WOLFSPEED, INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
 9 Months Ended
Mar. 29, 2026
May 01, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 29, 2026  
Document Transition Report false  
Entity File Number 001-40863  
Entity Registrant Name WOLFSPEED, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 56-1572719  
Entity Address, Address Line One 4600 Silicon Drive  
Entity Address, City or Town Durham  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 27703  
City Area Code 919  
Local Phone Number 407-5300  
Title of 12(b) Security Common Stock, $0.00125 par value  
Trading Symbol WOLF  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Bankruptcy Proceedings, Reporting Current true  
Entity Common Stock, Shares Outstanding   48,339,081
Entity Central Index Key 0000895419  
Current Fiscal Year End Date --06-28  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.26.1
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 29, 2026
Jun. 29, 2025
Current assets:    
Cash and cash equivalents $ 695.1 $ 467.2
Short-term investments 469.7 488.2
Total cash, cash equivalents and short-term investments 1,164.8 955.4
Accounts receivable, net 96.8 178.8
Inventories, net 280.5 435.4
Prepaid expenses 43.0 97.2
Investment tax credit receivable 71.5 653.4
Other current assets 52.5 222.0
Total current assets 1,709.1 2,542.2
Property and equipment, net 717.1 3,916.5
Intangible assets, net 409.2 23.8
Long-term investment tax credit receivable 109.5 105.0
Other assets 202.4 266.9
Total assets 3,147.3 6,854.4
Current liabilities:    
Accounts payable and accrued expenses 115.7 280.2
Contract liabilities and distributor-related reserves 70.5 50.0
Income taxes payable 0.6 0.8
Finance lease liabilities 0.3 0.5
Current maturity on long-term borrowings 0.0 6,538.0
Other current liabilities 56.0 220.5
Total current liabilities 243.1 7,090.0
Long-term liabilities:    
Long-term debt 922.2 0.0
Convertible notes, net 798.3 0.0
Finance lease liabilities - long-term 1.8 8.4
Other long-term liabilities 160.2 203.1
Total liabilities 2,125.6 7,301.5
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, par value $0.00125 and $0.01; 100,000 and 3,000 shares authorized at March 29, 2026 and June 29, 2025, respectively; none issued and outstanding 0.0 0.0
Common stock, par value $0.00125; 350,000 and 400,000 shares authorized at March 29, 2026 and June 29, 2025, respectively; 48,338 and 155,643 shares issued and outstanding at March 29, 2026 and June 29, 2025, respectively 0.1 0.2
Additional paid-in-capital 1,292.3 4,094.1
Accumulated other comprehensive loss (0.2) (3.8)
Accumulated deficit (270.5) (4,537.6)
Total stockholders' equity (deficit) 1,021.7 (447.1)
Total liabilities and stockholders’ equity (deficit) $ 3,147.3 $ 6,854.4
v3.26.1
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 29, 2026
Jun. 29, 2025
Stockholders’ equity:    
Preferred stock, par value (USD per share) $ 0.00125 $ 0.01
Preferred stock authorized (in shares) 100,000,000 3,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock, par value (USD per share) $ 0.00125 $ 0.00125
Common stock authorized (in shares) 350,000,000 400,000,000
Common stock issued (in shares) 48,338,000 155,643,000
Common stock outstanding (in shares) 48,338,000 155,643,000
v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Income Statement [Abstract]          
Revenue, net $ 150.2 $ 196.8 $ 185.4 $ 318.7 $ 560.6
Cost of revenue, net 190.2 273.9 207.9 437.0 656.5
Gross loss (40.0) (77.1) (22.5) (118.3) (95.9)
Operating expenses:          
Research and development 27.2 31.7 42.2 52.1 137.5
Sales, general and administrative 37.0 37.9 41.1 66.4 154.4
Factory start-up costs 0.0 0.0 23.5 0.0 66.0
Gain on disposal of property and equipment (0.5) (5.7) (0.2) (2.9) (1.0)
Restructuring and other expenses 10.6 20.4 65.4 38.8 294.8
Total operating expense 74.3 84.3 172.0 154.4 651.7
Operating loss (114.3) (161.4) (194.5) (272.7) (747.6)
Reorganization items, net   (563.4)   0.0 0.0
Interest expense, net 52.1 0.7 85.4 110.1 230.4
Non-operating (income) expense, net (46.2) (22.4) 5.5 (113.2) (38.5)
Loss before income taxes (120.2) 423.7 (285.4) (269.6) (939.5)
Income tax (benefit) expense (0.3) 3.5 0.1 0.9 0.4
Net (loss) income $ (119.9) $ 420.2 $ (285.5) $ (270.5) $ (939.9)
Basic (loss) earnings per share          
Net (loss) income - basic (USD per share) $ (3.05) $ 2.69 $ (1.86) $ (8.27) $ (6.88)
Diluted (loss) earnings per share          
Net (loss) income - diluted (USD per share) $ (3.05) $ 2.22 $ (1.86) $ (8.27) $ (6.88)
Weighted average shares - basic (in shares) 39,282 156,185 153,897 32,706 136,550
Weighted average shares - diluted (in shares) 39,282 189,052 153,897 32,706 136,550
v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Statement of Comprehensive Income [Abstract]          
Net (loss) income $ (119.9) $ 420.2 $ (285.5) $ (270.5) $ (939.9)
Other comprehensive loss:          
Net unrealized (loss) gain on available-for-sale securities (0.6) 0.8 1.3 (0.2) 7.2
Comprehensive (loss) income $ (120.5) $ 421.0 $ (284.2) $ (270.7) $ (932.7)
v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive (loss) income
Balance at beginning of period (in shares) at Jun. 30, 2024   126,409,000      
Balance at beginning of period at Jun. 30, 2024 $ 882.1 $ 0.2 $ 3,821.9 $ (2,928.4) $ (11.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (282.2)     (282.2)  
Net unrealized gain on available-for-sale securities 7.3       7.3
Tax withholding on vested equity awards (3.6)   (3.6)    
Stock-based compensation (in shares)   479,000      
Stock-based compensation 25.3   25.3    
Balance at end of period (in shares) at Sep. 29, 2024   126,888,000      
Balance at end of period at Sep. 29, 2024 628.9 $ 0.2 3,843.6 (3,210.6) (4.3)
Balance at beginning of period (in shares) at Jun. 30, 2024   126,409,000      
Balance at beginning of period at Jun. 30, 2024 882.1 $ 0.2 3,821.9 (2,928.4) (11.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (939.9)        
Net unrealized gain on available-for-sale securities 7.2        
Balance at end of period (in shares) at Mar. 30, 2025   155,623,000      
Balance at end of period at Mar. 30, 2025 212.7 $ 0.2 4,085.2 (3,868.3) (4.4)
Balance at beginning of period (in shares) at Sep. 29, 2024   126,888,000      
Balance at beginning of period at Sep. 29, 2024 628.9 $ 0.2 3,843.6 (3,210.6) (4.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (372.2)     (372.2)  
Net unrealized gain on available-for-sale securities (1.4)       (1.4)
Tax withholding on vested equity awards (0.1)   (0.1)    
Stock-based compensation (in shares)   99,000      
Stock-based compensation 19.7   19.7    
Issuance of Successor equity/Issuance of shares under the at-the-market offering program, net of issuance costs (in shares)   10,919,000      
Issuance of Successor equity/Issuance of shares under the at-the-market offering program, net of issuance costs 88.9   88.9    
Exercise of stock options and issuance of shares under employee stock purchase plan (in shares)   773,000      
Exercise of stock options and issuance of shares under employee stock purchase plan 8.8   8.8    
Balance at end of period (in shares) at Dec. 29, 2024   138,679,000      
Balance at end of period at Dec. 29, 2024 372.6 $ 0.2 3,960.9 (3,582.8) (5.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (285.5)     (285.5)  
Net unrealized gain on available-for-sale securities 1.3       1.3
Tax withholding on vested equity awards (0.2)   (0.2)    
Stock-based compensation (in shares)   69,000      
Stock-based compensation 18.2   18.2    
Issuance of Successor equity/Issuance of shares under the at-the-market offering program, net of issuance costs (in shares)   16,875,000      
Issuance of Successor equity/Issuance of shares under the at-the-market offering program, net of issuance costs 106.3   106.3    
Balance at end of period (in shares) at Mar. 30, 2025   155,623,000      
Balance at end of period at Mar. 30, 2025 $ 212.7 $ 0.2 4,085.2 (3,868.3) (4.4)
Balance at beginning of period (in shares) at Jun. 29, 2025 155,643,000 155,643,000      
Balance at beginning of period at Jun. 29, 2025 $ (447.1) $ 0.2 4,094.1 (4,537.6) (3.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (643.6)     (643.6)  
Net unrealized gain on available-for-sale securities 0.8       0.8
Tax withholding on vested equity awards (in shares)   (382,000)      
Tax withholding on vested equity awards (0.6)   (0.6)    
Stock-based compensation (in shares)   1,218,000      
Stock-based compensation $ 10.1   10.1    
Balance at end of period (in shares) at Sep. 28, 2025 156,479,390 156,479,000      
Balance at end of period at Sep. 28, 2025 $ (1,080.4) $ 0.2 4,103.6 (5,181.2) (3.0)
Balance at beginning of period (in shares) at Jun. 29, 2025 155,643,000 155,643,000      
Balance at beginning of period at Jun. 29, 2025 $ (447.1) $ 0.2 4,094.1 (4,537.6) (3.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income 420.2        
Net unrealized gain on available-for-sale securities 0.8        
Balance at end of period (in shares) at Sep. 29, 2025   25,841,000      
Balance at end of period at Sep. 29, 2025 $ 757.1 $ 0.0 757.1 0.0 0.0
Balance at beginning of period (in shares) at Sep. 28, 2025 156,479,390 156,479,000      
Balance at beginning of period at Sep. 28, 2025 $ (1,080.4) $ 0.2 4,103.6 (5,181.2) (3.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income 1,063.8     1,063.8  
Stock-based compensation 61.5   61.5    
Cancellation of Predecessor equity (in shares)   (156,479,000)      
Cancellation of Predecessor equity (44.9) $ (0.2) (4,165.1) 4,117.4 3.0
Issuance of Successor equity/Issuance of shares under the at-the-market offering program, net of issuance costs (in shares)   25,841,000      
Issuance of Successor equity/Issuance of shares under the at-the-market offering program, net of issuance costs 569.1   569.1    
Substantial premium on 2L Convertible Notes 168.8   168.8    
Contingent Shares (Unissued) 19.2   19.2    
Balance at end of period (in shares) at Sep. 29, 2025   25,841,000      
Balance at end of period at Sep. 29, 2025 757.1 $ 0.0 757.1 0.0 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (270.5)        
Net unrealized gain on available-for-sale securities $ (0.2)        
Balance at end of period (in shares) at Mar. 29, 2026 48,338,000 48,338,000      
Balance at end of period at Mar. 29, 2026 $ 1,021.7 $ 0.1 1,292.3 (270.5) (0.2)
Balance at beginning of period (in shares) at Sep. 30, 2025   25,841,000      
Balance at beginning of period at Sep. 30, 2025 757.1 $ 0.0 757.1 0.0 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (150.6)     (150.6)  
Net unrealized gain on available-for-sale securities 0.4       0.4
Stock-based compensation 2.4   2.4    
Conversion of Convertible Notes (in shares)   1,524,000      
Conversion of Convertible Notes 18.1   18.1    
Balance at end of period (in shares) at Dec. 28, 2025   27,365,000      
Balance at end of period at Dec. 28, 2025 627.4 $ 0.0 777.6 (150.6) 0.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (119.9)     (119.9)  
Settlement of equity forward for common shares (in shares)   16,852,000      
Settlement of equity forward for common shares 292.1 $ 0.1 $ 292.0    
Contingent Shares (Issued) (in shares)     871,000    
Net unrealized gain on available-for-sale securities (0.6)       (0.6)
Stock-based compensation 10.0   $ 10.0    
Reclassification of Renesas conversion option 87.9   87.9    
Reclassification of Renesas stock warrant liability 31.5   31.5    
Proceeds from the issuance of warrants, net of issuance costs 35.6   35.6    
Issuance of Successor equity/Issuance of shares under the at-the-market offering program, net of issuance costs (in shares)   3,250,000      
Issuance of Successor equity/Issuance of shares under the at-the-market offering program, net of issuance costs $ 57.7   57.7    
Balance at end of period (in shares) at Mar. 29, 2026 48,338,000 48,338,000      
Balance at end of period at Mar. 29, 2026 $ 1,021.7 $ 0.1 $ 1,292.3 $ (270.5) $ (0.2)
v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - Securities Purchase Agreement - $ / shares
Mar. 29, 2026
Mar. 26, 2026
Sale of stock, price per share (USD per share)   $ 18.458
Pre-Funded Warrants    
Sale of stock, price per share (USD per share) $ 18.45 $ 18.448
v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Mar. 29, 2026
Mar. 30, 2025
Operating activities:      
Net (loss) income $ 420.2 $ (270.5) $ (939.9)
Adjustments to reconcile net (loss) income to cash used in operating activities from continuing operations:      
Non-cash reorganization items (625.6) 0.0 0.0
Depreciation and amortization 69.3 68.3 191.7
Gain on sale of property (5.7) (2.9) (1.0)
Gain on RTP Fab Transfer (25.4) 0.0 0.0
Amortization and write-off of deferred financing costs 0.0 10.5 34.7
Stock-based compensation 13.6 17.9 62.7
Loss on equity investment 10.9 0.0 9.2
Inventory write-off 29.0 29.1 0.0
Loss on disposal or impairment of property and equipment 0.2 2.9 153.7
Impairment of right-of-use assets 0.0 0.0 4.8
Loss on debt extinguishment 0.0 2.8 0.0
Gain on contingent cash 0.0 (10.0) 0.0
Amortization of premium on investments, net (1.2) (1.1) (7.8)
Changes in fair value of liability classified derivative contracts 0.0 (87.8) 0.0
Paid-in-kind interest on long-term debt 0.0 21.8 75.5
Deferred income taxes 1.0 1.1 0.0
Changes in operating assets and liabilities:      
Accounts receivable, net 23.2 58.8 (17.2)
Inventories 0.7 77.2 (20.8)
Prepaid expenses and other assets 42.2 40.7 7.3
Accounts payable 28.2 (33.0) (16.7)
Accrued salaries, wages and other liabilities (25.8) (38.6) 22.5
Contract liabilities and distributor-related reserves 22.8 (13.6) (27.9)
Cash used in operating activities (22.4) (126.4) (469.2)
Investing activities:      
Purchases of property and equipment (104.0) (67.8) (1,059.5)
Purchases of patent and licensing rights (1.4) (1.8) (3.9)
Proceeds from sale of property and equipment 13.9 26.9 1.0
Proceeds from sale of MACOM Shares 92.7 0.0 0.0
Purchases of short-term investments (83.4) (301.7) (243.2)
Proceeds from maturities of short-term investments 151.8 186.3 773.1
Proceeds from sale of short-term investments 67.2 1.0 39.4
Reimbursement of capital expenditures from incentives and investment credits 0.1 733.1 238.6
Cash provided by (used in) investing activities 136.9 576.0 (254.5)
Financing activities:      
Proceeds from Existing Senior Secured Notes 0.0 0.0 240.0
Proceeds from issuance of New Common Stock and Pre-Funded Warrants 0.0 96.9 0.0
Payment of Existing Senior Secured Notes (principal and pre-petition accrued interest) (308.5) 0.0 0.0
Payments of deferred financing costs (3.5) (4.8) (40.2)
Payment of Contingent Cash (10.0) 0.0 0.0
Proceeds from contingent consideration 0.0 10.0 0.0
Proceeds from issuance of Old Common Stock 0.0 0.0 203.9
Adequate protection payments on Existing Senior Secured Notes (38.4) 0.0 0.0
Tax withholding on vested equity awards (0.6) 0.0 (3.9)
Payments on long-term debt borrowings, including finance lease obligations 0.0 (716.4) (0.4)
Incentive-related escrow refunds 0.0 0.0 10.0
Payment of Existing Senior Secured Notes commitment fees (15.5) 0.0 0.0
Payment of unused capacity fee on pre-emergence debt 0.0 0.0 (1.5)
Cash (used in) provided by financing activities (101.5) (235.3) 407.9
Effects of foreign exchange changes on cash and cash equivalents 0.8 (0.2) 0.1
Net change in cash, cash equivalents and restricted cash 13.8 214.1 (315.7)
Cash, cash equivalents and restricted cash, beginning of period 467.2 481.0 1,045.9
Cash, cash equivalents and restricted cash, end of period 481.0 695.1 730.2
Supplemental cash flow information      
Accrued property and equipment (82.4) (35.8) (146.3)
2L Convertible Notes      
Financing activities:      
Proceeds from issuance of convertible notes 275.0 0.0 0.0
1.5L Convertible Notes      
Financing activities:      
Proceeds from issuance of convertible notes $ 0.0 $ 379.0 $ 0.0
v3.26.1
Basis of Presentation and New Accounting Standards
 9 Months Ended
Mar. 29, 2026
Accounting Policies [Abstract]  
Basis of Presentation and New Accounting Standards Basis of Presentation and New Accounting Standards
Overview
Wolfspeed, Inc. (the "Company") is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. The Company’s product families include silicon carbide materials and power devices targeted for various applications in the Automotive domains including electric vehicles and fast charging, as well as existing and emerging applications in the Industrial & Energy domain such as AI data centers, grid modernization and renewable energy and storage.
As further discussed below, upon the Company’s emergence from the Chapter 11 Cases (as defined below) on the first day of the second quarter of fiscal 2026 (the "Effective Date"), the Company adopted fresh start accounting, which resulted in a new basis of accounting, and the Company becoming a new entity for financial reporting purposes. References to “Successor” relate to the financial position and results of operations of the Company after the Effective Date. References to “Predecessor” refer to the financial position and results of operations of the Company on or before the Effective Date.
Due to the lack of comparability with historical consolidated financial statements, the Company’s unaudited consolidated financial statements and related footnotes are presented with a “black line” that separates the Predecessor and Successor periods to emphasize the lack of comparability between amounts presented after the Effective Date and amounts presented for all prior periods.
The Successor’s financial results for future periods following the adoption of fresh start accounting will be different from historical trends and the differences may be material. Refer to Note 3 “Fresh Start Accounting” for additional information. All estimates, assumptions, valuations and financial projections related to fresh start accounting, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company’s control. Accordingly, no assurances can be provided that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially.
Basis of Presentation
The consolidated financial statements presented herein have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations, comprehensive loss, stockholders' equity and cash flows at March 29, 2026, and for all periods presented, have been made. All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 29, 2025 has been derived from the audited financial statements as of that date.
Certain prior period amounts in the accompanying consolidated financial statements and notes have been reclassified to conform to the current year's presentation, which include the moving of amounts related to "Long-term receivables" and "Deferred tax assets" to "Other assets," "Deferred tax liabilities" to "Other long-term liabilities," impairments previously presented in "Loss/gain on disposal or impairment," and "Amortization of acquired intangibles" to "Restructuring and other expenses," and to separate "Interest expense, net of capitalized interest" out of "Non-operating income, net." These reclassifications had no effect on previously reported net loss or stockholders’ equity.
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2025 (the "2025 Form 10-K"). The results of operations for the period from June 30, 2025 to September 29, 2025 and from September 30, 2025 to March 29, 2026, are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 28, 2026 ("fiscal 2026").
Summary of Significant Accounting Policies
Except as noted below, the accounting policies for the Successor remained the same as those of the Predecessor. There were no other material changes to the Company's significant accounting policies during the Predecessor and Successor periods of fiscal 2026, compared to the significant accounting policies described in the 2025 Form 10-K.
Factory Start-Up Costs
Prior to the Effective Date, the Company reported factory start-up costs within operating expenses until a facility was substantially complete and ready for revenue generating production. With the adoption of fresh start accounting, the Company changed its accounting policy to classify factory start-up costs within cost of revenue. This policy change has no impact on operating loss.
Stock-based Compensation
Prior to the Effective Date, forfeitures of stock-based compensation awards were estimated and assumptions were adjusted periodically as new information became available. With the adoption of fresh start accounting, the Company also made an accounting policy election to account for forfeitures when they occur. The impact of the change is not expected to be material.
Recognition of Intangible Assets
As further described below, on the Effective Date, the Company adopted fresh start accounting in accordance with Accounting Standards Codification ("ASC") Topic 852: Reorganizations ("ASC 852"), resulting in a new reporting entity. All assets and liabilities were measured at fair value in accordance with ASC 805. As part of this process, the Company recognized identifiable intangible assets representing customer relationships, developed technology, and trade names. Identified intangible assets were measured at their estimated fair values using income‑based valuation techniques, including the multi‑period excess earnings method for customer relationships and the relief‑from‑royalty method for trade names and developed technology. Customer relationship, developed technology, and trade names are amortized over their useful lives, which generally range from 5 to 11 years. Patents are amortized using the straight-line method over their estimated period of benefit, which generally range from 0.5 to 23 years. Amortization expense for customer relationships and trade names is presented within "Restructuring and Other Expenses" on the Consolidated Statements of Operations. Amortization expense for developed technology and patents is recorded within "Cost of Revenues, net" on the Consolidated Statements of Operations.
Refer to Note 3, "Fresh Start Accounting" and Note 10, "Intangible Assets" for additional information on the recognized identifiable intangible assets described above.
Chapter 11 Cases
On June 30, 2025 (the “Petition Date”), the Company and its wholly owned subsidiary, Wolfspeed Texas LLC ("Wolfspeed Texas," and together with the Company, the “Debtors”), voluntarily filed petitions (the "Chapter 11 Cases") for relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) to implement a prepackaged Chapter 11 plan of reorganization (the "Plan"). The Chapter 11 Cases were administered jointly under the caption In re Wolfspeed, Inc., et al, case number 25-90163 (CML).
The filings in the Chapter 11 Cases, including the Plan and the Disclosure Statement filed on June 30, 2025, were intended to facilitate a comprehensive balance sheet restructuring pursuant to a Restructuring Support Agreement (the “Restructuring Support Agreement”) executed on June 22, 2025, with key stakeholders, including (i) holders of more than 97% of the Company’s Senior Secured Notes due 2030 (the "Existing Senior Secured Notes"), (ii) holders of more than 67% of the Company’s outstanding 1.75% Convertible Senior Notes due 2026, 0.25% Convertible Senior Notes due 2028, and 1.875% Convertible Senior Notes due 2029 (collectively, the “Convertible Notes”), and (iii) Renesas Electronics America Inc. (“Renesas”).
On September 8, 2025, the Court entered the Order (I) Approving the Disclosure Statement, (II) Confirming Joint Prepackaged Chapter 11 Plan of Reorganization of Wolfspeed, Inc. and Its Debtor Affiliate, and (III) Approving Entry into the Backstop Agreement (Docket No. 285) (the “Confirmation Order”), which, among other things, confirmed the Plan.
On September 29, 2025 (the "Effective Date"), the Company emerged from Chapter 11 Cases as all the material conditions to the effectiveness of the Plan were satisfied or waived and the Plan became effective, and after the Effective Date the Company was no longer a debtor-in-possession. Refer to Note 2, “Emergence from Voluntary Reorganization under Chapter 11” for additional information.
Rights Offering
On June 22, 2025, the Company entered into a Rights Offering Backstop Commitment Agreement (the “Backstop Commitment Agreement”) with the rights offering backstop parties (the “Backstop Parties”) and the rights offering holdback parties (the “Holdback Parties”) party thereto. Pursuant to the Backstop Commitment Agreement (and subject to the terms and conditions therein), the Company initiated a rights offering on August 14, 2025 as contemplated under the Restructuring Support Agreement for the issuance of the new 2.5% Convertible Second-Lien Senior Secured Notes due 2031 (the "New 2L Non-Renesas Convertible Notes") in an aggregate principal amount of approximately $301.13 million. 60% percent of the rights offering (“Non-Holdback Rights Offering”) was offered pro rata to all holders of Convertible Notes (the “Subscription Rights”) and the Backstop Parties committed to purchase any unsubscribed portion of the Non-Holdback Rights Offering. The remaining 40% of the rights offering was reserved for the Holdback Parties that committed to purchasing their respective portions set forth in the Backstop Commitment Agreement. As consideration for the commitments by the Backstop Parties and Holdback Parties, the Backstop Commitment Agreement provided that the Backstop Parties and the Holdback Parties would be issued additional New 2L Non-Renesas Convertible Notes in an aggregate principal amount of $30.25 million (the “Backstop Premium”), allocated ratably.
The transactions contemplated by the Backstop Commitment Agreement were conditioned upon the satisfaction or waiver of certain conditions, including, among other things, that (i) the Bankruptcy Court had entered an order approving the Backstop Commitment Agreement and the disclosure statement relating to the Plan and confirming the Plan, (ii) the effective date of the Plan having occurred, and (iii) the Restructuring Support Agreement remained in full force and effect.
Debtor-In-Possession
During the period between the Petition Date through the Effective Date, the Company applied ASC 852 in preparing the unaudited consolidated financial statements and was a debtor-in-possession.
The Bankruptcy Court approved "first day" orders filed by the Debtors that were designed primarily to mitigate the impact of the Chapter 11 Cases on the Company’s operations, customers, and employees. In general, as debtors-in-possession under the Bankruptcy Code, the Debtors were authorized to continue to operate as an ongoing business, but could not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Pursuant to first day orders filed with the Bankruptcy Court, the Bankruptcy Court authorized the Debtors to conduct their business activities in the ordinary course, including, among other things and subject to the terms and conditions of such orders, authorizing the Debtors’ ability to: (i) retain and compensate professionals used in the ordinary course of business; (ii) pay prepetition wages, salaries, employee benefits and other compensation; (iii) maintain employee benefits programs and pay related obligations; (iv) pay certain prepetition taxes and fees; (v) continue existing cash management system, maintain existing business forms, and continue intercompany transactions; (vi) use cash collateral; (vii) continue insurance programs and pay all obligations; (viii) honor prepetition obligations to customers and continue customer programs; and (ix) pay prepetition trade claims.
Financial Statement Classification of Liabilities Subject to Compromise
During the Chapter 11 Cases, certain amounts were classified as liabilities subject to compromise, which represented liabilities that were unsecured, undersecured or had a chance of not being settled in full by the Bankruptcy Court. These amounts represented the Debtors’ then-current estimate of known or potential obligations to be resolved in connection with the Chapter 11 Cases. Differences between liabilities estimated and claims filed were investigated and resolved in connection with the claims resolution process. The Company evaluated and adjusted the amount and classification of its pre-petition liabilities through the Effective Date, as applicable.
Automatic Stay
Subject to specific exceptions under the Bankruptcy Code, the Chapter 11 Cases automatically stayed most judicial or administrative actions against the Debtors and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court as summarized above, substantially all of the Debtors' pre-petition liabilities were subject to settlement under the Bankruptcy Code. Since the Effective Date, the automatic stay was lifted and previously stayed actions against the Debtors may continue with respect to the Debtors to the extent such claims were not released under the Plan.
Executory Contracts
Subject to certain exceptions, under the Bankruptcy Code, the Debtors could assume, amend or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease was treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieved the Debtors from performing their future obligations under such executory contract or unexpired lease but entitled the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease required the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. On the Effective Date, the Debtors assumed all executory contracts and unexpired leases pursuant to the Plan.
Reorganization Items, Net
ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain expenses, realized gains and losses and provisions for losses that were realized or incurred during and directly related to the Chapter 11 Cases, including professional fees, valuation adjustments to allowed claims, gains on liabilities subject to compromise, and fair value adjustments related to the adoptions of fresh start accounting were recorded as "Reorganization items, net", within the Company's accompanying unaudited consolidated statement of operations for the period of September 29, 2025 and the period from June 30, 2025 to September 29, 2025. Refer to Note 2, "Emergence from Voluntary Reorganization under Chapter 11," and Note 3, "Fresh Start Accounting" for additional information.
Allowed Claims
Refer to Note 2, "Emergence from Voluntary Reorganization under Chapter 11" for additional information on the treatment and resolution of allowed claims subject to the Chapter 11 Cases.
There were no other material changes to the Company's significant accounting policies compared to the significant accounting policies described in the 2025 Form 10-K.
Liquidity
As described above and in Note 2, "Emergence from Voluntary Reorganization under Chapter 11'", as of the Effective Date, the Company emerged from the Chapter 11 Cases and continues to operate as a viable going concern. The accompanying unaudited consolidated financial statements have been prepared on the basis that the Company will continue to operate as a going concern, which contemplates that the Company will be able to realize assets and settle liabilities in the normal course of business for twelve months following the date of this filing. Upon emergence from the Chapter 11 Cases, the Company significantly improved its liquidity position through a comprehensive restructuring of its capital structure. As part of the Plan, the Company issued the new debt and equity described in Note 2, "Emergence from Voluntary Reorganization under Chapter 11," which resulted in a reduction of the total debt by approximately 70% compared to the pre-emergence levels. The Company had $1.2 billion of cash, cash equivalents and short term investments as of March 29, 2026.
The Successor has assessed the impact of the current softening demand for its products and the competitive industry it serves on the Company's liquidity requirements over the next 12 months. To support this assessment, the Successor has analyzed the following factors: (1) its current financial condition, including available liquidity sources; (2) both conditional and unconditional obligations that are due or anticipated; (3) the funds necessary to sustain operations in light of its current financial condition, obligations, and expected cash flows; and (4) any other conditions or events that may adversely impact the Successor’s ability to meet its obligations for at least one year after the issuance date of the financial statements. Based on such evaluation, the Successor has concluded that the Successor will have sufficient liquidity to meet its future cash needs with cash, cash equivalents and short-term investments and cash flows from operations for at least one year after the issuance date of the financial statements as the restructuring of its debt significantly reduced the amount of outstanding debt and ongoing interest payments.
Segment Information
The Company has one reportable segment representing the entity as a whole, aligning with the Company's organizational structure and with the way the Company's chief operating decision maker ("CODM"), who is the Company's Chief Executive Officer, makes operating decisions, allocates resources, and manages the growth and profitability of the Company.
The CODM uses consolidated net income to measure segment profit or loss, allocate resources and assess performance. Net income is also used to monitor budget versus actual results, forecasted information and in competitive analysis. The CODM regularly reviews income and expense items at the consolidated company (reporting segment) level and uses net income to evaluate whether and how to reinvest profits into the entity’s operations, stockholder return, acquisitions or otherwise. Further, the CODM reviews and utilizes functional expenses (cost of revenues, sales and marketing, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other segment items included in consolidated net income are "Restructuring and other expenses", "Interest expense, net of capitalized interest", "Non-operating income, net" and "income tax (benefit) expense". These income and expense items are included on the Consolidated Statements of Operations and in the Company's notes to the Consolidated Financial Statements. The CODM reviews segment assets at the same level or category as presented on the consolidated balance sheet.
Financial Statement Details
Inventories
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Raw material$128.8 $144.5 
Work-in-progress146.3 284.6 
Finished goods5.4 6.3 
Inventories, net$280.5 $435.4 
Cost of revenues, net included inventory write-downs of approximately $29.0 million, for the period from June 30, 2025 to September 28, 2025, $0 million for the period of September 29, 2025, and $29.1 million for the period from September 30, 2025 to March 29, 2026. The write-downs primarily related to increases in specific reserves related to obsolete, customer-specific inventory the Company no longer intends to use.
Other Current Assets
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Reimbursement receivable on long-term incentive agreement$0.5 $33.1 
Assets held for sale(1)
1.8 24.4 
MACOM Shares(2)
— 102.0 
Inventory related to the RF Master Supply Agreement— 15.8 
VAT receivables0.6 9.1 
Insurance deposit— 7.4 
Accrued interest receivable4.3 5.4 
Receivable on RF Master Supply Agreement— 5.3 
Short-term spares34.4 — 
Other10.9 19.5 
Other current assets$52.5 $222.0 
(1): During the third quarter of fiscal 2025, the Company determined three facilities and equipment met the held-for-sale criteria under ASC Topic 360, "Property, Plant and Equipment," ("ASC 360") of which two were sold during the fourth quarter of fiscal 2025 and one was sold during the second quarter of fiscal 2026. The assets included in each of the disposal groups were measured at the lower of their carrying value or fair value less costs to sell. The remaining balance is equipment that meet the held-for-sale criteria under ASC 360.
(2): Refer to Note 4, "Discontinued Operations," and Note 9, "Fair Value of Financial Instruments," to the consolidated financial statements included herein for additional information.
Investment Tax Credit Receivable
The Company is generally eligible for the Advanced Manufacturing Investment Credit ("AMIC"). The AMIC is a refundable federal tax credit provided under Section 48D of the Internal Revenue Code of 1986, as amended (the "Code"), which was enacted by the CHIPS and Science Act of 2022 (the "CHIPS Act"). During fiscal 2026, the Company received $698.6 million in cash tax refunds related to fiscal 2025. In fiscal 2025, the Company received $189.1 million in cash tax refunds related to its fiscal 2023 and fiscal 2024 federal tax filings, inclusive of $2.6 million of interest income. As of March 29, 2026, the Company has recorded a short-term and long-term receivable of $71.5 million and $109.5 million, respectively. The One Big Beautiful Bill Act ("OBBBA") resulted in a $50.7 million increase to the long-term receivable in the first quarter of fiscal 2026, attributable to the increase of the credit to 35% on qualifying assets placed-in-service after December 31, 2025.
Other Assets
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Right-of-use assets$98.3 $123.1 
Long-term advances to suppliers67.0 69.8 
Long-term deposits24.3 24.3 
Cloud computing assets, net5.1 10.4 
Other7.7 39.3 
Other assets$202.4 $266.9 
Accounts Payable and Accrued Expenses
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Accounts payable, trade$21.4 $30.6 
Accrued property and equipment6.5 124.7 
Accrued salaries and wages38.1 79.2 
Accrued expenses49.7 45.7 
Accounts payable and accrued expenses$115.7 $280.2 
Other Current Liabilities
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Accrued interest$11.3 $90.7 
RF supply agreement liabilities(1)
12.9 76.9 
Other31.8 52.9 
Other current liabilities$56.0 $220.5 
(1): Refer to Note 4, "Discontinued Operations," to the consolidated financial statements included herein for additional information.
Other Long-term Liabilities
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Long-term lease liabilities$100.5 $139.5 
Long-term RF supply agreement liabilities(1)
50.6 44.5 
Long-term customer deposits4.3 15.6 
Other4.8 3.5 
Other long-term liabilities$160.2 $203.1 
(1): Refer to Note 4, "Discontinued Operations," to the consolidated financial statements included herein for additional information.
Gain on Sale of Disposal of Property and Equipment
During the period from June 30, 2025 to September 29, 2025 the Company recognized a gain of $5.7 million primarily from certain equipment sales to customers for equipment that the Company no longer intended to use. During the period from September 30, 2025 to March 29, 2026, the Company recognized a gain of $2.9 million, related to the sale of one building, which included the building improvements and land of a 254,000 square foot idle property located in Durham, North Carolina and certain equipment sales to customers for equipment that the Company no longer intended to use, respectively.
Restructuring and Other Expenses
SuccessorPredecessor
Three months endedThree months ended
(in millions of U.S. Dollars)March 29, 2026March 30, 2025
Legal settlements$— $17.0 
Restructuring and other exit costs1.7 40.7 
Project, transformation and transaction costs5.0 6.8 
Amortization or impairment of fresh start accounting and acquisition-related intangibles3.9 0.3 
Other— 0.6 
Restructuring and other expenses$10.6 $65.4 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Legal settlements$— $— $17.0 
Restructuring and other exit costs11.3 3.7 250.2 
Executive severance costs— — 1.4 
Project, transformation and transaction costs19.1 13.8 20.6 
Amortization or impairment of fresh start accounting and acquisition-related intangibles7.9 — 0.9 
Other0.5 2.9 4.7 
Restructuring and other expenses$38.8 $20.4 $294.8 
Accumulated Other Comprehensive Loss, net of taxes
Accumulated other comprehensive loss, net of taxes, consisted of $0.2 million and $3.8 million of net unrealized losses on available-for-sale securities as of March 29, 2026 and June 29, 2025, respectively. Amounts for June 29, 2025 include a $2.4 million loss related to tax on unrealized loss on available-for-sale securities.
Non-Operating (Income) Expense, net
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Changes in fair value of liability classified derivative contracts(28.7)— 
Interest income(10.9)(19.4)
Realized loss on MACOM Shares— 24.9 
Gain on contingent cash(10.0)— 
Loss on debt extinguishment2.8 — 
Other, net0.6 — 
Non-operating (income) expense, net($46.2)$5.5 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Changes in fair value of liability classified derivative contracts(87.8)— — 
Interest income(20.5)(8.9)(58.6)
Loss on Wafer Supply Agreement— — 9.2 
Gain on RTP Fab Transfer— (25.4)— 
Realized loss on MACOM Shares— 10.9 9.2 
Gain on contingent cash(10.0)— — 
Loss on debt extinguishment2.8 — — 
Other, net2.3 1.0 1.7 
Non-operating income, net($113.2)($22.4)($38.5)
Statements of Cash Flows - Supplemental Non-Cash Activities
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Decrease in property, plant and equipment from investment tax credit receivables$44.4 $76.8 $264.5 
Lease asset and liability additions3.6 19.1 35.2 
Lease asset and liability modifications, net(0.2)(0.2)2.9 
Lease termination(5.0)(0.1)— 
Lease asset impairment— — (4.8)
Decrease in accrued property, plant and equipment(35.8)(82.4)(146.3)
Commitment fee payable for 2030 Senior Notes— — 15.2 
Recently Adopted Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”). The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years and interim periods beginning after December 15, 2026, with early adoption permitted. The Company early adopted ASU 2025-07 on September 29, 2025, on a prospective basis, which includes the scope exception for derivatives, and the adoption did not have a material impact on our financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures, which requires disaggregated information about an entity's income tax rate reconciliation as well as information regarding cash taxes paid both in the United States and foreign jurisdictions. The amendments should be applied prospectively, with retrospective application permitted. The amendments are effective for annual periods beginning after December 15, 2024 with early adoption permitted. The new standard will require additional disaggregation of certain information in the Company's tax footnote and the Company intends to adopt on a prospective basis beginning in the Annual Report on Form 10-K for the period ending June 28, 2026.
Accounting Pronouncements Pending Adoption
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses, to require additional disclosures of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset's cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company plans to adopt this pronouncement for its fiscal year beginning June 25, 2029.
Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company’s consolidated results of operations or financial position. Other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial statement disclosures.
v3.26.1
Emergence from Voluntary Reorganization under Chapter 11
 9 Months Ended
Mar. 29, 2026
Reorganizations [Abstract]  
Emergence from Voluntary Reorganization under Chapter 11 Emergence from Voluntary Reorganization under Chapter 11
On the Petition Date, the Debtors commenced the Chapter 11 Cases under the Bankruptcy Code in the Bankruptcy Court. On that date, the Debtors also filed the Plan with the Bankruptcy Court, and on September 8, 2025, the Bankruptcy Court entered the Confirmation Order. On the Effective Date, the Debtors emerged from the Chapter 11 Cases in accordance with the Plan.
Definitions
•Conversion Effective Time - the time of 12:01 am Eastern Time on September 29, 2025.
•Convertible Notes Claim - any Claim on account of the Convertible Notes or otherwise arising under indentures governing such notes, including accrued but unpaid interest thereon through the Petition Date.
•CRD Agreement Deposits - the term loans in an aggregate amount of $2.1 billion (including accrued and unpaid interest as of the Petition Date) made by Renesas to the Company under that certain Unsecured Customer Refundable Deposit Agreement, dated as of July 5, 2023, as amended to date, by and between Wolfspeed and Renesas.
•Professional Fee Escrow Account - an escrow account established and funded to pay for all Bankruptcy Court approved professional fees and expenses due from the Company.
•Regulatory Approvals - (a) Committee on Foreign Investment in the United States ("CFIUS") approval; (b) clearance or approval under antitrust laws in (i) the United States, (ii) Austria, (iii) Germany, (iv) Japan, and (v) European Commission (as applicable); (c) clearance or approval under Italy Foreign Investment Laws; (d) regulatory approvals from any regulatory regimes necessary to consummate the restructuring transactions (for the avoidance of doubt, in relation to the Regulatory Approvals, for Renesas to receive the New 2L Renesas Convertible Notes (as defined below); 16,852,372 shares of New Common Stock underlying the Renesas Warrants; and voting, board seat, and other governance rights in accordance with the Restructuring Support Agreement), that are identified by Renesas and of which the Debtors are notified within thirty (30) calendar days following the effective date of the Restructuring Support Agreement; and (e) any regulatory approvals from any regulatory regimes necessary to consummate the restructuring transactions that are not identified by Renesas and of which the Debtors are not notified within thirty (30) calendar days following the effective date of the restructuring Support Agreement. As of March 29, 2026, all Regulatory Approvals have been obtained.
•Regulatory Trigger Deadline - the earlier of (i) a good faith agreement between the Debtors or Reorganized Debtors, which means the Debtors on and after the Effective Date, and Renesas that it is more likely than not that the Regulatory Approvals will not be obtained and (ii) two (2) years from the Effective Date; provided, if upon two (2) years from the Effective Date, the Reorganized Debtors and Renesas agree, in good faith, that Regulatory Approval is more likely than not to be obtained prior to three (3) years from the Effective Date, then upon three (3) years from the Effective Date. For the avoidance of doubt, to the extent Renesas obtains all Regulatory Approvals prior to the date of the Regulatory Trigger Deadline, the Regulatory Trigger Deadline shall be deemed not to have occurred. All Regulatory Approvals were obtained as of March 29, 2026, which is prior to the Regulatory Trigger Deadline.
•Senior Secured Notes Claim - any claim on account of the Existing Senior Secured Notes or otherwise arising under the Senior Secured Notes Documents (as defined in the Plan).
Plan of Reorganization
On the Effective Date, the Company emerged from the Chapter 11 Cases as all the material conditions precedent to the effectiveness of the Plan were satisfied or waived and the Plan became effective. In accordance with the Plan and effective as of the Effective Date:
•Cancellation of Prior Equity Interests – Immediately prior to the Effective Date there were 156,479,390 shares of the Company's common stock, $0.00125 par value per share (the "Old Common Stock"), outstanding. In accordance with the Plan and the Plan of Conversion at the Conversion Effective Time, the Company effected a redomestication from a North Carolina corporation to a Delaware corporation and, in connection therewith, adopted a new certificate of incorporation, under which the Company is authorized to issue 350,000,000 shares of common stock, $0.00125 par value per share ("New Common Stock"), and new bylaws, each of which became effective at the Conversion Effective Time. After giving effect to the transactions contemplated by the Plan and the Plan of Conversion, on the Effective Date all of the previously issued and outstanding shares of Old Common Stock were cancelled, and existing equity holders received their pro rata share of approximately 1,306,896 shares of New Common Stock, of the Delaware corporation. Pursuant to the Plan, the Company issued an aggregate of 25,840,656 shares of New Common Stock (inclusive of the aforementioned shares of New Common Stock issued to existing equity holders, with the remaining shares issued to pre-petition convertible noteholders, in accordance with the Plan). As of the Effective Date, the Company had an aggregate of 25,840,656 shares of New Common Stock issued and outstanding and 73,030,424 shares of New Common Stock reserved for issuance pursuant to the Plan (the "Share Reserve").
•Secured Financing – The Existing Senior Secured Notes were discharged and terminated. Each holder of a Senior Secured Notes Claim received on account of their claims: (a) their pro rata portion of the $1.3 billion principal amount of new Senior Secured Notes due 2030 (the "New Senior Secured Notes"), (b) a pro rata redemption of $277.5 million in principal amount of Existing Senior Secured Notes at 109.875% of the principal amount being redeemed (paid with the proceeds of the rights offering, described below, and proceeds from the sale of the MACOM Shares (as defined below), and (c) certain commitment fees, subject to certain conditions.
•Convertible Notes – The then-outstanding Convertible Notes totaling approximately $3.1 billion were discharged and terminated. Each holder of a Convertible Notes Claim received on account of their claims: (a) rights to participate in the rights offering of New 2L Non-Renesas Convertible Notes in the aggregate principal amount of approximately $301.1 million, which were offered at a purchase price of 91.3242% totaling $275.0 million, and fully backstopped by the Backstop Parties, and for which such Backstop Parties received a premium in the amount of $30.3 million for an aggregate principal amount of $331.4 million, (b) 7%/12% second lien senior secured PIK toggle notes due 2031 (the "New 2L Non-Convertible Notes") in an aggregate principal amount of $296.4 million, and (c) 24,533,760 shares of New Common Stock. Refer to Note 1, "Basis of Presentation and New Accounting Standards," and Note 11, “Long-term Debt,” for additional information on the New 2L Non-Renesas Convertible Notes and New 2L Non-Convertible Notes.
◦Registration Rights Agreement - On the Effective Date, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with Renesas and certain holders of the New 2L Non‑Renesas Convertible Notes (the “RRA Counterparties”). The Registration Rights Agreement provides the RRA Counterparties with registration rights for their “Registrable Securities.” The Company was required to file a Shelf Registration Statement on Form S‑1 or Form S‑3 (i) within 45 days of the Effective Date (satisfied by a Form S‑1 filed November 13, 2025) and (ii) for Registrable Securities held by Renesas, within 45 days of the Renesas Base Distribution Date (as defined in the Plan), which obligation was fulfilled by the filing of a Registration Statement on Form S-1 on March 9, 2026 (the "Form A-1"). Following effectiveness of the Form S-1 on March 18, 2026, an RRA Counterparty may request an underwritten offering, with related filings due within fifteen business days. Registrable Securities may also be sold in non‑underwritten offerings. Shelf Registration Statements must remain effective until the covered securities cease to be Registrable Securities.
The RRA Counterparties have customary piggyback rights, subject to the limitations in the Registration Rights Agreement. The Company generally bears all registration expenses. The Registration Rights Agreement includes customary indemnification and contribution provisions and terminates for each RRA Counterparty when it no longer holds Registrable Securities, and in full when no Registrable Securities remain outstanding.
•Renesas – The then-outstanding CRD Agreement Deposits with Renesas totaling approximately $2.1 billion were discharged and terminated. Renesas received on account of their claims: (a) a principal amount of approximately $203.6 million of New Renesas 2L Convertible Notes, (b) a warrant to purchase an aggregate of 4,943,555 shares of New Common Stock, at an exercise price of $23.95 per share (the "Renesas Warrant"), which until all Regulatory Approvals were received, were only deemed issued for purposes of U.S. federal and applicable state and local income tax purposes and were not exercisable, and (c) 16,852,372 shares of New Common Stock from the Share Reserve, the issuance of which was subject to Regulatory Approvals. All Regulatory Approvals were received in January 2026. As of March 29, 2026, the 16,852,372 shares of New Common Stock were issued to Renesas to settle the equity contract, resulting in the extinguishment of the forward equity contract liability. Additionally, as of March 29, 2026, the Renesas Warrant was reclassified from a liability to equity, upon meeting the criteria for equity classification subsequent to the Regulatory Approvals being received. Refer to Note 9, "Fair Value of Financial Instruments" and Note 11, “Long-term Debt” for additional information on the forward equity contract and the Renesas Warrant.
◦Investor Rights and Disposition Agreement - On the Effective Date, the Company entered into an Investor Rights and Disposition Agreement (the “Investor Rights Agreement”) with Renesas. The Investor Rights Agreement grants Renesas certain investment rights, including the right to designate one Board member, subject to receipt of Regulatory Approvals and Renesas holding more than 10% of the New Common Stock. The Investor Rights Agreement includes (i) a limitation preventing Renesas from exercising voting rights on New Common Stock beneficially owned in excess of 9.9% of the Aggregate Company Voting Power (the “Voting Rights Limitation”) and (ii) a limitation under which any conversion or exercise of Securities resulting in Renesas beneficially owning more than 39.9% of the Aggregate Company Voting Power is null and void (the “Beneficial Ownership Limitation,” and together with the Voting Rights Limitation, the “Limitations”). The Limitations apply through January 1, 2027 and automatically renew annually, unless earlier terminated by Renesas pursuant to the terms of the Investor Rights Agreement. Renesas may terminate the Limitations at any time if the Company submits to stockholders proposals involving a change of control, issuance of New Common Stock (or convertible/exercisable instruments), amendments to the certificate of incorporation or bylaws adversely affecting Renesas’s rights, or other matters adversely affecting such rights.
◦Renesas Contingent Consideration – As Regulatory Approvals were obtained prior to the Regulatory Trigger Deadline, Renesas is not entitled to the contingent consideration provided for under the Plan and $10 million of the cash placed into escrow upon emergence was remitted back to the Company, and $5 million of the cash placed into escrow upon emergence was remitted to the holders of the Existing Senior Secured Notes (on account of the commitment fee amount), the additional New 2L Non-Convertible Notes will not be issued, the 871,287 shares of New Common Stock were distributed to the holders of Old Common Stock immediately prior to the Effective Date, and the term of the Renesas Warrant will not be extended. Refer to Note 1, "Basis of Presentation and New Accounting Standards" and Note 7, “Commitments and Contingencies” for additional information.
◦Contingent Shares – As the Regulatory Approvals were obtained in the third quarter of fiscal 2026, prior to the Regulatory Trigger Deadline, the holders of Old Common Stock immediately prior to the Effective Date received their pro rata portion of 871,287 shares of New Common Stock from the Share Reserve (the “Contingent Shares”).
•Incentive Compensation Plans – Pursuant to the Plan, the Company adopted two equity compensation plans: the Long-Term Incentive Plan and the Management Incentive Plan, which each provide for the grant of options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units, performance units, other awards, or a combination thereof. An aggregate of 4,058,925 shares of New Common Stock have been reserved for issuance under the Long-Term Incentive Plan. The Long-Term Incentive Plan provides for grants to be made under the Long-Term Incentive Plan in fiscal years 2026 and 2027 having an aggregate value, as determined by the Board or the Committee (as defined in the Long-Term Incentive Plan), equal to $26.6 million and $27.5 million, respectively. An aggregate of 8,117,851 shares of New Common Stock have been reserved for issuance under the Management Incentive Plan. The Management Incentive Plan provides for initial awards under the Management Incentive Plan to be made to executive officers and key employees in accordance with the Restructuring Support Agreement. Any such awards are subject to approval by the Board of Directors. Please refer to Note 1, "Basis of Operation and New Accounting Standards," and Note 13, "Stock-Based Compensation" for additional information on the Incentive Compensation Plans.
•Professional Fee Escrow Account – The Company funded the Professional Fee Escrow Account, which was reflected as restricted cash on the consolidated balance sheet. As of March 29, 2026 the professional fees for certain company advisers incurred during the Chapter 11 Cases subject to disbursements through the escrow account had been paid in full.
•General Unsecured Claims – Holders of general unsecured claims received payment in full in cash, reimbursement, or such other treatment rendering such general unsecured claims unimpaired. The Company has substantially completed its claims reconciliation process, and is working to settle all remaining outstanding prepetition claims in the ordinary course.
•Certificate of Incorporation – Please refer to Note 1, "Basis of Presentation and New Accounting Standards," for additional information on the Certificate of Incorporation. The Company effected a conversion from a North Carolina corporation to a Delaware corporation and, in connection therewith, adopted a new certificate of incorporation, under which the Company is authorized to issue 350,000,000 shares of New Common Stock and new bylaws, each of which became effective on the Effective Date.
Regulatory Approvals
The Regulatory Approvals were received on January 29, 2026, prior to the Regulatory Trigger Deadline. As set forth in the Plan, the Company issued 16,852,372 shares of New Common Stock to Renesas from the Share Reserve on January 29, 2026, and holders of Old Common Stock immediately prior to the Effective Date received their pro rata portion of the Contingent Shares.
The Company received $10 million of the cash that was placed into escrow upon emergence (the "Contingent Cash"), with the remaining $5 million going to holders of the Existing Senior Secured Notes. The $10 million Contingent Cash is recognized as a gain within "Non-operating income" on the Company's accompanying unaudited consolidated statement of operations for the three months ended March 29, 2026 and the period from September 30, 2025 to March 29, 2026.
The Regulatory Approvals were received in January 2026, which is reflected on the Company's consolidated balance sheet as of March 29, 2026. The following paragraphs summarize the recognition and measurement of amounts related to the Regulatory Approvals:
•Renesas Shares - the obligation to issue 16,852,372 shares to Renesas was recognized at fair value at $292.1 million as of the date on which all Regulatory Approvals were received and the forward equity contract liability was extinguished.
•Renesas Warrant - the warrant to purchase 4,943,555 shares upon receipt of the Regulatory Approvals qualified for equity-classification, and $31.5 million was reclassified to equity based on its fair value as of the date on which the Regulatory Approvals were received.
•Renesas 2L Convertible Notes - the embedded conversion feature on the Renesas 2L Convertible notes was bifurcated from the underlying debt instrument and remeasured to fair value as of the date on which the Regulatory Approvals were received. Upon receipt of the Regulatory Approvals, the conversion feature qualified for equity-classification, and $87.9 million was reclassified to equity based on the fair value as of the approval date.
•Additional 2L Non-Convertible Notes - the receipt of the Regulatory Approvals nullified the potential obligation to issue the Additional 2L Non-Convertible Notes.
•Contingent Shares - the obligation to issue 871,287 shares to holders of Old Common Stock upon receipt of the Regulatory Approvals was completed and increased the Company's total shares outstanding.
•Contingent Cash - the $10 million of the Contingent Consideration was remitted to the Company and is treated as a gain in non-operating income during the third quarter of fiscal 2026. The outflow and inflow associated with this amount was recorded within "Cash used in financing activities".
New Senior Secured Notes
On the Effective Date, the Company entered into that certain Indenture (the “New Senior Secured Notes Indenture”), by and among the Company, Wolfspeed Texas, as subsidiary guarantor (the “Subsidiary Guarantor”), and U.S. Bank Trust Company, National Association, as the trustee (the “Trustee”) and collateral agent (the “Collateral Agent”), pursuant to which, among other things, the Company issued the New Senior Secured Notes. Refer to Note 11, "Long-term Debt," for additional information on the New Senior Secured Notes.
The New Senior Secured Notes bear interest, payable quarterly in arrears on March 23, June 23, September 23, and December 23 of each year, (a) for the period from the Effective Date through and including June 22, 2026, at a rate of 9.875% per annum (payable in
cash), plus 4.00% per annum (payable in-kind); and (b) for the period commencing on June 23, 2026 and at all times thereafter, (i) if the Interest Rate Step-Down Condition (as described below) is satisfied as of June 23 of the most recent year, at a rate of 13.875% per annum (payable in cash) and (ii) if the Interest Rate Step-Down Condition is not satisfied as of June 23 of the most recent year, at a rate of 15.875% per annum (payable in cash). The Interest Rate Step-Down Condition is met if (a)(i) the Company redeems or repurchases (other than redemptions or repurchases with the proceeds of dispositions) the New Senior Secured Notes, resulting in the aggregate principal amount of New Senior Secured Notes outstanding being less than $1,000,000,000 and (ii) the Company receives at least $450,000,000 of award disbursements pursuant to governmental grants under the CHIPS Act or (b) as of the most recent June 23rd, the ratio of the outstanding principal amount of the New Senior Secured Notes to EBITDA (as defined in the New Senior Secured Notes Indenture) for the most recently ended four fiscal quarter period for which financial statements have been or are required to have been delivered under the New Senior Secured Notes Indenture is less than or equal to 2.00:1.00. The New Senior Secured Notes will mature on June 23, 2030.
The New Senior Secured Notes Indenture requires the Company to make an offer to repurchase the New Senior Secured Notes with 100% of the net cash proceeds of certain extraordinary receipts, at a price of 109.875% of the principal amount plus accrued and unpaid interest upon the first to occur of the following : (i) in the event the Company and/or its subsidiaries receive in excess of $200,000,000 of such extraordinary receipts from the Effective Date through June 22, 2026, such offer to repurchase will be required to be in an aggregate principal amount of $175,000,000 of the New Senior Secured Notes, (ii) in the event the Company and/or its subsidiaries receive in excess of $200,000,000 of such extraordinary receipts from the Effective Date through June 22, 2027, such offer to repurchase will be required to be in an aggregate principal amount of $225,000,000 of the New Senior Secured Notes, or (iii) if the Company and/or its subsidiaries receive less than or equal to $200,000,000 of such extraordinary receipts from the Effective Date through June 22, 2027, such offer to repurchase will be required to be in an aggregate principal amount of $150,000,000 (such repurchase date, the “Extraordinary Receipts Trigger Date”).
Further, the Company is required to repurchase the New Senior Secured Notes with 100% of the net cash proceeds of certain non-ordinary course asset sales and casualty events, subject to the ability to (so long as no default or event of default exists under the New Senior Secured Notes Indenture), reinvest the proceeds of casualty events involving certain core assets, at a price equal to the lesser of (a) 111.875% of the principal amount of the New Senior Secured Notes being repurchased and (b) if such disposition or casualty event occurred (i) on or after June 23, 2026 and prior to the later of June 23, 2027 and the Extraordinary Receipts Trigger Date, 109.875% of the principal amount of such New Senior Secured Notes, plus accrued and unpaid interest to, but excluding, the applicable redemption (or repurchase) date, (ii) on or after the later of June 23, 2027 and the Extraordinary Receipts Trigger Date and prior to June 23, 2028, 105.000% of the principal amount of such New Senior Secured Notes, plus accrued and unpaid interest to, but excluding, the applicable redemption (or repurchase) date, (iii) on or after June 23, 2028 and prior to June 23, 2029, 103.000% of the principal amount of such New Senior Secured Notes, plus accrued and unpaid interest to, but excluding, the applicable redemption (or repurchase) date, and (iv) on or after June 23, 2029, 100% of the principal amount of such New Senior Secured Notes plus accrued and unpaid interest to, but excluding, the applicable redemption (or repurchase) date (this clause (b), the “Applicable Redemption Price”). The Company is also required to offer to repurchase the New Senior Secured Notes upon a change in control, at a price equal to, (a) if such change of control occurs prior to June 23, 2026, the greater of (i) a customary make-whole redemption price minus 1.00% of the principal amount of such New Senior Secured Notes and (ii) the Applicable Redemption Price as of June 23, 2026 and (b) if such change of control occurs on or after June 23, 2026, the Applicable Redemption Price at the time such change of control occurs. The Company may redeem the New Senior Secured Notes at any time, subject to, (a) if the redemption occurs prior to June 23, 2026, by paying a customary make-whole premium and (b) if the redemption occurs on or after June 23, 2026, by paying the Applicable Redemption Price. Further, the Company has the right, prior to June 23, 2026, to make an optional redemption of up to 35% of the New Senior Secured Notes with the proceeds of qualified equity issuances consummated since the Effective Date (provided that the Company has received at least $300,000,000 of net proceeds from such equity issuances), at a redemption price equal to 111.875%.
The New Senior Secured Notes Indenture contains certain customary affirmative covenants, negative covenants, and events of default, including a minimum liquidity financial covenant requiring the Company to have an aggregate amount of unrestricted cash and cash equivalents maintained in accounts over which the Collateral Agent has been granted a perfected first lien security interest of at least $350,000,000 as of the last day of any calendar month.
The obligations of the Company under the New Senior Secured Notes Indenture will be guaranteed by the Company’s material subsidiaries, if any, subject to certain exceptions, and are secured by a pledge (and, with respect to real property, mortgage) of substantially all of the existing and future property and assets of the Company and the guarantors (subject to certain exceptions), including a pledge of the capital stock of the subsidiaries of the Company and the guarantors, subject to certain exceptions.
New 2L Renesas Convertible Notes, New 2L Non-Renesas Convertible Notes and New 2L Non-Convertible Notes
On the Effective Date, the Company entered into (i) that certain indenture (the “New 2L Renesas Convertible Notes Indenture”), by and among the Company, the Subsidiary Guarantor, and the Trustee and the Collateral Agent in respect of the new 2.5% Convertible Second-Lien Senior Secured Notes due 2031 issued to Renesas (the "New 2L Renesas Convertible Notes"), (ii) that certain indenture (the “New 2L Non-Renesas Convertible Notes Indenture”), by and among the Company, the Subsidiary Guarantor, the Trustee and the Collateral Agent in respect of the New 2L Non-Renesas Convertible Notes and (iii) that certain indenture (the “New 2L Non-Convertible Notes Indenture” and, together with the New 2L Renesas Convertible Notes Indenture and the New 2L Non-Renesas Convertible Notes Indenture, the “2L Indentures”), by and among the Company, the Subsidiary Guarantor, the Trustee and the Collateral Agent in respect of the New 2L Non-Convertible Notes (together with the New 2L Renesas Convertible Notes and the New 2L Non-Renesas Convertible Notes, collectively, the “2L Notes”).
The 2L Notes bear interest, payable semi-annually in arrears on June 15 and September 15 of each year to the holders of record as of June 1 and September 1 of each year. Interest on the New 2L Renesas Convertible Notes and the New 2L Non-Renesas Convertible Notes is required to be paid in cash; interest on the New 2L Non-Convertible Notes is permitted to be paid either in cash or in kind (at the Company’s election), at an interest rate of 7.00% or 12.00%, respectively. The 2L Notes mature, in each case, on June 15, 2031.
Each of the New 2L Renesas Convertible Notes and New 2L Non-Renesas Convertible Notes (collectively, the “2L Convertible Notes”) are convertible pursuant to the terms of the New 2L Renesas Convertible Notes Indenture and the New 2L Non-Renesas Convertible Notes Indenture, respectively. The New 2L Renesas Convertible Notes are convertible at any time from and after September 29, 2025 until the fifth trading day immediately preceding September 29, 2027 (the “Conversion Expiration Date”), provided that the New 2L Renesas Convertible Notes were not convertible until the Renesas Base Distribution Date which occurred in January 2026, and the New 2L Non-Renesas Convertible Notes are convertible at any time from and after September 29, 2025 until the fifth (5th) scheduled trading day immediately preceding the maturity date, in each case, subject to certain limitations and exceptions. The 2L Convertible Notes are convertible into cash, common stock of the Company or a combination thereof, at the Company’s election. The 2L Convertible Notes will be entitled to customary anti-dilutive measures (including adjustments to the 2L Convertible Notes’ conversion rates), as described in each of the indentures governing the 2L Convertible Notes.
Each of the New 2L Non-Convertible Notes and the New 2L Renesas Convertible Notes are not permitted to be redeemed prior to the date that is two years following the Effective Date; the New 2L Non-Renesas Convertible Notes are not permitted to be redeemed prior to the date that is three years following the Effective Date. In the event of an optional redemption by the Company, holders will be entitled to a cash redemption price equal to 100% of the principal amount of such note redeemed, plus accrued and unpaid interest (any such redemption, an “Optional Redemption”).
The Company is required to offer to repurchase the 2L Notes upon a change of control and, in the case of (i) the 2L Convertible Notes, at a cash repurchase price equal to 100% of the principal amount of such note repurchased, plus accrued and unpaid interest and (ii) the New 2L Non-Convertible Notes, at a cash repurchase price equal to 101% of the principal amount of such note repurchased, plus accrued and unpaid interest. Following the Conversion Expiration Date and upon the occurrence of a change of control, the New 2L Renesas Convertible Notes will be entitled to a cash repurchase price consistent with that of the New 2L Non-Convertible Notes. Holders of the 2L Convertible Notes will be entitled to make-whole adjustments to the respective conversion rates in the event of a change of control or an Optional Redemption. Notwithstanding the foregoing (but subject to certain limitations described in the indentures governing the 2L Convertible Notes), holders of the 2L Convertible Notes are permitted to convert their notes (i) in lieu of redemption in the event of an Optional Redemption by the Company or (ii) upon the occurrence of a change of control. The Company is also required, subject to the terms of the New Senior Secured Notes and pursuant to the terms and conditions set forth in the indentures governing the 2L Notes, to make an offer to purchase the 2L Notes, on a pro rata basis, upon the occurrence of certain non-ordinary course asset sales and casualty events (subject to certain reinvestment rights described in the 2L Indentures).
The 2L Indentures contain certain customary affirmative covenants, negative covenants, and events of default.
The obligations of the Company under the 2L Indentures will be guaranteed by the Company’s material subsidiaries, if any, subject to certain exceptions, and are secured on a second-priority basis by liens on substantially all of the existing and future property and assets of the Company and the guarantors (subject to certain exceptions) that secure the New Senior Secured Notes.
Intercreditor Agreements
In connection with the Company’s entrance into the New Senior Secured Notes Indenture and the 2L Indentures, the Company, Wolfspeed Texas, as a guarantor, and the trustees and the collateral agents under each of the New Senior Secured Notes Indenture and the 2L Indentures entered into the First Lien/Second Lien Intercreditor Agreement, dated as of the September 29, 2025 (the 1L/2L Intercreditor Agreement"), which sets forth the respective rights on the shared collateral between the noteholders under the New Senior Secured Notes, as first lien creditors, on the one hand, and the noteholders under the 2L Notes, as second lien creditors, on the other hand. Additionally, in connection with the Company’s entrance into the 2L Indentures, the Company, Wolfspeed Texas, as a guarantor, and the trustees and the collateral agents under each of the 2L Indentures entered into the Equal Priority Intercreditor
Agreement, dated as of September 29, 2025, which sets forth the respective rights on the shared collateral among the noteholders under the 2L Notes.
Reorganization items, net
Reorganization items incurred as a result of the Chapter 11 Cases are presented separately in the Consolidated Statement of Operations. The table below presents the reorganization items as a result of the Chapter 11 Cases during the periods presented:
Successor
Predecessor
(in millions of U.S. dollars)
Period from September 30, 2025 through March 29, 2026
Period from June 30, 2025 through September 29, 2025
Nine months ended March 30, 2025
Allowed claims adjustments
$— $475.7 $— 
Success fees— 34.0 — 
Professional fees
— 28.2 — 
Gain on settlement of liabilities subject to compromise
— (3,751.8)— 
Write-off related to Predecessor directors’ and officers’ insurance policy
— 3.6 — 
Cancellation of unvested Predecessor stock compensation awards
— 61.5 — 
Fresh start valuation adjustments
— 2,585.4 — 
Reorganization items, net
$— $(563.4)$— 
Cash payments for Reorganization items, net
$23.7 $38.5 $— 
Fresh Start Accounting
Fresh Start
In connection with the Company's emergence from the Chapter 11 Cases and in accordance with ASC 852, the Company qualified for and adopted fresh start accounting on the Effective Date. The Company was required to adopt fresh start accounting because (i) the holders of voting shares of the Predecessor received less than 50% of the voting shares of the Successor and (ii) the $3.8 billion reorganization value of the Company's assets immediately prior to confirmation of the Plan was less than the approximately $7.6 billion of post-petition liabilities and allowed claims.
In accordance with ASC 852, with the adoption of fresh start accounting, the Company allocated the reorganization value to its individual assets and liabilities based on their estimated fair values in conformity with ASC Topic 805, Business Combinations (the reorganization value represents the fair value of the Successor assets before considering liabilities). As a result of the adoption of fresh start accounting and the effects of the implementation of the Plan, the consolidated financial statements after September 29, 2025 are not comparable with the consolidated financial statements as of or prior to that date.
Reorganization Value

