Wolfspeed, Inc.

Hello, everyone, and thank you for joining the Wolf Speed Incorporated Third Quarter Fiscal 2025 Earnings Call. My name is Megan, and I will be coordinating your call today. I will now hand you over to your host, Tyler Gronbach, VP of External Affairs, to begin. Please go ahead.

Thank you, operator, and good afternoon, everyone. Welcome to Wolf Speed's Third Quarter Fiscal 2025 Conference Call. Today, Will Speed's Chairman of the Board, Tom Werner, Will Speed's CEO, Robert Feuerle, and Will Speed's CFO, Neil Reynolds, will report on the results for the third quarter of fiscal year 2025. Please note that we will be presenting non-GAAP financial results during today's call, which we believe provide useful information to our investors. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered as a supplement to and not a substitute for financial statements prepared in accordance with GAAP. Reconciliation to the most directly comparable GAAP measures is in our press release and posted in the investor relations section of our website, along with a historical summary of other key metrics. Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially. Also, please note that we will not be taking questions during today's conference call. Lastly, all numbers presented today will be on a continuing operations basis. And now I'd like to turn the call over to Robert.

Good afternoon, everyone, and thank you for joining us today. I'm very excited to have the opportunity to connect with you. Although I've been only in the role for a few days, I've spent my time listening closely to our customers, employees, and leadership team, and reviewing our results, roadmaps, and strategic initiatives. One thing is abundantly clear. Bullspeed is a company with enormous potential, underpinned by strong foundational elements already in place. As Tom and Neil will elaborate shortly, the Board is taking decisive steps to improve our financial foundation, including right-sizing of our operations and accelerating our path to cash flow break-even. My immediate focus will be maintaining stability and continuity for all stakeholders and building upon our strengths. First and foremost, Bull Speed's silicon carbide technology is second to none. I have long-term admired the talent and the can-do spirit of the organization. I firmly believe WooSPEED possesses the technology leadership required to drive the industry forward and develop solutions for new emerging applications. Additionally, WooSPEED has already established and right-sized a best-in-class greenfield, fully automated 200mm manufacturing footprint, poised to deliver customers with cutting-edge silicon carbide solutions. Drawing on my experience as an operator and leading through complex transitions, I feel very well prepared to support Wolfspeed as we enter a new era with new energy. I'm grateful for all the work that Tom and Neil and the rest of the leadership has done in improving the foundation of the company prior to my start. In coming weeks, I'll collaborate closely with our leadership team and board to refine our operating plan with a clear emphasis on re-accelerating revenue growth and enhancing profitability. We've already taken initial steps that will aid these plans by reorganizing the company to improve teamwork, accountability, and stimulating decision-making process. From a product and customer-facing perspective, we are conducting an external search for a new EVP and Chief Operating Officer, a new position responsible for facilitating operational excellence, quality assurance, cost reduction, and execution. Genghis Balkas will now lead materials and power business operations as our chief business officer. And finally, Angelo Cantien, who previously led Wolfspeed's EMEA sales team, will be our new global SVP of sales and marketing. I look forward to working with Angelo to aggressively pursue opportunities in a rapidly scaling market, such as AI data centers, energy storage, EVs, and aerospace and defense, among others. These are highly specialized markets where quality, reliability, efficiency matters most. In these environments, Wolfspeed's fully automated 200mm manufacturing platform sets us apart. That's where our focus needs to be, serving our blue chip customers in strategic verticals with the best-in-class products, enabling Wolfspeed to both make and take market share and, in turn, drive revenue re-acceleration in our business. I look forward to sharing more details soon. For now, I want to express confidence in the work we already have underway and the path ahead of us for Wolfspeed. With that, I'll hand over to Tom to discuss our recent progress and actions in detail.