Wolfspeed, Inc.

Ladies and gentlemen, thank you for joining us and welcome to Wolfspeed Incorporated third quarter fiscal year 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Ed Goodwin, Investor Relations. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Welcome to Wolfspeed's third quarter fiscal 2026 conference call. Today, Wolfspeed's Chief Executive Officer, Robert Furla, and Chief Financial Officer, Gregor Von Nissen, will report on the results for the third quarter of fiscal year 2026. We would also encourage you to reference the slides that were published on our IR website today. 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. A reconciliation to the most directly comparable GAAP measures is in our press release and and posted in the investor relations section of our website, along with a historical summary of our 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. With that, let me turn the call over to Robert.

Thank you and good afternoon everyone. We appreciate you joining us today. We are pleased to see that our strategy is building meaningful momentum. The third quarter of fiscal 2026 delivered revenue of 150 million in line with the midpoint of our guidance. We continue to make strong progress on the areas of our business within our control. Addressing our capital structure in engagement with customers across the broad set of end markets. As we move forward, we remain focused on three key strategic priorities, advancing technology leadership, demonstrating strict financial discipline, and driving operational excellence. We have made strong progress in each of these areas this quarter. Starting with technology leadership, we continue to accelerate innovation across our thin carpet platform to create a fundamental technology advantage. We are maintaining a disciplined approach to R&D, focusing our investments on high-return programs in the fastest-growing markets, and our efforts are delivering tangible results. This quarter, we introduced the first commercially available 10 kilovolt silicon carbide power MOSFET and launched our next generation TOLT portfolio. These innovations, particularly 10 kilovolts, will help to cement Bullskill's position as a leader in high voltage applications. At the same time, we are making progress on our materials capabilities. After shifting all device production to 200mm at Mohawk Valley, our germ facilities anchor our materials capabilities. The infrastructure, talent, and floor space there today support at least our new-term growth ambitions, including commercial-scale 200mm development as the market evolves. Now turning to financial discipline, we took an important step this quarter to further optimize our capital structure. through the refinancing of a portion of our first team's dealer-secured node. This refinancing was supported by both new and existing institutional investors, demonstrating confidence in the long-term growth prospects of Wolfspeed and through Carbet technology more broadly. Gregor will provide more on the specific financial implications shortly. This brings us to our third priority, driving operational excellence. We remain focused on differentiating through quality, customer responsiveness, time to market, and supply chain resilience. We continue to refine our manufacturing processes to improve quality, cost, and speed across everything we do. As mentioned last quarter, we completed the shutdown of 150mm device production at Durham ahead of schedule. This creates optionality to re-deploy that space. This approach allows leveraging our current tooling base without the heavy incremental capital investment that would otherwise be required. The Durham campus can currently support all commercial materials activities as well as our emerging 3D user platform. We are also leveraging AI within our own operations through our expanded partnership with Snowflake We have unified factory, supply chain, and interpret data on a single platform, and we've deployed AI-driven tools that enable real-time insights and faster decision-making across the organization. Last quarter, we outlined the realignment of our go-to-market strategy around four verticals, auto, I&E, aerospace, and defense, and materials. During the quarter, we have sharpened our approach with best practices Yu as regional president for Greater China, Stefan Steyerl as vice president of sales for EMA, and most recently, Yasu Harita as regional president for Asia Pacific. These leaders strengthen our ability to scale our go-to-market efforts globally, and we are encouraged by early traction we're seeing across each of these end markets. In order, global EV adoption continues to grow, though more modestly in certain regions. so the carbide revenue doesn't necessarily scale in lockstep with vehicle sales due to design-in and codification cycles. As the industry evolved, we believed that we needed to retool the approach as the market entered its next phase. Therefore, we strengthened our team with experienced automotive executives and launched a focus strategy targeting key global accounts with high-effic adoption, positioning those speeds to capture the next wave of design wins. Given the qualification cycles of EV programs, our success from these engagements are expected to translate into revenue over time. In I&E, momentum in AI data and application continues to build. Our Toast portfolio is purpose-built for AI rack power, and we are actively collaborating with AI ecosystem partners on the transition from 400-volt to 18-volt architectures. While it represents a moderate portion of our business today, we have continued to see strong sequential growth in AI applications, with approximately 30% sequential growth from Q2 to Q3 and increasing customer engagement, which gives us confidence in the long-term trajectory of this opportunity. In aerospace and defense, growth is supported by electrification trends and increasing demand for secure domestic supply chains. In addition, we continue to expand our presence in emerging applications such as electric aviation. Our partnership with the leading manufacturer of electrical vertical takeoff and landing aircraft is a strong example of how our solutions enable higher efficiency and power density in the next generation platforms. Finally, in our materials business, we continue to serve our under 50mm materials customers, including under the LTA framework. In addition, we are making progress with qualification on 200 mm materials. At the same time, we are engaging with AI ecosystem companies to explore how 3 mm substrates can address thermal, mechanical, and electrical challenges in next-generation AI and high-performance computing packaging architectures. We continue to engage on 3 mm as a longer-term opportunity. I want to thank the team for their continued execution against our strategic priorities and for their excellent progress against our technological, operational, and go-to-market objectives. With that, I return it over to Gregor.