Management, with the assistance of valuation advisors, estimated the enterprise value of the Successor to be between $2,350 million and $2,850 million, which was approved by the Bankruptcy Court. Based on the estimates and assumptions discussed below, the Company estimated the enterprise value to be $2,600 million, which is the mid-point of the range of the enterprise value.

The enterprise value was estimated using an income approach that utilizes a discounted cash flow model. The net cash flows were discounted using an after-tax weighted average cost of capital ("WACC") methodology reflecting a rate of return that would be expected by a market participant. The WACC methodology also takes into consideration a company-specific risk premium reflecting the risk associated with the financial projections used to estimate future cash flows. The present value of future expected net cash flows projected through 2034 is calculated using an estimated discount rate of 20.1%.

The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in the Company's projections. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the estimated enterprise value and estimated equity value, are inherently subject to uncertainties and the resolution of contingencies beyond the Company's control. Accordingly, there can be no assurance that the estimates, assumptions, valuations and financial projections will be realized, and actual results could vary materially. Moreover, the value of the New Common Stock may differ materially from the implied values at the Effective Date in the financial statements.
A reconciliation of the enterprise value to the implied value of New Common Stock and reorganization value is set forth below:
(in millions of U.S. Dollars)
Enterprise value$2,600.0 
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments835.4 
Less: Fair value of debt issued upon emergence, including issuance costs, excluding equity-classified substantial premium(2,151.3)
Less: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes(168.8)
Less: Fair value of the Renesas Warrant(33.6)
Less: Cash from MACOM Shares sale captured in enterprise value(60.8)
Less: Deposit liabilities included in cash(25.2)
Less: Debt issuance costs(8.0)
Less: Restricted cash(28.3)
Implied value of Wolfspeed, Inc's common stock (including reserved but unissued shares)$959.4 
Less: Implied value of the Renesas Base Consideration Shares classified as a liability($371.1)
Less: Implied value of the obligation to issue Contingent Shares classified as equity($19.2)
Implied value of Wolfspeed, Inc's common stock outstanding as of the Effective Date$569.1 
Plus: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes$168.8 
Plus: Implied value of the obligation to issue Contingent Shares classified as equity$19.2 
Total stockholders' equity as of the Effective Date$757.1 
The reconciliation of the Company's enterprise value to reorganization value as of the Effective Date is as follows:
(in millions of U.S. Dollars)
Enterprise value$2,600.0 
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments835.4 
Plus: Current liabilities excluding debt340.4 
Plus: Long-term liabilities excluding debt184.6 
Less: Cash from MACOM Shares sale captured in enterprise value(60.8)
Less: Deposit liabilities included in cash(25.2)
Less: Debt issuance costs(8.0)
Less: Restricted cash(28.3)
Reorganization value$3,838.1 
Intangible Assets
The identified intangible assets of $445.7 million, which principally consisted of technology, trade names and trademarks, and customer relationships, were estimated based on either the cost approach, relief from royalty, or multi-period excess earnings methods. Significant assumptions for identified intangibles included royalty rates, discount rates, margins, attrition rates, revenue growth rates, and economic lives. Such fair value measurement of intangible assets is considered Level 3 of the fair value hierarchy. For the technology-based intangibles that were valued using the relief from royalty income approach, the royalty rates were estimated to be 5% or 15% and the discount rate 21%. For trade names and trademarks valued under the relief from royalty income approach, the royalty rate was estimated to be 0.5% and the discount rate 20.5%. For customer-related intangible assets that were valued using the multi-period excess earnings method, the attrition rates were estimated to be 10% or 17.5% and the discount rate 22.5%.
Lease Liabilities and Right of Use Assets
The present value of lease liabilities was measured as the present value of the remaining lease payments, as if the leases were new leases as of the Effective Date. The Company used its incremental borrowing rate (“IBR”) as the discount rate in determining the present value of the remaining lease payments using a fundamental credit rating analysis. Based upon the corresponding lease terms, the IBRs ranged between approximately 9.9%-13.9%. Right of use asset values were estimated based on the lease liability.
Consolidated Balance Sheet
The adjustments set forth in the following consolidated balance sheet as of September 29, 2025 reflect the effects of the transactions contemplated by the Plan and executed on the Effective Date (reflected in the column "Reorganization Adjustments") and fair value accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column "Fresh Start Adjustments"). The explanatory notes provide additional information with regard to the adjustments recorded.


