply agreement with Infineon to include 200mm Commercially introduced proprietary silicon carbide (TSiC ) expanding the potential of silicon carbide Shipping 300mm samples to customers for potential use in next-gen AI and HPC packaging © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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FY27 Q1 Financials © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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8 Income Statement & Cash Flow Revenue $155M Adj. EBITDA1 $(55)M Cash ~$1.0B Net Debt $686M Gross CapEx $11M Op. Cash Flow $(84)M Balance Sheet Financial Highlights FY27 Q1 Financial discipline while investing in technology leadership 1. Non-GAAP financial measure. Reconciliations of non -GAAP financial measures provided in the appendix of this presentation. © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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$1,430 $922 $931 $930 $534 $798 $756 $750 $337 FY26 Q2 FY26 Q3 FY26 Q4 FY27 Q1 Non-Convertible Debt Convertible Notes Renesas Equity & Warrant ~$2.3B 2L convertible ~$1.7B ~$620M Liability Reduction SIGNIFICANT TOTAL DEBT REDUCTION 1 ~$1.9B 9 1L paydown on refinancing $10M of 2L convertible notes voluntarily converted to equity in FY27 Q1 NO DEBT MATURITY UNTIL 2030 2 $636M $1.1B 0 20 0 40 0 60 0 80 0 10 00 12 00 14 00 2027 2028 2029 2030 2031 Increase due to PIK 2L convertible ~$40M Liability Reduction 2L convertible Debt Structure & Maturity Overview 1. Based on US GAAP book values; 2. Based on outstanding principal at September 27, 2026 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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FISCAL 27 Q2 FINANCIAL OUTLOOK 10 Revenue $155 million - $175 million Non-GAAP gross margin1 Sequential improvement approaching breakeven Non-GAAP operating expenses1 $65 million - $69 million © 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. 1. Non-GAAP financial measure. Reconciliations of non -GAAP financial measures provided in the appendix of this presentation.
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Appendix © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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NON-GAAP RECONCILIATION – GROSS MARGIN 12 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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NON-GAAP RECONCILIATION – NON-GAAP OPERATING EXPENSES 13 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.
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NON-GAAP RECONCILIATION – ADJ. EBITDA 14 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed®, the Wolfspeed logo, and the Wolfstreak logo are registered trademarks of Wolfspeed, Inc. The information in this document is subject to change without notice.