WOLFSPEED, INC. Annual Meeting of Stockholders - LEVI STRAUSS & CO

Explicit Guidance:

• No specific quantitative financial guidance (revenue, earnings, margins, capex, or cash flow ranges) was provided for future periods in this transcript.

Business-Segment Outlook:

• Silicon Carbide (SiC) Technology: Fifth-generation (Gen 5) MOSFETs achieved commercial readiness in June 2026, offering industry-leading specific on-resistance and switching behavior; a 10kV SIG MOSFET was recognized as a top innovation in Europe.
• Market Growth: Significant growth is expected in emerging markets, specifically AI data centers, with full fiscal 2026 revenue in this segment more than doubling year-over-year.
• Manufacturing Capabilities: The company is positioned to support AI data center scaling through its vertically integrated 200mm manufacturing capability and evolving 300mm capabilities.
• Geography: Leadership expansion is being deployed in the San Francisco Bay Area to enhance customer relationships.

Market and Competitive Outlook:

• Demand Trends: Continued scaling of AI data center adoption is anticipated to drive distribution and demand for Wolfspeed's differentiated SiC technology.
• Competitive Positioning: The company aims to leverage Gen 5 MOSFET technology and manufacturing scale to become the "partner of choice" and maintain industry leadership.

Macro / Industry Outlook:

• Supply Chain: A conditional 30-year, $1.5 billion loan commitment from the U.S. Department of War is expected to advance the domestic wide bandgap supply chain.
• Financial Environment: Refinancing completed in March 2026 is noted as a step to reduce the cost of capital; the new loan includes an intermediate-term cash interest payment with a pay-in-kind structure for the first five years to lower immediate cash outflows.

Strategic Initiatives:

• Capital Structure: Strengthening financial stability through the March 2026 refinancing and the conditional $1.5 billion DoW loan commitment to support long-term strategy and lower capital costs.
• Operational Excellence: A focus on driving production yields higher and unit production costs lower to support sustainable growth and profitability for both legacy and new customers.
  Talent Strategy: Expansion of leadership with industry veterans in the San Francisco Bay Area to improve customer relationships.

Risks and Headwinds to Outlook:

• No specific risks, caveats, or potential downside factors to the stated outlook were explicitly detailed in this transcript.

Management Tone on the Future:

• Confidence Level: High confidence, characterized by a transition into a "next era" driven by financial discipline and operational excellence.
• Narrative: Management emphasizes a "position of strength," citing significant progress in technology, doubling revenue in high-growth segments, and securing long-term capital.
• Strategic Focus: The tone reflects a shift toward diversifying revenue, advancing technology leadership, and capitalizing on both core and emerging markets.

Miscellaneous:

• The 2026 Annual Meeting was held virtually on August 31, 2026.
• All shareholder proposals, including the election of directors and executive compensation advisory vote, were approved.