As of September 29, 2025
PredecessorReorganization AdjustmentsFresh-Start AdjustmentsSuccessor
Assets
Current assets:
Cash and cash equivalents (includes restricted cash)$571.6 (90.6)(1)— $481.0 
Short-term investments354.4 — — 354.4 
Total cash, cash equivalents and short-term investments926.0 (90.6)— 835.4 
Accounts receivable, net155.6 — — 155.6 
Inventories, net385.5 — 6.8 (14)392.3 
Prepaid expenses75.5 (3.6)(2)(0.1)(15)71.8 
Investment tax credit receivable654.0 — — 654.0 
Other current assets118.3 — 1.6 (16)119.9 
Total current assets2,314.9 (94.2)8.3 2229.0
Property and equipment, net3,775.8 — (3,006.6)(17)769.2 
Intangible assets, net24.2 — 421.5 (18)445.7 
Long-term investment tax credit receivable181.3 — — 181.3 
Other assets254.9 — (42.0)(19)212.9 
Total assets$6,551.1 (94.2)(2,618.8)$3,838.1 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$196.5 10.3 (3)— $206.8 
Contract liabilities and distributor-related reserves72.9 — — 72.9 
Income taxes payable0.9 — — 0.9 
Finance lease liabilities— 0.6 (4)— 0.6 
Other current liabilities29.3 26.1 (6)4.4 (20)59.8 
Total current liabilities299.6 37.0 4.4 341.0 
Long-term liabilities:
Long-term debt— 1,609.0 (7)— 1,609.0 
Convertible notes, net— 539.7 (8)— 539.7 
Finance lease liabilities - long-term— 8.3 (4)(6.4)(21)1.9 
Long-term warrant— 33.6 (5)— 33.6 
Forward equity contract— 371.1 (5)— 371.1 
Other long-term liabilities16.6 201.5 (9)(33.4)(22)184.7 
Liabilities subject to compromise7,315.3 (7,315.3)(10)— — 
Total liabilities7,631.5 (4,515.1)(35.4)3,081.0 
Commitments and contingencies
Stockholders’ equity:
Predecessor common stock0.2 (0.2)(11)— — 
Successor common stock— — (12)— — 
Predecessor additional paid-in-capital4,103.6 (4,103.6)(11)— — 
Successor additional paid-in-capital— 757.1 (12)— 757.1 
Accumulated other comprehensive loss(3.0)— 3.0 (23)— 
Accumulated deficit(5,181.2)7,767.6 (13)(2,586.4)(23)— 
Total stockholders’ equity(1,080.4)4,420.9 (2,583.4)757.1 
Total liabilities and stockholders’ equity$6,551.1 $(94.2)$(2,618.8)3,838.1 
Reorganization Adjustments
(1)    Reflects the changes in cash and cash equivalents, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Proceeds from issuance of 2L Convertible Notes through the rights offering$275.0 
Payment of Existing Senior Secured Notes (principal and pre-petition accrued interest)(308.5)
Payment of Existing Senior Secured Notes commitment fees(15.5)
Payment of Contingent Cash into escrow(10.0)
Payment of lender professional and success fees, including deferred financing costs(31.6)
Net change in cash and cash equivalents$(90.6)
Of the $481.0 million of Successor cash and cash equivalents, $28.3 million was classified as restricted cash. Restricted cash consists of funds held in escrow accounts for the payment of certain professional fees related to the Chapter 11 Cases, pursuant to the Plan.
(2)    Reflects the write-off of prepaid expense related to Predecessor directors and officers' insurance policy.
(3)    Reflects the net increase to accounts payable and accrued expenses of $10.3 million, representing $16.8 million related to success fees, partially offset by $6.5 million in accrued lender professional fees paid on the Effective Date.
(4)    Reflects the reinstatement of short and long-term finance lease liabilities from liabilities subject to compromise.
(5)    Reflects the fair value of the Renesas Warrant and the implied value of the obligation to issue New Common Stock to Renesas from the Share Reserve upon obtaining the Regulatory Approvals, or in accordance with the Plan, the obligation to remit cash proceeds to Renesas from the issuance of these shares or exercise of the warrant.
(6)    Reflects the changes in other current liabilities including the reinstatement of Short-term operating lease liabilities and supply agreement liabilities from liabilities subject to compromise:
As of September 29, 2025
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise$10.9 
Reinstatement of supply agreements from liabilities subject to compromise15.2 
Net change in other current liabilities$26.1 
(7)    Reflects the issuance of New Senior Secured Notes and the issuance of New 2L Non-Convertible Notes at fair value, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Issuance of New Senior Secured Notes$1,379.4 
Issuance of New 2L Non-Convertible Notes229.6 
Net change in long-term debt$1,609.0 
(8)    Reflects the issuance of the New 2L Renesas Convertible Notes at fair value, and the issuance of the New 2L Non-Renesas Convertible Notes (excluding the impact of the equity-classified substantial premium at fair value) as follows:
(in millions of U.S. dollars)As of September 29, 2025
Issuance of New 2L Non-Renesas Convertible Notes (principal, including backstop commitment premium)$331.4 
Issuance of New 2L Renesas Convertible Notes216.3 
Issuance cost of New 2L Non-Renesas Convertible Notes(8.0)
Net change in convertible notes, net$539.7 
(9)    Reflects the changes in other long-term liabilities and supply agreement liabilities as follows:
(in millions of U.S. dollars)As of September 29, 2025
Reinstatement of long-term operating lease liabilities from liabilities subject to compromise154.2 
Reinstatement of long-term supply agreements from liabilities subject to compromise44.8 
Change in deferred tax liability as a result of implementation of the plan2.5 
Net change in other long-term liabilities$201.5 
(10)    Reflects the settlement of liabilities subject to compromise in accordance with the Plan and the resulting gain, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Liabilities subject to compromise$7,315.3 
Reinstatement of short-term finance lease liabilities (see Adjustment 4)(0.6)
Reinstatement of short-term operating lease liabilities and supply agreements (see Adjustment 6)(26.1)
Reinstatement of long-term finance lease liabilities (see Adjustment 4)(8.3)
Reinstatement of long-term operating lease liabilities and supply agreements (see Adjustment 9)(199.0)
Distribution of proceeds to holders of Senior Secured Notes (see Adjustment 1)(324.0)
Fair value of issuance of New Senior Secured Notes (see Adjustment 7)(1,379.4)
Fair Value of Issuance of New 2L Non-Renesas Convertible Notes – principal, including backstop commitment premium (see Adjustment 8)(331.4)
Fair value issuance of New 2L Non-Renesas Convertible Notes – substantial premium (see Adjustment 12)(168.8)
Fair value issuance of New 2L Non-Convertible Notes (see Adjustment 7)(229.6)
Proceeds from the New 2L Non-Renesas Convertible Notes through the rights offering (see Adjustment 1)275.0 
Implied value of issuance of Wolfspeed, Inc. New Common Stock, to creditors (see Adjustment 12)(540.3)
Fair value issuance of New 2L Renesas Convertible Notes (see Adjustment 8)(216.3)
Fair value of the Renesas Warrant (see Adjustment 5)
(33.6)
Implied value of forward equity contract (see Adjustment 5)(371.1)
Distribution of Contingent Cash to non-consolidated escrow account (see Adjustment 1)(10.0)
Gain on settlement of liabilities subject to compromise (See Adjustment 13)$3,751.8 
(11)    Reflects the cancellation of Old Common Stock and additional paid-in capital.
(12)    Reflects the issuance of 25.8 million shares of New Common Stock and additional paid-in capital, as follows:
As of September 29, 2025
(in millions of U.S. dollars)Common StockAdditional Paid-in Capital
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to existing equity holders$— $28.8 
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to holders of convertible notes claims— 540.3 
Issuance of Additional paid-in capital for equity-classified premium for New 2L Non-Renesas Convertible Notes— 168.8 
Obligation to issue Contingent Shares to existing equity holders, at the implied value— 19.2 
Net change in Wolfspeed, Inc. common stock and additional paid-in capital$— $757.1 
(13)    Reflects the cumulative impact of the reorganization adjustments discussed above on accumulated deficit.
(in millions of U.S. dollars)As of September 29, 2025
Gain on settlement of liabilities subject to compromise3,751.8 
Success fees(33.9)
Write-off related to directors' and officers' insurance policy(3.6)
Cancellation of unvested Predecessor stock compensation awards
(61.5)
Total reorganization adjustments impacting reorganization items, net3,652.8 
Cancellation of Old Common Stock and additional paid-in capital (direct charge to equity)
$4,165.3 
Issuance of New Common Stock and additional paid-in capital to existing equity holders (direct charge to equity)(28.8)
Obligation to issue Contingent Shares to existing equity holders (direct charge to equity)(19.2)
Net deferred tax impacts (classified as tax expense)(2.5)
Net change in accumulated deficit$7,767.6 
Fresh Start Adjustments
(14)    Reflects the fair value adjustment to the Company’s inventories due to the adoption of fresh start accounting. Raw materials were valued based on their replacement cost on the Effective Date; work-in-progress (“WIP”) and finished good were valued based on consideration of inventory value created pre-Effective Date versus post-Effective Date. WIP and finished good methodologies consider the market approach and the cost approach. The values resulting
from these methods were reconciled to appropriately allocate profit and expenses in the measurement of the inventory value created prior to the Effective Date.
(15)    Reflects the fair value adjustment to the Company’s short-term cloud assets due to the adoption of fresh start accounting. Cloud assets were valued using the indirect method of the cost approach
(16)    Reflects the adjustment for the fair value less costs to sell of land held for sale due to the adoption of fresh start accounting. The fair value reflects the expected proceeds from the sale of the land.
(17)    Reflects the fair value adjustment to property and equipment due to the adoption of fresh start accounting. Personal property was valued using the indirect method of the cost approach, whereby the reproduction cost for each asset or group of assets is estimated by indexing historical costs recorded in the fixed asset register based on asset type and acquisition date, then adjusted to account for physical deterioration and all forms of obsolescence. Real property (buildings and improvements) was valued using the direct method cost approach, while the sales comparison approach was used to value land and to test the reasonableness of the full property value. Finance lease assets were remeasured at the amount equal to the corresponding finance lease liabilities:
(in millions of U.S. dollars)AmountEstimated Useful Life (in Years)
Land$14.7 n/a
Building(1,195.7)
5-40
Machinery and equipment(537.1)
3-10
Leasehold improvements(91.7)Shorter of estimated useful life or lease term
Furniture and fixtures(2.3)5
Computer hardware/software(35.7)
3-10
Vehicles— 5
Tooling(5.2)
3-10
Construction in progress(1,148.0)n/a
Finance lease - (see Adjustment 21)(5.6)n/a
Total property and equipment, net$(3,006.6)
(18)    Reflects the fair value adjustment to intangible assets, net due to adoption of fresh start accounting. Intangible assets were valued primarily using the income approach. Where applicable, forecasts were allocated to the Power Devices and Materials product lines to separately value intangible assets for each. The following table summarizes the changes in the fair value of identified intangible assets:
(in millions of U.S. dollars)AmountEstimated Useful Life (in Years)
Patent and licensing rights$33.7 
0.5-23
Tradenames27.8 11
Developed technology240.0 
5-6
Customer relationships120.0 9
Net change in intangible assets$421.5 
(19)    Reflects the changes in other assets due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Right-of-use ("ROU") assets off-market component$(6.1)
ROU assets adjustments (see adjustment 22)(29.0)
Long-term cloud computing assets(6.9)
Net change in other assets$(42.0)
(20)    Reflects the changes in other current liabilities due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Operating lease liabilities adjustments for incremental borrowing rate ("IBR") (see adjustment 22)$(5.6)
Off-market long-term purchase agreement10.0 
Net change in other current liabilities$4.4 
(21)    Reflects the adjustment to the non-current portion of finance lease liabilities due to the adoption of fresh start accounting. Lease liabilities were remeasured using the Company’s IBR at the Effective Date, with a corresponding adjustment to finance lease assets.
(22)    Reflects the changes in other long-term liabilities due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Operating lease liabilities$(46.4)
Off-market long-term supply agreement14.4 
Change in deferred tax liability as a result of fresh start accounting(1.4)
Net change in other long-term liabilities$(33.4)
Operating lease liabilities were remeasured using the Company’s IBR at the Effective Date, with a corresponding adjustment to ROU assets. Off-market terms identified were attributed to the ROU assets, resulting in a reduction of the ROU assets for unfavorable market terms measured as the present value of the difference between contractual and market-based lease payments over the remaining lease term.
(23)    Reflects the cumulative impact of fresh start accounting adjustments discussed above and the elimination of accumulated deficit and accumulated other comprehensive loss.
(in millions of U.S. dollars)As of September 29, 2025
Fresh start adjustment to Inventories, net$(6.8)
Fresh start adjustment to Prepaid expenses0.1 
Fresh start adjustment to Other current assets(1.6)
Fresh start adjustment to Property and equipment, net3,006.6 
Fresh start adjustment to Intangible assets, net(421.5)
Fresh start adjustment to Other assets42.0 
Fresh start adjustment to Other current liabilities4.4 
Fresh start adjustment to Finance lease liabilities – long-term(6.4)
Fresh start adjustment to Other long-term liabilities for operating lease liabilities(46.4)
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement14.4 
Reset of accumulated other comprehensive loss – securities-related0.6 
Total fresh start adjustments impacting reorganization items, net2,585.4 
Reset of accumulated other comprehensive loss - income tax effects2.4 
Income tax effects on deferred income taxes(1.4)
Changes in accumulated deficit$2,586.4 
v3.26.1
Fresh Start Accounting
 9 Months Ended
Mar. 29, 2026
Reorganizations [Abstract]  
Fresh Start Accounting Emergence from Voluntary Reorganization under Chapter 11
On the Petition Date, the Debtors commenced the Chapter 11 Cases under the Bankruptcy Code in the Bankruptcy Court. On that date, the Debtors also filed the Plan with the Bankruptcy Court, and on September 8, 2025, the Bankruptcy Court entered the Confirmation Order. On the Effective Date, the Debtors emerged from the Chapter 11 Cases in accordance with the Plan.
Definitions
•Conversion Effective Time - the time of 12:01 am Eastern Time on September 29, 2025.
•Convertible Notes Claim - any Claim on account of the Convertible Notes or otherwise arising under indentures governing such notes, including accrued but unpaid interest thereon through the Petition Date.
•CRD Agreement Deposits - the term loans in an aggregate amount of $2.1 billion (including accrued and unpaid interest as of the Petition Date) made by Renesas to the Company under that certain Unsecured Customer Refundable Deposit Agreement, dated as of July 5, 2023, as amended to date, by and between Wolfspeed and Renesas.
•Professional Fee Escrow Account - an escrow account established and funded to pay for all Bankruptcy Court approved professional fees and expenses due from the Company.
•Regulatory Approvals - (a) Committee on Foreign Investment in the United States ("CFIUS") approval; (b) clearance or approval under antitrust laws in (i) the United States, (ii) Austria, (iii) Germany, (iv) Japan, and (v) European Commission (as applicable); (c) clearance or approval under Italy Foreign Investment Laws; (d) regulatory approvals from any regulatory regimes necessary to consummate the restructuring transactions (for the avoidance of doubt, in relation to the Regulatory Approvals, for Renesas to receive the New 2L Renesas Convertible Notes (as defined below); 16,852,372 shares of New Common Stock underlying the Renesas Warrants; and voting, board seat, and other governance rights in accordance with the Restructuring Support Agreement), that are identified by Renesas and of which the Debtors are notified within thirty (30) calendar days following the effective date of the Restructuring Support Agreement; and (e) any regulatory approvals from any regulatory regimes necessary to consummate the restructuring transactions that are not identified by Renesas and of which the Debtors are not notified within thirty (30) calendar days following the effective date of the restructuring Support Agreement. As of March 29, 2026, all Regulatory Approvals have been obtained.
•Regulatory Trigger Deadline - the earlier of (i) a good faith agreement between the Debtors or Reorganized Debtors, which means the Debtors on and after the Effective Date, and Renesas that it is more likely than not that the Regulatory Approvals will not be obtained and (ii) two (2) years from the Effective Date; provided, if upon two (2) years from the Effective Date, the Reorganized Debtors and Renesas agree, in good faith, that Regulatory Approval is more likely than not to be obtained prior to three (3) years from the Effective Date, then upon three (3) years from the Effective Date. For the avoidance of doubt, to the extent Renesas obtains all Regulatory Approvals prior to the date of the Regulatory Trigger Deadline, the Regulatory Trigger Deadline shall be deemed not to have occurred. All Regulatory Approvals were obtained as of March 29, 2026, which is prior to the Regulatory Trigger Deadline.
•Senior Secured Notes Claim - any claim on account of the Existing Senior Secured Notes or otherwise arising under the Senior Secured Notes Documents (as defined in the Plan).
Plan of Reorganization
On the Effective Date, the Company emerged from the Chapter 11 Cases as all the material conditions precedent to the effectiveness of the Plan were satisfied or waived and the Plan became effective. In accordance with the Plan and effective as of the Effective Date:
•Cancellation of Prior Equity Interests – Immediately prior to the Effective Date there were 156,479,390 shares of the Company's common stock, $0.00125 par value per share (the "Old Common Stock"), outstanding. In accordance with the Plan and the Plan of Conversion at the Conversion Effective Time, the Company effected a redomestication from a North Carolina corporation to a Delaware corporation and, in connection therewith, adopted a new certificate of incorporation, under which the Company is authorized to issue 350,000,000 shares of common stock, $0.00125 par value per share ("New Common Stock"), and new bylaws, each of which became effective at the Conversion Effective Time. After giving effect to the transactions contemplated by the Plan and the Plan of Conversion, on the Effective Date all of the previously issued and outstanding shares of Old Common Stock were cancelled, and existing equity holders received their pro rata share of approximately 1,306,896 shares of New Common Stock, of the Delaware corporation. Pursuant to the Plan, the Company issued an aggregate of 25,840,656 shares of New Common Stock (inclusive of the aforementioned shares of New Common Stock issued to existing equity holders, with the remaining shares issued to pre-petition convertible noteholders, in accordance with the Plan). As of the Effective Date, the Company had an aggregate of 25,840,656 shares of New Common Stock issued and outstanding and 73,030,424 shares of New Common Stock reserved for issuance pursuant to the Plan (the "Share Reserve").
•Secured Financing – The Existing Senior Secured Notes were discharged and terminated. Each holder of a Senior Secured Notes Claim received on account of their claims: (a) their pro rata portion of the $1.3 billion principal amount of new Senior Secured Notes due 2030 (the "New Senior Secured Notes"), (b) a pro rata redemption of $277.5 million in principal amount of Existing Senior Secured Notes at 109.875% of the principal amount being redeemed (paid with the proceeds of the rights offering, described below, and proceeds from the sale of the MACOM Shares (as defined below), and (c) certain commitment fees, subject to certain conditions.
•Convertible Notes – The then-outstanding Convertible Notes totaling approximately $3.1 billion were discharged and terminated. Each holder of a Convertible Notes Claim received on account of their claims: (a) rights to participate in the rights offering of New 2L Non-Renesas Convertible Notes in the aggregate principal amount of approximately $301.1 million, which were offered at a purchase price of 91.3242% totaling $275.0 million, and fully backstopped by the Backstop Parties, and for which such Backstop Parties received a premium in the amount of $30.3 million for an aggregate principal amount of $331.4 million, (b) 7%/12% second lien senior secured PIK toggle notes due 2031 (the "New 2L Non-Convertible Notes") in an aggregate principal amount of $296.4 million, and (c) 24,533,760 shares of New Common Stock. Refer to Note 1, "Basis of Presentation and New Accounting Standards," and Note 11, “Long-term Debt,” for additional information on the New 2L Non-Renesas Convertible Notes and New 2L Non-Convertible Notes.
◦Registration Rights Agreement - On the Effective Date, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with Renesas and certain holders of the New 2L Non‑Renesas Convertible Notes (the “RRA Counterparties”). The Registration Rights Agreement provides the RRA Counterparties with registration rights for their “Registrable Securities.” The Company was required to file a Shelf Registration Statement on Form S‑1 or Form S‑3 (i) within 45 days of the Effective Date (satisfied by a Form S‑1 filed November 13, 2025) and (ii) for Registrable Securities held by Renesas, within 45 days of the Renesas Base Distribution Date (as defined in the Plan), which obligation was fulfilled by the filing of a Registration Statement on Form S-1 on March 9, 2026 (the "Form A-1"). Following effectiveness of the Form S-1 on March 18, 2026, an RRA Counterparty may request an underwritten offering, with related filings due within fifteen business days. Registrable Securities may also be sold in non‑underwritten offerings. Shelf Registration Statements must remain effective until the covered securities cease to be Registrable Securities.
The RRA Counterparties have customary piggyback rights, subject to the limitations in the Registration Rights Agreement. The Company generally bears all registration expenses. The Registration Rights Agreement includes customary indemnification and contribution provisions and terminates for each RRA Counterparty when it no longer holds Registrable Securities, and in full when no Registrable Securities remain outstanding.
•Renesas – The then-outstanding CRD Agreement Deposits with Renesas totaling approximately $2.1 billion were discharged and terminated. Renesas received on account of their claims: (a) a principal amount of approximately $203.6 million of New Renesas 2L Convertible Notes, (b) a warrant to purchase an aggregate of 4,943,555 shares of New Common Stock, at an exercise price of $23.95 per share (the "Renesas Warrant"), which until all Regulatory Approvals were received, were only deemed issued for purposes of U.S. federal and applicable state and local income tax purposes and were not exercisable, and (c) 16,852,372 shares of New Common Stock from the Share Reserve, the issuance of which was subject to Regulatory Approvals. All Regulatory Approvals were received in January 2026. As of March 29, 2026, the 16,852,372 shares of New Common Stock were issued to Renesas to settle the equity contract, resulting in the extinguishment of the forward equity contract liability. Additionally, as of March 29, 2026, the Renesas Warrant was reclassified from a liability to equity, upon meeting the criteria for equity classification subsequent to the Regulatory Approvals being received. Refer to Note 9, "Fair Value of Financial Instruments" and Note 11, “Long-term Debt” for additional information on the forward equity contract and the Renesas Warrant.
◦Investor Rights and Disposition Agreement - On the Effective Date, the Company entered into an Investor Rights and Disposition Agreement (the “Investor Rights Agreement”) with Renesas. The Investor Rights Agreement grants Renesas certain investment rights, including the right to designate one Board member, subject to receipt of Regulatory Approvals and Renesas holding more than 10% of the New Common Stock. The Investor Rights Agreement includes (i) a limitation preventing Renesas from exercising voting rights on New Common Stock beneficially owned in excess of 9.9% of the Aggregate Company Voting Power (the “Voting Rights Limitation”) and (ii) a limitation under which any conversion or exercise of Securities resulting in Renesas beneficially owning more than 39.9% of the Aggregate Company Voting Power is null and void (the “Beneficial Ownership Limitation,” and together with the Voting Rights Limitation, the “Limitations”). The Limitations apply through January 1, 2027 and automatically renew annually, unless earlier terminated by Renesas pursuant to the terms of the Investor Rights Agreement. Renesas may terminate the Limitations at any time if the Company submits to stockholders proposals involving a change of control, issuance of New Common Stock (or convertible/exercisable instruments), amendments to the certificate of incorporation or bylaws adversely affecting Renesas’s rights, or other matters adversely affecting such rights.
◦Renesas Contingent Consideration – As Regulatory Approvals were obtained prior to the Regulatory Trigger Deadline, Renesas is not entitled to the contingent consideration provided for under the Plan and $10 million of the cash placed into escrow upon emergence was remitted back to the Company, and $5 million of the cash placed into escrow upon emergence was remitted to the holders of the Existing Senior Secured Notes (on account of the commitment fee amount), the additional New 2L Non-Convertible Notes will not be issued, the 871,287 shares of New Common Stock were distributed to the holders of Old Common Stock immediately prior to the Effective Date, and the term of the Renesas Warrant will not be extended. Refer to Note 1, "Basis of Presentation and New Accounting Standards" and Note 7, “Commitments and Contingencies” for additional information.
◦Contingent Shares – As the Regulatory Approvals were obtained in the third quarter of fiscal 2026, prior to the Regulatory Trigger Deadline, the holders of Old Common Stock immediately prior to the Effective Date received their pro rata portion of 871,287 shares of New Common Stock from the Share Reserve (the “Contingent Shares”).
•Incentive Compensation Plans – Pursuant to the Plan, the Company adopted two equity compensation plans: the Long-Term Incentive Plan and the Management Incentive Plan, which each provide for the grant of options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units, performance units, other awards, or a combination thereof. An aggregate of 4,058,925 shares of New Common Stock have been reserved for issuance under the Long-Term Incentive Plan. The Long-Term Incentive Plan provides for grants to be made under the Long-Term Incentive Plan in fiscal years 2026 and 2027 having an aggregate value, as determined by the Board or the Committee (as defined in the Long-Term Incentive Plan), equal to $26.6 million and $27.5 million, respectively. An aggregate of 8,117,851 shares of New Common Stock have been reserved for issuance under the Management Incentive Plan. The Management Incentive Plan provides for initial awards under the Management Incentive Plan to be made to executive officers and key employees in accordance with the Restructuring Support Agreement. Any such awards are subject to approval by the Board of Directors. Please refer to Note 1, "Basis of Operation and New Accounting Standards," and Note 13, "Stock-Based Compensation" for additional information on the Incentive Compensation Plans.
•Professional Fee Escrow Account – The Company funded the Professional Fee Escrow Account, which was reflected as restricted cash on the consolidated balance sheet. As of March 29, 2026 the professional fees for certain company advisers incurred during the Chapter 11 Cases subject to disbursements through the escrow account had been paid in full.
•General Unsecured Claims – Holders of general unsecured claims received payment in full in cash, reimbursement, or such other treatment rendering such general unsecured claims unimpaired. The Company has substantially completed its claims reconciliation process, and is working to settle all remaining outstanding prepetition claims in the ordinary course.
•Certificate of Incorporation – Please refer to Note 1, "Basis of Presentation and New Accounting Standards," for additional information on the Certificate of Incorporation. The Company effected a conversion from a North Carolina corporation to a Delaware corporation and, in connection therewith, adopted a new certificate of incorporation, under which the Company is authorized to issue 350,000,000 shares of New Common Stock and new bylaws, each of which became effective on the Effective Date.
Regulatory Approvals
The Regulatory Approvals were received on January 29, 2026, prior to the Regulatory Trigger Deadline. As set forth in the Plan, the Company issued 16,852,372 shares of New Common Stock to Renesas from the Share Reserve on January 29, 2026, and holders of Old Common Stock immediately prior to the Effective Date received their pro rata portion of the Contingent Shares.
The Company received $10 million of the cash that was placed into escrow upon emergence (the "Contingent Cash"), with the remaining $5 million going to holders of the Existing Senior Secured Notes. The $10 million Contingent Cash is recognized as a gain within "Non-operating income" on the Company's accompanying unaudited consolidated statement of operations for the three months ended March 29, 2026 and the period from September 30, 2025 to March 29, 2026.
The Regulatory Approvals were received in January 2026, which is reflected on the Company's consolidated balance sheet as of March 29, 2026. The following paragraphs summarize the recognition and measurement of amounts related to the Regulatory Approvals:
•Renesas Shares - the obligation to issue 16,852,372 shares to Renesas was recognized at fair value at $292.1 million as of the date on which all Regulatory Approvals were received and the forward equity contract liability was extinguished.
•Renesas Warrant - the warrant to purchase 4,943,555 shares upon receipt of the Regulatory Approvals qualified for equity-classification, and $31.5 million was reclassified to equity based on its fair value as of the date on which the Regulatory Approvals were received.
•Renesas 2L Convertible Notes - the embedded conversion feature on the Renesas 2L Convertible notes was bifurcated from the underlying debt instrument and remeasured to fair value as of the date on which the Regulatory Approvals were received. Upon receipt of the Regulatory Approvals, the conversion feature qualified for equity-classification, and $87.9 million was reclassified to equity based on the fair value as of the approval date.
•Additional 2L Non-Convertible Notes - the receipt of the Regulatory Approvals nullified the potential obligation to issue the Additional 2L Non-Convertible Notes.
•Contingent Shares - the obligation to issue 871,287 shares to holders of Old Common Stock upon receipt of the Regulatory Approvals was completed and increased the Company's total shares outstanding.
•Contingent Cash - the $10 million of the Contingent Consideration was remitted to the Company and is treated as a gain in non-operating income during the third quarter of fiscal 2026. The outflow and inflow associated with this amount was recorded within "Cash used in financing activities".
New Senior Secured Notes
On the Effective Date, the Company entered into that certain Indenture (the “New Senior Secured Notes Indenture”), by and among the Company, Wolfspeed Texas, as subsidiary guarantor (the “Subsidiary Guarantor”), and U.S. Bank Trust Company, National Association, as the trustee (the “Trustee”) and collateral agent (the “Collateral Agent”), pursuant to which, among other things, the Company issued the New Senior Secured Notes. Refer to Note 11, "Long-term Debt," for additional information on the New Senior Secured Notes.
The New Senior Secured Notes bear interest, payable quarterly in arrears on March 23, June 23, September 23, and December 23 of each year, (a) for the period from the Effective Date through and including June 22, 2026, at a rate of 9.875% per annum (payable in
cash), plus 4.00% per annum (payable in-kind); and (b) for the period commencing on June 23, 2026 and at all times thereafter, (i) if the Interest Rate Step-Down Condition (as described below) is satisfied as of June 23 of the most recent year, at a rate of 13.875% per annum (payable in cash) and (ii) if the Interest Rate Step-Down Condition is not satisfied as of June 23 of the most recent year, at a rate of 15.875% per annum (payable in cash). The Interest Rate Step-Down Condition is met if (a)(i) the Company redeems or repurchases (other than redemptions or repurchases with the proceeds of dispositions) the New Senior Secured Notes, resulting in the aggregate principal amount of New Senior Secured Notes outstanding being less than $1,000,000,000 and (ii) the Company receives at least $450,000,000 of award disbursements pursuant to governmental grants under the CHIPS Act or (b) as of the most recent June 23rd, the ratio of the outstanding principal amount of the New Senior Secured Notes to EBITDA (as defined in the New Senior Secured Notes Indenture) for the most recently ended four fiscal quarter period for which financial statements have been or are required to have been delivered under the New Senior Secured Notes Indenture is less than or equal to 2.00:1.00. The New Senior Secured Notes will mature on June 23, 2030.
The New Senior Secured Notes Indenture requires the Company to make an offer to repurchase the New Senior Secured Notes with 100% of the net cash proceeds of certain extraordinary receipts, at a price of 109.875% of the principal amount plus accrued and unpaid interest upon the first to occur of the following : (i) in the event the Company and/or its subsidiaries receive in excess of $200,000,000 of such extraordinary receipts from the Effective Date through June 22, 2026, such offer to repurchase will be required to be in an aggregate principal amount of $175,000,000 of the New Senior Secured Notes, (ii) in the event the Company and/or its subsidiaries receive in excess of $200,000,000 of such extraordinary receipts from the Effective Date through June 22, 2027, such offer to repurchase will be required to be in an aggregate principal amount of $225,000,000 of the New Senior Secured Notes, or (iii) if the Company and/or its subsidiaries receive less than or equal to $200,000,000 of such extraordinary receipts from the Effective Date through June 22, 2027, such offer to repurchase will be required to be in an aggregate principal amount of $150,000,000 (such repurchase date, the “Extraordinary Receipts Trigger Date”).
Further, the Company is required to repurchase the New Senior Secured Notes with 100% of the net cash proceeds of certain non-ordinary course asset sales and casualty events, subject to the ability to (so long as no default or event of default exists under the New Senior Secured Notes Indenture), reinvest the proceeds of casualty events involving certain core assets, at a price equal to the lesser of (a) 111.875% of the principal amount of the New Senior Secured Notes being repurchased and (b) if such disposition or casualty event occurred (i) on or after June 23, 2026 and prior to the later of June 23, 2027 and the Extraordinary Receipts Trigger Date, 109.875% of the principal amount of such New Senior Secured Notes, plus accrued and unpaid interest to, but excluding, the applicable redemption (or repurchase) date, (ii) on or after the later of June 23, 2027 and the Extraordinary Receipts Trigger Date and prior to June 23, 2028, 105.000% of the principal amount of such New Senior Secured Notes, plus accrued and unpaid interest to, but excluding, the applicable redemption (or repurchase) date, (iii) on or after June 23, 2028 and prior to June 23, 2029, 103.000% of the principal amount of such New Senior Secured Notes, plus accrued and unpaid interest to, but excluding, the applicable redemption (or repurchase) date, and (iv) on or after June 23, 2029, 100% of the principal amount of such New Senior Secured Notes plus accrued and unpaid interest to, but excluding, the applicable redemption (or repurchase) date (this clause (b), the “Applicable Redemption Price”). The Company is also required to offer to repurchase the New Senior Secured Notes upon a change in control, at a price equal to, (a) if such change of control occurs prior to June 23, 2026, the greater of (i) a customary make-whole redemption price minus 1.00% of the principal amount of such New Senior Secured Notes and (ii) the Applicable Redemption Price as of June 23, 2026 and (b) if such change of control occurs on or after June 23, 2026, the Applicable Redemption Price at the time such change of control occurs. The Company may redeem the New Senior Secured Notes at any time, subject to, (a) if the redemption occurs prior to June 23, 2026, by paying a customary make-whole premium and (b) if the redemption occurs on or after June 23, 2026, by paying the Applicable Redemption Price. Further, the Company has the right, prior to June 23, 2026, to make an optional redemption of up to 35% of the New Senior Secured Notes with the proceeds of qualified equity issuances consummated since the Effective Date (provided that the Company has received at least $300,000,000 of net proceeds from such equity issuances), at a redemption price equal to 111.875%.
The New Senior Secured Notes Indenture contains certain customary affirmative covenants, negative covenants, and events of default, including a minimum liquidity financial covenant requiring the Company to have an aggregate amount of unrestricted cash and cash equivalents maintained in accounts over which the Collateral Agent has been granted a perfected first lien security interest of at least $350,000,000 as of the last day of any calendar month.
The obligations of the Company under the New Senior Secured Notes Indenture will be guaranteed by the Company’s material subsidiaries, if any, subject to certain exceptions, and are secured by a pledge (and, with respect to real property, mortgage) of substantially all of the existing and future property and assets of the Company and the guarantors (subject to certain exceptions), including a pledge of the capital stock of the subsidiaries of the Company and the guarantors, subject to certain exceptions.
New 2L Renesas Convertible Notes, New 2L Non-Renesas Convertible Notes and New 2L Non-Convertible Notes
On the Effective Date, the Company entered into (i) that certain indenture (the “New 2L Renesas Convertible Notes Indenture”), by and among the Company, the Subsidiary Guarantor, and the Trustee and the Collateral Agent in respect of the new 2.5% Convertible Second-Lien Senior Secured Notes due 2031 issued to Renesas (the "New 2L Renesas Convertible Notes"), (ii) that certain indenture (the “New 2L Non-Renesas Convertible Notes Indenture”), by and among the Company, the Subsidiary Guarantor, the Trustee and the Collateral Agent in respect of the New 2L Non-Renesas Convertible Notes and (iii) that certain indenture (the “New 2L Non-Convertible Notes Indenture” and, together with the New 2L Renesas Convertible Notes Indenture and the New 2L Non-Renesas Convertible Notes Indenture, the “2L Indentures”), by and among the Company, the Subsidiary Guarantor, the Trustee and the Collateral Agent in respect of the New 2L Non-Convertible Notes (together with the New 2L Renesas Convertible Notes and the New 2L Non-Renesas Convertible Notes, collectively, the “2L Notes”).
The 2L Notes bear interest, payable semi-annually in arrears on June 15 and September 15 of each year to the holders of record as of June 1 and September 1 of each year. Interest on the New 2L Renesas Convertible Notes and the New 2L Non-Renesas Convertible Notes is required to be paid in cash; interest on the New 2L Non-Convertible Notes is permitted to be paid either in cash or in kind (at the Company’s election), at an interest rate of 7.00% or 12.00%, respectively. The 2L Notes mature, in each case, on June 15, 2031.
Each of the New 2L Renesas Convertible Notes and New 2L Non-Renesas Convertible Notes (collectively, the “2L Convertible Notes”) are convertible pursuant to the terms of the New 2L Renesas Convertible Notes Indenture and the New 2L Non-Renesas Convertible Notes Indenture, respectively. The New 2L Renesas Convertible Notes are convertible at any time from and after September 29, 2025 until the fifth trading day immediately preceding September 29, 2027 (the “Conversion Expiration Date”), provided that the New 2L Renesas Convertible Notes were not convertible until the Renesas Base Distribution Date which occurred in January 2026, and the New 2L Non-Renesas Convertible Notes are convertible at any time from and after September 29, 2025 until the fifth (5th) scheduled trading day immediately preceding the maturity date, in each case, subject to certain limitations and exceptions. The 2L Convertible Notes are convertible into cash, common stock of the Company or a combination thereof, at the Company’s election. The 2L Convertible Notes will be entitled to customary anti-dilutive measures (including adjustments to the 2L Convertible Notes’ conversion rates), as described in each of the indentures governing the 2L Convertible Notes.
Each of the New 2L Non-Convertible Notes and the New 2L Renesas Convertible Notes are not permitted to be redeemed prior to the date that is two years following the Effective Date; the New 2L Non-Renesas Convertible Notes are not permitted to be redeemed prior to the date that is three years following the Effective Date. In the event of an optional redemption by the Company, holders will be entitled to a cash redemption price equal to 100% of the principal amount of such note redeemed, plus accrued and unpaid interest (any such redemption, an “Optional Redemption”).
The Company is required to offer to repurchase the 2L Notes upon a change of control and, in the case of (i) the 2L Convertible Notes, at a cash repurchase price equal to 100% of the principal amount of such note repurchased, plus accrued and unpaid interest and (ii) the New 2L Non-Convertible Notes, at a cash repurchase price equal to 101% of the principal amount of such note repurchased, plus accrued and unpaid interest. Following the Conversion Expiration Date and upon the occurrence of a change of control, the New 2L Renesas Convertible Notes will be entitled to a cash repurchase price consistent with that of the New 2L Non-Convertible Notes. Holders of the 2L Convertible Notes will be entitled to make-whole adjustments to the respective conversion rates in the event of a change of control or an Optional Redemption. Notwithstanding the foregoing (but subject to certain limitations described in the indentures governing the 2L Convertible Notes), holders of the 2L Convertible Notes are permitted to convert their notes (i) in lieu of redemption in the event of an Optional Redemption by the Company or (ii) upon the occurrence of a change of control. The Company is also required, subject to the terms of the New Senior Secured Notes and pursuant to the terms and conditions set forth in the indentures governing the 2L Notes, to make an offer to purchase the 2L Notes, on a pro rata basis, upon the occurrence of certain non-ordinary course asset sales and casualty events (subject to certain reinvestment rights described in the 2L Indentures).
The 2L Indentures contain certain customary affirmative covenants, negative covenants, and events of default.
The obligations of the Company under the 2L Indentures will be guaranteed by the Company’s material subsidiaries, if any, subject to certain exceptions, and are secured on a second-priority basis by liens on substantially all of the existing and future property and assets of the Company and the guarantors (subject to certain exceptions) that secure the New Senior Secured Notes.
Intercreditor Agreements
In connection with the Company’s entrance into the New Senior Secured Notes Indenture and the 2L Indentures, the Company, Wolfspeed Texas, as a guarantor, and the trustees and the collateral agents under each of the New Senior Secured Notes Indenture and the 2L Indentures entered into the First Lien/Second Lien Intercreditor Agreement, dated as of the September 29, 2025 (the 1L/2L Intercreditor Agreement"), which sets forth the respective rights on the shared collateral between the noteholders under the New Senior Secured Notes, as first lien creditors, on the one hand, and the noteholders under the 2L Notes, as second lien creditors, on the other hand. Additionally, in connection with the Company’s entrance into the 2L Indentures, the Company, Wolfspeed Texas, as a guarantor, and the trustees and the collateral agents under each of the 2L Indentures entered into the Equal Priority Intercreditor
Agreement, dated as of September 29, 2025, which sets forth the respective rights on the shared collateral among the noteholders under the 2L Notes.
Reorganization items, net
Reorganization items incurred as a result of the Chapter 11 Cases are presented separately in the Consolidated Statement of Operations. The table below presents the reorganization items as a result of the Chapter 11 Cases during the periods presented:
Successor
Predecessor
(in millions of U.S. dollars)
Period from September 30, 2025 through March 29, 2026
Period from June 30, 2025 through September 29, 2025
Nine months ended March 30, 2025
Allowed claims adjustments
$— $475.7 $— 
Success fees— 34.0 — 
Professional fees
— 28.2 — 
Gain on settlement of liabilities subject to compromise
— (3,751.8)— 
Write-off related to Predecessor directors’ and officers’ insurance policy
— 3.6 — 
Cancellation of unvested Predecessor stock compensation awards
— 61.5 — 
Fresh start valuation adjustments
— 2,585.4 — 
Reorganization items, net
$— $(563.4)$— 
Cash payments for Reorganization items, net
$23.7 $38.5 $— 
Fresh Start Accounting
Fresh Start
In connection with the Company's emergence from the Chapter 11 Cases and in accordance with ASC 852, the Company qualified for and adopted fresh start accounting on the Effective Date. The Company was required to adopt fresh start accounting because (i) the holders of voting shares of the Predecessor received less than 50% of the voting shares of the Successor and (ii) the $3.8 billion reorganization value of the Company's assets immediately prior to confirmation of the Plan was less than the approximately $7.6 billion of post-petition liabilities and allowed claims.
In accordance with ASC 852, with the adoption of fresh start accounting, the Company allocated the reorganization value to its individual assets and liabilities based on their estimated fair values in conformity with ASC Topic 805, Business Combinations (the reorganization value represents the fair value of the Successor assets before considering liabilities). As a result of the adoption of fresh start accounting and the effects of the implementation of the Plan, the consolidated financial statements after September 29, 2025 are not comparable with the consolidated financial statements as of or prior to that date.
Reorganization Value

