Slide 1: Wolfspeed Reports Financial Results for the First Quarter of Fiscal 2026
Wolfspeed Reports Financial Results for the First Quarter of Fiscal 2026 Delivered Strong Quarterly Results While Navigating Emergence from Chapter 11 Focusing the Company on Product Innovation and Technology Leadership in High-Growth Verticals DURHAM, N.C. October 29, 2025 -- Wolfspeed, Inc. (NYSE:
Slide 2: Chapter 11 Emergence & Recapitalization; Quarterly Conference Call
Wolfspeed plans to provide a comprehensive financial update in the first half of calendar 2026, but will not otherwise be updating its long-term model or guidance before then. Chapter 11 Emergence & Recapitalization: On September 29, 2025, Wolfspeed emerged from Chapter 11. The Company was able to m
Slide 3: Forward-looking statements
Wolfspeed's recent restructuring and the expected strength of its capital structure, and Wolfspeed's ability to design and sell products for new industries. Actual results could differ materially due to a number of factors, including but not limited to, risks and uncertainties associated with Wolfsp
Slide 4: Forward-looking statements disclaimer (continued)
laws and the rules and regulations of the SEC, Wolfspeed disclaims any intent or obligation to update any forward-looking statements after the date of this press release, whether as a result of new information, future events, developments, changes in assumptions or otherwise. Wolfspeed® is a registe
Slide 5: Condensed Consolidated Statements of Operations
WOLFSPEED, INC. (DEBTOR-IN-POSSESSION) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months ended (in millions of U.S. Dollars, except per share data) September 28, 2025 September 29, 2024 Revenue, net $196.8 $194.7 Cost of revenue, net 273.9 230.9 Gross (loss) profit (77.1) (36.
Slide 6: Condensed Consolidated Balance Sheets
WOLFSPEED, INC. (DEBTOR-IN-POSSESSION) CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions of U.S. Dollars) September 28, 2025 June 29, 2025 Assets Current assets: Cash, cash equivalents, and short-term investments $926.0 $955.4 Accounts receivable, net 155.6 178.8 Inventories, net 385.5
Slide 7: Consolidated Statements of Cash Flows
WOLFSPEED, INC. (DEBTOR-IN-POSSESSION) CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three months ended (in millions of U.S. Dollars) September 28, 2025 September 29, 2024 Operating activities: Net loss ($643.6) ($282.2) Adjustments to reconcile net loss to cash used in operating activities of c
Slide 8: Product Line Revenue; Non-GAAP Measures of Financial Performance
Product Line Revenue Three months ended (in millions of U.S. Dollars) September 28, 2025 September 29, 2024 Power Products $131.8 $97.1 Materials Products 65.0 97.6 Total $196.8 $194.7 Non-GAAP Measures of Financial Performance To supplement the Company's consolidated financial statements presented
Slide 9: Non-GAAP adjustment definitions
Gain on RTP fab transfer. Wolfspeed recognized a gain on the contracts that were connected to the sale of its Radio Frequency product line when the RTP Fab Transfer was completed on July 25, 2025. Wolfspeed does not believe this gain is reflective of ongoing operating results. Asset impairment. Wolf
Slide 10: Non-GAAP measures and free cash flow definition
Wolfspeed may incur some of these same expenses, including income taxes associated with these expenses, in future periods. In addition to the non-GAAP measures discussed above, Wolfspeed also uses free cash flow as a measure of operating performance and liquidity. Free cash flow represents operating
Slide 11: Reconciliation of GAAP to Non-GAAP Measures
WOLFSPEED, INC. Reconciliation of GAAP to Non-GAAP Measures (in millions of U.S. Dollars, except per share amounts and percentages) (unaudited) Non-GAAP Gross Margin Three months ended September 28, 2025 September 29, 2024 GAAP gross loss ($77.1) ($36.2) GAAP gross margin percentage (39)% (19)% Adju
Slide 12: Non-GAAP Non-Operating Income (Expense), net
Non-GAAP Non-Operating Income (Expense), net Three months ended September 28, 2025 September 29, 2024 GAAP non-operating expense, net ($482.1) ($51.7) Adjustments: Reorganization items, net 503.8 — Loss on equity investment 10.9 — Amortization of discount and debt issuance costs, net of capitalized
Slide 13: Adjusted EBITDA
Adjusted EBITDA Three months ended September 28, September 29, 2025 2024 GAAP net loss ($643.6) ($282.2) Reconciling items to EBITDA (Non-GAAP) Income tax (benefit) expense 0.1 0.4 Interest (income) expense, net (8.2) 42.3 Depreciation and amortization 69.3 71.1 EBITDA (Non-GAAP) (582.4) (168.4) Rec
Slide 14: Contact
Contact: Tyler Gronbach Wolfspeed, Inc. Vice President of External Affairs Phone: 919-407-4820 investorrelations@wolfspeed.com Source: Wolfspeed, Inc. 14