WOLFSPEED, INC.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Wolfspeed, Inc.

Opinions on the Financial Statements

We have audited the accompanying consolidated balance sheet of Wolfspeed, Inc. and its subsidiaries (Predecessor) (the “Company”) as of June 29, 2025, and the related consolidated statements of operations, of comprehensive (loss) income, of stockholders’ equity and of cash flows for the period from June 30, 2025 to September 29, 2025, and for the years ended June 29, 2025 and June 30, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 29, 2025, and the results of its operations and its cash flows for the period from June 30, 2025 to September 29, 2025, and for the years ended June 29, 2025 and June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis of Accounting

As discussed in Note 1 to the consolidated financial statements, on June 30, 2025 Wolfspeed, Inc. and its wholly owned subsidiary, Wolfspeed Texas LLC, (collectively the “Debtors”) filed a petition with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, for reorganization under the provisions of Chapter 11 of the Bankruptcy Code. The Debtors’ plan of reorganization was substantially consummated on September 29, 2025 and the Debtors emerged from bankruptcy. In connection with the emergence from bankruptcy, on September 29, 2025 fresh start accounting was adopted.

Basis for Opinions

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Valuation of Inventories – Estimate of Obsolescence Reserves

As described in Note 2 to the consolidated financial statements, inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first out (“FIFO”) method or an average cost method. Management writes down its inventories for estimated obsolescence equal to the difference between the cost of the inventory and its net realizable value based upon an aging analysis of the inventory on hand utilizing specific reserve percentages, specifically known inventory-related risks (such as technological obsolescence), and assumptions about future demand. Management also analyzes sales levels by product type, including historical and estimated future customer demand for those products to determine if any additional reserves are appropriate. As of September 29, 2025, the date fresh start accounting was applied, the consolidated inventory balance was $385.5 million, net of reserves, a significant portion of which relate to obsolescence reserves.

The principal considerations for our determination that performing procedures relating to the valuation of inventories – estimate of obsolescence reserves is a critical audit matter are (i) the significant judgment by management when developing the estimate of obsolescence reserves and (ii) the high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s assumptions related to the reserve percentages used in the aging analysis of the inventory on hand and future demand.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's estimate of obsolescence reserves. These procedures also included, among others, (i) testing management’s process for developing the estimate of obsolescence reserves; (ii) evaluating the appropriateness of management’s estimation methodology; (iii) testing the completeness and accuracy of the underlying data used in developing the estimate of obsolescence reserves; and (iv) evaluating the reasonableness of the assumptions used by management related to reserve percentages used in the aging analysis of inventory on-hand and future demand. Evaluating the reasonableness of management’s assumptions related to reserve percentages used in the aging analysis of inventory on-hand and future demand involved considering (i) the current and past performance of the Company; (ii) the consistency with external market and industry data; (iii) a comparison of the prior year estimates to actual results in the current year; and (iv) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Application of Fresh Start Accounting – Valuation of Developed Technology, Trade Name, and Customer Relationships

As described in Notes 1, 2 and 4 to the consolidated financial statements, on June 30, 2025 Wolfspeed, Inc. and its wholly owned subsidiary, Wolfspeed Texas LLC (collectively the “Debtors”), voluntarily filed petitions for relief under Chapter 11 of the United States Bankruptcy Code to implement a prepackaged plan of reorganization (the Plan). On September 29, 2025, the Plan became effective, and the Debtors emerged from bankruptcy and fresh start accounting was adopted. With the application of fresh start accounting on September 29, 2025, the reorganization value was allocated to individual assets based on their estimated fair values, resulting in total identified intangible assets of $445.7 million, of which a majority consisted of $240.0 million related to developed technology, $28.0 million related to the trade name and $120.0 million related to customer relationships. The fair values of developed technology and trade name assets were estimated using the relief from royalty income approach and the fair value of customer relationships was estimated using the multi-period excess earnings method. Significant assumptions used by management in the valuation of developed technology and trade name related to royalty rates, discount rates and revenue growth rates and significant assumptions used by management in the valuation of customer relationships related to revenue growth rates, attrition rate, margins, contributory asset charges, discount rate and economic lives.

