Wolfspeed, Inc. · NYSE:WOLF
Wolfspeed — Investor Day (November 2021)
132 slides from Wolfspeed's investor day presentation, Nov 17, 2021
Slide 1: Wolfspeed Investor Day
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. N O V E M B E R 1 7 , 2 0 2 1 Wolfspeed Investor Day
Slide 2: Welcome
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. T Y L E R G R O N B A C H , V P O F I N V E S T O R R E L A T I O N S Welcome
Slide 3: Forward-Looking Statements and Non-GAAP Measures
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 3 FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES Note on Forward-Looking Statements This presentati
Slide 4: Agenda
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 4 AGENDA 1 2 3 4 STRATEGIC OVERVIEW Gregg Lowe – President & CEO TECHNOLOGY OVERVIEW John Palmour - C
Slide 5: Strategic Overview
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. G R E G G L O W E | P R E S I D E N T & C E O Strategic Overview
Slide 6: Wolfspeed at a Glance
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 6 $221 $526 FY2017 FY2021 WOLFSPEED AT A GLANCE Company Overview Current Device Pipeline $18B+ $1B+ N
Slide 7: Since We Last Met: Industry Headwinds
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 7 SINCE WE LAST MET The industry has been hit by several near-term headwinds…. 2020 2021 March: May:
Slide 8: Since We Last Met: Transformation into a Global Semiconductor Powerhouse
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 8 SINCE WE LAST MET …but we’ve still managed to transform into a global semiconductor powerhouse Marc
Slide 9: I Took a Bike Ride Recently
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 9 I TOOK A BIKE RIDE RECENTLY… … here’s what I learned.
Slide 10: Wolfspeed Is at an Inflection Point
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 10 WOLFSPEED IS AT AN INFLECTION POINT Key milestones on our transformation Cree is Renamed Wolfspeed
Slide 11: Next Generation in Power Semiconductors Driven by Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 11 1Silicon GaN-SiC THE NEXT GENERATION IN POWER SEMICONDUCTORS WILL BE DRIVEN BY SILICON CARBIDE TEC
Slide 12: Silicon Carbide Unlocking a New Era of Energy Efficiency
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 12 800V bus Silicon Carbide MOSFET solution to 400V bus Si IGBT solution 13 : 1ENERGY SAVED ON ENERGY
Slide 13: Accelerating EV Adoption Driving $330B+ Investment
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 13 ACCELERATING EV ADOPTION DRIVING $330B+ INVESTMENT Global OEMs and Corporates have made significan
Slide 14: Automotive Outlook: PHEV and BEV
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 14 AUTOMOTIVE OUTLOOK FROM 2019 – SPLIT BETWEEN PHEV & BEV The Battery Is Ready to Power the World FE
Slide 15: Silicon Carbide Gaining Momentum Across Industrial Applications
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 15 7.5kW bi-directional DC-DC Vertical take off and landing vehicleRack mounter server power supply f
Slide 16: Attractive Markets with Ample Runway
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 16 ATTRACTIVE MARKETS WITH AMPLE RUNWAY TO SUPPORT RAPID GROWTH Serviceable Market Opportunity (M) So
Slide 17: Supply Has Become a Key Issue
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 17 SUPPLY HAS BECOME A KEY ISSUE Global Chip Shortage ‘Is Far From Over’ as Wait Times Get Longer OCT
Slide 18: March 2020 – Mohawk Valley
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 18 MARCH 2020 – MOHAWK VALLEY
Slide 19: October 2021
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 19 OCTOBER 2021
Slide 20: Materials Expansion in North Carolina
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 20 MATERIALS EXPANSION IN NORTH CAROLINA
Slide 21: Building a World-Class, Customer-Centric Organization
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 21 BUILDING A WORLD-CLASS, CUSTOMER-CENTRIC ORGANIZATION TO SUPPORT A MULTI-DECADE GROWTH OPPORTUNITY
Slide 22: Why We Win
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 22 WHY WE WIN - FOCUSED ON STEEPENING DEMAND CURVE FOR SILICON CARBIDE SOLUTIONS Expanding leading ma
Slide 23: All
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 23
Slide 24: Harnessing the Power of Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 24 We harness the power of Silicon Carbide to change the world for the better
