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Wolfspeed Reports Financial Results for 3Q of Fiscal Year 2022

DURHAM, N.C. — Wolfspeed, Inc. (NYSE: WOLF), formerly known as Cree, Inc., today announced revenue of $188.0 million for its third quarter of fiscal 2022, ended March 27, 2022. This represents a 37% increase compared to revenue from continuing operations of $137.3 million reported for the third quarter of fiscal 2021, and a 9% increase compared to the second quarter of fiscal 2022. GAAP net loss from continuing operations was $66.5 million for the third quarter of fiscal 2022 and the third quarter of fiscal 2021. GAAP net loss per diluted share from continuing operations was $0.54 and $0.59 for the third quarter of fiscal 2022 and the third quarter of fiscal 2021, respectively. On a non-GAAP basis, net loss from continuing operations for the third quarter of fiscal 2022 was $14.3 million, or $0.12 per diluted share, compared to non-GAAP net loss from continuing operations for the third quarter of fiscal 2021 of $24.7 million, or $0.22 per diluted share.

“The opening of our new Mohawk Valley 200mm Silicon Carbide semiconductor wafer fab was a tremendous undertaking that required the best from our talented team across nearly every function,” said Wolfspeed Chief Executive Officer, Gregg Lowe. “Additionally, our financial results for the quarter continue to demonstrate progress towards our corporate objectives and the further adoption of Silicon Carbide across a wide range of applications.”

Business Outlook:
For its fourth quarter of fiscal 2022, Wolfspeed targets revenue in a range of $200 million to $215 million. GAAP net loss is targeted at $78 million to $85 million, or $0.63 to $0.69 per diluted share. Non-GAAP net loss is targeted to be in a range of $9 million to $16 million, or $0.07 to $0.13 per diluted share. Targeted non-GAAP net loss excludes $69 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory optimization restructuring and start-up costs, accretion on convertible notes, net of capitalized interest, severance and other restructuring costs, and project, transformation, transaction and transition costs.

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