Wolfspeed, Inc. · NYSE:WOLF
Wolfspeed — Investor Presentation (June 2025)
27 slides from Wolfspeed's investor presentation, Jun 23, 2025
Slide 1: June 2025 Presentation Materials
June 2025 Presentation Materials Exhibit 99.2
Slide 2: Forward Looking Statements and Non-GAAP Measures
FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES a Confidential The information contained herein is strictly confidential. The recipient should become familiar with the confidentiality obligations to which the recipient is subject whether pursuant to any confidentiality agreement or otherwise. Note
Slide 3: Agenda
Agenda Financial Overview 2 Appendix 4 Business and Market Overview 1 Incremental Company Information 3
Slide 4: Wolfspeed well-positioned for growth in the silicon carbide industry
Silicon carbide serves mission-critical sectors including auto, AI data centers, energy, and aerospace & defense Investment in purpose-built 200mm greenfield facilities anticipated to generate tremendous returns at scale Wolfspeed is working to lower its breakeven point and accelerate its path to pr
Slide 5: SiC device market is forecast to reach ~$11B by 2030
SiC device market is forecast to reach ~$11B by 2030 Yole Group forecasts the SiC Power Device Market to more than triple between 2024 and 2030, growing at a 22% CAGR The automotive industry remains the primary driver of SiC growth, accounting for ~70% of the SiC device market with an estimated 23%
Slide 6: Wolfspeed at a Glance
35+ years Wolfspeed has been vertically integrated making silicon carbide semiconductors #1 Producer of silicon carbide materials 1st Commercially available fully qualified silicon carbide MOSFET ~40% of total SiC wafers produced globally in 2024 WOLFSPEED AT A GLANCE By the Numbers ~90% of total Si
Slide 7: Leading pure play, vertically integrated silicon carbide company
Wolfspeed is A leading pure play, vertically integrated silicon carbide company with a customer base of industry leaders Materials Silicon Carbide Crystals Wafers and Epitaxy Wafer Fabrication (Bare Die) Devices Packaged Parts (MOSFETs, Diodes, Power Modules) $392M FY24 Rev $416M FY24 Rev Automotive
Slide 8: Silicon carbide is an essential solution for mid to high power applications
Electric Vehicles Defense Industry Electrification Require less battery, enhancing car design; faster charging and longer range Inverter On Board Charger DC-DC Converter Enables more efficient solutions with higher current density and reliability Military Vehicles (land/sea/air) Pulsed Power Applica
Slide 9: Leader in the industry's transition to 200mm wafers
As customers convert to silicon carbide, Wolfspeed is a leader in the sic industry’s transition to 200mm wafers More devices from a single wafer with enhanced productivity and efficiency 32 mm2 die 150 mm 200 mm # whole die 448 845 % edge die 14 7
Slide 10: Purpose-built silicon carbide fab: impact on costs and gross margins
PURPOSE-BUILT SILICON CARBIDE FAB – IMPACT ON COSTS AND GROSS MARGINS Future Power Device revenue is in 200mm >50% Die Cost Reduction Durham Fab Mohawk Valley Fab Durham Mohawk Valley Diameter 150mm 200mm Automation Low Full Labor Costs ~40% ~10% Yield Base Base * 1.25 Die cost Base Base * 0.5 SiC P
Slide 11: First mover advantage in 200mm allows for significant volume trajectory
first mover advantage in 200MM allows for significant volume trajectory 2023 2024 2025 2026 2027+ Czech Republic – Multi-Year SiC Investment Easton, PA – Production began in Q3’24 Miyazaki plant – Production in FY25 Chikugo plant – Production in FY25 The JP Siler City – Begin in H1’25 and 10x produc
Slide 12: Significant progress made to simplify 200mm footprint
Significant progress made to simplify state of the art, fully-automated 200mm footprint to serve industry’s top customers Crystal growth and substrate processing generating solid output and yields Level of productivity allows for a more measured ramp and measured level of spend on the JP Materials:
