Slide 1: Wolfspeed FY26 Q2 Earnings
Wolfspeed FY26 Q2 Earnings February 2026 © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered trademarks and the Wolfspeed logo is a trademark of Wolfspeed, Inc.
Slide 2: Non-GAAP Measures & Forward Looking Statements
NON-GAAP MEASURES & FORWARD LOOKING STATEMENTS Non-GAAP Financial Measures: This presentation highlights the Company's financial results on both a GAAP and a non-GAAP basis. The GAAP results include certain costs, charges and expenses that are excluded from non-GAAP results. By publishing the non-GA
Slide 3: Solid Momentum Across the Business
SOLID MOMENTUM ACROSS THE BUSINESS 50% growth in AI data center revenue QoQ • Recently introduced next-gen TOLT portfolio positions Wolfspeed to capture surging AI data center demand Strengthening balance sheet, ending with $1.3B in cash, including ~$700M from Section 48D cash tax refunds Streamlini
Slide 4: New Era New Energy: Key Initiatives
KEY INITIATIVES 1. Strict Financial Discipline – secure financial strength and stability through execution, doubling down on core end markets, and diversifying revenue in emerging, mid- and NEW ERA high-voltage verticals and materials NEW ENERGY 2. Advance Technology Leadership – by significantly im
Slide 5: Positioned to Win in Silicon Carbide
Scale, Innovation, and Execution POSITIONED TO WIN IN SILICON CARBIDE Fully Vertically Diversifying Customer Expanding Product Leading SiC Integrated 200mm Base and Go-To- Portfolio to Address Patent Portfolio Footprint Market Channel Customer Needs Secure and stable, U.S. based Doubling down on Thi
Slide 6: America's First and Only Scalable 200mm SiC Supply Chain
Marcy, NY Device Fabrication AMERICA’S FIRST – AND ONLY – SCALABLE 200mm SiC SUPPLY CHAIN Fayetteville, AR Module R&D, Manufacturing Wolfspeed's Fully Vertically Integrated U.S. Footprint Delivers Secure, Scalable, and Immediate Supply of 200mm Silicon Carbide – From Substrate to Device Durham & Sil
Slide 7: SiC Continues to Take Market Share in High Voltage Applications
SiC CONTINUES TO TAKE MARKET SHARE IN HIGH VOLTAGE APPLICATIONS Company's demonstrated leadership in vertical integration strengthens ability to innovate at speed, scale efficiently, and deliver the highest quality products SiC Key Statistics: 2024 Market - $3.4B SiC is growing at a ~21% CAGR 10 MW
Slide 8: Empowering the Energy Chain for AI Data Centers from Grid-to-Rack
EMPOWERING THE ENERGY CHAIN FOR AI DATA CENTERS FROM GRID-TO-RACK From Clean Energy Generation to AI Compute – 2.3kV+ Enabling the Full Power Delivery Chain with High Voltage SiC MV Energy Storage Power Backup and 10kV+ 10kV+ 2.3kV+ Conditioning Suppliers Nuclear Fusion Power HVDC Transmission Solid
Slide 9: Inside the Data Center: SiC Can Drive Greater Efficiency
INSIDE THE DATA CENTER SiC CAN DRIVE GREATER EFFICIENCY WOLFSPEED: AI data centers revenue up 50% FY26 Q1 to Q2 Std Enterprise : 10kW Rack Scaling From Proven 240V AC AC DC 400V DC DC 48V DC/DC Processor Applications Into High-Growth DC/DC Processor Markets That Demand Power PowerConversion Conversi
Slide 10: Positioned to Win in High Voltage Emerging Market
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 Higher Voltage E- mining Aerospace & Mining Grid Defense Modernization Rail Heavy Grid Energy Solar Equ
Slide 11: FY26 Q2 Financials
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.
Slide 12: FY26 Q2 Financial Highlights
FY26 Q2 FINANCIAL HIGHLIGHTS Solid progress implementing strict financial discipline in areas we control and strengthening the balance sheet 1 Closed Durham 150mm device fab early, benefitting gross margin by $5 million in Q2; Power devices now on 200mm platform 2 Continued to reduce OPEX; down ~$20
Slide 13: FY26 Q2 Financial Overview
FY26 Q2 FINANCIAL OVERVIEW Emphasizing technology leadership with meaningful improvements to operations and profitability Income Revenue Adj. EBITDA Op. Cash Flow Statement & Cash $168M $(82)M $(71)M $75M from Mohawk Valley Strongest comparison to pre- Continued progress Flow Chapter 11 Wolfspeed Ca
Slide 14: Strengthened Financial Position
STRENGTHENED FINANCIAL POSITION Significantly Lowered CapEx, with Continued Reductions Anticipated $400M >90% reduction $31M 2Q25 2Q26 3Q26 4Q26 Demonstrated commitment to disciplined capital allocation and operational efficiency © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstr
Slide 15: Wolfspeed Adopting Fresh Start Accounting Post-Emergence
WOLFSPEED ADOPTING FRESH START ACCOUNTING (FSA) POST-EMERGENCE Under FSA, the income statement is split between a predecessor period ending 9/291 and FSA Fundamentals successor period beginning 9/30 • FSA requires fair values be established for assets, liabilities, and equity as of the date of emerg
Slide 16: Fresh Start Accounting Adjustments
FRESH START ACCOUNTING ADJUSTMENTS 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 Statement Impacts • Q2 Only Impact • $23 million reduction in Q2 GM from step-up in fair value on WIP/FG (one-time
Slide 17: FY26 Q3 Financial Outlook
FY26 Q3 FINANCIAL OUTLOOK Expect to provide update on long-term model by first half of calendar 2026 Revenue $140 million - $160 million Gross Margin Sequential improvement, expected to remain negative Operating Expenses Flat to slightly down Positioning the business for sustainable, profitable grow
Slide 18: © 2026 Wolfspeed, Inc. All rights reserved. Wolfspeed® and the Wolfstreak logo are registered
© 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.
Slide 19: Non-GAAP Reconciliation – Gross Margin
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
Slide 20: Non-GAAP Reconciliation – EBITDA and Adj. EBITDA
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