The principal considerations for our determination that performing procedures relating to the valuation of developed technology, trade name, and customer relationships intangible assets resulting from the application of fresh start accounting is a critical audit matter are (i) the significant judgment by management when developing the fair value estimates of the developed technology, trade name, and customer relationships; (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions related to royalty rates, discount rates and revenue growth rates for developed technology and trade name and revenue growth rates, attrition rate, margins, contributory asset charges, discount rate and economic lives for customer relationships; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of developed technology, trade name, and customer relationships intangible assets resulting from the application of fresh start accounting. These procedures also included, among others, (i) reading the restructuring support agreement and related amendments, disclosure statement and subsequent updates, plan of reorganization, and other agreements; (ii) testing management’s process for developing the fair value estimates of the developed technology, trade name, and customer relationships intangible assets; (iii) evaluating the appropriateness of the relief from royalty income approach used by management in the valuation of developed technology and trade name and the multi-period excess earnings method used by management in the valuation of customer relationships; (iv) testing the completeness and accuracy of the underlying data used in the relief from royalty income approach and the multi-period excess earnings method; and (v) evaluating the reasonableness of significant assumptions used by management in the valuation of developed technology and trade name related to royalty rates, discount rates, and revenue growth rates and significant assumptions used by management in the valuation of customer relationships related to revenue growth rates, attrition rate, margins, contributory asset charges, discount rate and economic lives. Evaluating management’s assumptions related to the revenue growth rates and margins involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the business; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the relief from royalty income approach and multi-period excess earnings method; and (ii) the reasonableness of the attrition rate, royalty rates, contributory asset charges, discount rates and economic lives assumptions.

/s/PricewaterhouseCoopers LLP

Raleigh, North Carolina

August 20, 2026

We have served as the Company’s auditor since 2013.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Wolfspeed, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheet of Wolfspeed, Inc. and its subsidiaries (Successor) (the "Company") as of June 28, 2026, and the related consolidated statements of operations, of comprehensive (loss) income, of stockholders’ equity and of cash flows for the period from September 30, 2025 to June 28, 2026, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of June 28, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 28, 2026, and the results of its operations and its cash flows for the period from September 30, 2025 to June 28, 2026 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 28, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis of Accounting

As discussed in Note 1 to the consolidated financial statements, the United States Bankruptcy Court for the Southern District of Texas, Houston Division, confirmed the Debtors’ (Wolfspeed, Inc. and its wholly owned subsidiary, Wolfspeed Texas LLC) plan of reorganization (the "Plan"), which was consummated on September 29, 2025 (the “Effective Date”). Consummation of the Plan resulted in the discharge of certain claims against the Debtors that arose before June 30, 2025 and terminates all rights and interests of equity security holders as provided for in the Plan. The Plan was substantially consummated on the Effective Date and the Debtors emerged from bankruptcy. In connection with the emergence from bankruptcy, fresh start accounting was adopted on the Effective Date.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of Inventories – Estimate of Obsolescence Reserves

As described in Note 2 to the consolidated financial statements, inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first out (“FIFO”) method or an average cost method. Management writes down its inventories for estimated obsolescence equal to the difference between the cost of the inventory and its net realizable value based upon an aging analysis of the inventory on hand utilizing specific reserve percentages, specifically known inventory-related risks (such as technological obsolescence), and assumptions about future demand. Management also analyzes sales levels by product type, including historical and estimated future customer demand for those products to determine if any additional reserves are appropriate. As of June 28, 2026, the Company’s consolidated inventory balance was $234.2 million, net of reserves, a significant portion of which relate to obsolescence reserves.

The principal considerations for our determination that performing procedures relating to the valuation of inventories – estimate of obsolescence reserves is a critical audit matter are (i) the significant judgment by management when developing the estimate of obsolescence reserves and (ii) the high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s assumptions related to the reserve percentages used in the aging analysis of the inventory on hand and future demand.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's estimate of obsolescence reserves. These procedures also included, among others, (i) testing management’s process for developing the estimate of obsolescence reserves; (ii) evaluating the appropriateness of management’s estimation methodology; (iii) testing the completeness and accuracy of the underlying data used in developing the estimate of obsolescence reserves; and (iv) evaluating the reasonableness of the assumptions used by management related to reserve percentages used in the aging analysis of inventory on hand and future demand. Evaluating the reasonableness of management’s assumptions related to reserve percentages used in the aging analysis of inventory on hand and future demand involved considering (i) the current and past performance of the Company; (ii) the consistency with external market and industry data; (iii) a comparison of the prior year estimates to actual results in the current year; and (iv) whether the assumptions were consistent with evidence obtained in other areas of the audit.

/s/PricewaterhouseCoopers LLP

Raleigh, North Carolina

August 20, 2026

We have served as the Company’s auditor since 2013.