Slide 25: Technology Overview
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. J O H N P A L M O U R | C T O Technology Overview
Slide 26: Agenda
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 26 AGENDA 1 2 3 MOSFET DEVELOPMENT 650 V family and 1200 V Gen 3+ MODULES FOR INVERTERS Power module demonstration 200mm SUBSTRATES 200mm
Slide 27: Current Status of 200mm Substrates
C U R R E N T S T A T U S O F 2 0 0 m m S U B S T R A T E S
Slide 28: Die Count Advantage of Moving to 200mm SiC Wafers
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 28 INCREASED DIE COUNT ADVANTAGE OF MOVING TO 200mm SiC WAFERS 150mm 200mm # whole die 448 845 % edge die 14 7 produce more devices from a
Slide 29: 200mm Substrate and Epiwafer Quality
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 29 200mm Substrate – Micropipe Density • 2.03 micropipes/cm2 – Lattice Plane Radius Curvature • >75 meters 200mm Epiwafer – Radial Doping
Slide 30: Cross Polarization Image of a 200mm Wafer
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 30 CROSS POLARIZATION (XPOL) IMAGE OF A 200mm WAFER FROM DEC 2019 Cross-polarizer image highlights crystalline structural imperfections
Slide 31: 200mm Quality Improvement Status
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 31 200mm QUALITY IMPROVEMENT STATUS – HIGH CONTRAST XPOL Cross-polarized image shows very good structural quality Basal Plane Dislocation
Slide 32: 200mm Surface Quality After CMP
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 32 200mm – SURFACE QUALITY AFTER CHEMO-MECHANICAL POLISH (CMP) 5x5 mm Die Yield = 96.1% 2x2 mm Die Yield = 99.2% Total Defects = 66 Projec
Slide 33: Fully Fabbed 200mm MOSFET Wafer from SUNY Poly Pilot Line
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 33 FULLY FABBED 200mm MOSFET WAFER FROM SUNY POLY PILOT LINE
Slide 34: Latest SiC MOSFET Developments
L A T E S T S i C M O S F E T D E V E L O P M E N T S : - 6 5 0 V M O S F E T F A M I L Y - G E N 3 + 1 2 0 0 V M O S F E T s
Slide 35: C3M 650V SiC Discrete Power MOSFETs
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 35 WOLFSPEED C3M 650V SiC DISCRETE POWER MOSFETS TO-247-4L (K) TO-263-7L (J) TO-247-3L (D) TARGET TOPOLOGIES Available Packages BRIDGELESS
Slide 36: Industry-Leading Performance: SiC vs SiC
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 36 INDUSTRY-LEADING PERFORMANCE: SiC VS SiC Competitor A Competitor B Competitor CWolfspeed 1.6 1.5 1.4 1.3 1.2 1.1 1.0 0.9 -50 -25 0 25 5
Slide 37: System Efficiency: Synchronous DC/DC Boost Converter
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 37 SYSTEM EFFICIENCY: SYNCHRONOUS DC/DC BOOST CONVERTER Wolfspeed 650V SiC MOSFET vs Competition in a Sync. Boost Converter Wolfspeed Gen
Slide 38: System Efficiency: Power Loss vs Output Power
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 38 SYSTEM EFFICIENCY: POWER LOSS vs OUTPUT POWER SiC Competition Wolfspeed 650V SiC Test Platform Buck/Boost Board – Sync. Boost Mode Sync
Slide 39: Hex Cell for Increased Channel Density on 650V Gen 3
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 39 HEX CELL FOR INCREASED CHANNEL DENSITY IMPLEMENTED ON 650V GEN 3 • Hex cell originally implemented on C3D and E3D 650V MOSFETs • Reduce
Slide 40: Hex Cell on 1200V Gen 3+
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 40 HEX CELL FOR INCREASED CHANNEL DENSITY IMPLEMENTED ON 1200V GEN 3+ Hex Cell Performance 650V Gen 3 • Rdson-spec. = 2.3 mW-cm2 • Minimum
Slide 41: SiC Power Module Capabilities
S i C P O W E R M O D U L E C A P A B I L I T I E S
Slide 42: SiC Power Solutions
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 42 SiC POWER SOLUTIONS Medium- to High-Power Solutions Complete the Design Continuum Wolfspeed WolfPACK™ Family 1 kW 10 kW 50 kW 100 kW 60
Slide 43: XM3 Dual Inverter System
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 43 XM3 DUAL INVERTER SYSTEM • Compact metal enclosure only 8.6 L and 9.7 kg • Dimensions: 204 x 267.5 x 157.5 mm • Output terminals enable
Slide 44: Power Density Allowed with the XM3 Module
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 44 INCREDIBLE POWER DENSITY ALLOWED WITH THE XM3 MODULE Competitor CRD300DA12E-XM3 CRD600DA12E-XM3 Semiconductor Si IGBT SiC SiC Type Sing
Slide 45: How Big Is 8.6 Liters?