Management, with the assistance of valuation advisors, estimated the enterprise value of the Successor to be between $2,350 million and $2,850 million, which was approved by the Bankruptcy Court. Based on the estimates and assumptions discussed below, the Company estimated the enterprise value to be $2,600 million, which is the mid-point of the range of the enterprise value.

The enterprise value was estimated using an income approach that utilizes a discounted cash flow model. The net cash flows were discounted using an after-tax weighted average cost of capital ("WACC") methodology reflecting a rate of return that would be expected by a market participant. The WACC methodology also takes into consideration a company-specific risk premium reflecting the risk associated with the financial projections used to estimate future cash flows. The present value of future expected net cash flows projected through 2034 is calculated using an estimated discount rate of 20.1%.

The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in the Company's projections. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the estimated enterprise value and estimated equity value, are inherently subject to uncertainties and the resolution of contingencies beyond the Company's control. Accordingly, there can be no assurance that the estimates, assumptions, valuations and financial projections will be realized, and actual results could vary materially. Moreover, the value of the New Common Stock may differ materially from the implied values at the Effective Date in the financial statements.
A reconciliation of the enterprise value to the implied value of New Common Stock and reorganization value is set forth below:
(in millions of U.S. Dollars)
Enterprise value$2,600.0 
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments835.4 
Less: Fair value of debt issued upon emergence, including issuance costs, excluding equity-classified substantial premium(2,151.3)
Less: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes(168.8)
Less: Fair value of the Renesas Warrant(33.6)
Less: Cash from MACOM Shares sale captured in enterprise value(60.8)
Less: Deposit liabilities included in cash(25.2)
Less: Debt issuance costs(8.0)
Less: Restricted cash(28.3)
Implied value of Wolfspeed, Inc's common stock (including reserved but unissued shares)$959.4 
Less: Implied value of the Renesas Base Consideration Shares classified as a liability($371.1)
Less: Implied value of the obligation to issue Contingent Shares classified as equity($19.2)
Implied value of Wolfspeed, Inc's common stock outstanding as of the Effective Date$569.1 
Plus: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes$168.8 
Plus: Implied value of the obligation to issue Contingent Shares classified as equity$19.2 
Total stockholders' equity as of the Effective Date$757.1 
The reconciliation of the Company's enterprise value to reorganization value as of the Effective Date is as follows:
(in millions of U.S. Dollars)
Enterprise value$2,600.0 
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments835.4 
Plus: Current liabilities excluding debt340.4 
Plus: Long-term liabilities excluding debt184.6 
Less: Cash from MACOM Shares sale captured in enterprise value(60.8)
Less: Deposit liabilities included in cash(25.2)
Less: Debt issuance costs(8.0)
Less: Restricted cash(28.3)
Reorganization value$3,838.1 
Intangible Assets
The identified intangible assets of $445.7 million, which principally consisted of technology, trade names and trademarks, and customer relationships, were estimated based on either the cost approach, relief from royalty, or multi-period excess earnings methods. Significant assumptions for identified intangibles included royalty rates, discount rates, margins, attrition rates, revenue growth rates, and economic lives. Such fair value measurement of intangible assets is considered Level 3 of the fair value hierarchy. For the technology-based intangibles that were valued using the relief from royalty income approach, the royalty rates were estimated to be 5% or 15% and the discount rate 21%. For trade names and trademarks valued under the relief from royalty income approach, the royalty rate was estimated to be 0.5% and the discount rate 20.5%. For customer-related intangible assets that were valued using the multi-period excess earnings method, the attrition rates were estimated to be 10% or 17.5% and the discount rate 22.5%.
Lease Liabilities and Right of Use Assets
The present value of lease liabilities was measured as the present value of the remaining lease payments, as if the leases were new leases as of the Effective Date. The Company used its incremental borrowing rate (“IBR”) as the discount rate in determining the present value of the remaining lease payments using a fundamental credit rating analysis. Based upon the corresponding lease terms, the IBRs ranged between approximately 9.9%-13.9%. Right of use asset values were estimated based on the lease liability.
Consolidated Balance Sheet
The adjustments set forth in the following consolidated balance sheet as of September 29, 2025 reflect the effects of the transactions contemplated by the Plan and executed on the Effective Date (reflected in the column "Reorganization Adjustments") and fair value accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column "Fresh Start Adjustments"). The explanatory notes provide additional information with regard to the adjustments recorded.


As of September 29, 2025
PredecessorReorganization AdjustmentsFresh-Start AdjustmentsSuccessor
Assets
Current assets:
Cash and cash equivalents (includes restricted cash)$571.6 (90.6)(1)— $481.0 
Short-term investments354.4 — — 354.4 
Total cash, cash equivalents and short-term investments926.0 (90.6)— 835.4 
Accounts receivable, net155.6 — — 155.6 
Inventories, net385.5 — 6.8 (14)392.3 
Prepaid expenses75.5 (3.6)(2)(0.1)(15)71.8 
Investment tax credit receivable654.0 — — 654.0 
Other current assets118.3 — 1.6 (16)119.9 
Total current assets2,314.9 (94.2)8.3 2229.0
Property and equipment, net3,775.8 — (3,006.6)(17)769.2 
Intangible assets, net24.2 — 421.5 (18)445.7 
Long-term investment tax credit receivable181.3 — — 181.3 
Other assets254.9 — (42.0)(19)212.9 
Total assets$6,551.1 (94.2)(2,618.8)$3,838.1 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$196.5 10.3 (3)— $206.8 
Contract liabilities and distributor-related reserves72.9 — — 72.9 
Income taxes payable0.9 — — 0.9 
Finance lease liabilities— 0.6 (4)— 0.6 
Other current liabilities29.3 26.1 (6)4.4 (20)59.8 
Total current liabilities299.6 37.0 4.4 341.0 
Long-term liabilities:
Long-term debt— 1,609.0 (7)— 1,609.0 
Convertible notes, net— 539.7 (8)— 539.7 
Finance lease liabilities - long-term— 8.3 (4)(6.4)(21)1.9 
Long-term warrant— 33.6 (5)— 33.6 
Forward equity contract— 371.1 (5)— 371.1 
Other long-term liabilities16.6 201.5 (9)(33.4)(22)184.7 
Liabilities subject to compromise7,315.3 (7,315.3)(10)— — 
Total liabilities7,631.5 (4,515.1)(35.4)3,081.0 
Commitments and contingencies
Stockholders’ equity:
Predecessor common stock0.2 (0.2)(11)— — 
Successor common stock— — (12)— — 
Predecessor additional paid-in-capital4,103.6 (4,103.6)(11)— — 
Successor additional paid-in-capital— 757.1 (12)— 757.1 
Accumulated other comprehensive loss(3.0)— 3.0 (23)— 
Accumulated deficit(5,181.2)7,767.6 (13)(2,586.4)(23)— 
Total stockholders’ equity(1,080.4)4,420.9 (2,583.4)757.1 
Total liabilities and stockholders’ equity$6,551.1 $(94.2)$(2,618.8)3,838.1 
Reorganization Adjustments
(1)    Reflects the changes in cash and cash equivalents, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Proceeds from issuance of 2L Convertible Notes through the rights offering$275.0 
Payment of Existing Senior Secured Notes (principal and pre-petition accrued interest)(308.5)
Payment of Existing Senior Secured Notes commitment fees(15.5)
Payment of Contingent Cash into escrow(10.0)
Payment of lender professional and success fees, including deferred financing costs(31.6)
Net change in cash and cash equivalents$(90.6)
Of the $481.0 million of Successor cash and cash equivalents, $28.3 million was classified as restricted cash. Restricted cash consists of funds held in escrow accounts for the payment of certain professional fees related to the Chapter 11 Cases, pursuant to the Plan.
(2)    Reflects the write-off of prepaid expense related to Predecessor directors and officers' insurance policy.
(3)    Reflects the net increase to accounts payable and accrued expenses of $10.3 million, representing $16.8 million related to success fees, partially offset by $6.5 million in accrued lender professional fees paid on the Effective Date.
(4)    Reflects the reinstatement of short and long-term finance lease liabilities from liabilities subject to compromise.
(5)    Reflects the fair value of the Renesas Warrant and the implied value of the obligation to issue New Common Stock to Renesas from the Share Reserve upon obtaining the Regulatory Approvals, or in accordance with the Plan, the obligation to remit cash proceeds to Renesas from the issuance of these shares or exercise of the warrant.
(6)    Reflects the changes in other current liabilities including the reinstatement of Short-term operating lease liabilities and supply agreement liabilities from liabilities subject to compromise:
As of September 29, 2025
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise$10.9 
Reinstatement of supply agreements from liabilities subject to compromise15.2 
Net change in other current liabilities$26.1 
(7)    Reflects the issuance of New Senior Secured Notes and the issuance of New 2L Non-Convertible Notes at fair value, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Issuance of New Senior Secured Notes$1,379.4 
Issuance of New 2L Non-Convertible Notes229.6 
Net change in long-term debt$1,609.0 
(8)    Reflects the issuance of the New 2L Renesas Convertible Notes at fair value, and the issuance of the New 2L Non-Renesas Convertible Notes (excluding the impact of the equity-classified substantial premium at fair value) as follows:
(in millions of U.S. dollars)As of September 29, 2025
Issuance of New 2L Non-Renesas Convertible Notes (principal, including backstop commitment premium)$331.4 
Issuance of New 2L Renesas Convertible Notes216.3 
Issuance cost of New 2L Non-Renesas Convertible Notes(8.0)
Net change in convertible notes, net$539.7 
(9)    Reflects the changes in other long-term liabilities and supply agreement liabilities as follows:
(in millions of U.S. dollars)As of September 29, 2025
Reinstatement of long-term operating lease liabilities from liabilities subject to compromise154.2 
Reinstatement of long-term supply agreements from liabilities subject to compromise44.8 
Change in deferred tax liability as a result of implementation of the plan2.5 
Net change in other long-term liabilities$201.5 
(10)    Reflects the settlement of liabilities subject to compromise in accordance with the Plan and the resulting gain, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Liabilities subject to compromise$7,315.3 
Reinstatement of short-term finance lease liabilities (see Adjustment 4)(0.6)
Reinstatement of short-term operating lease liabilities and supply agreements (see Adjustment 6)(26.1)
Reinstatement of long-term finance lease liabilities (see Adjustment 4)(8.3)
Reinstatement of long-term operating lease liabilities and supply agreements (see Adjustment 9)(199.0)
Distribution of proceeds to holders of Senior Secured Notes (see Adjustment 1)(324.0)
Fair value of issuance of New Senior Secured Notes (see Adjustment 7)(1,379.4)
Fair Value of Issuance of New 2L Non-Renesas Convertible Notes – principal, including backstop commitment premium (see Adjustment 8)(331.4)
Fair value issuance of New 2L Non-Renesas Convertible Notes – substantial premium (see Adjustment 12)(168.8)
Fair value issuance of New 2L Non-Convertible Notes (see Adjustment 7)(229.6)
Proceeds from the New 2L Non-Renesas Convertible Notes through the rights offering (see Adjustment 1)275.0 
Implied value of issuance of Wolfspeed, Inc. New Common Stock, to creditors (see Adjustment 12)(540.3)
Fair value issuance of New 2L Renesas Convertible Notes (see Adjustment 8)(216.3)
Fair value of the Renesas Warrant (see Adjustment 5)
(33.6)
Implied value of forward equity contract (see Adjustment 5)(371.1)
Distribution of Contingent Cash to non-consolidated escrow account (see Adjustment 1)(10.0)
Gain on settlement of liabilities subject to compromise (See Adjustment 13)$3,751.8 
(11)    Reflects the cancellation of Old Common Stock and additional paid-in capital.
(12)    Reflects the issuance of 25.8 million shares of New Common Stock and additional paid-in capital, as follows:
As of September 29, 2025
(in millions of U.S. dollars)Common StockAdditional Paid-in Capital
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to existing equity holders$— $28.8 
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to holders of convertible notes claims— 540.3 
Issuance of Additional paid-in capital for equity-classified premium for New 2L Non-Renesas Convertible Notes— 168.8 
Obligation to issue Contingent Shares to existing equity holders, at the implied value— 19.2 
Net change in Wolfspeed, Inc. common stock and additional paid-in capital$— $757.1 
(13)    Reflects the cumulative impact of the reorganization adjustments discussed above on accumulated deficit.
(in millions of U.S. dollars)As of September 29, 2025
Gain on settlement of liabilities subject to compromise3,751.8 
Success fees(33.9)
Write-off related to directors' and officers' insurance policy(3.6)
Cancellation of unvested Predecessor stock compensation awards
(61.5)
Total reorganization adjustments impacting reorganization items, net3,652.8 
Cancellation of Old Common Stock and additional paid-in capital (direct charge to equity)
$4,165.3 
Issuance of New Common Stock and additional paid-in capital to existing equity holders (direct charge to equity)(28.8)
Obligation to issue Contingent Shares to existing equity holders (direct charge to equity)(19.2)
Net deferred tax impacts (classified as tax expense)(2.5)
Net change in accumulated deficit$7,767.6 
Fresh Start Adjustments
(14)    Reflects the fair value adjustment to the Company’s inventories due to the adoption of fresh start accounting. Raw materials were valued based on their replacement cost on the Effective Date; work-in-progress (“WIP”) and finished good were valued based on consideration of inventory value created pre-Effective Date versus post-Effective Date. WIP and finished good methodologies consider the market approach and the cost approach. The values resulting
from these methods were reconciled to appropriately allocate profit and expenses in the measurement of the inventory value created prior to the Effective Date.
(15)    Reflects the fair value adjustment to the Company’s short-term cloud assets due to the adoption of fresh start accounting. Cloud assets were valued using the indirect method of the cost approach
(16)    Reflects the adjustment for the fair value less costs to sell of land held for sale due to the adoption of fresh start accounting. The fair value reflects the expected proceeds from the sale of the land.
(17)    Reflects the fair value adjustment to property and equipment due to the adoption of fresh start accounting. Personal property was valued using the indirect method of the cost approach, whereby the reproduction cost for each asset or group of assets is estimated by indexing historical costs recorded in the fixed asset register based on asset type and acquisition date, then adjusted to account for physical deterioration and all forms of obsolescence. Real property (buildings and improvements) was valued using the direct method cost approach, while the sales comparison approach was used to value land and to test the reasonableness of the full property value. Finance lease assets were remeasured at the amount equal to the corresponding finance lease liabilities:
(in millions of U.S. dollars)AmountEstimated Useful Life (in Years)
Land$14.7 n/a
Building(1,195.7)
5-40
Machinery and equipment(537.1)
3-10
Leasehold improvements(91.7)Shorter of estimated useful life or lease term
Furniture and fixtures(2.3)5
Computer hardware/software(35.7)
3-10
Vehicles— 5
Tooling(5.2)
3-10
Construction in progress(1,148.0)n/a
Finance lease - (see Adjustment 21)(5.6)n/a
Total property and equipment, net$(3,006.6)
(18)    Reflects the fair value adjustment to intangible assets, net due to adoption of fresh start accounting. Intangible assets were valued primarily using the income approach. Where applicable, forecasts were allocated to the Power Devices and Materials product lines to separately value intangible assets for each. The following table summarizes the changes in the fair value of identified intangible assets:
(in millions of U.S. dollars)AmountEstimated Useful Life (in Years)
Patent and licensing rights$33.7 
0.5-23
Tradenames27.8 11
Developed technology240.0 
5-6
Customer relationships120.0 9
Net change in intangible assets$421.5 
(19)    Reflects the changes in other assets due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Right-of-use ("ROU") assets off-market component$(6.1)
ROU assets adjustments (see adjustment 22)(29.0)
Long-term cloud computing assets(6.9)
Net change in other assets$(42.0)
(20)    Reflects the changes in other current liabilities due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Operating lease liabilities adjustments for incremental borrowing rate ("IBR") (see adjustment 22)$(5.6)
Off-market long-term purchase agreement10.0 
Net change in other current liabilities$4.4 
(21)    Reflects the adjustment to the non-current portion of finance lease liabilities due to the adoption of fresh start accounting. Lease liabilities were remeasured using the Company’s IBR at the Effective Date, with a corresponding adjustment to finance lease assets.
(22)    Reflects the changes in other long-term liabilities due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Operating lease liabilities$(46.4)
Off-market long-term supply agreement14.4 
Change in deferred tax liability as a result of fresh start accounting(1.4)
Net change in other long-term liabilities$(33.4)
Operating lease liabilities were remeasured using the Company’s IBR at the Effective Date, with a corresponding adjustment to ROU assets. Off-market terms identified were attributed to the ROU assets, resulting in a reduction of the ROU assets for unfavorable market terms measured as the present value of the difference between contractual and market-based lease payments over the remaining lease term.
(23)    Reflects the cumulative impact of fresh start accounting adjustments discussed above and the elimination of accumulated deficit and accumulated other comprehensive loss.
(in millions of U.S. dollars)As of September 29, 2025
Fresh start adjustment to Inventories, net$(6.8)
Fresh start adjustment to Prepaid expenses0.1 
Fresh start adjustment to Other current assets(1.6)
Fresh start adjustment to Property and equipment, net3,006.6 
Fresh start adjustment to Intangible assets, net(421.5)
Fresh start adjustment to Other assets42.0 
Fresh start adjustment to Other current liabilities4.4 
Fresh start adjustment to Finance lease liabilities – long-term(6.4)
Fresh start adjustment to Other long-term liabilities for operating lease liabilities(46.4)
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement14.4 
Reset of accumulated other comprehensive loss – securities-related0.6 
Total fresh start adjustments impacting reorganization items, net2,585.4 
Reset of accumulated other comprehensive loss - income tax effects2.4 
Income tax effects on deferred income taxes(1.4)
Changes in accumulated deficit$2,586.4 
v3.26.1
Discontinued Operations
 9 Months Ended
Mar. 29, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
RF Business Divestiture
On December 2, 2023 (the "RF Closing"), the Company completed the sale of its Radio Frequency ("RF") product line (the "RF Business") to MACOM Technology Solutions Holdings, Inc. ("MACOM") pursuant to the terms of the previously reported Asset Purchase Agreement (the "RF Purchase Agreement"). Pursuant to the RF Purchase Agreement, the Company received approximately $75 million in cash and 711,528 shares of MACOM common stock (the "MACOM Shares").
In connection with the divestiture of the RF Business (the "RF Business Divestiture"), MACOM was entitled to assume control of the Company’s 100mm gallium nitride ("GaN") wafer fabrication facility in Research Triangle Park, North Carolina (the "RTP Fab") approximately two years following the RF Closing (the "RTP Fab Transfer"). On July 25, 2025, the Company and MACOM completed the RTP Fab Transfer, as contemplated by the RF Purchase Agreement, and MACOM assumed control of the RTP Fab. At such time, the transfer restrictions and risk of forfeiture for the MACOM Shares lapsed and the Master Supply Agreement between the parties (the "RF Master Supply Agreement") terminated pursuant to its terms. Additionally, the Company derecognized assets and liabilities related to the remaining rights and obligations under the RF Master Supply Agreement. In connection with the RTP Fab Transfer, the Company recognized $0.0 million during the period of September 29, 2025, a gain of $25.4 million within "Non-operating income, net" during the period from June 30, 2025 to September 29, 2025 and recognized a loss of $0.5 million within "Non-operating income, net" during the period from September 30, 2025 to March 29, 2026. In connection with the RTP Fab Transfer, the Long-Term Epi Supply Agreement between the parties commenced. At the time of the divestiture, the Company recorded a liability for the Long-term Epi Supply Agreement of $58.0 million, which was remeasured to $72.4 million upon the adoption of fresh start accounting. The amounts outstanding under the Long-term Epi Supply Agreement were $63.5 million and $58.0 million as of March 29, 2026 and June 29, 2025, respectively. The decrease in the balance of the liability was recognized as revenue in the Consolidated Statement of Operations. The supply agreement liability is recognized in Other Current Liabilities and Other Long-term Liabilities as of December 28, 2025, and Other Current Liabilities and Other Long-term Liabilities on the consolidated balance sheet as of June 29, 2025, respectively.
On September 8, 2025, the Company completed the sale of the MACOM Shares received in connection with the sale of the RF Business for $91.1 million, net of transaction costs, of which approximately $30.3 million was distributed to holders of the existing Senior Secured Notes upon emergence from the Chapter 11 Cases.
v3.26.1
Revenue Recognition
 9 Months Ended
Mar. 29, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Contract liabilities and distributor-related reserves were $74.8 million as of March 29, 2026 and $65.6 million as of June 29, 2025. Contract liabilities are recorded within contract liabilities and distributor-related reserves and other long-term liabilities on the consolidated balance sheets. The increase in these reserves primarily relates to the Company's distributors carrying additional amounts of inventory as of March 29, 2026, due to planned shipments of last-time buys for the Company's 150mm offerings.
Product Line Revenue
The Company's continuing operations sells products from within two product lines: Power Products and silicon carbide and GaN materials ("Materials Products"). Revenue from these two product lines is as follows:
 SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Power Products$100.1 $107.5 
Materials Products50.1 77.9 
Total$150.2 $185.4 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Power Products$218.4 $131.8 $295.4 
Materials Products100.3 65.0 265.2 
Total$318.7 $196.8 $560.6 
Geographic Information
The Company conducts business in several geographic areas. Revenue is attributed to a particular geographic region based on the shipping address for the products. Disaggregated continuing operations revenue from external customers by geographic area is as follows:
 SuccessorPredecessor
 Three months ended March 29, 2026Three months ended March 30, 2025
(in millions of U.S. Dollars)Revenue% of RevenueRevenue% of Revenue
United States$51.2 34.1 %38.4 20.7 %
Hong Kong27.2 18.1 %28.1 15.2 %
Europe27.3 18.2 %34.1 18.4 %
Asia Pacific(1)
26.0 17.3 %21.4 11.5 %
Singapore7.4 4.9 %21.0 11.3 %
China4.1 2.7 %21.9 11.8 %
Japan5.7 3.8 %19.5 10.5 %
Other1.3 0.9 %1.0 0.6 %
Total$150.2 $185.4 
(1) Excluding China, Hong Kong, Japan and Singapore

 SuccessorPredecessor
 Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
(in millions of U.S. Dollars)Revenue% of RevenueRevenue% of RevenueRevenue% of Revenue
United States$106.0 33.3 %44.9 22.8 %84.5 15.1 %
Hong Kong57.8 18.1 %26.1 13.3 %80.9 14.4 %
Europe54.0 16.9 %36.3 18.4 %123.7 22.1 %
Asia Pacific(1)
51.4 16.1 %49.1 24.9 %62.0 11.1 %
Singapore18.6 5.8 %7.6 3.9 %83.8 14.9 %
China13.8 4.3 %17.9 9.1 %48.9 8.7 %
Japan12.6 4.0 %13.3 6.8 %75.2 13.4 %
Other4.5 1.5 %1.6 0.8 %1.6 0.3 %
Total$318.7 $196.8 $560.6 
(1) Excluding China, Hong Kong, Japan and Singapore
v3.26.1
Leases
 9 Months Ended
Mar. 29, 2026
Leases [Abstract]  
Leases Leases
Balance Sheet
Lease assets and liabilities are as follows:
(in millions of U.S. Dollars)SuccessorPredecessor
Operating Leases:March 29, 2026June 29, 2025
Right-of-use asset (1)
$98.3 $123.1 
Current lease liability (2)
7.4 9.9 
Non-current lease liability (3)
100.5 139.5 
Total operating lease liabilities$107.9 $149.4 
Finance Leases:
Finance lease assets (4)
$2.1 $8.3 
Current portion of finance lease liabilities(5)
0.3 0.5 
Finance lease liabilities, less current portion(6)
1.8 8.4 
Total finance lease liabilities$2.1 $8.9 
(1) Within other assets on the consolidated balance sheets.
(2) Within other current liabilities on the consolidated balance sheets.
(3) Within other long-term liabilities on the consolidated balance sheets.
(4) Within property and equipment, net on the consolidated balance sheets.
(5) Within finance lease liabilities on the consolidated balance sheets.
(6) Within finance lease liabilities - long term on the consolidated balance sheets.

Statements of Operations
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Operating lease expense
$5.1$4.3
Finance lease amortization
0.2 0.2 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Operating lease expense
$10.04.3$12.4
Finance lease amortization
0.3 0.2 0.6 
Interest expense for finance leases was immaterial for all periods presented.
Cash Flows
Cash flow information consisted of the following (1):
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases($10.8)($4.1)($4.0)
Cash paid for interest portion of financing leases(0.1)(0.1)(0.1)
Cash used in financing activities:
Cash paid for principal portion of finance leases(0.3)(0.1)(0.1)
(1) See Note 1, "Basis of Presentation and New Accounting Standards," for non-cash activities related to leases.
Lease Liability Maturities
Maturities of operating and finance lease liabilities as of March 29, 2026 were as follows:
(in millions of U.S. Dollars)Successor
Fiscal Year EndingOperating LeasesFinance LeasesTotal
June 28, 2026 (remainder of fiscal 2026)$5.6 $0.2 $5.8 
June 27, 202718.2 0.4 18.6 
June 25, 202817.8 0.2 18.0 
June 24, 202917.2 0.2 17.4 
June 30, 203016.0 0.2 16.2 
Thereafter130.7 13.7 144.4 
Total lease payments205.5 14.9 220.4 
Imputed lease interest(97.6)(12.8)(110.4)
Total lease liabilities$107.9 $2.1 $110.0 
Supplemental Disclosures
Remaining weighted average lease terms and discount rate operating and finance lease liabilities as of March 29, 2026 were as follows:
Successor
Operating LeasesFinance Leases
Weighted average remaining lease term (in months) (1)
145450
Weighted average discount rate (2)
11.76 %13.83 %
(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 8 months.
(2) Weighted average discount rate of finance leases without the 49-year ground lease is 7.43%.
Leases Leases
Balance Sheet
Lease assets and liabilities are as follows:
(in millions of U.S. Dollars)SuccessorPredecessor
Operating Leases:March 29, 2026June 29, 2025
Right-of-use asset (1)
$98.3 $123.1 
Current lease liability (2)
7.4 9.9 
Non-current lease liability (3)
100.5 139.5 
Total operating lease liabilities$107.9 $149.4 
Finance Leases:
Finance lease assets (4)
$2.1 $8.3 
Current portion of finance lease liabilities(5)
0.3 0.5 
Finance lease liabilities, less current portion(6)
1.8 8.4 
Total finance lease liabilities$2.1 $8.9 
(1) Within other assets on the consolidated balance sheets.
(2) Within other current liabilities on the consolidated balance sheets.
(3) Within other long-term liabilities on the consolidated balance sheets.
(4) Within property and equipment, net on the consolidated balance sheets.
(5) Within finance lease liabilities on the consolidated balance sheets.
(6) Within finance lease liabilities - long term on the consolidated balance sheets.

