Financial Data and Key Metrics Changes - The company generated $168 million in total revenue for Q2, aligning with the midpoint of the guidance range provided last quarter [19] - Power revenue was $118 million, with Mohawk Valley contributing approximately $75 million, reflecting a mix of weaker automotive market and fast-growing mid to high-voltage revenue [19] - Non-GAAP gross margin for Q2 was -34%, impacted by Fresh Start Accounting and underutilization costs [20][21] - Adjusted EBITDA for Q2 was negative $82 million, largely affected by Fresh Start Accounting implications and underutilization [22] Business Line Data and Key Metrics Changes - AI data center revenue grew by 50% quarter-over-quarter, indicating strong traction in this segment [11] - Power revenue is linked to good traction in AI and data center space, while materials revenue was $50 million, driven by tightening demand and increased competition [19][20] - The company has transitioned its entire device platform to a higher efficiency, 200mm manufacturing, completing the shutdown of all 150mm ahead of schedule [8] Market Data and Key Metrics Changes - The automotive market remains volatile, with muted EV demand due to macroeconomic factors such as higher interest rates and excess supply [9][10] - The company is seeing strong momentum in AI data centers, with expectations of significant growth in power density and efficiency requirements [11] - The U.S. government has recognized silicon carbide as strategically significant to national security, enhancing the company's position in defense and aerospace markets [14] Company Strategy and Development Direction - The company is focusing on diversifying its revenue base across four key verticals: automotive, industrial and energy, aerospace and defense, and materials [9] - A commitment to strict financial discipline, advancing technology leadership, and driving operational excellence is central to the company's strategy [5][6] - The company aims to leverage its vertically integrated 200mm footprint to enhance its competitive position in both devices and materials [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic demand environment, particularly in the EV market, but remains optimistic about long-term growth driven by electrification and silicon carbide adoption [31] - The company expects revenues for Q3 to be between $140 million and $160 million, primarily due to accelerated customer purchases in Q1 and ongoing softness in EV demand [29][30] - Management emphasizes the importance of maintaining a strong balance sheet and cash position to support strategic priorities [24] Other Important Information - The company has received $700 million in cash tax refunds and has a cash position of $1.3 billion, enhancing liquidity [7][24] - Fresh Start Accounting has resulted in a reset of the company's financials, impacting comparability with prior periods [26][28] - The company has completed the distribution of equity shares to Renesas and legacy shareholders, with total shares outstanding now at 45.1 million [28] Q&A Session Summary Question: Insights on key segments like AI, grid modernization, and data centers - Management is pivoting from a focus solely on EVs to a more application-oriented approach, emphasizing automotive, industrial energy, and aerospace and defense [34] Question: Financials and balance sheet expectations - Management is exploring refinancing options for first lien debt and is aware of the high cost of capital [36][38] Question: AI data center revenue specifics - AI data center revenue consists of multiple applications, including energy generation, storage systems, and solid-state transformers [44] Question: Stability and growth outlook - The transition from 150mm to 200mm devices is complete, and management is optimistic about long-term growth despite current market volatility [48] Question: Wolfspeed's positioning in the EV market - The partnership with Toyota highlights the company's commitment to quality and its ability to meet customer needs in the EV space [62]