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 45 INCREDIBLE POWER DENSITY ALLOWED WITH THE XM3 MODULE How big is 8.6 liters? A regulation soccer ball is 5.8 liters
Slide 46: Wolfspeed's Strong Patent Position
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 46 WOLFSPEED’S STRONG PATENT POSITION 2,939 issued and pending worldwide patents Materials Issued (360) Materials Pending (52) RF Issued (
Slide 47: Do Silicon Carbide MOSFETs Actually Save Energy Overall?
D O S I L I C O N C A R B I D E M O S F E T S A C T U A L L Y S A V E E N E R G Y O V E R A L L ? E S O I – E N E R G Y S A V E D O N E N E R G Y I N V E S T E D A S M E T R I C
Slide 48: Sources of Embedded Energy
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 48 Sources of Embedded Energy Percentage of Embedded Energy ACCOUNTED FOR ALL ENERGY REQUIRED TO MAKE SiC MOSFETS Electricity: Accounted f
Slide 49: ESOI – EV Sedan Application
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 49 ESOI – EV SEDAN APPLICATION RETURN ON EXTRA ENERGY Increasing bus voltage from 400V to 800V: • reduces total chip area (assumption is b
Slide 50: Energy Saved per Car Using Silicon Carbide
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 50 ENERGY SAVED PER CAR USING SILICON CARBIDE *Assumes US average residential electricity price: $0.1371/kWh Lifetime GHG emissions reduce
Slide 51: ESOI for Industrial Applications
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 51 THE ESOI FOR SiC MOSFETS IS EVEN MORE DRAMATIC FOR INDUSTRIAL APPLICATIONS ESOI FOR 50 kW PV SYSTEM WITH SiC STRING INVERTER Phoenix, A
Slide 52: Why We Win – Technology
© 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 52 WHY WE WIN – TECHNOLOGY 200mm wafers show very good structural quality with minimum birefringent contrast over the entire 200mm wafer F
Slide 53: Harnessing the Power of Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 53 We harness the power of Silicon Carbide to change the world for the better
Slide 54: Power
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. J A Y C A M E R O N | S V P & G M , P O W E R Power
Slide 55: Wolfspeed Power Device Opportunity
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 55 WOLFSPEED POWER DEVICE OPPORTUNITY • Battery Electric Vehicle (BEV) ramp • Energy efficiency requi
Slide 56: Power Device Portfolio
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 56 POWER DEVICE PORTFOLIO Power ModulesPower Die ProductsDiscrete Power Devices Broad applications ac
Slide 57: Power Device Opportunity: Industrial & Energy
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 57 WOLFSPEED POWER DEVICE OPPORTUNITY: INDUSTRIAL & ENERGY • Electric vehicle fast charging infrastru
Slide 58: Secular Trends in Industrial Devices
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 58 POWERFUL SECULAR TRENDS DRIVING GROWTH OPPORTUNITIES IN INDUSTRIAL & ENERGY DEVICES Market Segment
Slide 59: Secular Trends in Energy Devices
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 59 Market Segment Trend Solar Higher voltage, paired with storage, increased share of energy producti
Slide 60: Silicon Carbide Wins in Industrial & Energy
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 60 SILICON CARBIDE WINS IN INDUSTRIAL & ENERGY Sales channel matched to opportunity – Wolfspeed for f
Slide 61: Power Device Opportunity: Automotive
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 61 WOLFSPEED POWER DEVICE OPPORTUNITY: AUTOMOTIVE • Automakers transition aggressively from internal
Slide 62: Silicon Carbide Wins in Automotive
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 62 Silicon Carbide Fundamental Advantages Higher efficiency Range, cooling system Higher power densit
Slide 63: Wolfspeed Assurance of Supply Program
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 63 Months to Vehicle Production 36 24New fab construction decision Add tools to existing fab Volume s
Slide 64: Why We Win – Power
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 64 WHY WE WIN - POWER Market conditions for Silicon Carbide adoption are favorable across Automotive
Slide 65: Harnessing the Power of Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 65 We harness the power of Silicon Carbide to change the world for the better
Slide 66: RF Power
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. G E R H A R D W O L F | S V P & G M , R F P O W E R RF Power
Slide 67: Communication Infrastructure Industry Trends
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 67 COMMUNICATION INFRASTRUCTURE INDUSTRY TRENDS – CONNECTIVITY EVERYWHERE & EXPLOSIVE GROWTH IN DATA
Slide 68: Aerospace & Defense Trends – Phased Array Radar
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 68 AEROSPACE & DEFENSE INDUSTRY TRENDS – RADAR SYSTEMS MIGRATING TO PHASED ARRAY ANTENNAS (Multiple e
Slide 69: RF Device Market Expanding to $2.9B
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 69 RF DEVICE MARKET EXPANDING TO $2.9B 2022 2024 2026 RF Device Market (M) $2,100M $2,400M $2,900M Hi
Slide 70: Why Gallium Nitride-on-Silicon Carbide?