Statements of Operations
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Operating lease expense
$5.1$4.3
Finance lease amortization
0.2 0.2 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Operating lease expense
$10.04.3$12.4
Finance lease amortization
0.3 0.2 0.6 
Interest expense for finance leases was immaterial for all periods presented.
Cash Flows
Cash flow information consisted of the following (1):
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases($10.8)($4.1)($4.0)
Cash paid for interest portion of financing leases(0.1)(0.1)(0.1)
Cash used in financing activities:
Cash paid for principal portion of finance leases(0.3)(0.1)(0.1)
(1) See Note 1, "Basis of Presentation and New Accounting Standards," for non-cash activities related to leases.
Lease Liability Maturities
Maturities of operating and finance lease liabilities as of March 29, 2026 were as follows:
(in millions of U.S. Dollars)Successor
Fiscal Year EndingOperating LeasesFinance LeasesTotal
June 28, 2026 (remainder of fiscal 2026)$5.6 $0.2 $5.8 
June 27, 202718.2 0.4 18.6 
June 25, 202817.8 0.2 18.0 
June 24, 202917.2 0.2 17.4 
June 30, 203016.0 0.2 16.2 
Thereafter130.7 13.7 144.4 
Total lease payments205.5 14.9 220.4 
Imputed lease interest(97.6)(12.8)(110.4)
Total lease liabilities$107.9 $2.1 $110.0 
Supplemental Disclosures
Remaining weighted average lease terms and discount rate operating and finance lease liabilities as of March 29, 2026 were as follows:
Successor
Operating LeasesFinance Leases
Weighted average remaining lease term (in months) (1)
145450
Weighted average discount rate (2)
11.76 %13.83 %
(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 8 months.
(2) Weighted average discount rate of finance leases without the 49-year ground lease is 7.43%.
Leases Leases
Balance Sheet
Lease assets and liabilities are as follows:
(in millions of U.S. Dollars)SuccessorPredecessor
Operating Leases:March 29, 2026June 29, 2025
Right-of-use asset (1)
$98.3 $123.1 
Current lease liability (2)
7.4 9.9 
Non-current lease liability (3)
100.5 139.5 
Total operating lease liabilities$107.9 $149.4 
Finance Leases:
Finance lease assets (4)
$2.1 $8.3 
Current portion of finance lease liabilities(5)
0.3 0.5 
Finance lease liabilities, less current portion(6)
1.8 8.4 
Total finance lease liabilities$2.1 $8.9 
(1) Within other assets on the consolidated balance sheets.
(2) Within other current liabilities on the consolidated balance sheets.
(3) Within other long-term liabilities on the consolidated balance sheets.
(4) Within property and equipment, net on the consolidated balance sheets.
(5) Within finance lease liabilities on the consolidated balance sheets.
(6) Within finance lease liabilities - long term on the consolidated balance sheets.

Statements of Operations
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Operating lease expense
$5.1$4.3
Finance lease amortization
0.2 0.2 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Operating lease expense
$10.04.3$12.4
Finance lease amortization
0.3 0.2 0.6 
Interest expense for finance leases was immaterial for all periods presented.
Cash Flows
Cash flow information consisted of the following (1):
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases($10.8)($4.1)($4.0)
Cash paid for interest portion of financing leases(0.1)(0.1)(0.1)
Cash used in financing activities:
Cash paid for principal portion of finance leases(0.3)(0.1)(0.1)
(1) See Note 1, "Basis of Presentation and New Accounting Standards," for non-cash activities related to leases.
Lease Liability Maturities
Maturities of operating and finance lease liabilities as of March 29, 2026 were as follows:
(in millions of U.S. Dollars)Successor
Fiscal Year EndingOperating LeasesFinance LeasesTotal
June 28, 2026 (remainder of fiscal 2026)$5.6 $0.2 $5.8 
June 27, 202718.2 0.4 18.6 
June 25, 202817.8 0.2 18.0 
June 24, 202917.2 0.2 17.4 
June 30, 203016.0 0.2 16.2 
Thereafter130.7 13.7 144.4 
Total lease payments205.5 14.9 220.4 
Imputed lease interest(97.6)(12.8)(110.4)
Total lease liabilities$107.9 $2.1 $110.0 
Supplemental Disclosures
Remaining weighted average lease terms and discount rate operating and finance lease liabilities as of March 29, 2026 were as follows:
Successor
Operating LeasesFinance Leases
Weighted average remaining lease term (in months) (1)
145450
Weighted average discount rate (2)
11.76 %13.83 %
(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 8 months.
(2) Weighted average discount rate of finance leases without the 49-year ground lease is 7.43%.
v3.26.1
Commitments and Contingencies
 9 Months Ended
Mar. 29, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
The Company is currently a party to various legal proceedings, including the cases described below. While management presently believes that the ultimate outcome of such proceedings, individually and in the aggregate, will not materially harm the Company’s financial position, cash flows, or overall trends in results of operations, legal proceedings are subject to inherent uncertainties, and unfavorable rulings could occur.
On November 15, 2024, the Company and certain of its former executive officers were named as defendants (“Defendants”) in a securities class action lawsuit captioned Gary Zagami v Wolfspeed, Inc., et al., Case No. 6:24-cv-01395, which was filed in the United States District Court for the Northern District of New York. The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-5 promulgated thereunder by making false and/or misleading statements between August 16, 2023 and November 6, 2024 in connection with the operational status, profitability, and growth potential of the Mohawk Valley fabrication facility, among other things. The complaint seeks unspecified compensatory damages and other relief. On January 8, 2025 and January 13, 2025, respectively, two additional lawsuits captioned Maizner v. Wolfspeed, Inc., et al., Case No. 6:25-cv-00046 and Ferreira v. Wolfspeed, Inc., et al., Case No. 6:25-CV-00062 were filed in the United States District Court for the Northern District of New York by stockholders regarding these same matters and naming the same Defendants. On February 24, 2025, the United States District Court for the Northern District of New York consolidated the Zagami, Maizner, and Ferreira actions and appointed co-lead plaintiffs and co-lead counsel. On May 5, 2025, co-lead plaintiffs filed an amended complaint. On June 4, 2025, Defendants filed a motion to transfer the consolidated action to the United States District Court for the Middle District of North Carolina and as of July 22, 2025, briefing on the motion to transfer was complete. Oral arguments were heard on the motion to transfer by the Magistrate Judge virtually on October 29, 2025. On December 22, 2025, the United States District Court for the Northern District of New York granted Defendants’ motion to transfer and on January 7, 2026 the case electronically transferred to the United States District Court for the Middle District of North Carolina. On February 20, 2026, Defendants filed a motion to dismiss the amended complaint, with briefing scheduled to be completed on June 5, 2026.
On April 21, 2025, a derivative action was filed by a putative stockholder purportedly on behalf of the Company in the United States District Court for the Middle District of North Carolina against certain former directors and officers of the Company (collectively, “Derivative Action Defendants”) for breach of fiduciary duty, waste, unjust enrichment, aiding and abetting, insider trading, and a violation of Section 14(a) of the Exchange Act. The complaint seeks to implement reforms to the Company’s corporate governance and internal procedures and to recover on behalf of the Company for any liability the Company might incur as a result of the Derivative Action Defendants’ alleged misconduct, as well as declaratory and other monetary relief, including attorneys’ fees and other costs. The derivative action is based substantially on the same facts alleged in the consolidated securities class action described above. The Company filed a Notice of Entry of Bankruptcy Confirmation Order and Occurrence of Effective Date on October 1, 2025. On October 16, 2025, the parties filed a Joint Notice and Stipulation Voluntarily Dismissing the Derivative Action. On November 20, 2025, the United States District Court for the Middle District of North Carolina so-ordered the dismissal. No activity occurred and no activity is expected on this matter.
The Company intends to vigorously defend against the claims in the above-referenced class action.
Supply Commitments and Capacity Deposits
From time to time, the Company may enter into agreements with its suppliers which require the Company to commit to a minimum of product purchases or make capacity reservation deposits.
In fiscal 2023, the Company entered into an agreement with a supplier which requires a minimum commitment of product purchases on a take-or-pay basis of $200.0 million over the life of the contract. During the third quarter of fiscal 2025, the Company amended the agreement to extend the term of the contract through December 2029 and modify the remaining minimum annual purchase commitments. During the period from June 30, 2025 to September 29, 2025, the period of September 29, 2025, the period from September 30, 2025 to December 28, 2025, and the three months ended March 29, 2026 the Company purchased $4.4 million, $0 million, $2.3 million, and $6.9 million respectively, for a combined total of $13.6 million and during the three and nine months ended March 30, 2025, the Company purchased $4.5 million and $17.0 million, respectively, of product under this agreement. As of March 29, 2026, the remaining minimum annual future product purchases for the remainder of 2026, 2027, 2028 and 2029 are $27.9 million, $38.0 million, $40.0 million and $42.0 million, respectively.
In addition, the Company paid quarterly capacity reservation deposits through the second quarter of fiscal 2026. The capacity reservation deposits totaled $60.0 million and are refundable through credits on future product purchases. As of March 29, 2026, the Company has paid the full $60.0 million in connection with the agreement, which is recognized in prepaid expenses and other long-term assets on the consolidated balance sheet.
In fiscal 2024, the Company entered into an agreement with another supplier which requires a minimum commitment of product purchases on a take-or-pay basis of $86.4 million over the life of the contract. During the three months ended March 29, 2026 and the three months ended March 30, 2025, the Company purchased $4.8 million, and $7.2 million, respectively and during the period from June 30, 2025 to September 29, 2025, the period of September 29, 2025 and the period from September 30, 2025 to March 29, 2026 and the nine months ended March 30, 2025, the Company purchased $7.2 million, $0.0 million, $16.8 million, and $21.6 million, respectively, of product under this agreement which satisfied the minimum future product purchases for the periods. Minimum future product purchase for the remainder of fiscal 2026 and for fiscal 2027 are $7.2 million and $9.6 million, respectively.
The Company will also be required to purchase electricity for its facility in Siler City, North Carolina and Durham, North Carolina under a long-term electricity supply agreement with minimum volume and spend requirements of approximately $57.1 million over the next 4 years and approximately $23.4 million over the next 8 years, respectively.
The Company has entered into an agreement with a supplier for equipment that has not yet been delivered or accepted by the Company.  While the Company has not accepted delivery of the equipment and, therefore, the arrangement has not commenced as a lease under ASC 842, the Company is contractually obligated to make monthly payments of $0.2 million for the next 184 months beginning in April 2026.
The Company reviews the terms of all its long-term supply agreements and assesses the need for any accruals for estimated losses on adverse purchase commitments, such as lower of cost or net realizable value adjustments that will not be recovered by future sales prices and the recoverability of assets related to capacity deposits, as necessary.
v3.26.1
Investments
 9 Months Ended
Mar. 29, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Successor
(in millions of U.S. Dollars)
March 29, 2026
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$124.5 $— $— $124.5 
Corporate bonds212.5 — (0.7)211.8 
Municipal bonds97.0 0.1 (0.2)96.9 
Certificates of deposit18.8 — — 18.8 
Commercial paper17.7 — — 17.7 
Total short-term investments$470.5 $0.1 ($0.9)$469.7 
All short-term investments are classified as available-for-sale. No allowance for credit losses was recorded as of March 29, 2026.
Predecessor
 June 29, 2025
(in millions of U.S. Dollars)
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$192.0 $0.1 $— $192.1 
Corporate bonds196.8 0.3 (1.5)195.6 
Municipal bonds79.5 0.2 (0.5)79.2 
Certificates of deposit5.0 — — 5.0 
Commercial paper16.3 — — 16.3 
Total short-term investments$489.6 $0.6 ($2.0)$488.2 
All short-term investments are classified as available-for-sale. No allowance for credit losses was recorded as of June 29, 2025.
The contractual maturities of short-term investments as of March 29, 2026 were as follows:
Successor
(in millions of U.S. Dollars)Within One YearAfter One, Within Five YearsAfter Ten YearsTotal
U.S. treasury securities$104.7 $19.8 $— $124.5 
Corporate bonds206.4 5.4 — 211.8 
Municipal bonds91.8 5.1 — 96.9 
Certificates of deposit18.8 — — 18.8 
Commercial paper17.7 — — 17.7 
Total short-term investments$439.4 $30.3 $— $469.7 
v3.26.1
Fair Value of Financial Instruments
 9 Months Ended
Mar. 29, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company did not have any financial assets or liabilities requiring the use of Level 3 inputs as of March 29, 2026, except as otherwise noted below. There were no transfers between Level 1 and Level 2 during the nine months ended March 29, 2026.
The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy:
 Estimated fair value
SuccessorPredecessor
(in millions of U.S. Dollars)Fair value hierarchyMarch, 29, 2026June 29, 2025
Assets:
Money market funds1$36.8 $61.8 
U.S. treasury securities1201.3 224.6 
MACOM Shares1— 102.0 
Municipal bonds2104.8 79.2 
Corporate bonds2221.3 196.8 
Commercial paper253.6 28.3 
Certificates of deposit2$22.7 $5.0 
Liabilities:
Forward equity contract2$— $— 
Warrants3— — 
Embedded derivative on New 2L Renesas Convertible Notes3$— $— 
Forward Equity Contract
The fair value of the forward equity contract is determined using the observable market prices of our common stock and is not adjusted for holding restrictions. With all Regulatory Approvals obtained in January 2026, and the shares being delivered, the forward equity contract was extinguished as of March 29, 2026, after being remeasured at fair value date as of the date on which the Regulatory Approvals were received, with changes in fair value recognized in "Non-operating income, net" in the Consolidated Statements of Operations.
Embedded Derivative
The New 2L Renesas Convertible Notes contain embedded conversion features that provide for conversion into shares of common stock as defined in the agreements after receipt of the Regulatory Approvals. Before the Regulatory Approvals were obtained, the conversion feature could only be cash settled as the notes would not be convertible into common stock; the cash settled equity-indexed feature did not qualify for a scope exception under ASC 815. Accordingly, this feature was required to be bifurcated and accounted for separately as an embedded derivative. The embedded derivative liability was initially recorded at fair value at the issuance date, with an offsetting discount recorded to the host debt instrument. The discount was amortized to interest expense over the term of the notes using the effective interest method. The embedded derivative was subsequently remeasured at fair value at each reporting date, and most recently as of the date on which the Regulatory Approvals were received, with changes in fair value recognized in “Non-operating income, net" in the Consolidated Statements of Operations. The fair value of the embedded derivatives was determined using the Goldman Sachs binomial lattice model and was classified within Level 3 of the fair value hierarchy because the valuation model involves the use of unobservable inputs relating to the Company’s estimate of its expected stock volatility which was developed based on the historical volatility of a publicly traded set of peer companies. The expected volatility inputs utilized for the fair value measurements of the embedded derivatives upon the Effective Date and as of the date on which the Regulatory Approvals were received was 60.0%.
Upon receipt of the Regulatory Approvals in January 2026, the embedded derivative met the equity classification criteria under ASC 815 and ASC 480. Accordingly, the Company reclassified the embedded derivative from liabilities to additional paid‑in capital at its fair value as of the reclassification date of $87.9 million. The reclassification did not result in the recognition of a gain or loss in the statement of operations. Subsequent to the January 2026 reclassification, the embedded derivative is no longer subject to fair value remeasurement.
Stock Warrant Liability
Prior to the receipt of the Regulatory Approvals, the stock warrants held by Renesas could only be settled for cash such that they were accounted for as derivative liabilities under ASC 815. The warrants were subsequently remeasured at fair value as of the date on which the Regulatory Approvals were received, with changes in fair value recognized in "Non-operating income, net" in the Consolidated Statements of Operation. The fair value of the warrant liability was determined using a Black-Scholes model and was classified within Level 3 of the fair value hierarchy. The stock warrant liability was classified as a Level 3 measurement within the fair value hierarchy because the valuation models involve the use of unobservable inputs relating to the Company’s estimate of its expected stock volatility which was developed based on the historical volatility of a publicly traded set of peer companies. The expected volatility inputs utilized for the fair value measurements of the Stock Warrant upon the Effective Date and as of the date on which the Regulatory Approvals were received, was 70.0%.
During the three months ended March 29, 2026, the Company reclassified its stock warrant liability to equity following the receipt of all required regulatory approvals. Upon reclassification, the stock warrant liability was no longer subject to fair value remeasurement. Refer to Note 2 "Emergence from Voluntary Reorganization under Chapter " for more information.
Level 3 Rollforward
The following is a rollforward of balances for liabilities classified as recurring Level 3 fair value measurements:
(in millions of U.S. Dollars)
Stock Warrant Liability
Embedded Derivative
Balance as of June 29, 2025 (Predecessor)— — 
Issuance at September 29, 2025 (See Note 2 and Note 3)
$33.6$94.5
Changes in fair value
(2.1)(6.6)
Reclassification to equity(31.5)(87.9)
Balance as of March 29, 2026——
Please refer to Note 2, "Emergence from Voluntary Reorganization Under Chapter 11," and Note 3, "Fresh Start Accounting," for additional information on the forward equity contracts, and the stock warrant liability.
v3.26.1
Intangible Assets
 9 Months Ended
Mar. 29, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
The following table presents the components of intangible assets, net:
SuccessorPredecessor
March 29, 2026June 29, 2025
(in millions of U.S. Dollars)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Intangible assets:
Customer relationships$120.0 ($6.6)$113.4 $— $— $— 
Developed technology240.0 (20.8)219.2 — — — 
Trade names28.0 (1.3)26.7 — — — 
Fresh start accounting-related intangible assets$388.0 ($28.7)$359.3 $— $— $— 
Patent and licensing rights60.0 (10.1)49.9 50.5 (26.7)23.8 
Total intangible assets$448.0 ($38.8)$409.2 $50.5 ($26.7)$23.8 

Customer relationships, developed technology, and trade names are amortized over their useful lives, which generally range from 5 to 11 years. Patents are amortized using the straight-line method over their estimated period of benefit, which generally range from 0.5 to 23 years. Total intangible assets amortization expenses was $19.3 million for the three months ended March 29, 2026 and $1.0 million, $0.0 million, and $38.8 million for the period from June 30, 2025 to September 29, 2025, the period of September 29, 2025, and for the period from September 30, 2025 to March 29, 2026, respectively, and $1.3 million and $4.0 million for the three and nine months ended March 30, 2025, respectively.
Estimated amortization expense for intangible assets with finite lives for each of the next five years and thereafter is as follows:
At Quarter End
Fiscal Year EndingCustomer RelationshipsDeveloped TechnologyTrade NamesPatentsMarch 29, 2026
June 28, 2026 (remainder fiscal 2026)3.3 10.4 0.7 3.8 18.2 
June 27, 202713.3 41.7 2.9 10.5 68.4 
June 25, 202813.3 41.7 2.9 7.3 65.2 
June 24, 202913.3 41.7 2.8 5.8 63.6 
June 23, 203013.3 41.7 2.8 4.3 62.1 
Thereafter56.9 42.0 14.6 18.2 131.7 
Total future amortization expense113.4 219.2 26.7 49.9 409.2 
v3.26.1
Long-term Debt
 9 Months Ended
Mar. 29, 2026
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
As of June 29, 2025 (Predecessor):

(in millions of U.S. Dollars)Maturity DateEffective Interest RateInitial PrincipalRepayment of principalConversion to common stockOutstanding principalUnamortized premium/discountEnding BalanceEquity componentFair ValueFair value level
1.75% Convertible Notes
5/1/20262.2 %$575.0 $— $— $575.0 ($2.0)$573.0 $— $145.2 Level 2
0.25% Convertible Notes
2/15/20280.6 %750.0 — — 750.0 (7.9)$742.1 — 186.6 Level 2
1.875% Convertible Notes
12/1/20292.1 %1,750.0 — — 1,750.0 (20.7)$1,729.3 — 450.6 Level 2
2030 Senior Notes6/23/203016.3 %1,250.0 — — 1,521.2 (52.3)$1,468.9 — 1,308.2 Level 2
CRD Agreement Deposits7/5/20336.8 %2,000.0 — — 2,062.0 (37.3)$2,024.7 — 556.7 Level 3
$6,325.0 $— $— $6,658.2 ($120.2)$6,538.0 $— $2,647.3 

On the Petition Date, the Company commenced the Chapter 11 Cases. The filing of the Chapter 11 Cases constituted an event of default that accelerated the obligations under the Convertible Notes, Existing Senior Secured Notes, and the unsecured Customer Refundable Deposit Agreement, dated as of July 5, 2023, with Renesas (as amended to date, the “CRD Agreement”). On the Effective Date, the Company emerged from the Chapter 11 Cases.

As of March 29, 2026 (Successor)

(in millions of U.S. Dollars)
Maturity Date(1)
Effective Interest RateInitial Principal
Repayment of principal(2)
Conversion to common stock(3)
Outstanding principalUnamortized premium/discountEnding BalanceEquity componentFair ValueFair value level
New Senior Secured Notes6/23/203012.9%$1,259.2 ($629.7)$— $629.5 $58.9 $688.4 $— $681.4 Level 2
New 2L Non-Convertible Notes6/15/203112.5%296.4 — — $296.4 (62.6)$233.8 — 234.2 Level 2
New 2L Non-Renesas Convertible Notes(4)
6/15/20313.0%331.4 — (18.5)$312.9 (6.9)$306.0 159.4 489.4 Level 2
New 2L Renesas Convertible Notes(5)
6/15/203112.3%203.6 — — $203.6 (76.7)$126.9 87.9 198.6Level 3
1.5L Convertible Notes3/15/20314.3 %379.0 — — $379.0 (13.6)$365.4 — 379.0Level 2
$2,469.6 ($629.7)($18.5)$1,821.4 ($100.9)$1,720.5 $247.3 $1,982.6 
(1)Each instrument is as defined in the Plan.
(2)On December 22, 2025, the Company repurchased $175.0 million of aggregate principal of the New Senior Secured Notes, plus accrued and unpaid interest at a purchase price of $197.9 million. On December 23, 2025, $10.2 million of Paid-in-Kind ("PIK") Interest was incurred and recorded to the outstanding
New Senior Secured Notes principal amount. On March 23, 2026, $10.9 million of PIK interest was incurred and recorded to the outstanding New Senior Secured Notes principal amount. On March 26, 2026, the Company used all of the aggregate gross proceeds from the 1.5L Convertible Notes (as defined below) and the Securities Purchase Agreement (as defined below) (refer to Note 16 - "Stockholders' Equity and Pre-Funded Warrants" for additional information) to redeem $475.9 million of the outstanding New Senior Secured Notes at a purchase price of $524.3 million.
(3)On September 29, 2025, the Company issued the New 2L Non-Renesas Convertible Notes and New 2L Renesas Convertible Notes. The notes bear interest at 2.5% per annum on the outstanding principal, are secured, and are convertible into shares of common stock at a conversion price of $12.23 and $18.35 per share, respectively. As of March 29, 2026, $18.5 million of New 2L Non-Renesas Convertible Notes were converted into 1.5 million shares of common stock.
(4)ASC Topic 470: Debt (“ASC 470”) presumes that when a convertible debt instrument is issued at a substantial premium compared to the principal amount, the premium should be recognized in equity as paid-in-capital. The excess of the initial carrying amount over par of $168.8 million was recorded to additional paid-in-capital. Approximately 5.6% of the equity component is not related to the outstanding convertible notes due to conversions during the period from September 30, 2025 to March 29, 2026.
(5)During the three months ended March 29, 2026, the Company reclassified the derivative liability to equity of $87.9 million (refer to Note 9 - "Fair Value of Financial Instruments" for additional information).

On the Effective Date, the conditions to the effectiveness of the Plan were satisfied or waived and the Plan became effective, and each holder of the aforementioned corporate debt holdings as of the Effective Date and deposits under the CRD Agreement received portions of the restated debt obligations and New Common Stock, and all of the Company’s outstanding obligations under the aforementioned corporate debt holdings as of the Effective Date and CRD Agreement were discharged and terminated. Please refer to Note 1, "Basis of Presentation and New Accounting Standards," and Note 2, "Emergence from Voluntary Reorganization under Chapter 11," for additional information on the long-term debt.
New 1.5L Convertible Notes
On March 26, 2026, the Company entered into the 3.5% Convertible 1.5 Lien Senior Secured Notes due 2031 (the "1.5L Convertible Notes") in a private placement (the "Notes Placement") with an aggregate principal balance of $379.0 million. The 1.5L Convertible Notes were issued pursuant to, and are governed by, an indenture (the “ 1.5L Convertible Notes Indenture”), dated as of March 26, 2026, among the Company, Wolfspeed Texas, as Subsidiary Guarantor, and U.S. Bank Trust Company, National Association, as Trustee and Collateral Agent.
The 1.5L Convertible Notes are guaranteed on a senior basis by the Guarantor, and the 1.5L Convertible Notes and the related guarantee by the Subsidiary Guarantor are senior, secured obligations of the Company and the Subsidiary Guarantor, secured by substantially all assets of the Company and the Subsidiary Guarantor (the “Collateral”). The 1.5L Convertible Notes and related guarantee are effectively subordinated to all secured indebtedness of the Company and the Subsidiary Guarantor that is secured by a lien on the Collateral that is senior or prior to the lien on the Collateral securing the 1.5L Convertible Notes (including obligations under the Company’s New Senior Secured Notes) and are effectively senior to all indebtedness of the Company and the Subsidiary Guarantor that is not secured by a lien on the Collateral, or that is secured by a lien ranking junior to the lien on the Collateral securing the 1.5L Convertible Notes (including the Company’s New 2L Non-Renesas Convertible Notes and New 2L Non-Convertible Notes).

The 1.5L Convertible Notes bear cash interest at a rate of 3.5% per year. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2026. The 1.5L Convertible Notes mature on March 15, 2031, unless earlier repurchased, redeemed or converted.

The 1.5L Convertible Notes are convertible at the option of the holders at any time (subject to certain limitations) until the close of business on the second scheduled trading day immediately before the maturity date. The initial conversion rate for the 1.5L Convertible Notes is 49.6623 shares of the New Common Stock, per $1,000 principal amount of the 1.5L Convertible Notes (which is equivalent to an initial conversion price of approximately $20.14 per share of New Common Stock, which represents a conversion premium of approximately 20.0% over the last reported sale price of $16.78 per share of New Common Stock on the New York Stock Exchange on March 18, 2026). The conversion rate is subject to customary anti-dilution adjustments. Holders of the 1.5L Convertible Notes will be entitled to make-whole adjustments to the conversion rates in the event of a change of control or an optional redemption as described below. Upon conversion, the 1.5L Convertible Notes may be settled in cash, shares of New Common Stock or a combination thereof, at the Company’s election.

Upon the occurrence of a “Fundamental Change” (as defined below), subject to certain exceptions, holders may require the Company to repurchase all or a portion of their 1.5L Convertible Notes for cash at a price equal to 100% of the principal amount of the 1.5L Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the applicable repurchase date. A “Fundamental Change” includes certain business combination transactions involving the Company, acquisitions of more than 50% of the Company's outstanding New Common Stock by specified persons or groups, and certain delisting events with respect to the New Common Stock.

The 1.5L Convertible Notes are redeemable, in whole or in part, at the Company’s option for cash at any time, on or after March 20, 2028, and on or before the 35th scheduled trading day immediately preceding the maturity date, subject to certain conditions. Redemption is permitted only if the last reported sale price of New Common Stock exceeds (i) 175% of the conversion price for specific periods if the redemption date occurs on or before March 19, 2029 or (ii) 130% of the conversion price for specified periods if
the redemption date occurs on or after March 20, 2029. The redemption price equals 100% of the principal amount of the 1.5L Convertible Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
1L Supplemental Indenture
In connection with the Company’s entrance into the 1.5L Convertible Notes Indenture and the issuance of the 1.5L Convertible Notes, the Company entered into that certain First Supplemental Indenture (the “1L Supplemental Indenture”), dated as of March 26, 2026, among the Company, Wolfspeed Texas, as subsidiary guarantor (in such capacity, the “1L Guarantor”), and U.S. Bank Trust Company, National Association, as trustee and collateral agent (in such capacities, the “1L Indenture Agent”) to amend and waive certain provisions of that certain New Senior Secured Notes Indenture and to permit the Company and the 1L Guarantor to enter into the 1.5L Convertible Notes Indenture and the Company to issue the 1.5L Convertible Notes.
2L Supplemental Indenture
In connection with the Company’s entry into the indentures and the issuance of the notes described below, on March 26, 2026, the Company entered into separate first supplemental indentures to amend certain covenants governing its outstanding second‑lien indebtedness.
First, the Company entered into a First Supplemental Indenture (the “2L Non‑Renesas Supplemental Indenture”) by and among the Company, Wolfspeed Texas, as subsidiary guarantor (the “2L Non‑Renesas Guarantor”), and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the “2L Non‑Renesas Agent”). The 2L Non‑Renesas Supplemental Indenture supplements and amends certain covenants under the 2L Non‑Renesas Convertible Notes Indenture.
In addition, on March 26, 2026, the Company entered into a First Supplemental Indenture (the “2L Renesas Supplemental Indenture”) by and among the Company, Wolfspeed Texas, as subsidiary guarantor (the “2L Renesas Guarantor”), and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the “2L Renesas Agent”). The 2L Renesas Supplemental Indenture supplements and amends the 2L Renesas Convertible Notes Indenture.
Additionally, on March 26, 2026, the Company entered into a First Supplemental Indenture (the “Toggle Notes 2L Supplemental Indenture”) by and among the Company, Wolfspeed Texas, as subsidiary guarantor (the “Toggle Notes 2L Guarantor”), and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the “Toggle Notes 2L Agent”). The Toggle Notes 2L Supplemental Indenture supplements and amends certain covenants under the “2L Non-Convertible Notes Indenture”).
Intercreditor Agreement
In connection with the Company’s entry into the 1.5 L Convertible Notes Indenture, on March 26, 2026, the Company, the trustees and the collateral agents party to the 1.5 L Convertible Notes Indenture and the New Senior Secured Notes Indenture entered into a First Lien/1.5 Lien Intercreditor Agreement (the “1L/1.5L Intercreditor Agreement”). The 1L/1.5L Intercreditor Agreement sets forth the respective rights with respect to the shared collateral between the noteholders under the 1.5L Convertible Notes, on the one hand, and the noteholders under the New Senior Secured Notes, on the other hand.
In addition, on March 26, 2026, the Company, the Trustee and the Collateral Agent entered into a Joinder Agreement, pursuant to which the Trustee and the Collateral Agent became parties to the existing 1L/2L Intercreditor Agreement
Interest Expense
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Interest expense, net
$46.4 $70.2 
Amortization of premium, discount and debt issuance costs, net of capitalized interest4.9 14.5 
Interest expense, other0.8 0.7 
Total interest expense, net$52.1 $85.4 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Interest expense, net(1)
$98.2 $— $193.6 
Amortization of premium, discount and debt issuance costs, net of capitalized interest10.4 — 34.5 
Interest expense, other1.5 0.7 2.3 
Total interest expense, net$110.1 $0.7 $230.4 
(1): Excludes contractual interest of $99.7 million for the period from June 30, 2025 to September 29, 2025.
The Company capitalizes interest in connection with ongoing capacity expansions. Upon the substantial completion of the Siler City Fab at the end of fiscal 2025, interest capitalization ceased. Total interest expense capitalized for the three and nine months ended March 30, 2025 were $22.8 million and $61.6 million, respectively.
v3.26.1
Loss Per Share
 9 Months Ended
Mar. 29, 2026
Earnings Per Share [Abstract]  
Loss Per Share Loss Per Share
The details of the computation of basic and diluted loss per share are as follows:
 SuccessorPredecessor
(in millions of U.S. Dollars, except share data)Three months ended March 29, 2026Three months ended March 30, 2025
Net loss$(119.9)$(285.5)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic (in thousands)39,282 153,897 
Net loss per share attributable to common stockholders, basic(3.05)(1.86)
​
Net loss attributable to common stockholders, diluted(119.9)(285.5)
​
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in thousands)39,282 153,897 
Net loss per share attributable to common stockholders, diluted$(3.05)$(1.86)
 SuccessorPredecessor
(in millions of U.S. Dollars, except share data)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Net (loss) income$(270.5)$420.2 $(939.9)
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, basic (in thousands)32,706 156,185 136,550 
Net (loss) earnings per share attributable to common stockholders, basic(8.27)2.69(6.88)
Net (loss) income attributable to common stockholders, diluted(270.5)420.2 (939.9)
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, basic (in thousands)32,706 156,185 136,550 
Weighted-average effect of potentially dilutive securities:
1.75% Convertible Notes
— 12,152 — 
0.25% Convertible Notes
— 5,895 — 
1.875% Convertible Notes
— 14,721 — 
RSUs (Predecessor)— 99 — 
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, diluted (in thousands)32,706 189,052 136,550 
Net (loss) earnings per share attributable to common stockholders, diluted$(8.27)$2.22 $(6.88)