Slide 13: Annual design-ins deliver long tail revenue opportunity
ANNUAL DESIGN-INS DELIVER LONG TAIL REVENUE OPPORTUNITY Illustrative Revenue Profile from Auto Design-In 2-4 Years Design Cycle Design cycles, while long, are sticky and create multi-year revenue streams Identification NBO Supplier Selection Process Commitment DIN Design & Qualification SOP DWIN
Slide 14: Power device design-ins and design-wins
FY2021 FY2020 FY2022 $1.5B of Power Device Design-Ins in FY25 Q2 ~$30B of cumulative Power Design-Ins since FY20 $0.7B of Power Design-Wins in FY25 Q2 Previously announced Design-Wins are ramping, delivering power revenue growth, largely driven by EV customers $12B+ of cumulative Power Design-Wins s
Slide 15: Agenda
Agenda Financial Overview 2 Appendix 4 Business and Market Overview 1 Incremental Company Information 3
Slide 16: Wolfspeed financial outlook - summary
Wolfspeed financial outlook - summary Demand outlook for FY26: - Ramp in Auto DWINs - I&E: signs of recovery – customer escalations, channel inventories - Materials: weaker 150mm demand, focus on ramping 200mm We believe financials are right-sized based on target FY26 revenues of $850m: - Capacity a
Slide 17: Financial Outlook: Income statement (Non-GAAP view)
Financial Outlook: Income statement (Non-gaap view) ($ in millions) Note – Subtotals may deviate slightly from addition of discrete line items due to rounding 1 Other Opex includes R&D, SG&A, and other additional operating expenses
Slide 18: Financial Outlook: Operating Cash Flow (Non-GAAP view)
Financial Outlook: Operating Cash Flow (Non-gaap view) ($ in millions) Notes: FY’25 comprises three quarters of actuals and one quarter estimate Purely for illustrative purposes, does not include CHIPS Act funding; CHIPS Act discussions between the Company and Federal stakeholders are ongoing, and t
Slide 19: Agenda
Agenda Financial Overview 2 Appendix 4 Business and Market Overview 1 Incremental Company Information 3
Slide 20: Facility utilization detail
Facility utilization detail FY24 Projected FY25 Projected FY29 Mohawk Valley Revenue $84 $270 $1,000 Mohawk Valley Utilization 12% 20% 50% % of MVF Supplied by Durham 100% 100% 70% % of MVF Supplied by the JP 0% 0% 30% ($ in millions)
Slide 21: Projected revenue contribution detail
Projected Revenue Contribution detail FY25 FY26 FY27 FY28 FY29 Total Device Revenue $410 $600 $675 $850 $1,000 Revenue Forecast for Top 5 Auto Customers $225 $250 $275 $310 $350 Top 5 % of Total Device Revenue 55% 42% 41% 36% 35% ($ in millions)
Slide 22: Projected power revenue detail
Projected Power revenue detail FY26 FY27 FY28 FY29 Power Device Revenue Forecast $600 $675 $850 $1,000 Design-Ins (DIN) 170 312 438 551 Design-Wins (DWIN) 482 585 698 686 Total DIN / DWIN $652 $897 $1,136 $1,237 DIN / DWIN as a % of Revenue Forecast 109% 133% 134% 124% ($ in millions)
Slide 23: Historical cycle times (80th percentile)
Historical cycle times (80th percentile) (in days) Wolfspeed Gen3 MOSFET Running in Production at MVF 1 Cycle times include the back end of line processes performed at Carsem, an outsourcing packaging partner in Malaysia
Slide 24: Week cash flow forecast
13 Week cash Flow Forecast – As of June 9
Slide 25: Agenda
Agenda Financial Overview 2 Appendix 4 Business and Market Overview 1 Incremental Company Information 3
Slide 26: Glossary of terms
Glossary of terms Battery Electric Vehicles (BEVs): Battery Electric Vehicles are fully electric vehicles that rely solely on an electric motor powered by a rechargeable battery pack. BEVs do not have an internal combustion engine and produce zero tailpipe emissions, making them an environmentally f
Slide 27: Thank You
THANK YOU