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 70 WHY GALLIUM NITRIDE-ON-SILICON CARBIDE? Customer Benefits ✓ High efficiency solutions → Lower powe
Slide 71: GaN Applications & Advantages in Communications Infrastructure
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 71 GAN APPLICATIONS & ADVANTAGES IN COMMUNICATIONS INFRASTRUCTURE Up to 87% less power/Mb More than 1
Slide 72: GaN-on-SiC Improves System Performance
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 72 • Lower power consumption with higher performance • Smaller, lighter equipment 0 200 400 600 Up to
Slide 73: RF Power Business Strategy
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 73 RF POWER BUSINESS STRATEGY Drive value with vertical integration and technology leadership Support
Slide 74: Why We Win – RF Power
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 74 WHY WE WIN – RF POWER 800+ BILLION FIELD HOURS Failure-in-time rates lower than Si MORE THAN 50 MI
Slide 75: Harnessing the Power of Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 75 We harness the power of Silicon Carbide to change the world for the better
Slide 76: Materials
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. C E N G I Z B A L K A S | S V P & G M , M A T E R I A L S Materials
Slide 77: Wolfspeed Materials: Mission
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 77 WOLFSPEED MATERIALS: MISSION Accelerate the industry conversion from silicon to Silicon Carbide in
Slide 78: Materials Strategy: Intact and Unchanged
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 78 MATERIALS STRATEGY: INTACT AND UNCHANGED Maintain leading global market share Expand capacity to a
Slide 79: Silicon Carbide Materials Market Expanding to $1B+ by 2024
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 79 SILICON CARBIDE MATERIALS MARKET EXPANDING TO $1B+ BY 2024 2022 2024 2026 Power RF 2.5x $1,700M $7
Slide 80: Market Leadership: SiC Wafer Market Share
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 80 • Wolfspeed has long-term stable market share of >60% • Wolfspeed recognized as a technology leade
Slide 81: Winning in Materials – Key Deals Announced
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 81 WINNING IN MATERIALS – KEY DEALS ANNOUNCED Wolfspeed wafers are driving the transition in the powe
Slide 82: Scale and Cycles of Learning
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 82 SCALE AND CYCLES OF LEARNING Value Safety Large Diameter 30+ years Internal and External Feedback
Slide 83: From Demonstration to Full Manufacturing Takes Years
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 83 FROM DEMONSTRATION TO FULL MANUFACTURING FOR SILICON CARBIDE WAFERS TAKES YEARS Demonstration • In
Slide 84: Materials Product Portfolio
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 84 MATERIALS PRODUCT PORTFOLIO Wolfspeed is the only commercial provider of a full suite of Silicon C
Slide 85: Silicon Carbide Epitaxy
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 85 SILICON CARBIDE EPITAXY Epitaxy Process – critical for device design, performance, and quality Sil
Slide 86: Leading Volume Supplier: By the Numbers
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 86 LEADING VOLUME SUPPLIER: BY THE NUMBERS Over the past 10 years, Wolfspeed has manufactured >615 mi
Slide 87: Why We Win – Materials
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 87 WHY WE WIN - MATERIALS World class R&D and operations team focused solely on Silicon Carbide and G
Slide 88: Harnessing the Power of Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 88 We harness the power of Silicon Carbide to change the world for the better
Slide 89: Customer Fireside Chat with ZF
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. M O D E R A T E D B Y K E N R I C M I L L E R | V P , G L O B A L S A L E S & M A R K E T I N G , A U
Slide 90: Pipeline Development - Components
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. T H O M A S W E S S E L | S V P , G L O B A L S A L E S & M A R K E T I N G Pipeline Development - Co