Diluted net loss per share is the same as basic net loss per share for the periods presented due to potentially dilutive items being anti-dilutive given the Company's net loss. Weighted average number of shares of New Common Stock outstanding during the period computation includes shares of New Common Stock to be contractually issued as of the quarter end date and warrants exercisable for little or no consideration in relation to the share price.
For the three months ended March 29, 2026, the period from June 30, 2025 to September 29, 2025, and the period from September 30, 2025 to March 29, 2026, 64.2 million, 0.0 million and 64.3 million of weighted average shares, respectively, were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive. For the three and nine months ended March 30, 2025, 6.4 million and 6.5 million of weighted average shares, respectively, were excluded from the calculation of diluted loss per share because their effect would be anti-dilutive.
For periods subsequent to the receipt of the Regulatory Approvals, the Company calculated the dilutive impact of the New 2L Renesas Convertible Notes on (loss) earnings per share using the if-converted method, if dilutive. The New 2L Renesas Convertibles Notes will be reflected in the calculation of diluted (loss) earnings per share using the if-converted method. Refer to Note 2, "Emergence from Voluntary Reorganization Under Chapter 11" and Note 3, "Fresh Start Accounting" for additional discussion regarding additional dilution related to the receipt of Regulatory Approvals.
v3.26.1
Stock-Based Compensation
 9 Months Ended
Mar. 29, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Overview of Employee Stock-Based Compensation Plans
The Company currently has two equity-based compensation plans, the Long-Term Incentive Plan and the Management Incentive Plan, which each provide for awards in the form of incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units, performance units, other awards, or any combination of these. Please refer to Note 1 "Basis of Presentation and New Accounting Standards" for more information on the two equity-based compensation plans.
The Company’s stock-based awards can be either service-based and/or performance-based. Performance-based conditions are generally tied to future financial and/or operating performance of the Company and/or external based market metrics. The compensation expense with respect to performance-based grants is recognized if the Company believes it is probable that the performance condition will be achieved. The Company reassesses the probability of the achievement of the performance condition at each reporting period, and adjusts the compensation expense for subsequent changes in the estimate or actual outcome. As with non-performance based awards, compensation expense is recognized over the vesting period. For performance awards with market conditions, the Company estimates the grant date fair value using the Monte Carlo valuation model and expenses the awards over the vesting period regardless of whether the market condition is ultimately satisfied.
Total stock-based compensation expense was classified in the Consolidated Statements of Operations as follows:
 SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Cost of revenue, net$2.8 $9.7 
Research and development1.2 3.1 
Sales, general and administrative6.3 6.0 
Total stock-based compensation expense$10.3 $18.8 
 SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Cost of revenue, net$8.7 $7.8 $27.2 
Research and development1.5 2.2 9.2 
Sales, general and administrative7.7 3.6 26.3 
Total stock-based compensation expense$17.9 $13.6 $62.7 
Stock-based compensation expense may differ from the impact of stock-based compensation to additional paid in capital due to manufacturing related stock-based compensation capitalized within inventory.
Market or Performance-based stock units
During the period from September 30, 2025 to March 29, 2026, the Company granted 1.1 million performance stock units ("PSUs") pursuant to the 2025 Management Incentive Plan. The PSUs vest 50% based on achievement on internal metrics that include revenue and leveraged free cash flow targets, while 50% are earned based on the Company's total stockholder return (“TSR”) relative to the TSR of the constituents of the Russell 3000 Index (the “Index”). For the PSUs granted from September 30, 2025 to March 29, 2026, the performance period commenced on December 1, 2025 and will end on June 30, 2028. The number of shares vesting could range from 0% to 200% times the target number of units granted.
The fair values of PSUs based on TSR are estimated using a Monte Carlo simulation. The determination of fair value of the PSUs is based on our stock price and a number of assumptions including the expected volatility, expected dividend yield and the risk-free interest rate. The expected volatility at the date of grant was based on the historical volatilities of our stock and the companies included in the Index over the performance period. The Monte Carlo model is based on random projections of stock-price paths and must be repeated numerous times to achieve a probabilistic assessment. The key assumptions used in valuing these market-based awards are as follows:
 Successor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026
Number of simulations500,000
Expected volatility52.44 %
Expected life in years2.56 years
Risk-free interest rate3.55 %
Dividend yield— %
The grant date fair value of the market-based awards, as determined by the Monte Carlo valuation model, was $30.91 per share for the PSU grants issued during the period from September 30, 2025 to March 29, 2026.
v3.26.1
Income Taxes
 9 Months Ended
Mar. 29, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
In general, the variation between the Company's effective income tax rate and the U.S. statutory rate of 21% is primarily due to: (i) changes in the Company’s valuation allowances against deferred tax assets in the U.S., (ii) projected income for the full year derived from international locations with differing tax rates than the U.S. and (iii) projected tax credits generated.
On the Effective Date, the Company emerged from Chapter 11 upon all the conditions of the effectiveness of the Plan being satisfied or waived and the Plan becoming effective. Generally, any discharge of the Company's debt obligations for an amount less than the debt’s adjusted issue price will give rise to cancellation of debt (“COD”) income. Under Section 108 of the Code, a taxpayer is required to exclude COD from gross income if the debtor is under the jurisdiction of a court in a case under Chapter 11 of the Bankruptcy Code and the discharge of debt occurs pursuant to that proceeding. As a consequence of such an exclusion, a taxpayer generally must reduce certain of its tax attributes by the amount of COD income that it excluded from gross income. U.S. federal income tax attributes subject to reduction generally include (i) net operating losses ("NOLs") and NOL carryforwards; (ii) general business credit carryovers; (iii) capital loss carryovers; (iv) tax basis in assets; and (v) foreign tax credit carryovers. As a result of the emergence from the Chapter 11 Cases, the Company estimates that it will recognize $3.4 billion of COD income. The Company expects to be able to offset the COD income with current year NOL and NOL carryforwards. Any remaining pre-emergence NOL carryforwards are expected to be subject to Section 382 limitation as discussed below. Many states have similar rules for attribute reduction which will result in the reduction of certain of the Company’s state income tax attributes including NOL carryforwards. The final tax impacts of emergence from the Chapter 11 Cases, including the overall effect on the Company’s tax attributes and tax basis in assets, will be refined based on the Company’s final June 28, 2026 financial position as required under the Code.
Section 382 of the Code provides for a limitation of the annual use of net operating loss and tax credit carryforwards following certain ownership changes (as defined by Section 382 of the Code). An "ownership change" is generally defined as greater than 50-percentage-point cumulative changes in equity ownership of certain stockholders over a rolling three-year period. The Company completed a Section 382 study and determined prior to the Effective Date it had not undergone a change; however, a change did occur on the Effective Date. The Company may be limited in its ability to utilize net operating loss and tax credit carryforwards remaining after the foregoing attribute reduction rules and generated prior to the Effective Date to offset future taxable income.
The Company assesses all available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets by jurisdiction. As of March 29, 2026, the Company has concluded that it is necessary to maintain a full valuation allowance against its U.S. deferred tax assets. The reductions in NOL carryforwards as a result of COD income are expected to be offset by a corresponding decrease to the Company's valuation allowance as of March 29, 2026.
v3.26.1
Restructuring
 9 Months Ended
Mar. 29, 2026
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
2025 Restructuring Plan
During the first quarter of fiscal 2025, the Company initiated a headcount reduction and facility closure and consolidation plan intended to optimize its cost structure as the Company accelerated its transition from 150mm to 200mm silicon carbide devices (the "2025 Restructuring Plan"). The 2025 Restructuring Plan resulted in a cumulative total headcount reduction of approximately 28%. The Company's 150mm device fabrication facility in North Carolina has ceased production in the second quarter of fiscal 2026. The Company expects to incur additional costs over the next three months in association with the 2025 Restructuring Plan, specifically the wind-down of the 150mm device fabrication facility in Durham, North Carolina.
The Company expects to incur approximately $460 million of total restructuring and related costs, including approximately $75 million of involuntary and voluntary severance costs, $125 million of other closure-related cash costs, and approximately $260 million of charges related to long-lived assets and other non-cash costs, including accelerated depreciation and impairments upon abandonment or disposal of machinery and equipment.
A summary of the charges recognized in the consolidated statements of operations through the third quarter of fiscal 2026 and fiscal 2025, respectively, resulting from these restructuring activities is shown below:
 SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Accelerated depreciation
$— $4.5 
Inventory write-down/scrap— — 
Other closure-related costs
6.2 12.3 
Total cost of revenue, net$6.2 $16.8 
Impairments on abandoned assets$1.7 $30.7 
Severance(1)
(0.2)7.0 
Accelerated depreciation (2)
— (2.0)
Contract termination costs— — 
Other closure-related costs
0.7 5.0 
Other operating expense(3)
$2.2 $40.7 
Total
$8.4 $57.5 
 SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Accelerated depreciation
$— $5.6 $27.9 
Inventory write-down/scrap9.1 2.5 — 
Other closure-related costs
12.1 10.0 54.6 
Total cost of revenue, net$21.2 $18.1 $82.5 
Impairments on abandoned assets$1.8 $0.1 $155.2 
Severance(1)
0.4 0.1 58.5 
Accelerated depreciation (2)
— — 10.8 
Contract termination costs— 2.3 — 
Other closure-related costs
1.6 1.2 25.7 
Other operating expense(3)
$3.8 $3.7 $250.2 
Total
$25.0 $21.8 $332.7 
(1)Employee severance and benefit costs include the early exit program activity
(2) Includes net impact of change in salvage value and estimated useful life related to 150mm fab tooling and equipment
(3) Within restructuring and other expenses on the consolidated statements of operations.
A summary of the balance sheet activity related to these restructuring activities recognized in accounts payable and accrued expenses in the unaudited consolidated balance sheet as of March 29, 2026 follows:
PredecessorSuccessor
(in millions of U.S. Dollars)As of June 29, 2025
Charges
Usage
March 29, 2026
Employee severance and benefit costs(1)
$25.2 $0.5 ($23.3)$2.4 
Contract termination liability
5.5 2.3 (3.3)4.5 
Total
$30.7 $2.8 ($26.6)$6.9 
(1)Employee severance and benefit costs includes the early exit program activity
2026 Restructuring Plan
During the second quarter of fiscal 2026, the Company implemented and substantially completed a headcount reduction. The costs related to this initiative, primarily severance, were recorded in the second quarter of fiscal 2026. No further charges are expected.
A summary of the charges recognized in the consolidated statements of operations through the third quarter of fiscal 2026 resulting from these restructuring activities is shown below:
 Successor
(in millions of U.S. Dollars)Three months ended March 29, 2026Period from September 30, 2025 to March 29, 2026
Severance(0.5)7.5 
Other operating expenses(1)
($0.5)$7.5 
(1) Within restructuring and other expenses on the consolidated statements of operations.
A summary of the balance sheet activity related to these restructuring activities recognized in accounts payable and accrued expenses in the unaudited consolidated balance sheet as of March 29, 2026 follows:
PredecessorSuccessor
(in millions of U.S. Dollars)As of June 29, 2025
Charges
Usage
March 29, 2026
Employee severance and benefit costs$— $7.5 ($5.9)$1.6 
Total
$— $7.5 ($5.9)$1.6 
v3.26.1
Stockholders' Equity and Pre-funded Warrants
 9 Months Ended
Mar. 29, 2026
Equity [Abstract]  
Stockholders' Equity and Pre-funded Warrants Stockholders' Equity and Pre-funded Warrants
On March 19, 2026, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain investors in connection with a private placement offering of shares of New Common Stock and pre-funded warrants to purchase New Common Stock. On March 26, 2026, pursuant to the terms of the Securities Purchase Agreement, the Company issued and sold an aggregate of 3,250,030 shares of New Common Stock (the “Shares”) and pre-funded warrants (the “Pre-Funded Warrants” to purchase up to 2,000,000 shares of New Common Stock. The price per share of New Common Stock was $18.458, and the price per Pre-Funded Warrant was $18.448, resulting in aggregate gross proceeds of approximately $96.9 million, with issuance costs of $3.6 million. The Pre-Funded Warrants have an exercise price of $0.01 per underlying share of New Common Stock and are exercisable at any time until fully exercised. The Pre‑Funded Warrants do not expire until fully exercised.
The Pre-Funded Warrants are classified as equity and recorded as a component of additional paid-in capital at issuance. As of March 29, 2026, there were 2.0 million Pre-Funded Warrants outstanding.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 29, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation and New Accounting Standards (Policies)
 9 Months Ended
Mar. 29, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The consolidated financial statements presented herein have been prepared by the Company and have not been audited. In the opinion of management, all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations, comprehensive loss, stockholders' equity and cash flows at March 29, 2026, and for all periods presented, have been made. All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 29, 2025 has been derived from the audited financial statements as of that date.
Certain prior period amounts in the accompanying consolidated financial statements and notes have been reclassified to conform to the current year's presentation, which include the moving of amounts related to "Long-term receivables" and "Deferred tax assets" to "Other assets," "Deferred tax liabilities" to "Other long-term liabilities," impairments previously presented in "Loss/gain on disposal or impairment," and "Amortization of acquired intangibles" to "Restructuring and other expenses," and to separate "Interest expense, net of capitalized interest" out of "Non-operating income, net." These reclassifications had no effect on previously reported net loss or stockholders’ equity.
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2025 (the "2025 Form 10-K"). The results of operations for the period from June 30, 2025 to September 29, 2025 and from September 30, 2025 to March 29, 2026, are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 28, 2026 ("fiscal 2026").
Consolidation All intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 29, 2025 has been derived from the audited financial statements as of that date.
Certain prior period amounts in the accompanying consolidated financial statements and notes have been reclassified to conform to the current year's presentation, which include the moving of amounts related to "Long-term receivables" and "Deferred tax assets" to "Other assets," "Deferred tax liabilities" to "Other long-term liabilities," impairments previously presented in "Loss/gain on disposal or impairment," and "Amortization of acquired intangibles" to "Restructuring and other expenses," and to separate "Interest expense, net of capitalized interest" out of "Non-operating income, net." These reclassifications had no effect on previously reported net loss or stockholders’ equity.
Reclassification
Certain prior period amounts in the accompanying consolidated financial statements and notes have been reclassified to conform to the current year's presentation, which include the moving of amounts related to "Long-term receivables" and "Deferred tax assets" to "Other assets," "Deferred tax liabilities" to "Other long-term liabilities," impairments previously presented in "Loss/gain on disposal or impairment," and "Amortization of acquired intangibles" to "Restructuring and other expenses," and to separate "Interest expense, net of capitalized interest" out of "Non-operating income, net." These reclassifications had no effect on previously reported net loss or stockholders’ equity.
Factory Start-Up Costs
Factory Start-Up Costs
Prior to the Effective Date, the Company reported factory start-up costs within operating expenses until a facility was substantially complete and ready for revenue generating production. With the adoption of fresh start accounting, the Company changed its accounting policy to classify factory start-up costs within cost of revenue. This policy change has no impact on operating loss.
Stock-based Compensation
Stock-based Compensation
Prior to the Effective Date, forfeitures of stock-based compensation awards were estimated and assumptions were adjusted periodically as new information became available. With the adoption of fresh start accounting, the Company also made an accounting policy election to account for forfeitures when they occur. The impact of the change is not expected to be material.
Recognition of Intangible Assets
Recognition of Intangible Assets
As further described below, on the Effective Date, the Company adopted fresh start accounting in accordance with Accounting Standards Codification ("ASC") Topic 852: Reorganizations ("ASC 852"), resulting in a new reporting entity. All assets and liabilities were measured at fair value in accordance with ASC 805. As part of this process, the Company recognized identifiable intangible assets representing customer relationships, developed technology, and trade names. Identified intangible assets were measured at their estimated fair values using income‑based valuation techniques, including the multi‑period excess earnings method for customer relationships and the relief‑from‑royalty method for trade names and developed technology. Customer relationship, developed technology, and trade names are amortized over their useful lives, which generally range from 5 to 11 years. Patents are amortized using the straight-line method over their estimated period of benefit, which generally range from 0.5 to 23 years. Amortization expense for customer relationships and trade names is presented within "Restructuring and Other Expenses" on the Consolidated Statements of Operations. Amortization expense for developed technology and patents is recorded within "Cost of Revenues, net" on the Consolidated Statements of Operations.
Debtor-In-Possession
Debtor-In-Possession
During the period between the Petition Date through the Effective Date, the Company applied ASC 852 in preparing the unaudited consolidated financial statements and was a debtor-in-possession.
The Bankruptcy Court approved "first day" orders filed by the Debtors that were designed primarily to mitigate the impact of the Chapter 11 Cases on the Company’s operations, customers, and employees. In general, as debtors-in-possession under the Bankruptcy Code, the Debtors were authorized to continue to operate as an ongoing business, but could not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Pursuant to first day orders filed with the Bankruptcy Court, the Bankruptcy Court authorized the Debtors to conduct their business activities in the ordinary course, including, among other things and subject to the terms and conditions of such orders, authorizing the Debtors’ ability to: (i) retain and compensate professionals used in the ordinary course of business; (ii) pay prepetition wages, salaries, employee benefits and other compensation; (iii) maintain employee benefits programs and pay related obligations; (iv) pay certain prepetition taxes and fees; (v) continue existing cash management system, maintain existing business forms, and continue intercompany transactions; (vi) use cash collateral; (vii) continue insurance programs and pay all obligations; (viii) honor prepetition obligations to customers and continue customer programs; and (ix) pay prepetition trade claims.
Financial Statement Classification of Liabilities Subject to Compromise
During the Chapter 11 Cases, certain amounts were classified as liabilities subject to compromise, which represented liabilities that were unsecured, undersecured or had a chance of not being settled in full by the Bankruptcy Court. These amounts represented the Debtors’ then-current estimate of known or potential obligations to be resolved in connection with the Chapter 11 Cases. Differences between liabilities estimated and claims filed were investigated and resolved in connection with the claims resolution process. The Company evaluated and adjusted the amount and classification of its pre-petition liabilities through the Effective Date, as applicable.
Automatic Stay
Subject to specific exceptions under the Bankruptcy Code, the Chapter 11 Cases automatically stayed most judicial or administrative actions against the Debtors and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court as summarized above, substantially all of the Debtors' pre-petition liabilities were subject to settlement under the Bankruptcy Code. Since the Effective Date, the automatic stay was lifted and previously stayed actions against the Debtors may continue with respect to the Debtors to the extent such claims were not released under the Plan.
Executory Contracts
Subject to certain exceptions, under the Bankruptcy Code, the Debtors could assume, amend or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease was treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieved the Debtors from performing their future obligations under such executory contract or unexpired lease but entitled the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease required the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. On the Effective Date, the Debtors assumed all executory contracts and unexpired leases pursuant to the Plan.
Reorganization Items, Net
ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain expenses, realized gains and losses and provisions for losses that were realized or incurred during and directly related to the Chapter 11 Cases, including professional fees, valuation adjustments to allowed claims, gains on liabilities subject to compromise, and fair value adjustments related to the adoptions of fresh start accounting were recorded as "Reorganization items, net", within the Company's accompanying unaudited consolidated statement of operations for the period of September 29, 2025 and the period from June 30, 2025 to September 29, 2025.
Segment Information
Segment Information
The Company has one reportable segment representing the entity as a whole, aligning with the Company's organizational structure and with the way the Company's chief operating decision maker ("CODM"), who is the Company's Chief Executive Officer, makes operating decisions, allocates resources, and manages the growth and profitability of the Company.
The CODM uses consolidated net income to measure segment profit or loss, allocate resources and assess performance. Net income is also used to monitor budget versus actual results, forecasted information and in competitive analysis. The CODM regularly reviews income and expense items at the consolidated company (reporting segment) level and uses net income to evaluate whether and how to reinvest profits into the entity’s operations, stockholder return, acquisitions or otherwise. Further, the CODM reviews and utilizes functional expenses (cost of revenues, sales and marketing, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other segment items included in consolidated net income are "Restructuring and other expenses", "Interest expense, net of capitalized interest", "Non-operating income, net" and "income tax (benefit) expense". These income and expense items are included on the Consolidated Statements of Operations and in the Company's notes to the Consolidated Financial Statements. The CODM reviews segment assets at the same level or category as presented on the consolidated balance sheet.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption
Recently Adopted Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”). The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years and interim periods beginning after December 15, 2026, with early adoption permitted. The Company early adopted ASU 2025-07 on September 29, 2025, on a prospective basis, which includes the scope exception for derivatives, and the adoption did not have a material impact on our financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures, which requires disaggregated information about an entity's income tax rate reconciliation as well as information regarding cash taxes paid both in the United States and foreign jurisdictions. The amendments should be applied prospectively, with retrospective application permitted. The amendments are effective for annual periods beginning after December 15, 2024 with early adoption permitted. The new standard will require additional disaggregation of certain information in the Company's tax footnote and the Company intends to adopt on a prospective basis beginning in the Annual Report on Form 10-K for the period ending June 28, 2026.
Accounting Pronouncements Pending Adoption
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses, to require additional disclosures of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset's cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company plans to adopt this pronouncement for its fiscal year beginning June 25, 2029.
Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company’s consolidated results of operations or financial position. Other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial statement disclosures.
v3.26.1
Basis of Presentation and New Accounting Standards (Tables)
 9 Months Ended
Mar. 29, 2026
Accounting Policies [Abstract]  
Schedule of Inventories
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Raw material$128.8 $144.5 
Work-in-progress146.3 284.6 
Finished goods5.4 6.3 
Inventories, net$280.5 $435.4 
Schedule of Other Current Assets
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Reimbursement receivable on long-term incentive agreement$0.5 $33.1 
Assets held for sale(1)
1.8 24.4 
MACOM Shares(2)
— 102.0 
Inventory related to the RF Master Supply Agreement— 15.8 
VAT receivables0.6 9.1 
Insurance deposit— 7.4 
Accrued interest receivable4.3 5.4 
Receivable on RF Master Supply Agreement— 5.3 
Short-term spares34.4 — 
Other10.9 19.5 
Other current assets$52.5 $222.0 
(1): During the third quarter of fiscal 2025, the Company determined three facilities and equipment met the held-for-sale criteria under ASC Topic 360, "Property, Plant and Equipment," ("ASC 360") of which two were sold during the fourth quarter of fiscal 2025 and one was sold during the second quarter of fiscal 2026. The assets included in each of the disposal groups were measured at the lower of their carrying value or fair value less costs to sell. The remaining balance is equipment that meet the held-for-sale criteria under ASC 360.
(2): Refer to Note 4, "Discontinued Operations," and Note 9, "Fair Value of Financial Instruments," to the consolidated financial statements included herein for additional information.
Schedule of Other Assets
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Right-of-use assets$98.3 $123.1 
Long-term advances to suppliers67.0 69.8 
Long-term deposits24.3 24.3 
Cloud computing assets, net5.1 10.4 
Other7.7 39.3 
Other assets$202.4 $266.9 
Schedule of Accounts Payable and Accrued Expenses
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Accounts payable, trade$21.4 $30.6 
Accrued property and equipment6.5 124.7 
Accrued salaries and wages38.1 79.2 
Accrued expenses49.7 45.7 
Accounts payable and accrued expenses$115.7 $280.2 
Schedule of Other Current Liabilities
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Accrued interest$11.3 $90.7 
RF supply agreement liabilities(1)
12.9 76.9 
Other31.8 52.9 
Other current liabilities$56.0 $220.5 
(1): Refer to Note 4, "Discontinued Operations," to the consolidated financial statements included herein for additional information.
Schedule of Other Long-term Liabilities
SuccessorPredecessor
(in millions of U.S. Dollars)March 29, 2026June 29, 2025
Long-term lease liabilities$100.5 $139.5 
Long-term RF supply agreement liabilities(1)
50.6 44.5 
Long-term customer deposits4.3 15.6 
Other4.8 3.5 
Other long-term liabilities$160.2 $203.1 
(1): Refer to Note 4, "Discontinued Operations," to the consolidated financial statements included herein for additional information.
Schedule of Other Operating Expense
SuccessorPredecessor
Three months endedThree months ended
(in millions of U.S. Dollars)March 29, 2026March 30, 2025
Legal settlements$— $17.0 
Restructuring and other exit costs1.7 40.7 
Project, transformation and transaction costs5.0 6.8 
Amortization or impairment of fresh start accounting and acquisition-related intangibles3.9 0.3 
Other— 0.6 
Restructuring and other expenses$10.6 $65.4 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Legal settlements$— $— $17.0 
Restructuring and other exit costs11.3 3.7 250.2 
Executive severance costs— — 1.4 
Project, transformation and transaction costs19.1 13.8 20.6 
Amortization or impairment of fresh start accounting and acquisition-related intangibles7.9 — 0.9 
Other0.5 2.9 4.7 
Restructuring and other expenses$38.8 $20.4 $294.8 
Schedule of Non-Operating Income, Net
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Changes in fair value of liability classified derivative contracts(28.7)— 
Interest income(10.9)(19.4)
Realized loss on MACOM Shares— 24.9 
Gain on contingent cash(10.0)— 
Loss on debt extinguishment2.8 — 
Other, net0.6 — 
Non-operating (income) expense, net($46.2)$5.5 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Changes in fair value of liability classified derivative contracts(87.8)— — 
Interest income(20.5)(8.9)(58.6)
Loss on Wafer Supply Agreement— — 9.2 
Gain on RTP Fab Transfer— (25.4)— 
Realized loss on MACOM Shares— 10.9 9.2 
Gain on contingent cash(10.0)— — 
Loss on debt extinguishment2.8 — — 
Other, net2.3 1.0 1.7 
Non-operating income, net($113.2)($22.4)($38.5)
Schedule of Noncash Operating Activities
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Decrease in property, plant and equipment from investment tax credit receivables$44.4 $76.8 $264.5 
Lease asset and liability additions3.6 19.1 35.2 
Lease asset and liability modifications, net(0.2)(0.2)2.9 
Lease termination(5.0)(0.1)— 
Lease asset impairment— — (4.8)
Decrease in accrued property, plant and equipment(35.8)(82.4)(146.3)
Commitment fee payable for 2030 Senior Notes— — 15.2 
v3.26.1
Emergence from Voluntary Reorganization under Chapter 11 (Tables)
 9 Months Ended
Mar. 29, 2026
Reorganizations [Abstract]  
Schedule of Reorganization Items The table below presents the reorganization items as a result of the Chapter 11 Cases during the periods presented:
Successor
Predecessor
(in millions of U.S. dollars)
Period from September 30, 2025 through March 29, 2026
Period from June 30, 2025 through September 29, 2025
Nine months ended March 30, 2025
Allowed claims adjustments
$— $475.7 $— 
Success fees— 34.0 — 
Professional fees
— 28.2 — 
Gain on settlement of liabilities subject to compromise
— (3,751.8)— 
Write-off related to Predecessor directors’ and officers’ insurance policy
— 3.6 — 
Cancellation of unvested Predecessor stock compensation awards
— 61.5 — 
Fresh start valuation adjustments
— 2,585.4 — 
Reorganization items, net
$— $(563.4)$— 
Cash payments for Reorganization items, net
$23.7 $38.5 $— 
A reconciliation of the enterprise value to the implied value of New Common Stock and reorganization value is set forth below:
(in millions of U.S. Dollars)
Enterprise value$2,600.0 
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments835.4 
Less: Fair value of debt issued upon emergence, including issuance costs, excluding equity-classified substantial premium(2,151.3)
Less: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes(168.8)
Less: Fair value of the Renesas Warrant(33.6)
Less: Cash from MACOM Shares sale captured in enterprise value(60.8)
Less: Deposit liabilities included in cash(25.2)
Less: Debt issuance costs(8.0)
Less: Restricted cash(28.3)
Implied value of Wolfspeed, Inc's common stock (including reserved but unissued shares)$959.4 
Less: Implied value of the Renesas Base Consideration Shares classified as a liability($371.1)
Less: Implied value of the obligation to issue Contingent Shares classified as equity($19.2)
Implied value of Wolfspeed, Inc's common stock outstanding as of the Effective Date$569.1 
Plus: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes$168.8 
Plus: Implied value of the obligation to issue Contingent Shares classified as equity$19.2 
Total stockholders' equity as of the Effective Date$757.1 
The reconciliation of the Company's enterprise value to reorganization value as of the Effective Date is as follows:
(in millions of U.S. Dollars)
Enterprise value$2,600.0 
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments835.4 
Plus: Current liabilities excluding debt340.4 
Plus: Long-term liabilities excluding debt184.6 
Less: Cash from MACOM Shares sale captured in enterprise value(60.8)
Less: Deposit liabilities included in cash(25.2)
Less: Debt issuance costs(8.0)
Less: Restricted cash(28.3)
Reorganization value$3,838.1 
As of September 29, 2025
PredecessorReorganization AdjustmentsFresh-Start AdjustmentsSuccessor
Assets
Current assets:
Cash and cash equivalents (includes restricted cash)$571.6 (90.6)(1)— $481.0 
Short-term investments354.4 — — 354.4 
Total cash, cash equivalents and short-term investments926.0 (90.6)— 835.4 
Accounts receivable, net155.6 — — 155.6 
Inventories, net385.5 — 6.8 (14)392.3 
Prepaid expenses75.5 (3.6)(2)(0.1)(15)71.8 
Investment tax credit receivable654.0 — — 654.0 
Other current assets118.3 — 1.6 (16)119.9 
Total current assets2,314.9 (94.2)8.3 2229.0
Property and equipment, net3,775.8 — (3,006.6)(17)769.2 
Intangible assets, net24.2 — 421.5 (18)445.7 
Long-term investment tax credit receivable181.3 — — 181.3 
Other assets254.9 — (42.0)(19)212.9 
Total assets$6,551.1 (94.2)(2,618.8)$3,838.1 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$196.5 10.3 (3)— $206.8 
Contract liabilities and distributor-related reserves72.9 — — 72.9 
Income taxes payable0.9 — — 0.9 
Finance lease liabilities— 0.6 (4)— 0.6 
Other current liabilities29.3 26.1 (6)4.4 (20)59.8 
Total current liabilities299.6 37.0 4.4 341.0 
Long-term liabilities:
Long-term debt— 1,609.0 (7)— 1,609.0 
Convertible notes, net— 539.7 (8)— 539.7 
Finance lease liabilities - long-term— 8.3 (4)(6.4)(21)1.9 
Long-term warrant— 33.6 (5)— 33.6 
Forward equity contract— 371.1 (5)— 371.1 
Other long-term liabilities16.6 201.5 (9)(33.4)(22)184.7 
Liabilities subject to compromise7,315.3 (7,315.3)(10)— — 
Total liabilities7,631.5 (4,515.1)(35.4)3,081.0 
Commitments and contingencies
Stockholders’ equity:
Predecessor common stock0.2 (0.2)(11)— — 
Successor common stock— — (12)— — 
Predecessor additional paid-in-capital4,103.6 (4,103.6)(11)— — 
Successor additional paid-in-capital— 757.1 (12)— 757.1 
Accumulated other comprehensive loss(3.0)— 3.0 (23)— 
Accumulated deficit(5,181.2)7,767.6 (13)(2,586.4)(23)— 
Total stockholders’ equity(1,080.4)4,420.9 (2,583.4)757.1 
Total liabilities and stockholders’ equity$6,551.1 $(94.2)$(2,618.8)3,838.1 
Reorganization Adjustments
(1)    Reflects the changes in cash and cash equivalents, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Proceeds from issuance of 2L Convertible Notes through the rights offering$275.0 
Payment of Existing Senior Secured Notes (principal and pre-petition accrued interest)(308.5)
Payment of Existing Senior Secured Notes commitment fees(15.5)
Payment of Contingent Cash into escrow(10.0)
Payment of lender professional and success fees, including deferred financing costs(31.6)
Net change in cash and cash equivalents$(90.6)
Of the $481.0 million of Successor cash and cash equivalents, $28.3 million was classified as restricted cash. Restricted cash consists of funds held in escrow accounts for the payment of certain professional fees related to the Chapter 11 Cases, pursuant to the Plan.
(2)    Reflects the write-off of prepaid expense related to Predecessor directors and officers' insurance policy.
(3)    Reflects the net increase to accounts payable and accrued expenses of $10.3 million, representing $16.8 million related to success fees, partially offset by $6.5 million in accrued lender professional fees paid on the Effective Date.
(4)    Reflects the reinstatement of short and long-term finance lease liabilities from liabilities subject to compromise.
(5)    Reflects the fair value of the Renesas Warrant and the implied value of the obligation to issue New Common Stock to Renesas from the Share Reserve upon obtaining the Regulatory Approvals, or in accordance with the Plan, the obligation to remit cash proceeds to Renesas from the issuance of these shares or exercise of the warrant.
(6)    Reflects the changes in other current liabilities including the reinstatement of Short-term operating lease liabilities and supply agreement liabilities from liabilities subject to compromise:
As of September 29, 2025
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise$10.9 
Reinstatement of supply agreements from liabilities subject to compromise15.2 
Net change in other current liabilities$26.1 
(7)    Reflects the issuance of New Senior Secured Notes and the issuance of New 2L Non-Convertible Notes at fair value, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Issuance of New Senior Secured Notes$1,379.4 
Issuance of New 2L Non-Convertible Notes229.6 
Net change in long-term debt$1,609.0 
(8)    Reflects the issuance of the New 2L Renesas Convertible Notes at fair value, and the issuance of the New 2L Non-Renesas Convertible Notes (excluding the impact of the equity-classified substantial premium at fair value) as follows:
(in millions of U.S. dollars)As of September 29, 2025
Issuance of New 2L Non-Renesas Convertible Notes (principal, including backstop commitment premium)$331.4 
Issuance of New 2L Renesas Convertible Notes216.3 
Issuance cost of New 2L Non-Renesas Convertible Notes(8.0)
Net change in convertible notes, net$539.7 
(9)    Reflects the changes in other long-term liabilities and supply agreement liabilities as follows:
(in millions of U.S. dollars)As of September 29, 2025
Reinstatement of long-term operating lease liabilities from liabilities subject to compromise154.2 
Reinstatement of long-term supply agreements from liabilities subject to compromise44.8 
Change in deferred tax liability as a result of implementation of the plan2.5 
Net change in other long-term liabilities$201.5 
(10)    Reflects the settlement of liabilities subject to compromise in accordance with the Plan and the resulting gain, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Liabilities subject to compromise$7,315.3 
Reinstatement of short-term finance lease liabilities (see Adjustment 4)(0.6)
Reinstatement of short-term operating lease liabilities and supply agreements (see Adjustment 6)(26.1)
Reinstatement of long-term finance lease liabilities (see Adjustment 4)(8.3)
Reinstatement of long-term operating lease liabilities and supply agreements (see Adjustment 9)(199.0)
Distribution of proceeds to holders of Senior Secured Notes (see Adjustment 1)(324.0)
Fair value of issuance of New Senior Secured Notes (see Adjustment 7)(1,379.4)
Fair Value of Issuance of New 2L Non-Renesas Convertible Notes – principal, including backstop commitment premium (see Adjustment 8)(331.4)
Fair value issuance of New 2L Non-Renesas Convertible Notes – substantial premium (see Adjustment 12)(168.8)
Fair value issuance of New 2L Non-Convertible Notes (see Adjustment 7)(229.6)
Proceeds from the New 2L Non-Renesas Convertible Notes through the rights offering (see Adjustment 1)275.0 
Implied value of issuance of Wolfspeed, Inc. New Common Stock, to creditors (see Adjustment 12)(540.3)
Fair value issuance of New 2L Renesas Convertible Notes (see Adjustment 8)(216.3)
Fair value of the Renesas Warrant (see Adjustment 5)
(33.6)
Implied value of forward equity contract (see Adjustment 5)(371.1)
Distribution of Contingent Cash to non-consolidated escrow account (see Adjustment 1)(10.0)
Gain on settlement of liabilities subject to compromise (See Adjustment 13)$3,751.8 
(11)    Reflects the cancellation of Old Common Stock and additional paid-in capital.
(12)    Reflects the issuance of 25.8 million shares of New Common Stock and additional paid-in capital, as follows:
As of September 29, 2025
(in millions of U.S. dollars)Common StockAdditional Paid-in Capital
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to existing equity holders$— $28.8 
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to holders of convertible notes claims— 540.3 
Issuance of Additional paid-in capital for equity-classified premium for New 2L Non-Renesas Convertible Notes— 168.8 
Obligation to issue Contingent Shares to existing equity holders, at the implied value— 19.2 
Net change in Wolfspeed, Inc. common stock and additional paid-in capital$— $757.1 
(13)    Reflects the cumulative impact of the reorganization adjustments discussed above on accumulated deficit.
(in millions of U.S. dollars)As of September 29, 2025
Gain on settlement of liabilities subject to compromise3,751.8 
Success fees(33.9)
Write-off related to directors' and officers' insurance policy(3.6)
Cancellation of unvested Predecessor stock compensation awards
(61.5)
Total reorganization adjustments impacting reorganization items, net3,652.8 
Cancellation of Old Common Stock and additional paid-in capital (direct charge to equity)
$4,165.3 
Issuance of New Common Stock and additional paid-in capital to existing equity holders (direct charge to equity)(28.8)
Obligation to issue Contingent Shares to existing equity holders (direct charge to equity)(19.2)
Net deferred tax impacts (classified as tax expense)(2.5)
Net change in accumulated deficit$7,767.6 
Fresh Start Adjustments
(14)    Reflects the fair value adjustment to the Company’s inventories due to the adoption of fresh start accounting. Raw materials were valued based on their replacement cost on the Effective Date; work-in-progress (“WIP”) and finished good were valued based on consideration of inventory value created pre-Effective Date versus post-Effective Date. WIP and finished good methodologies consider the market approach and the cost approach. The values resulting
from these methods were reconciled to appropriately allocate profit and expenses in the measurement of the inventory value created prior to the Effective Date.
(15)    Reflects the fair value adjustment to the Company’s short-term cloud assets due to the adoption of fresh start accounting. Cloud assets were valued using the indirect method of the cost approach
(16)    Reflects the adjustment for the fair value less costs to sell of land held for sale due to the adoption of fresh start accounting. The fair value reflects the expected proceeds from the sale of the land.
(17)    Reflects the fair value adjustment to property and equipment due to the adoption of fresh start accounting. Personal property was valued using the indirect method of the cost approach, whereby the reproduction cost for each asset or group of assets is estimated by indexing historical costs recorded in the fixed asset register based on asset type and acquisition date, then adjusted to account for physical deterioration and all forms of obsolescence. Real property (buildings and improvements) was valued using the direct method cost approach, while the sales comparison approach was used to value land and to test the reasonableness of the full property value. Finance lease assets were remeasured at the amount equal to the corresponding finance lease liabilities:
(in millions of U.S. dollars)AmountEstimated Useful Life (in Years)
Land$14.7 n/a
Building(1,195.7)
5-40
Machinery and equipment(537.1)
3-10
Leasehold improvements(91.7)Shorter of estimated useful life or lease term
Furniture and fixtures(2.3)5
Computer hardware/software(35.7)
3-10
Vehicles— 5
Tooling(5.2)
3-10
Construction in progress(1,148.0)n/a
Finance lease - (see Adjustment 21)(5.6)n/a
Total property and equipment, net$(3,006.6)
(18)    Reflects the fair value adjustment to intangible assets, net due to adoption of fresh start accounting. Intangible assets were valued primarily using the income approach. Where applicable, forecasts were allocated to the Power Devices and Materials product lines to separately value intangible assets for each. The following table summarizes the changes in the fair value of identified intangible assets:
(in millions of U.S. dollars)AmountEstimated Useful Life (in Years)
Patent and licensing rights$33.7 
0.5-23
Tradenames27.8 11
Developed technology240.0 
5-6
Customer relationships120.0 9
Net change in intangible assets$421.5 
(19)    Reflects the changes in other assets due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Right-of-use ("ROU") assets off-market component$(6.1)
ROU assets adjustments (see adjustment 22)(29.0)
Long-term cloud computing assets(6.9)
Net change in other assets$(42.0)
(20)    Reflects the changes in other current liabilities due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Operating lease liabilities adjustments for incremental borrowing rate ("IBR") (see adjustment 22)$(5.6)
Off-market long-term purchase agreement10.0 
Net change in other current liabilities$4.4 
(21)    Reflects the adjustment to the non-current portion of finance lease liabilities due to the adoption of fresh start accounting. Lease liabilities were remeasured using the Company’s IBR at the Effective Date, with a corresponding adjustment to finance lease assets.
(22)    Reflects the changes in other long-term liabilities due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Operating lease liabilities$(46.4)
Off-market long-term supply agreement14.4 
Change in deferred tax liability as a result of fresh start accounting(1.4)
Net change in other long-term liabilities$(33.4)
Operating lease liabilities were remeasured using the Company’s IBR at the Effective Date, with a corresponding adjustment to ROU assets. Off-market terms identified were attributed to the ROU assets, resulting in a reduction of the ROU assets for unfavorable market terms measured as the present value of the difference between contractual and market-based lease payments over the remaining lease term.
(23)    Reflects the cumulative impact of fresh start accounting adjustments discussed above and the elimination of accumulated deficit and accumulated other comprehensive loss.
(in millions of U.S. dollars)As of September 29, 2025
Fresh start adjustment to Inventories, net$(6.8)
Fresh start adjustment to Prepaid expenses0.1 
Fresh start adjustment to Other current assets(1.6)
Fresh start adjustment to Property and equipment, net3,006.6 
Fresh start adjustment to Intangible assets, net(421.5)
Fresh start adjustment to Other assets42.0 
Fresh start adjustment to Other current liabilities4.4 
Fresh start adjustment to Finance lease liabilities – long-term(6.4)
Fresh start adjustment to Other long-term liabilities for operating lease liabilities(46.4)
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement14.4 
Reset of accumulated other comprehensive loss – securities-related0.6 
Total fresh start adjustments impacting reorganization items, net2,585.4 
Reset of accumulated other comprehensive loss - income tax effects2.4 
Income tax effects on deferred income taxes(1.4)
Changes in accumulated deficit$2,586.4 
v3.26.1
Fresh Start Accounting (Tables)
 9 Months Ended
Mar. 29, 2026
Reorganizations [Abstract]  
Schedule of Compromise and Reorganization Items, Net The table below presents the reorganization items as a result of the Chapter 11 Cases during the periods presented:
Successor
Predecessor
(in millions of U.S. dollars)
Period from September 30, 2025 through March 29, 2026
Period from June 30, 2025 through September 29, 2025
Nine months ended March 30, 2025
Allowed claims adjustments
$— $475.7 $— 
Success fees— 34.0 — 
Professional fees
— 28.2 — 
Gain on settlement of liabilities subject to compromise
— (3,751.8)— 
Write-off related to Predecessor directors’ and officers’ insurance policy
— 3.6 — 
Cancellation of unvested Predecessor stock compensation awards
— 61.5 — 
Fresh start valuation adjustments
— 2,585.4 — 
Reorganization items, net
$— $(563.4)$— 
Cash payments for Reorganization items, net
$23.7 $38.5 $— 
A reconciliation of the enterprise value to the implied value of New Common Stock and reorganization value is set forth below:
(in millions of U.S. Dollars)
Enterprise value$2,600.0 
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments835.4 
Less: Fair value of debt issued upon emergence, including issuance costs, excluding equity-classified substantial premium(2,151.3)
Less: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes(168.8)
Less: Fair value of the Renesas Warrant(33.6)
Less: Cash from MACOM Shares sale captured in enterprise value(60.8)
Less: Deposit liabilities included in cash(25.2)
Less: Debt issuance costs(8.0)
Less: Restricted cash(28.3)
Implied value of Wolfspeed, Inc's common stock (including reserved but unissued shares)$959.4 
Less: Implied value of the Renesas Base Consideration Shares classified as a liability($371.1)
Less: Implied value of the obligation to issue Contingent Shares classified as equity($19.2)
Implied value of Wolfspeed, Inc's common stock outstanding as of the Effective Date$569.1 
Plus: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes$168.8 
Plus: Implied value of the obligation to issue Contingent Shares classified as equity$19.2 
Total stockholders' equity as of the Effective Date$757.1 
The reconciliation of the Company's enterprise value to reorganization value as of the Effective Date is as follows:
(in millions of U.S. Dollars)
Enterprise value$2,600.0 
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments835.4 
Plus: Current liabilities excluding debt340.4 
Plus: Long-term liabilities excluding debt184.6 
Less: Cash from MACOM Shares sale captured in enterprise value(60.8)
Less: Deposit liabilities included in cash(25.2)
Less: Debt issuance costs(8.0)
Less: Restricted cash(28.3)
Reorganization value$3,838.1 
As of September 29, 2025
PredecessorReorganization AdjustmentsFresh-Start AdjustmentsSuccessor
Assets
Current assets:
Cash and cash equivalents (includes restricted cash)$571.6 (90.6)(1)— $481.0 
Short-term investments354.4 — — 354.4 
Total cash, cash equivalents and short-term investments926.0 (90.6)— 835.4 
Accounts receivable, net155.6 — — 155.6 
Inventories, net385.5 — 6.8 (14)392.3 
Prepaid expenses75.5 (3.6)(2)(0.1)(15)71.8 
Investment tax credit receivable654.0 — — 654.0 
Other current assets118.3 — 1.6 (16)119.9 
Total current assets2,314.9 (94.2)8.3 2229.0
Property and equipment, net3,775.8 — (3,006.6)(17)769.2 
Intangible assets, net24.2 — 421.5 (18)445.7 
Long-term investment tax credit receivable181.3 — — 181.3 
Other assets254.9 — (42.0)(19)212.9 
Total assets$6,551.1 (94.2)(2,618.8)$3,838.1 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$196.5 10.3 (3)— $206.8 
Contract liabilities and distributor-related reserves72.9 — — 72.9 
Income taxes payable0.9 — — 0.9 
Finance lease liabilities— 0.6 (4)— 0.6 
Other current liabilities29.3 26.1 (6)4.4 (20)59.8 
Total current liabilities299.6 37.0 4.4 341.0 
Long-term liabilities:
Long-term debt— 1,609.0 (7)— 1,609.0 
Convertible notes, net— 539.7 (8)— 539.7 
Finance lease liabilities - long-term— 8.3 (4)(6.4)(21)1.9 
Long-term warrant— 33.6 (5)— 33.6 
Forward equity contract— 371.1 (5)— 371.1 
Other long-term liabilities16.6 201.5 (9)(33.4)(22)184.7 
Liabilities subject to compromise7,315.3 (7,315.3)(10)— — 
Total liabilities7,631.5 (4,515.1)(35.4)3,081.0 
Commitments and contingencies
Stockholders’ equity:
Predecessor common stock0.2 (0.2)(11)— — 
Successor common stock— — (12)— — 
Predecessor additional paid-in-capital4,103.6 (4,103.6)(11)— — 
Successor additional paid-in-capital— 757.1 (12)— 757.1 
Accumulated other comprehensive loss(3.0)— 3.0 (23)— 
Accumulated deficit(5,181.2)7,767.6 (13)(2,586.4)(23)— 
Total stockholders’ equity(1,080.4)4,420.9 (2,583.4)757.1 
Total liabilities and stockholders’ equity$6,551.1 $(94.2)$(2,618.8)3,838.1 
Reorganization Adjustments
(1)    Reflects the changes in cash and cash equivalents, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Proceeds from issuance of 2L Convertible Notes through the rights offering$275.0 
Payment of Existing Senior Secured Notes (principal and pre-petition accrued interest)(308.5)
Payment of Existing Senior Secured Notes commitment fees(15.5)
Payment of Contingent Cash into escrow(10.0)
Payment of lender professional and success fees, including deferred financing costs(31.6)
Net change in cash and cash equivalents$(90.6)
Of the $481.0 million of Successor cash and cash equivalents, $28.3 million was classified as restricted cash. Restricted cash consists of funds held in escrow accounts for the payment of certain professional fees related to the Chapter 11 Cases, pursuant to the Plan.
(2)    Reflects the write-off of prepaid expense related to Predecessor directors and officers' insurance policy.
(3)    Reflects the net increase to accounts payable and accrued expenses of $10.3 million, representing $16.8 million related to success fees, partially offset by $6.5 million in accrued lender professional fees paid on the Effective Date.
(4)    Reflects the reinstatement of short and long-term finance lease liabilities from liabilities subject to compromise.
(5)    Reflects the fair value of the Renesas Warrant and the implied value of the obligation to issue New Common Stock to Renesas from the Share Reserve upon obtaining the Regulatory Approvals, or in accordance with the Plan, the obligation to remit cash proceeds to Renesas from the issuance of these shares or exercise of the warrant.
(6)    Reflects the changes in other current liabilities including the reinstatement of Short-term operating lease liabilities and supply agreement liabilities from liabilities subject to compromise:
As of September 29, 2025
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise$10.9 
Reinstatement of supply agreements from liabilities subject to compromise15.2 
Net change in other current liabilities$26.1 
(7)    Reflects the issuance of New Senior Secured Notes and the issuance of New 2L Non-Convertible Notes at fair value, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Issuance of New Senior Secured Notes$1,379.4 
Issuance of New 2L Non-Convertible Notes229.6 
Net change in long-term debt$1,609.0 
(8)    Reflects the issuance of the New 2L Renesas Convertible Notes at fair value, and the issuance of the New 2L Non-Renesas Convertible Notes (excluding the impact of the equity-classified substantial premium at fair value) as follows:
(in millions of U.S. dollars)As of September 29, 2025
Issuance of New 2L Non-Renesas Convertible Notes (principal, including backstop commitment premium)$331.4 
Issuance of New 2L Renesas Convertible Notes216.3 
Issuance cost of New 2L Non-Renesas Convertible Notes(8.0)
Net change in convertible notes, net$539.7 
(9)    Reflects the changes in other long-term liabilities and supply agreement liabilities as follows:
(in millions of U.S. dollars)As of September 29, 2025
Reinstatement of long-term operating lease liabilities from liabilities subject to compromise154.2 
Reinstatement of long-term supply agreements from liabilities subject to compromise44.8 
Change in deferred tax liability as a result of implementation of the plan2.5 
Net change in other long-term liabilities$201.5 
(10)    Reflects the settlement of liabilities subject to compromise in accordance with the Plan and the resulting gain, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Liabilities subject to compromise$7,315.3 
Reinstatement of short-term finance lease liabilities (see Adjustment 4)(0.6)
Reinstatement of short-term operating lease liabilities and supply agreements (see Adjustment 6)(26.1)
Reinstatement of long-term finance lease liabilities (see Adjustment 4)(8.3)
Reinstatement of long-term operating lease liabilities and supply agreements (see Adjustment 9)(199.0)
Distribution of proceeds to holders of Senior Secured Notes (see Adjustment 1)(324.0)
Fair value of issuance of New Senior Secured Notes (see Adjustment 7)(1,379.4)
Fair Value of Issuance of New 2L Non-Renesas Convertible Notes – principal, including backstop commitment premium (see Adjustment 8)(331.4)
Fair value issuance of New 2L Non-Renesas Convertible Notes – substantial premium (see Adjustment 12)(168.8)
Fair value issuance of New 2L Non-Convertible Notes (see Adjustment 7)(229.6)
Proceeds from the New 2L Non-Renesas Convertible Notes through the rights offering (see Adjustment 1)275.0 
Implied value of issuance of Wolfspeed, Inc. New Common Stock, to creditors (see Adjustment 12)(540.3)
Fair value issuance of New 2L Renesas Convertible Notes (see Adjustment 8)(216.3)
Fair value of the Renesas Warrant (see Adjustment 5)
(33.6)
Implied value of forward equity contract (see Adjustment 5)(371.1)
Distribution of Contingent Cash to non-consolidated escrow account (see Adjustment 1)(10.0)
Gain on settlement of liabilities subject to compromise (See Adjustment 13)$3,751.8 
(11)    Reflects the cancellation of Old Common Stock and additional paid-in capital.
(12)    Reflects the issuance of 25.8 million shares of New Common Stock and additional paid-in capital, as follows:
As of September 29, 2025
(in millions of U.S. dollars)Common StockAdditional Paid-in Capital
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to existing equity holders$— $28.8 
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to holders of convertible notes claims— 540.3 
Issuance of Additional paid-in capital for equity-classified premium for New 2L Non-Renesas Convertible Notes— 168.8 
Obligation to issue Contingent Shares to existing equity holders, at the implied value— 19.2 
Net change in Wolfspeed, Inc. common stock and additional paid-in capital$— $757.1 
(13)    Reflects the cumulative impact of the reorganization adjustments discussed above on accumulated deficit.
(in millions of U.S. dollars)As of September 29, 2025
Gain on settlement of liabilities subject to compromise3,751.8 
Success fees(33.9)
Write-off related to directors' and officers' insurance policy(3.6)
Cancellation of unvested Predecessor stock compensation awards
(61.5)
Total reorganization adjustments impacting reorganization items, net3,652.8 
Cancellation of Old Common Stock and additional paid-in capital (direct charge to equity)
$4,165.3 
Issuance of New Common Stock and additional paid-in capital to existing equity holders (direct charge to equity)(28.8)
Obligation to issue Contingent Shares to existing equity holders (direct charge to equity)(19.2)
Net deferred tax impacts (classified as tax expense)(2.5)
Net change in accumulated deficit$7,767.6 
Fresh Start Adjustments
(14)    Reflects the fair value adjustment to the Company’s inventories due to the adoption of fresh start accounting. Raw materials were valued based on their replacement cost on the Effective Date; work-in-progress (“WIP”) and finished good were valued based on consideration of inventory value created pre-Effective Date versus post-Effective Date. WIP and finished good methodologies consider the market approach and the cost approach. The values resulting
from these methods were reconciled to appropriately allocate profit and expenses in the measurement of the inventory value created prior to the Effective Date.
(15)    Reflects the fair value adjustment to the Company’s short-term cloud assets due to the adoption of fresh start accounting. Cloud assets were valued using the indirect method of the cost approach
(16)    Reflects the adjustment for the fair value less costs to sell of land held for sale due to the adoption of fresh start accounting. The fair value reflects the expected proceeds from the sale of the land.
(17)    Reflects the fair value adjustment to property and equipment due to the adoption of fresh start accounting. Personal property was valued using the indirect method of the cost approach, whereby the reproduction cost for each asset or group of assets is estimated by indexing historical costs recorded in the fixed asset register based on asset type and acquisition date, then adjusted to account for physical deterioration and all forms of obsolescence. Real property (buildings and improvements) was valued using the direct method cost approach, while the sales comparison approach was used to value land and to test the reasonableness of the full property value. Finance lease assets were remeasured at the amount equal to the corresponding finance lease liabilities:
(in millions of U.S. dollars)AmountEstimated Useful Life (in Years)
Land$14.7 n/a
Building(1,195.7)
5-40
Machinery and equipment(537.1)
3-10
Leasehold improvements(91.7)Shorter of estimated useful life or lease term
Furniture and fixtures(2.3)5
Computer hardware/software(35.7)
3-10
Vehicles— 5
Tooling(5.2)
3-10
Construction in progress(1,148.0)n/a
Finance lease - (see Adjustment 21)(5.6)n/a
Total property and equipment, net$(3,006.6)
(18)    Reflects the fair value adjustment to intangible assets, net due to adoption of fresh start accounting. Intangible assets were valued primarily using the income approach. Where applicable, forecasts were allocated to the Power Devices and Materials product lines to separately value intangible assets for each. The following table summarizes the changes in the fair value of identified intangible assets:
(in millions of U.S. dollars)AmountEstimated Useful Life (in Years)
Patent and licensing rights$33.7 
0.5-23
Tradenames27.8 11
Developed technology240.0 
5-6
Customer relationships120.0 9
Net change in intangible assets$421.5 
(19)    Reflects the changes in other assets due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Right-of-use ("ROU") assets off-market component$(6.1)
ROU assets adjustments (see adjustment 22)(29.0)
Long-term cloud computing assets(6.9)
Net change in other assets$(42.0)
(20)    Reflects the changes in other current liabilities due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Operating lease liabilities adjustments for incremental borrowing rate ("IBR") (see adjustment 22)$(5.6)
Off-market long-term purchase agreement10.0 
Net change in other current liabilities$4.4 
(21)    Reflects the adjustment to the non-current portion of finance lease liabilities due to the adoption of fresh start accounting. Lease liabilities were remeasured using the Company’s IBR at the Effective Date, with a corresponding adjustment to finance lease assets.
(22)    Reflects the changes in other long-term liabilities due to the adoption of fresh start accounting, as follows:
(in millions of U.S. dollars)As of September 29, 2025
Operating lease liabilities$(46.4)
Off-market long-term supply agreement14.4 
Change in deferred tax liability as a result of fresh start accounting(1.4)
Net change in other long-term liabilities$(33.4)
Operating lease liabilities were remeasured using the Company’s IBR at the Effective Date, with a corresponding adjustment to ROU assets. Off-market terms identified were attributed to the ROU assets, resulting in a reduction of the ROU assets for unfavorable market terms measured as the present value of the difference between contractual and market-based lease payments over the remaining lease term.
(23)    Reflects the cumulative impact of fresh start accounting adjustments discussed above and the elimination of accumulated deficit and accumulated other comprehensive loss.
(in millions of U.S. dollars)As of September 29, 2025
Fresh start adjustment to Inventories, net$(6.8)
Fresh start adjustment to Prepaid expenses0.1 
Fresh start adjustment to Other current assets(1.6)
Fresh start adjustment to Property and equipment, net3,006.6 
Fresh start adjustment to Intangible assets, net(421.5)
Fresh start adjustment to Other assets42.0 
Fresh start adjustment to Other current liabilities4.4 
Fresh start adjustment to Finance lease liabilities – long-term(6.4)
Fresh start adjustment to Other long-term liabilities for operating lease liabilities(46.4)
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement14.4 
Reset of accumulated other comprehensive loss – securities-related0.6 
Total fresh start adjustments impacting reorganization items, net2,585.4 
Reset of accumulated other comprehensive loss - income tax effects2.4 
Income tax effects on deferred income taxes(1.4)
Changes in accumulated deficit$2,586.4 
v3.26.1
Revenue Recognition (Tables)
 9 Months Ended
Mar. 29, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue from External Customers by Products and Services Revenue from these two product lines is as follows:
 SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Power Products$100.1 $107.5 
Materials Products50.1 77.9 
Total$150.2 $185.4 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Power Products$218.4 $131.8 $295.4 
Materials Products100.3 65.0 265.2 
Total$318.7 $196.8 $560.6 
Schedule of Disaggregated Revenue from External Customers by Geographic Area Disaggregated continuing operations revenue from external customers by geographic area is as follows:
 SuccessorPredecessor
 Three months ended March 29, 2026Three months ended March 30, 2025
(in millions of U.S. Dollars)Revenue% of RevenueRevenue% of Revenue
United States$51.2 34.1 %38.4 20.7 %
Hong Kong27.2 18.1 %28.1 15.2 %
Europe27.3 18.2 %34.1 18.4 %
Asia Pacific(1)
26.0 17.3 %21.4 11.5 %
Singapore7.4 4.9 %21.0 11.3 %
China4.1 2.7 %21.9 11.8 %
Japan5.7 3.8 %19.5 10.5 %
Other1.3 0.9 %1.0 0.6 %
Total$150.2 $185.4 
(1) Excluding China, Hong Kong, Japan and Singapore