Financial Data and Key Metrics Changes - The company generated $168 million in total revenue for Q2, aligning with the midpoint of the guidance range provided last quarter [19] - Power revenue was $118 million, with Mohawk Valley contributing approximately $75 million, reflecting a mix of weaker automotive market and fast-growing mid to high-voltage revenue [19] - Non-GAAP gross margin for Q2 was -34%, impacted by Fresh Start Accounting and underutilization costs [20][21] - Adjusted EBITDA for Q2 was negative $82 million, largely affected by Fresh Start Accounting implications and underutilization [22] Business Line Data and Key Metrics Changes - AI data center revenue grew by 50% quarter-over-quarter, indicating strong momentum in this segment [11] - Materials revenue was $50 million, driven by tightening demand and increased competition [20] - The automotive segment remains a core market despite challenges, with a focus on efficiency and power density [9][10] Market Data and Key Metrics Changes - The company is experiencing a softer demand environment in the automotive sector due to macroeconomic factors and structural changes [10] - Silicon carbide technology is gaining traction in high-voltage applications, positioning it as a preferred technology over silicon and GaN [10] - The AI data center market is evolving, with a shift towards higher power density requirements, which aligns with the company's strengths [11] Company Strategy and Development Direction - The company is focusing on diversifying its revenue base across key verticals: automotive, industrial and energy, aerospace and defense, and materials [9] - A commitment to strict financial discipline and operational excellence is central to the company's strategy [5][8] - The company aims to leverage its vertically integrated 200mm footprint to enhance its technology leadership and operational efficiency [7][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic demand picture, particularly in the EV market, but remains optimistic about long-term growth driven by electrification trends [31] - The company expects revenues for Q3 to be between $140 million and $160 million, primarily due to accelerated customer purchases in Q1 [29] - Management emphasizes the importance of maintaining a strong balance sheet and cash position to support strategic priorities [24] Other Important Information - The company completed the closure of the Durham 150mm device fab ahead of schedule, which is expected to improve gross margins going forward [21] - The adoption of Fresh Start Accounting has resulted in significant changes to the company's financial structure, including a $1.1 billion gain from emergence [27][28] - The company has received final clearance from CFIUS to allocate equity shares to Renesas, enabling further capital restructuring [28] Q&A Session Summary Question: Insights on key segments like AI, grid modernization, and data centers - Management is pivoting from a focus solely on EVs to a more application-oriented approach, emphasizing automotive, industrial energy, and aerospace [34] Question: Expected interest rate changes and financing strategies - Management is aware of the high cost of capital and is exploring refinancing options for the first lien debt [37][38] Question: AI data center revenue specifics and competitive position - The company is focused on multiple applications in AI data centers, including energy generation, storage systems, and solid-state transformers [45] Question: Stability and growth outlook following customer purchasing trends - Management believes the transition to 200mm devices will stabilize demand, but visibility remains challenging due to market dynamics [48] Question: Wolfspeed's positioning in the EV market post-turbulence - The partnership with Toyota highlights the company's commitment to quality and its ability to meet customer needs in the EV sector [62]

Financial Data and Key Metrics Changes - The company generated $168 million in total revenue for Q2, aligning with the midpoint of the guidance range provided last quarter [17] - Power revenue was $118 million, with Mohawk Valley contributing approximately $75 million, reflecting a mix of weaker automotive market and fast-growing mid to high-voltage revenue [17] - Non-GAAP gross margin for Q2 was -34%, impacted by Fresh Start Accounting and underutilization costs [18] - Adjusted EBITDA for Q2 was negative $82 million, influenced by Fresh Start Accounting implications and underutilization [20] - The company ended the quarter with $1.3 billion in cash and short-term investments, indicating a strong liquidity position [22] Business Line Data and Key Metrics Changes - AI data center revenue grew by 50% quarter-over-quarter, indicating strong momentum in this segment [10] - Materials revenue was $50 million, driven by tightening demand and increased competition [18] - The automotive segment remains a core market despite challenges, with a focus on efficiency, range, and power density [8] Market Data and Key Metrics Changes - The automotive market is experiencing muted demand due to macroeconomic factors, including higher interest rates and reduced government incentives [8] - The company is seeing strong traction in AI data centers, with a significant shift towards purpose-built infrastructure demanding higher power density and efficiency [10] - Silicon carbide technology is increasingly preferred in high-voltage applications, positioning the company favorably against competitors [9] Company Strategy and Development Direction - The company is focusing on diversifying its revenue base across key verticals: automotive, industrial and energy, aerospace and defense, and materials [8] - A commitment to strict financial discipline and operational excellence is central to the company's strategy [5] - The company aims to leverage its vertically integrated 200mm manufacturing footprint to enhance its technology leadership [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic near-term demand picture but emphasizes the long-term growth potential in silicon carbide technology [29] - The company expects revenues for Q3 to be between $140 million and $160 million, primarily due to accelerated customer purchases in Q1 [27] - Management remains confident in controlling operating costs and expects further improvements in gross margins over time [28] Other Important Information - The company completed the closure of the Durham 150mm device fab ahead of schedule, which is expected to improve gross margins going forward [18] - Fresh Start Accounting has resulted in a significant reset of the company's financials, impacting comparability with prior periods [24] - The company received final clearance from CFIUS to allocate equity shares to Renesas, enabling the release of approximately 16.85 million shares [26] Q&A Session Summary Question: Insights on key segments like AI, grid modernization, and data centers - The company is pivoting from a focus on EVs to a more application-oriented approach, emphasizing automotive, industrial energy, and aerospace [32] Question: Financials and balance sheet expectations - The company is exploring refinancing options for its first lien debt and is aware of the high cost of capital [34][35] Question: AI data center revenue specifics - AI data center revenue consists of multiple applications, including energy generation, storage systems, and solid-state transformers [41] Question: Stability and growth outlook - The transition from 150mm to 200mm devices is complete, and the company is focused on demand dynamics in the EV market [44][45] Question: Wolfspeed's market positioning post-turbulence - The partnership with Toyota highlights the company's ability to diversify and meet customer needs in the EV market [56]