Slide 91: Current Pipeline > $18B
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 91 CURRENT PIPELINE > $18B 2022 2023 2024 2025 2026 2027 AUTO NON-AUTO $ M IL LI O N S Auto represent
Slide 92: Pipeline Development by Segment
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 92 AUTOMOTIVE INDUSTRIAL & ENERGY RF Beg FY20 Beg FY21 Beg FY22 Beg FY20 Beg FY21 Beg FY22 AUTOMOTIVE
Slide 93: FY21 Design-In Details
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 93 * FY21 DESIGN IN DETAILS *ELR=Estimated Lifetime Revenue
Slide 94: Direct Distribution and Channel Pipeline
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 94 DIRECT DISTRIBUTION Pipeline # of Projects (excl Verticals) DIRECT DISTRIBUTION Pipeline $ (excl V
Slide 95: FY21 Design-In Revenue Profile
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 95 FY21 DESIGN IN - REVENUE PROFILE $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 $400
Slide 96: Why We Win – Pipeline Development, Components
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 96 Why We Win – Pipeline Development, Components Auto opportunities proliferating across all major OE
Slide 97: Harnessing the Power of Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 97 We harness the power of Silicon Carbide to change the world for the better
Slide 98: Capacity Update
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. R E X F E L T O N | S V P , F A B O P E R A T I O N S Capacity Update
Slide 99: Global Operations Vision: Cutting Down the Nets in FY24
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 99 Global Operations Vision: Cutting Down the Nets in FY24 Safe, Right, Fast Mentality ~$1.5B Revenue
Slide 100: World Class Operating System
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 100 WORLD CLASS OPERATING SYSTEM Cost CPP, Productivity, MOOI RTP → Durham Transfers Durham →MV Safet
Slide 101: Global Operations - Manufacturing High Level Strategy
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 101 GLOBAL OPERATIONS - MANUFACTURING HIGH LEVEL STRATEGY Short Term: Expansion of Power capabilities
Slide 102: Silicon Carbide Substrate Capacity
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 102 SILICON CARBIDE SUBSTRATE CAPACITY FY2022 FY2024 FY2026 Silicon Carbide Substrate Capacity (sq. c
Slide 103: Materials Expansion
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 103 MATERIALS EXPANSION Existing Footprint Future Footprint
Slide 104: SiC MOSFET Bare Die Manufacturing Locations
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 104 WOLFSPEED SIC MOSFET – BARE DIE MANUFACTURING LOCATIONS NORTH CAROLINA WAFER FABS RTP Fab: 1,495m
Slide 105: NC Fab - New Leadership and Call to Action in FY22
105 NC FAB - NEW LEADERSHIP AND CALL TO ACTION IN FY22 FOCUS ON UTILIZATION OF KEY TOOLS Established a key tool list 7X24 Focus (all modules / shifts) on performance of identified tools Prioritize Key Tool Downs over other Equipment Downs STRATEGIC LINE MANAGEMENT Established run plans for bottlenec
Slide 106: Power MOSFET Supply – MVF Ramp
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 106 POWER MOSFET SUPPLY – MVF RAMP COGS Impact 2021 2022 2024 2026 Wolfspeed Power Wafer Capacity • F
Slide 107: Mohawk Valley Fab: Construction Update
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 107 MOHAWK VALLEY FAB: CONSTRUCTION UPDATE Fab Class 100 cleanroom on Level 3 is complete and meets e
Slide 108: Mohawk Valley Fab: Automation
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 108 https://teams.microsoft.com/_#/files/Systems%20Automation?threadId=19%3Aa279766ed2034d958a86ebd36
Slide 109: Driving SiC Manufacturing Cost Structure
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 109 Invested in the resources to drive significant yield and cycle-time improvements over the next 3
Slide 110: Why We Win – Capacity
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 110 • Wolfspeed’s Leadership in RF WHY WE WIN – CAPACITY Operational footprint strategy maximizes rev