 SuccessorPredecessor
 Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
(in millions of U.S. Dollars)Revenue% of RevenueRevenue% of RevenueRevenue% of Revenue
United States$106.0 33.3 %44.9 22.8 %84.5 15.1 %
Hong Kong57.8 18.1 %26.1 13.3 %80.9 14.4 %
Europe54.0 16.9 %36.3 18.4 %123.7 22.1 %
Asia Pacific(1)
51.4 16.1 %49.1 24.9 %62.0 11.1 %
Singapore18.6 5.8 %7.6 3.9 %83.8 14.9 %
China13.8 4.3 %17.9 9.1 %48.9 8.7 %
Japan12.6 4.0 %13.3 6.8 %75.2 13.4 %
Other4.5 1.5 %1.6 0.8 %1.6 0.3 %
Total$318.7 $196.8 $560.6 
(1) Excluding China, Hong Kong, Japan and Singapore
v3.26.1
Leases (Tables)
 9 Months Ended
Mar. 29, 2026
Leases [Abstract]  
Schedule of Lease Assets and Liabilities
Lease assets and liabilities are as follows:
(in millions of U.S. Dollars)SuccessorPredecessor
Operating Leases:March 29, 2026June 29, 2025
Right-of-use asset (1)
$98.3 $123.1 
Current lease liability (2)
7.4 9.9 
Non-current lease liability (3)
100.5 139.5 
Total operating lease liabilities$107.9 $149.4 
Finance Leases:
Finance lease assets (4)
$2.1 $8.3 
Current portion of finance lease liabilities(5)
0.3 0.5 
Finance lease liabilities, less current portion(6)
1.8 8.4 
Total finance lease liabilities$2.1 $8.9 
(1) Within other assets on the consolidated balance sheets.
(2) Within other current liabilities on the consolidated balance sheets.
(3) Within other long-term liabilities on the consolidated balance sheets.
(4) Within property and equipment, net on the consolidated balance sheets.
(5) Within finance lease liabilities on the consolidated balance sheets.
(6) Within finance lease liabilities - long term on the consolidated balance sheets.
Schedule of Cash Flow Information
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Operating lease expense
$5.1$4.3
Finance lease amortization
0.2 0.2 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Operating lease expense
$10.04.3$12.4
Finance lease amortization
0.3 0.2 0.6 
Cash flow information consisted of the following (1):
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases($10.8)($4.1)($4.0)
Cash paid for interest portion of financing leases(0.1)(0.1)(0.1)
Cash used in financing activities:
Cash paid for principal portion of finance leases(0.3)(0.1)(0.1)
(1) See Note 1, "Basis of Presentation and New Accounting Standards," for non-cash activities related to leases.
Remaining weighted average lease terms and discount rate operating and finance lease liabilities as of March 29, 2026 were as follows:
Successor
Operating LeasesFinance Leases
Weighted average remaining lease term (in months) (1)
145450
Weighted average discount rate (2)
11.76 %13.83 %
(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 8 months.
(2) Weighted average discount rate of finance leases without the 49-year ground lease is 7.43%.
Schedule of Maturities of Operating Lease Liabilities
Maturities of operating and finance lease liabilities as of March 29, 2026 were as follows:
(in millions of U.S. Dollars)Successor
Fiscal Year EndingOperating LeasesFinance LeasesTotal
June 28, 2026 (remainder of fiscal 2026)$5.6 $0.2 $5.8 
June 27, 202718.2 0.4 18.6 
June 25, 202817.8 0.2 18.0 
June 24, 202917.2 0.2 17.4 
June 30, 203016.0 0.2 16.2 
Thereafter130.7 13.7 144.4 
Total lease payments205.5 14.9 220.4 
Imputed lease interest(97.6)(12.8)(110.4)
Total lease liabilities$107.9 $2.1 $110.0 
Schedule of Maturities of Finance Lease Liabilities
Maturities of operating and finance lease liabilities as of March 29, 2026 were as follows:
(in millions of U.S. Dollars)Successor
Fiscal Year EndingOperating LeasesFinance LeasesTotal
June 28, 2026 (remainder of fiscal 2026)$5.6 $0.2 $5.8 
June 27, 202718.2 0.4 18.6 
June 25, 202817.8 0.2 18.0 
June 24, 202917.2 0.2 17.4 
June 30, 203016.0 0.2 16.2 
Thereafter130.7 13.7 144.4 
Total lease payments205.5 14.9 220.4 
Imputed lease interest(97.6)(12.8)(110.4)
Total lease liabilities$107.9 $2.1 $110.0 
v3.26.1
Investments (Tables)
 9 Months Ended
Mar. 29, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Short-term Investments by Type
Successor
(in millions of U.S. Dollars)
March 29, 2026
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$124.5 $— $— $124.5 
Corporate bonds212.5 — (0.7)211.8 
Municipal bonds97.0 0.1 (0.2)96.9 
Certificates of deposit18.8 — — 18.8 
Commercial paper17.7 — — 17.7 
Total short-term investments$470.5 $0.1 ($0.9)$469.7 
All short-term investments are classified as available-for-sale. No allowance for credit losses was recorded as of March 29, 2026.
Predecessor
 June 29, 2025
(in millions of U.S. Dollars)
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$192.0 $0.1 $— $192.1 
Corporate bonds196.8 0.3 (1.5)195.6 
Municipal bonds79.5 0.2 (0.5)79.2 
Certificates of deposit5.0 — — 5.0 
Commercial paper16.3 — — 16.3 
Total short-term investments$489.6 $0.6 ($2.0)$488.2 
Schedule of Contractual Maturities of Short-term Investments by Type
The contractual maturities of short-term investments as of March 29, 2026 were as follows:
Successor
(in millions of U.S. Dollars)Within One YearAfter One, Within Five YearsAfter Ten YearsTotal
U.S. treasury securities$104.7 $19.8 $— $124.5 
Corporate bonds206.4 5.4 — 211.8 
Municipal bonds91.8 5.1 — 96.9 
Certificates of deposit18.8 — — 18.8 
Commercial paper17.7 — — 17.7 
Total short-term investments$439.4 $30.3 $— $469.7 
v3.26.1
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 29, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Carried at Fair Value
The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy:
 Estimated fair value
SuccessorPredecessor
(in millions of U.S. Dollars)Fair value hierarchyMarch, 29, 2026June 29, 2025
Assets:
Money market funds1$36.8 $61.8 
U.S. treasury securities1201.3 224.6 
MACOM Shares1— 102.0 
Municipal bonds2104.8 79.2 
Corporate bonds2221.3 196.8 
Commercial paper253.6 28.3 
Certificates of deposit2$22.7 $5.0 
Liabilities:
Forward equity contract2$— $— 
Warrants3— — 
Embedded derivative on New 2L Renesas Convertible Notes3$— $— 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following is a rollforward of balances for liabilities classified as recurring Level 3 fair value measurements:
(in millions of U.S. Dollars)
Stock Warrant Liability
Embedded Derivative
Balance as of June 29, 2025 (Predecessor)— — 
Issuance at September 29, 2025 (See Note 2 and Note 3)
$33.6$94.5
Changes in fair value
(2.1)(6.6)
Reclassification to equity(31.5)(87.9)
Balance as of March 29, 2026——
v3.26.1
Intangible Assets (Tables)
 9 Months Ended
Mar. 29, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of Intangible Assets
The following table presents the components of intangible assets, net:
SuccessorPredecessor
March 29, 2026June 29, 2025
(in millions of U.S. Dollars)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Intangible assets:
Customer relationships$120.0 ($6.6)$113.4 $— $— $— 
Developed technology240.0 (20.8)219.2 — — — 
Trade names28.0 (1.3)26.7 — — — 
Fresh start accounting-related intangible assets$388.0 ($28.7)$359.3 $— $— $— 
Patent and licensing rights60.0 (10.1)49.9 50.5 (26.7)23.8 
Total intangible assets$448.0 ($38.8)$409.2 $50.5 ($26.7)$23.8 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense for intangible assets with finite lives for each of the next five years and thereafter is as follows:
At Quarter End
Fiscal Year EndingCustomer RelationshipsDeveloped TechnologyTrade NamesPatentsMarch 29, 2026
June 28, 2026 (remainder fiscal 2026)3.3 10.4 0.7 3.8 18.2 
June 27, 202713.3 41.7 2.9 10.5 68.4 
June 25, 202813.3 41.7 2.9 7.3 65.2 
June 24, 202913.3 41.7 2.8 5.8 63.6 
June 23, 203013.3 41.7 2.8 4.3 62.1 
Thereafter56.9 42.0 14.6 18.2 131.7 
Total future amortization expense113.4 219.2 26.7 49.9 409.2 
v3.26.1
Long-term Debt (Tables)
 9 Months Ended
Mar. 29, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
As of June 29, 2025 (Predecessor):

(in millions of U.S. Dollars)Maturity DateEffective Interest RateInitial PrincipalRepayment of principalConversion to common stockOutstanding principalUnamortized premium/discountEnding BalanceEquity componentFair ValueFair value level
1.75% Convertible Notes
5/1/20262.2 %$575.0 $— $— $575.0 ($2.0)$573.0 $— $145.2 Level 2
0.25% Convertible Notes
2/15/20280.6 %750.0 — — 750.0 (7.9)$742.1 — 186.6 Level 2
1.875% Convertible Notes
12/1/20292.1 %1,750.0 — — 1,750.0 (20.7)$1,729.3 — 450.6 Level 2
2030 Senior Notes6/23/203016.3 %1,250.0 — — 1,521.2 (52.3)$1,468.9 — 1,308.2 Level 2
CRD Agreement Deposits7/5/20336.8 %2,000.0 — — 2,062.0 (37.3)$2,024.7 — 556.7 Level 3
$6,325.0 $— $— $6,658.2 ($120.2)$6,538.0 $— $2,647.3 
As of March 29, 2026 (Successor)