Core Viewpoint - Wolfspeed, Inc. reported disappointing second-quarter earnings following its emergence from Chapter 11 bankruptcy, with significant losses and revenue that fell short of analyst expectations [1][2]. Financial Performance - The company reported a quarterly loss of $5.78 per share, which may not align with estimates due to the application of fresh start accounting after bankruptcy [2]. - Quarterly revenue was $168.5 million, missing the analyst consensus estimate of $170 million [2]. Segment Performance - AI data center revenue experienced a notable growth of approximately 50% quarter-over-quarter, indicating expansion in this segment [2]. Management Commentary - CEO Robert Feurle emphasized the company's commitment to maintaining balance sheet strength and pursuing disruptive innovation following financial restructuring [3]. Stock Performance - Following the earnings report, Wolfspeed's stock fell by 8.98%, closing at $15.72 in extended trading [3].

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. 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-GAAP measur ...

Exhibit 99.1 Wolfspeed Reports Financial Results for the Second Quarter of Fiscal 2026 AI Datacenter Revenue up 50% QoQ $200 Million Annualized Operating Expense Reduction Compared to Q2 FY 2025 Capital Expenditures Down by 90% Year over Year Strong Balance Sheet Ending with $1.3 Billion in Cash, Cash Equivalents and Short-term Investments DURHAM, N.C. February 04, 2026 -- Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the second quarter of fiscal 2026. Business Highlights Quarterly Financial ...

Core Insights - The global semiconductor industry is facing significant challenges, with several major wafer fabs halting operations, delaying construction, or closing production lines, leading to a substantial impact on the entire sector [1] Group 1: GlobalFoundries and STMicroelectronics - The joint wafer fab project between GlobalFoundries and STMicroelectronics in Crolles, France, has been stalled after 18 months of slow progress, with a total investment of €7.5 billion expected from the European Chips Act [2] - The new 12-inch semiconductor wafer fab was initially planned to be fully operational by 2026, with an annual capacity of 620,000 wafers [2] Group 2: Sumitomo Electric - Sumitomo Electric has decided to cancel its new silicon carbide (SiC) wafer fab project due to weak demand in the electric vehicle market and uncertainty regarding the recovery timeline, which was announced in 2023 with an investment plan of ¥30 billion [3] - The project aimed to produce 180,000 SiC wafers annually by 2027, but this plan has been completely scrapped [3] - Industry insiders suggest that Sumitomo Electric may redirect resources to other growth areas, such as automotive wiring harnesses and optical components for data centers, to offset losses in the SiC wafer business [3] Group 3: Wolfspeed - Wolfspeed announced plans to close its 6-inch SiC wafer fab in Durham, North Carolina, due to higher manufacturing costs compared to its 8-inch fab in Mohawk Valley, with the CEO indicating an evaluation of the closure timeline [4] - The construction of a 200mm SiC wafer fab in Ernsdorf, Germany, has been postponed from summer 2024 to 2025 [4] Group 4: Intel - Intel has delayed the construction of its Fab 29.1 and Fab 29.2 facilities near Magdeburg, Germany, due to pending EU subsidy approvals and the need to clear and reuse topsoil, with the start date pushed from summer 2024 to May 2025 [5] - The advanced manufacturing facilities using Intel's 14A (1.4nm) and 10A (1nm) processes, originally expected to begin operations by the end of 2027, are now estimated to start production between 2029 and 2030 [5] - Intel's chip project in Ohio, announced in January 2022 with an initial investment of over $20 billion, has also faced delays, with construction now pushed to 2026-2027 and expected operations starting in 2027-2028 due to weak market demand and delayed government subsidies [6]