Slide 111: Harnessing the Power of Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 111 We harness the power of Silicon Carbide to change the world for the better
Slide 112: Long-Term Outlook
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. N E I L L R E Y N O L D S | E V P & C F O Long-Term Outlook
Slide 113: Key Financial Highlights & Takeaways
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 113 KEY FINANCIAL HIGHLIGHTS & TAKEAWAYS Business and portfolio is focused and work continues FY2026
Slide 114: Market Is Rapidly Growing - Uniquely Positioned to Capture Share
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 114 Automotive Device Opportunity in FY2026 Inverter OBC DC/DC MARKET IS RAPIDLY GROWING - UNIQUELY P
Slide 115: Wolfspeed Revenue Growing Faster Than the Market
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 115 WOLFSPEED REVENUE GROWING FASTER THAN THE MARKET • Revenue driven by strength across all product
Slide 116: Global Semiconductor Powerhouse; Well-Positioned for EV, Industrial and 5G
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 116 FY2019 - 2021 FY2022 - 2023 FY2024 FY2026+ GLOBAL SEMICONDUCTOR POWERHOUSE; WELL-POSITIONED TO CA
Slide 117: Mohawk Valley Scale, 200mm and Yields Drive Gross Margin
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 117 MOHAWK VALLEY SCALE, 200mm DIAMETER CHANGE, AND IMPROVING YIELDS TO DRIVE GROSS MARGIN PERFORMANC
Slide 118: Clear Path to Gross Margin Expansion
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 118 CLEAR PATH TO GROSS MARGIN EXPANSION ¹Excludes ~2% to 3% impact of corporate items. See Appendix
Slide 119: Revenue Expansion Provides Operating Leverage
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 119 REVENUE EXPANSION PROVIDES OPERATING LEVERAGE AS INVESTMENT PAYBACKS REALIZED • Investments in R&
Slide 120: Capital and Cash Flow
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 120 CAPITAL AND CASH FLOW FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2021 FY2022 FY2023 FY2024 FY202
Slide 121: Wolfspeed Target Operating Model
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 121 FY2024 FY2026 Revenue $1.5B $2.1B CAGR vs 2021 40%+ 30%+ GM% (Non-GAAP)1,2 ~50% 50-54% OPEX% (Non
Slide 122: Why We Win - Leading Global Semiconductor Powerhouse
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 122 WHY WE WIN - SUCCESSFULLY TRANSFORMED INTO A LEADING GLOBAL SEMICONDUCTOR POWERHOUSE Invested $1B
Slide 123: Harnessing the Power of Silicon Carbide
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 123 We harness the power of Silicon Carbide to change the world for the better
Slide 124: Question & Answer Session
Q U E S T I O N & A N S W E R S E S S I O N
Slide 125: Conversation Kiosks
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 125 1 2 3 4 5 C O N V E R S A T I O N K I O S K S Our People Technology Leadership Automotive Trends
Slide 126: Appendix
A P P E N D I X
Slide 127: Non-GAAP Reconciliation: Gross Margin %
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 127 NON-GAAP RECONCILIATION: GROSS MARGIN % FY2022-FY2023 FY2024-FY2025 FY2026+ GAAP Gross Margin% Lo
Slide 128: Non-GAAP Reconciliation: Operating Expense % of Revenue
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 128 NON-GAAP RECONCILIATION: OPERATING EXPENSE % OF REVENUE ($M) FY2021 FY2026 GAAP OPEX % 91% ~28% A
Slide 129: Non-GAAP Reconciliation: EBIT
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 129 NON-GAAP RECONCILIATION: EBIT ($M) FY2024 FY2026 GAAP Net Income ~$559 $297 - $402 Adjustments: S
Slide 130: Reconciliation: Free Cash Flow
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 130 RECONCILIATION: FREE CASH FLOW ($M) FY2024 FY2026 Cash Provided by Operating Activities $475 $720
Slide 131: Non-GAAP Excluded Items
WOLFSPEED CONFIDENTIAL & PROPRIETARY © 2021 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc. 131 Wolfspeed excludes the following items from one or more of its non-GAAP measures when applicable:
Slide 132: Thank You
THANK YOU