Core Viewpoint - The global semiconductor industry is facing significant challenges, with several well-known wafer fabs halting operations, delaying construction, or closing production lines, leading to a major impact on the entire industry [2]. Group 1: GlobalFoundries and STMicroelectronics - The joint wafer fab project between GlobalFoundries and STMicroelectronics in Crolles, France, has been halted after 18 months of slow progress. The project, initially planned with a total investment of €7.5 billion, aimed for full production by 2026 with an annual capacity of 620,000 wafers [3]. Group 2: Sumitomo Electric - Sumitomo Electric has decided to cancel its new silicon carbide (SiC) wafer fab project due to weak demand in the electric vehicle market and uncertainty regarding the recovery timeline. The project, announced in 2023 with an investment of ¥30 billion, was expected to start production in 2027 [4]. - The company plans to redirect resources to other growth areas, such as automotive wiring harnesses, environmentally friendly power cables, and optical components for data centers, to offset losses from the SiC wafer business [4]. Group 3: Wolfspeed - Wolfspeed announced the closure of its 6-inch SiC wafer fab in Durham, North Carolina, due to higher manufacturing costs compared to its 8-inch fab in Mohawk Valley. The timeline for this closure is currently under evaluation [5]. - Additionally, the construction of a 200mm SiC wafer fab in Ernsdorf, Germany, has been postponed from summer 2024 to 2025 [5]. Group 4: Intel - Intel has delayed the construction of its Fab 29.1 and Fab 29.2 facilities near Magdeburg, Germany, due to pending EU subsidy approvals and the need to clear and reuse topsoil. The projects, originally set to start in summer 2024, are now pushed to May 2025 [6]. - The start of production at Intel's advanced fabs using 14A (1.4nm) and 10A (1nm) processes, initially planned for late 2027, is now estimated to begin between 2029 and 2030 [6]. - Intel's chip project in Ohio, announced in January 2022 with an initial investment of over $20 billion, has also faced delays, with construction now pushed to 2026-2027 and production expected to start in 2027-2028 [6].

Core Insights - Wolfspeed has introduced a new TOLT (TO-Leaded, Top-Side Cooled) portfolio designed to meet the increasing power and cooling demands of AI and hyperscale datacenters [1] Group 1: Product Development - The TOLT package is built on Wolfspeed's Gen 4 MOSFET technology, which enhances power density and thermal performance [1] - This new technology aims to address the surging demand for AI datacenters, indicating a strategic move to capture market opportunities in this growing sector [1] Group 2: Market Demand - The introduction of the TOLT portfolio is a response to the rapidly increasing power and cooling requirements for next-generation AI datacenters [1]

Core Viewpoint - Wolfspeed has undergone significant changes following its Chapter 11 bankruptcy protection, leading to a corporate restructuring that has reduced its debt but left it facing ongoing challenges in the market [1][3][8] Financial Restructuring - The company has successfully wiped much of its previous debt by transferring asset ownership to major creditors and reshaping its equity structure [3] - Despite the restructuring, many shareholders who invested prior to the bankruptcy have seen their positions decline significantly [2] Market Position and Challenges - Wolfspeed's growth potential is tied to the increasing demand for silicon carbide (SiC) power chips, particularly in the electric vehicle (EV) market and potentially in artificial intelligence (AI) data centers [4] - However, the company has experienced a slowdown in EV sales growth and increased competition from Chinese manufacturers, which has dampened sales expectations [5][6] - The geopolitical significance of sourcing SiC and GaN chips domestically may provide Wolfspeed with governmental support, but many pre-bankruptcy challenges remain unresolved [7]