(in millions of U.S. Dollars)
Maturity Date(1)
Effective Interest RateInitial Principal
Repayment of principal(2)
Conversion to common stock(3)
Outstanding principalUnamortized premium/discountEnding BalanceEquity componentFair ValueFair value level
New Senior Secured Notes6/23/203012.9%$1,259.2 ($629.7)$— $629.5 $58.9 $688.4 $— $681.4 Level 2
New 2L Non-Convertible Notes6/15/203112.5%296.4 — — $296.4 (62.6)$233.8 — 234.2 Level 2
New 2L Non-Renesas Convertible Notes(4)
6/15/20313.0%331.4 — (18.5)$312.9 (6.9)$306.0 159.4 489.4 Level 2
New 2L Renesas Convertible Notes(5)
6/15/203112.3%203.6 — — $203.6 (76.7)$126.9 87.9 198.6Level 3
1.5L Convertible Notes3/15/20314.3 %379.0 — — $379.0 (13.6)$365.4 — 379.0Level 2
$2,469.6 ($629.7)($18.5)$1,821.4 ($100.9)$1,720.5 $247.3 $1,982.6 
(1)Each instrument is as defined in the Plan.
(2)On December 22, 2025, the Company repurchased $175.0 million of aggregate principal of the New Senior Secured Notes, plus accrued and unpaid interest at a purchase price of $197.9 million. On December 23, 2025, $10.2 million of Paid-in-Kind ("PIK") Interest was incurred and recorded to the outstanding
New Senior Secured Notes principal amount. On March 23, 2026, $10.9 million of PIK interest was incurred and recorded to the outstanding New Senior Secured Notes principal amount. On March 26, 2026, the Company used all of the aggregate gross proceeds from the 1.5L Convertible Notes (as defined below) and the Securities Purchase Agreement (as defined below) (refer to Note 16 - "Stockholders' Equity and Pre-Funded Warrants" for additional information) to redeem $475.9 million of the outstanding New Senior Secured Notes at a purchase price of $524.3 million.
(3)On September 29, 2025, the Company issued the New 2L Non-Renesas Convertible Notes and New 2L Renesas Convertible Notes. The notes bear interest at 2.5% per annum on the outstanding principal, are secured, and are convertible into shares of common stock at a conversion price of $12.23 and $18.35 per share, respectively. As of March 29, 2026, $18.5 million of New 2L Non-Renesas Convertible Notes were converted into 1.5 million shares of common stock.
(4)ASC Topic 470: Debt (“ASC 470”) presumes that when a convertible debt instrument is issued at a substantial premium compared to the principal amount, the premium should be recognized in equity as paid-in-capital. The excess of the initial carrying amount over par of $168.8 million was recorded to additional paid-in-capital. Approximately 5.6% of the equity component is not related to the outstanding convertible notes due to conversions during the period from September 30, 2025 to March 29, 2026.
(5)During the three months ended March 29, 2026, the Company reclassified the derivative liability to equity of $87.9 million (refer to Note 9 - "Fair Value of Financial Instruments" for additional information).
Schedule of Interest Expense
SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Interest expense, net
$46.4 $70.2 
Amortization of premium, discount and debt issuance costs, net of capitalized interest4.9 14.5 
Interest expense, other0.8 0.7 
Total interest expense, net$52.1 $85.4 
SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Interest expense, net(1)
$98.2 $— $193.6 
Amortization of premium, discount and debt issuance costs, net of capitalized interest10.4 — 34.5 
Interest expense, other1.5 0.7 2.3 
Total interest expense, net$110.1 $0.7 $230.4 
(1): Excludes contractual interest of $99.7 million for the period from June 30, 2025 to September 29, 2025.
v3.26.1
Loss Per Share (Tables)
 9 Months Ended
Mar. 29, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The details of the computation of basic and diluted loss per share are as follows:
 SuccessorPredecessor
(in millions of U.S. Dollars, except share data)Three months ended March 29, 2026Three months ended March 30, 2025
Net loss$(119.9)$(285.5)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic (in thousands)39,282 153,897 
Net loss per share attributable to common stockholders, basic(3.05)(1.86)
​
Net loss attributable to common stockholders, diluted(119.9)(285.5)
​
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in thousands)39,282 153,897 
Net loss per share attributable to common stockholders, diluted$(3.05)$(1.86)
 SuccessorPredecessor
(in millions of U.S. Dollars, except share data)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Net (loss) income$(270.5)$420.2 $(939.9)
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, basic (in thousands)32,706 156,185 136,550 
Net (loss) earnings per share attributable to common stockholders, basic(8.27)2.69(6.88)
Net (loss) income attributable to common stockholders, diluted(270.5)420.2 (939.9)
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, basic (in thousands)32,706 156,185 136,550 
Weighted-average effect of potentially dilutive securities:
1.75% Convertible Notes
— 12,152 — 
0.25% Convertible Notes
— 5,895 — 
1.875% Convertible Notes
— 14,721 — 
RSUs (Predecessor)— 99 — 
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, diluted (in thousands)32,706 189,052 136,550 
Net (loss) earnings per share attributable to common stockholders, diluted$(8.27)$2.22 $(6.88)
v3.26.1
Stock-Based Compensation (Tables)
 9 Months Ended
Mar. 29, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Stock-Based Compensation Expense
Total stock-based compensation expense was classified in the Consolidated Statements of Operations as follows:
 SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Cost of revenue, net$2.8 $9.7 
Research and development1.2 3.1 
Sales, general and administrative6.3 6.0 
Total stock-based compensation expense$10.3 $18.8 
 SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Cost of revenue, net$8.7 $7.8 $27.2 
Research and development1.5 2.2 9.2 
Sales, general and administrative7.7 3.6 26.3 
Total stock-based compensation expense$17.9 $13.6 $62.7 
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Equity Instruments Other Than Options The key assumptions used in valuing these market-based awards are as follows:
 Successor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026
Number of simulations500,000
Expected volatility52.44 %
Expected life in years2.56 years
Risk-free interest rate3.55 %
Dividend yield— %
v3.26.1
Restructuring (Tables)
 9 Months Ended
Mar. 29, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Exit And Disposal Costs Associated With The Operational Plan
A summary of the charges recognized in the consolidated statements of operations through the third quarter of fiscal 2026 and fiscal 2025, respectively, resulting from these restructuring activities is shown below:
 SuccessorPredecessor
(in millions of U.S. Dollars)Three months ended March 29, 2026Three months ended March 30, 2025
Accelerated depreciation
$— $4.5 
Inventory write-down/scrap— — 
Other closure-related costs
6.2 12.3 
Total cost of revenue, net$6.2 $16.8 
Impairments on abandoned assets$1.7 $30.7 
Severance(1)
(0.2)7.0 
Accelerated depreciation (2)
— (2.0)
Contract termination costs— — 
Other closure-related costs
0.7 5.0 
Other operating expense(3)
$2.2 $40.7 
Total
$8.4 $57.5 
 SuccessorPredecessor
(in millions of U.S. Dollars)Period from September 30, 2025 to March 29, 2026Period from June 30, 2025 to September 29, 2025Nine months ended March 30, 2025
Accelerated depreciation
$— $5.6 $27.9 
Inventory write-down/scrap9.1 2.5 — 
Other closure-related costs
12.1 10.0 54.6 
Total cost of revenue, net$21.2 $18.1 $82.5 
Impairments on abandoned assets$1.8 $0.1 $155.2 
Severance(1)
0.4 0.1 58.5 
Accelerated depreciation (2)
— — 10.8 
Contract termination costs— 2.3 — 
Other closure-related costs
1.6 1.2 25.7 
Other operating expense(3)
$3.8 $3.7 $250.2 
Total
$25.0 $21.8 $332.7 
(1)Employee severance and benefit costs include the early exit program activity
(2) Includes net impact of change in salvage value and estimated useful life related to 150mm fab tooling and equipment
(3) Within restructuring and other expenses on the consolidated statements of operations.
A summary of the balance sheet activity related to these restructuring activities recognized in accounts payable and accrued expenses in the unaudited consolidated balance sheet as of March 29, 2026 follows:
PredecessorSuccessor
(in millions of U.S. Dollars)As of June 29, 2025
Charges
Usage
March 29, 2026
Employee severance and benefit costs(1)
$25.2 $0.5 ($23.3)$2.4 
Contract termination liability
5.5 2.3 (3.3)4.5 
Total
$30.7 $2.8 ($26.6)$6.9 
(1)Employee severance and benefit costs includes the early exit program activity
A summary of the charges recognized in the consolidated statements of operations through the third quarter of fiscal 2026 resulting from these restructuring activities is shown below:
 Successor
(in millions of U.S. Dollars)Three months ended March 29, 2026Period from September 30, 2025 to March 29, 2026
Severance(0.5)7.5 
Other operating expenses(1)
($0.5)$7.5 
(1) Within restructuring and other expenses on the consolidated statements of operations.
A summary of the balance sheet activity related to these restructuring activities recognized in accounts payable and accrued expenses in the unaudited consolidated balance sheet as of March 29, 2026 follows:
PredecessorSuccessor
(in millions of U.S. Dollars)As of June 29, 2025
Charges
Usage
March 29, 2026
Employee severance and benefit costs$— $7.5 ($5.9)$1.6 
Total
$— $7.5 ($5.9)$1.6 
v3.26.1
Basis of Presentation and New Accounting Standards - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 29, 2025
USD ($)
Aug. 14, 2025
USD ($)
Sep. 29, 2025
USD ($)
Sep. 28, 2025
USD ($)
Mar. 29, 2026
USD ($)
ft²
building
Mar. 29, 2026
USD ($)
ft²
building
segment
Mar. 30, 2025
USD ($)
Jun. 29, 2025
USD ($)
Jun. 22, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Reduction of debt, percentage         70.00% 70.00%      
Total cash, cash equivalents and short-term investments $ 835,400   $ 835,400   $ 1,164,800 $ 1,164,800   $ 955,400  
Number of reportable segments | segment           1      
Inventory write-off 0   29,000 $ 29,000 29,100   $ 0    
Cash tax refunds           $ 698,600   189,100  
Interest income               2,600  
Investment tax credit receivable 654,000   654,000   71,500 71,500   653,400  
Long-term investment tax credit receivable $ 181,300   181,300   109,500 109,500   105,000  
Increase (decrease) in investment tax credit receivable       $ 50,700          
Gain on sale of property     5,700   2,900   $ 1,000    
Net unrealized income (loss) on available-for-sale securities         (200) $ (200)   (3,800)  
Unrealized loss on available-for-sale securities               $ 2,400  
Equipment                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Gain on sale of property     $ 5,700            
Building, Build Improvements, Land and Equipment                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Gain on sale of property         $ 2,900        
Building                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Number of buildings sold | building         1 1      
Idle Property in Durham, NC                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Area of land | ft²         254,000 254,000      
Senior Notes | Senior Secured Notes Due 2030                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Percentage of debt held by key debtholders                 97.00%
Senior Notes | Convertible Senior Notes Due 2026                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Stated interest rate (as a percent)                 1.75%
Senior Notes | Convertible Senior Notes Due 2028                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Stated interest rate (as a percent)                 0.25%
Senior Notes | Convertible Senior Notes Due 2029                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Stated interest rate (as a percent)                 1.875%
Senior Notes | Convertible Second-Lien Senior Secured Notes Due 2031                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Stated interest rate (as a percent) 2.50% 2.50% 2.50%            
Convertible Notes                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Percentage of debt held by key debtholders                 67.00%
Convertible Notes | 2L Convertible Notes                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Aggregate principal amount   $ 301,130              
Non-holdback rights offering, percentage   60.00%              
Holdback rights offering, percentage   40.00%              
Convertible Notes | Backstop Premium                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Aggregate principal amount $ 331,400 $ 30,250 $ 331,400            
Minimum | Customer Relationships, Developed Technology & Trade Names                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Estimated Useful Life (in Years)         5 years 5 years      
Minimum | Patents                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Estimated Useful Life (in Years)         6 months 6 months      
Maximum | Customer Relationships, Developed Technology & Trade Names                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Estimated Useful Life (in Years)         11 years 11 years      
Maximum | Patents                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                  
Estimated Useful Life (in Years)         23 years 23 years      
v3.26.1
Basis of Presentation and New Accounting Standards- Schedule of Inventories (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Accounting Policies [Abstract]      
Raw material $ 128.8   $ 144.5
Work-in-progress 146.3   284.6
Finished goods 5.4   6.3
Inventories, net $ 280.5 $ 392.3 $ 435.4
v3.26.1
Basis of Presentation and New Accounting Standards - Schedule of Other Current Assets (Details)
$ in Millions
Mar. 29, 2026
USD ($)
Dec. 28, 2025
property
Sep. 29, 2025
USD ($)
Jun. 29, 2025
USD ($)
property
Mar. 30, 2025
property
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]          
Reimbursement receivable on long-term incentive agreement $ 0.5     $ 33.1  
Assets held for sale 1.8     24.4  
MACOM Shares 0.0     102.0  
VAT receivables 0.6     9.1  
Insurance deposit 0.0     7.4  
Accrued interest receivable 4.3     5.4  
Short-term spares 34.4     0.0  
Other 10.9     19.5  
Other current assets 52.5   $ 119.9 $ 222.0  
Disposal Group, Held-for-Sale, Not Discontinued Operations          
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]          
Number of properties held-for-sale | property         3
Discontinued Operations, Disposed of by Sale          
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]          
Number of properties held-for-sale | property   1   2  
RF Business Master Supply Agreement          
Basis of Presentation and Changes in Significant Accounting Policies [Line Items]          
Inventory related to the RF Master Supply Agreement 0.0     $ 15.8  
Receivable on RF Master Supply Agreement $ 0.0     $ 5.3  
v3.26.1
Basis of Presentation and New Accounting Standards - Schedule of Other Assets (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Accounting Policies [Abstract]      
Right-of-use assets $ 98.3   $ 123.1
Long-term advances to suppliers 67.0   69.8
Long-term deposits 24.3   24.3
Cloud computing assets, net 5.1   10.4
Other 7.7   39.3
Other assets $ 202.4 $ 212.9 $ 266.9
v3.26.1
Basis of Presentation and New Accounting Standards - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Accounting Policies [Abstract]      
Accounts payable, trade $ 21.4   $ 30.6
Accrued property and equipment 6.5   124.7
Accrued salaries and wages 38.1   79.2
Accrued expenses 49.7   45.7
Accounts payable and accrued expenses $ 115.7 $ 206.8 $ 280.2
v3.26.1
Basis of Presentation and New Accounting Standards - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Accounting Policies [Abstract]      
Accrued interest $ 11.3   $ 90.7
RF supply agreement liabilities 12.9   76.9
Other 31.8   52.9
Other current liabilities $ 56.0 $ 59.8 $ 220.5
v3.26.1
Basis of Presentation and New Accounting Standards - Schedule of Other Long-term Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Accounting Policies [Abstract]      
Long-term lease liabilities $ 100.5   $ 139.5
Long-term RF supply agreement liabilities 50.6   44.5
Long-term customer deposits 4.3   15.6
Other 4.8   3.5
Other long-term liabilities $ 160.2 $ 184.7 $ 203.1
v3.26.1
Basis of Presentation and New Accounting Standards - Schedule of Restructuring and Other Operating Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Accounting Policies [Abstract]          
Legal settlements $ 0.0 $ 0.0 $ 17.0 $ 0.0 $ 17.0
Restructuring and other exit costs 1.7 3.7 40.7 11.3 250.2
Executive severance costs   0.0   0.0 1.4
Project, transformation and transaction costs 5.0 13.8 6.8 19.1 20.6
Amortization or impairment of fresh start accounting and acquisition-related intangibles 3.9 0.0 0.3 7.9 0.9
Other 0.0 2.9 0.6 0.5 4.7
Restructuring and other expenses $ 10.6 $ 20.4 $ 65.4 $ 38.8 $ 294.8
v3.26.1
Basis of Presentation and New Accounting Standards - Schedule of Non-Operating Income, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Accounting Policies [Abstract]          
Changes in fair value of liability classified derivative contracts $ (28.7) $ 0.0 $ 0.0 $ (87.8) $ 0.0
Interest income (10.9) (8.9) (19.4) (20.5) (58.6)
Loss on Wafer Supply Agreement   0.0   0.0 9.2
Gain on RTP Fab Transfer   (25.4)   0.0 0.0
Realized loss on MACOM Shares 0.0 10.9 24.9 0.0 9.2
Gain on contingent cash (10.0) 0.0 0.0 (10.0) 0.0
Loss on debt extinguishment 2.8 0.0 0.0 2.8 0.0
Other, net 0.6 1.0 0.0 2.3 1.7
Non-operating (income) expense, net $ (46.2) $ (22.4) $ 5.5 $ (113.2) $ (38.5)
v3.26.1
Basis of Presentation and New Accounting Standards - Schedule of Noncash Operating Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Mar. 29, 2026
Mar. 29, 2026
Mar. 30, 2025
Accounting Policies [Abstract]        
Decrease in property, plant and equipment from investment tax credit receivables $ 76.8 $ 44.4   $ 264.5
Lease asset and liability additions 19.1 3.6   35.2
Lease asset and liability modifications, net (0.2) (0.2)   2.9
Lease termination (0.1) (5.0)   0.0
Lease asset impairment 0.0 0.0 $ 0.0 (4.8)
Decrease in accrued property, plant and equipment (82.4) (35.8)   (146.3)
Commitment fee payable for 2030 Senior Notes $ 0.0 $ 0.0   $ 15.2
v3.26.1
Emergence from Voluntary Reorganization under Chapter 11 - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
$ / shares
shares
Sep. 29, 2025
USD ($)
boardMember
day
plan
$ / shares
shares
Jan. 31, 2026
USD ($)
shares
Mar. 29, 2026
USD ($)
$ / shares
shares
Sep. 29, 2025
USD ($)
plan
$ / shares
shares
Mar. 30, 2025
USD ($)
Mar. 29, 2026
USD ($)
$ / shares
shares
Mar. 30, 2025
USD ($)
Sep. 28, 2025
$ / shares
shares
Aug. 14, 2025
USD ($)
Jun. 29, 2025
$ / shares
shares
Reorganization, Chapter 11 [Line Items]                      
Common stock outstanding (in shares) | shares 48,338,000     48,338,000     48,338,000   156,479,390   155,643,000
Common stock, par value (in USD per share) | $ / shares $ 0.00125 $ 0.00125   $ 0.00125 $ 0.00125   $ 0.00125   $ 0.00125   $ 0.00125
Common stock authorized (in shares) | shares 350,000,000 350,000,000   350,000,000 350,000,000   350,000,000       400,000,000
Common stock issued (in shares) | shares 48,338,000     48,338,000     48,338,000       155,643,000
Proceeds from issuance of 2L Convertible Notes through the rights offering   $ 275,000,000.0                  
Reclassification of Renesas stock warrant liability       $ 31,500,000              
Gain on contingent cash       $ 10,000,000.0 $ 0 $ 0 $ 10,000,000.0 $ 0      
Number of equity compensation plans | plan   2     2            
Long-Term Incentive Plan | New Common Stock For Fiscal Year 2026                      
Reorganization, Chapter 11 [Line Items]                      
Capital shares reserved for future issuance, value   $ 26,600,000                  
Long-Term Incentive Plan | New Common Stock For Fiscal Year 2027                      
Reorganization, Chapter 11 [Line Items]                      
Capital shares reserved for future issuance, value   $ 27,500,000                  
Renesas Warrant                      
Reorganization, Chapter 11 [Line Items]                      
Number of securities called by warrants (in shares) | shares     4,943,555                
Reclassification of Renesas stock warrant liability     $ 31,500,000                
Warrant exercise price (USD per share) | $ / shares   $ 23.95     $ 23.95            
Scenario 1                      
Reorganization, Chapter 11 [Line Items]                      
Regulatory trigger deadline, period following effective date   2 years                  
Scenario 2                      
Reorganization, Chapter 11 [Line Items]                      
Regulatory trigger deadline, period following effective date   3 years                  
New Common Stock                      
Reorganization, Chapter 11 [Line Items]                      
Issuance of new shares (in shares) | shares   25,840,656                  
Common stock outstanding (in shares) | shares   25,840,656     25,840,656            
Common stock issued (in shares) | shares   25,840,656     25,840,656            
Shares reserved for future issuance (in shares) | shares   73,030,424     73,030,424            
New Common Stock | Long-Term Incentive Plan                      
Reorganization, Chapter 11 [Line Items]                      
Shares reserved for future issuance (in shares) | shares   4,058,925     4,058,925            
New Common Stock | Management Incentive Plan                      
Reorganization, Chapter 11 [Line Items]                      
Shares reserved for future issuance (in shares) | shares   8,117,851     8,117,851            
CRD Agreement Deposits | Unsecured Debt                      
Reorganization, Chapter 11 [Line Items]                      
Effective interest rate (as a percent)                     6.80%
New Senior Secured Notes | Senior Notes                      
Reorganization, Chapter 11 [Line Items]                      
Aggregate principal amount   $ 1,300,000,000     $ 1,300,000,000            
Effective interest rate (as a percent) 12.90%     12.90%     12.90%        
Debt instrument, percentage of net proceeds from extraordinary receipts, offer to repurchase debt   100.00%     100.00%            
Redemption price, extraordinary receipts, percentage   109.875%                  
Debt instrument, percentage of net proceeds from non-ordinary asset sales and casualty events, offer to repurchase debt   100.00%     100.00%            
Redemption, make whole redemption price minus percentage of principal amount, percentage   1.00%                  
Optional redemption, percentage   35.00%                  
Optional redemption, required proceeds from equity issuance   $ 300,000,000                  
Optional redemption price, percentage   111.875%                  
Perfected first lien security interest, minimum   $ 350,000,000     $ 350,000,000            
New Senior Secured Notes | Senior Notes | Debt Instrument, Redemption, Period One                      
Reorganization, Chapter 11 [Line Items]                      
Debt instrument, excess of extraordinary principal amount   200,000,000                  
Repurchase amount   $ 175,000,000     175,000,000            
Redemption price, non-ordinary asset sales and casualty events, percentage   111.875%                  
New Senior Secured Notes | Senior Notes | Debt Instrument, Redemption, Period Two                      
Reorganization, Chapter 11 [Line Items]                      
Debt instrument, excess of extraordinary principal amount   $ 200,000,000                  
Repurchase amount   $ 225,000,000     225,000,000            
Redemption price, non-ordinary asset sales and casualty events, percentage   109.875%                  
New Senior Secured Notes | Senior Notes | Debt Instrument, Redemption, Period Three                      
Reorganization, Chapter 11 [Line Items]                      
Debt instrument, excess of extraordinary principal amount   $ 200,000,000                  
Repurchase amount   $ 150,000,000     150,000,000            
Redemption price, non-ordinary asset sales and casualty events, percentage   105.00%                  
New Senior Secured Notes | Senior Notes | Debt Instrument, Redemption, Period Four                      
Reorganization, Chapter 11 [Line Items]                      
Redemption price, non-ordinary asset sales and casualty events, percentage   103.00%                  
New Senior Secured Notes | Senior Notes | Debt Instrument, Redemption, Period Five                      
Reorganization, Chapter 11 [Line Items]                      
Redemption price, non-ordinary asset sales and casualty events, percentage   100.00%                  
New Senior Secured Notes | Senior Notes | Interest Rate Step-Down Condition, Met                      
Reorganization, Chapter 11 [Line Items]                      
Interest rate step-down condition met, amount redeemed or reimbursed   $ 1,000,000,000     $ 1,000,000,000            
Interest rate step-down condition met, award disbursements received   $ 450,000,000                  
Debt instrument, covenant, outstanding principal amount to EBITDA, maximum   2.00                  
New Senior Secured Notes | Senior Notes | Interest Period One                      
Reorganization, Chapter 11 [Line Items]                      
Stated interest rate (as a percent)   9.875%     9.875%            
New Senior Secured Notes | Senior Notes | Interest Period Two | Interest Rate Step-Down Condition, Met                      
Reorganization, Chapter 11 [Line Items]                      
Stated interest rate (as a percent)   13.875%     13.875%            
New Senior Secured Notes | Senior Notes | Interest Period Two | Interest Rate Step-Down Condition, Not Met                      
Reorganization, Chapter 11 [Line Items]                      
Stated interest rate (as a percent)   15.875%     15.875%            
New Senior Secured Notes | Payment in Kind (PIK) Note | Interest Period One                      
Reorganization, Chapter 11 [Line Items]                      
Stated interest rate (as a percent)   4.00%     4.00%            
Existing Senior Secured Notes | Senior Notes                      
Reorganization, Chapter 11 [Line Items]                      
Redemption principal amount   $ 277,500,000     $ 277,500,000            
Redemption percentage of principal amount redeemed   109.875%                  
1.75%, 0.25% and 1.875% Convertible Notes | Convertible Notes                      
Reorganization, Chapter 11 [Line Items]                      
Debt instrument, discharged and terminated   $ 3,100,000,000     3,100,000,000            
New 2L Non-Renesas Convertible Notes | Convertible Notes                      
Reorganization, Chapter 11 [Line Items]                      
Aggregate principal amount   $ 301,100,000     $ 301,100,000            
Redemption price (as a percent)   91.3242%                  
Proceeds from issuance of 2L Convertible Notes through the rights offering   $ 275,000,000.0                  
Effective interest rate (as a percent) 3.00%     3.00%     3.00%        
Stated interest rate (as a percent)   2.50%     2.50%            
Debt instrument, convertible until period after maturity date | day   5                  
Debt instrument, redemption price, not permitted to be redeemed, period following effective date   3 years                  
Backstop Premium | Convertible Notes                      
Reorganization, Chapter 11 [Line Items]                      
Aggregate principal amount   $ 331,400,000     $ 331,400,000         $ 30,250,000  
Payment of the backstop premium   30,300,000                  
New 2L Non-Convertible Notes | Senior Notes                      
Reorganization, Chapter 11 [Line Items]                      
Aggregate principal amount   $ 296,400,000     $ 296,400,000            
Effective interest rate (as a percent) 12.50% 7.00%   12.50% 7.00%   12.50%        
Debt instrument, redemption price, not permitted to be redeemed, period following effective date   2 years                  
Required redemption price, percentage   101.00%                  
New 2L Non-Convertible Notes | Payment in Kind (PIK) Note                      
Reorganization, Chapter 11 [Line Items]                      
Effective interest rate (as a percent)   12.00%     12.00%            
New 2L Non-Convertible Notes | Notes Payable, Other Payables                      
Reorganization, Chapter 11 [Line Items]                      
Effective interest rate (as a percent)   7.00%     7.00%            
2L Convertible Notes                      
Reorganization, Chapter 11 [Line Items]                      
Proceeds from issuance of 2L Convertible Notes through the rights offering         $ 275,000,000.0   $ 0 $ 0      
2L Convertible Notes | New Common Stock                      
Reorganization, Chapter 11 [Line Items]                      
Issuance of new shares (in shares) | shares   24,533,760                  
2L Convertible Notes | Convertible Notes                      
Reorganization, Chapter 11 [Line Items]                      
Aggregate principal amount                   $ 301,130,000  
Required redemption price, percentage   100.00%                  
New 2L Renesas Convertible Notes | Convertible Notes                      
Reorganization, Chapter 11 [Line Items]                      
Aggregate principal amount   $ 203,600,000     $ 203,600,000            
Effective interest rate (as a percent) 12.30%     12.30%     12.30%        
Stated interest rate (as a percent)   2.50%     2.50%            
Debt instrument, redemption price, not permitted to be redeemed, period following effective date   2 years                  
New 2L Notes | Convertible Notes                      
Reorganization, Chapter 11 [Line Items]                      
Entitled redemption price, percentage of principal amount redeemed, optional redemption   100.00%                  
Convertible Second-Lien Senior Secured Notes Due 2031 | Senior Notes                      
Reorganization, Chapter 11 [Line Items]                      
Stated interest rate (as a percent)   2.50%     2.50%         2.50%  
Renesas                      
Reorganization, Chapter 11 [Line Items]                      
Right to designate, number of board members | boardMember   1                  
Investor rights and disposition agreement, percentage of new common stock held   10.00%                  
Investor rights and disposition agreement, cannot exercise voting rights, percentage of aggregate company voting power   9.90%                  
Investor rights and disposition agreement, percentage of aggregate company voting power, after conversion   39.90%                  
Renesas | Scenario 1                      
Reorganization, Chapter 11 [Line Items]                      
Regulatory approvals, debtor notification, period following effective date   30 days                  
Renesas | Scenario 2                      
Reorganization, Chapter 11 [Line Items]                      
Regulatory approvals, debtor notification, period following effective date   30 days                  
Renesas | Approvals Obtained                      
Reorganization, Chapter 11 [Line Items]                      
Restructuring support agreement, cash remitted or retained by company   $ 10,000,000 10,000,000   $ 10,000,000            
Gain on contingent cash             $ 10,000,000        
Restructuring support agreement, new common stock distributed to holders of old common stock (in shares) | shares   871,287     871,287            
Renesas | New Common Stock                      
Reorganization, Chapter 11 [Line Items]                      
Issuance of new shares (in shares) | shares 16,852,372 16,852,372                  
Shares issued if approvals received, fair value     $ 292,100,000                
Pro rata portion of shares issued if regulatory approvals received (in shares) | shares   871,287 871,287   871,287            
Shares issued if regulatory approvals received (in shares) | shares   16,852,372 16,852,372   16,852,372            
Renesas | CRD Agreement Deposits | Unsecured Debt                      
Reorganization, Chapter 11 [Line Items]                      
Aggregate principal amount   $ 2,100,000,000     $ 2,100,000,000            
Debt instrument, discharged and terminated   2,100,000,000     2,100,000,000            
Renesas | New Senior Secured Notes | Senior Notes | Approvals Obtained                      
Reorganization, Chapter 11 [Line Items]                      
Restructuring support agreement, reserve cash remitted to debt holders   $ 5,000,000     $ 5,000,000            
Renesas | 2L Convertible Notes                      
Reorganization, Chapter 11 [Line Items]                      
Embedded derivative, amount reclassified to stockholders' equity     $ 87,900,000                
Existing Equity Holders | New Common Stock                      
Reorganization, Chapter 11 [Line Items]                      
Issuance of new shares (in shares) | shares   1,306,896                  
v3.26.1
Emergence from Voluntary Reorganization under Chapter 11 - Schedule of Reorganization Items (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Mar. 29, 2026
Mar. 30, 2025
Reorganizations [Abstract]      
Allowed claims adjustments $ 475.7 $ 0.0 $ 0.0
Success fees 34.0 0.0 0.0
Professional fees 28.2 0.0 0.0
Gain on settlement of liabilities subject to compromise (3,751.8) 0.0 0.0
Write-off related to Predecessor directors’ and officers’ insurance policy 3.6 0.0 0.0
Cancellation of unvested Predecessor stock compensation awards 61.5 0.0 0.0
Fresh start valuation adjustments 2,585.4 0.0 0.0
Reorganization items, net (563.4) 0.0 0.0
Cash payments for Reorganization items, net $ 38.5 $ 23.7 $ 0.0
v3.26.1
Fresh Start Accounting - Narrative (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Reorganization value   $ 3,838.1  
Bankruptcy claims, post petition liabilities and allowed claims   7,600.0  
Reorganization value, enterprise value   $ 2,600.0  
Reorganization value, present value of discounted cash flows of emerging entity, discount rate   20.10%  
Intangible assets, net $ 409.2 $ 445.7 $ 23.8
Technology-Based Intangible Assets | Measurement Input, Discount Rate      
Reorganization, Chapter 11 [Line Items]      
Intangible assets (excluding goodwill), measurement input   0.21  
Trademarks and Trade Names | Measurement Input, Royalty Rate      
Reorganization, Chapter 11 [Line Items]      
Intangible assets (excluding goodwill), measurement input   0.005  
Trademarks and Trade Names | Measurement Input, Discount Rate      
Reorganization, Chapter 11 [Line Items]      
Intangible assets (excluding goodwill), measurement input   0.205  
Customer-Related Intangible Assets | Measurement Input, Discount Rate      
Reorganization, Chapter 11 [Line Items]      
Intangible assets (excluding goodwill), measurement input   0.225  
Minimum      
Reorganization, Chapter 11 [Line Items]      
Reorganization value, enterprise value   $ 2,350.0  
Incremental borrowing rate   0.099  
Minimum | Technology-Based Intangible Assets | Measurement Input, Royalty Rate      
Reorganization, Chapter 11 [Line Items]      
Intangible assets (excluding goodwill), measurement input   0.05  
Minimum | Customer-Related Intangible Assets | Measurement Input, Attrition Rate      
Reorganization, Chapter 11 [Line Items]      
Intangible assets (excluding goodwill), measurement input   0.10  
Maximum      
Reorganization, Chapter 11 [Line Items]      
Reorganization value, enterprise value   $ 2,850.0  
Incremental borrowing rate   0.139  
Maximum | Technology-Based Intangible Assets | Measurement Input, Royalty Rate      
Reorganization, Chapter 11 [Line Items]      
Intangible assets (excluding goodwill), measurement input   0.15  
Maximum | Customer-Related Intangible Assets | Measurement Input, Attrition Rate      
Reorganization, Chapter 11 [Line Items]      
Intangible assets (excluding goodwill), measurement input   0.175  
v3.26.1
Fresh Start Accounting - Shares Of Common Stock And Preliminary Estimated Reorganization Value (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Dec. 28, 2025
Sep. 30, 2025
Sep. 29, 2025
Sep. 28, 2025
Jun. 29, 2025
Mar. 30, 2025
Dec. 29, 2024
Sep. 29, 2024
Jun. 30, 2024
Reorganizations [Abstract]                    
Enterprise value       $ 2,600.0            
Total cash, cash equivalents and short-term investments $ 1,164.8     835.4   $ 955.4        
Less: Fair value of debt issued upon emergence, including issuance costs, excluding equity-classified substantial premium       (2,151.3)            
Less: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes       (168.8)            
Long-term warrant       (33.6)            
Less: Cash from MACOM Shares sale captured in enterprise value       (60.8)            
Less: Deposit liabilities included in cash       (25.2)            
Less: Debt issuance costs       (8.0)            
Less: Restricted cash       (28.3)            
Implied value of Wolfspeed, Inc's common stock (including reserved but unissued shares)       959.4            
Less: Implied value of the Renesas Base Consideration Shares classified as a liability       (371.1)            
Less: Implied value of the obligation to issue Contingent Shares classified as equity       (19.2)            
Implied value of Wolfspeed, Inc's common stock outstanding as of the Effective Date       569.1            
Plus: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes       168.8            
Less: Implied value of the obligation to issue Contingent Shares classified as equity       19.2            
Total stockholders' equity (deficit) $ 1,021.7 $ 627.4 $ 757.1 $ 757.1 $ (1,080.4) $ (447.1) $ 212.7 $ 372.6 $ 628.9 $ 882.1
v3.26.1
Fresh Start Accounting - Reconciliation Of The Company's Enterprise Value To Reorganization Value (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganizations [Abstract]      
Enterprise value   $ 2,600.0  
Total cash, cash equivalents and short-term investments $ 1,164.8 835.4 $ 955.4
Plus: Current liabilities excluding debt   340.4  
Plus: Long-term liabilities excluding debt   184.6  
Less: Cash from MACOM Shares sale captured in enterprise value   (60.8)  
Less: Deposit liabilities included in cash   (25.2)  
Less: Debt issuance costs   (8.0)  
Less: Restricted cash   (28.3)  
Reorganization value   $ 3,838.1  
v3.26.1
Fresh Start Accounting - Reorganization of Balance Sheet (Details) - USD ($)
shares in Thousands, $ in Millions
Sep. 29, 2025
Mar. 29, 2026
Dec. 28, 2025
Sep. 30, 2025
Sep. 28, 2025
Jun. 29, 2025
Mar. 30, 2025
Dec. 29, 2024
Sep. 29, 2024
Jun. 30, 2024
Current assets:                    
Cash and cash equivalents (includes restricted cash) $ 481.0 $ 695.1       $ 467.2 $ 730.2     $ 1,045.9
Short-term investments 354.4 469.7       488.2        
Total cash, cash equivalents and short-term investments 835.4 1,164.8       955.4        
Accounts receivable, net 155.6 96.8       178.8        
Inventories, net 392.3 280.5       435.4        
Prepaid expenses 71.8 43.0       97.2        
Investment tax credit receivable 654.0 71.5       653.4        
Other current assets 119.9 52.5       222.0        
Total current assets 2,229.0 1,709.1       2,542.2        
Property and equipment, net 769.2 717.1       3,916.5        
Intangible assets, net 445.7 409.2       23.8        
Long-term investment tax credit receivable 181.3 109.5       105.0        
Other assets 212.9 202.4       266.9        
Total assets 3,838.1 3,147.3       6,854.4        
Current liabilities:                    
Accounts payable and accrued expenses 206.8 115.7       280.2        
Contract liabilities and distributor-related reserves 72.9 70.5       50.0        
Income taxes payable 0.9 0.6       0.8        
Finance lease liabilities 0.6 0.3       0.5        
Other current liabilities 59.8 56.0       220.5        
Total current liabilities 341.0 243.1       7,090.0        
Long-term liabilities:                    
Long-term debt 1,609.0 922.2       0.0        
Convertible notes, net 539.7 798.3       0.0        
Finance lease liabilities - long-term 1.9 1.8       8.4        
Long-term warrant 33.6                  
Forward equity contract 371.1                  
Other long-term liabilities 184.7 160.2       203.1        
Liabilities subject to compromise 0.0                  
Total liabilities 3,081.0 2,125.6       7,301.5        
Commitments and contingencies              
Stockholders’ equity:                    
Common stock   0.1       0.2        
Additional paid-in-capital   1,292.3       4,094.1        
Accumulated other comprehensive loss 0.0 (0.2)       (3.8)        
Accumulated deficit 0.0 (270.5)       (4,537.6)        
Total stockholders' equity (deficit) 757.1 1,021.7 $ 627.4 $ 757.1 $ (1,080.4) (447.1) $ 212.7 $ 372.6 $ 628.9 $ 882.1
Total liabilities and stockholders’ equity (deficit) 3,838.1 $ 3,147.3       $ 6,854.4        
Restricted cash 28.3                  
Common stock issued (in shares)   48,338       155,643        
Reorganization, Sucessor                    
Stockholders’ equity:                    
Common stock 0.0                  
Additional paid-in-capital 757.1                  
Predecessor                    
Current assets:                    
Cash and cash equivalents (includes restricted cash) 571.6                  
Short-term investments 354.4                  
Total cash, cash equivalents and short-term investments 926.0                  
Accounts receivable, net 155.6                  
Inventories, net 385.5                  
Prepaid expenses 75.5                  
Investment tax credit receivable 654.0                  
Other current assets 118.3                  
Total current assets 2,314.9                  
Property and equipment, net 3,775.8                  
Intangible assets, net 24.2                  
Long-term investment tax credit receivable 181.3                  
Other assets 254.9                  
Total assets 6,551.1                  
Current liabilities:                    
Accounts payable and accrued expenses 196.5                  
Contract liabilities and distributor-related reserves 72.9                  
Income taxes payable 0.9                  
Finance lease liabilities 0.0                  
Other current liabilities 29.3                  
Total current liabilities 299.6                  
Long-term liabilities:                    
Long-term debt 0.0                  
Convertible notes, net 0.0                  
Finance lease liabilities - long-term 0.0                  
Long-term warrant 0.0                  
Forward equity contract 0.0                  
Other long-term liabilities 16.6                  
Liabilities subject to compromise 7,315.3                  
Total liabilities 7,631.5                  
Commitments and contingencies                  
Stockholders’ equity:                    
Common stock 0.2                  
Additional paid-in-capital 4,103.6                  
Accumulated other comprehensive loss (3.0)                  
Accumulated deficit (5,181.2)                  
Total stockholders' equity (deficit) (1,080.4)                  
Total liabilities and stockholders’ equity (deficit) 6,551.1                  
Reorganization Adjustments                    
Current assets:                    
Cash and cash equivalents (includes restricted cash) (90.6)                  
Short-term investments 0.0                  
Total cash, cash equivalents and short-term investments (90.6)                  
Accounts receivable, net 0.0                  
Inventories, net 0.0                  
Prepaid expenses (3.6)                  
Investment tax credit receivable 0.0                  
Other current assets 0.0                  
Total current assets (94.2)                  
Property and equipment, net 0.0                  
Intangible assets, net 0.0                  
Long-term investment tax credit receivable 0.0                  
Other assets 0.0                  
Total assets (94.2)                  
Current liabilities:                    
Accounts payable and accrued expenses 10.3                  
Contract liabilities and distributor-related reserves 0.0                  
Income taxes payable 0.0                  
Finance lease liabilities 0.6                  
Other current liabilities 26.1                  
Total current liabilities 37.0                  
Long-term liabilities:                    
Long-term debt 1,609.0                  
Convertible notes, net 539.7                  
Finance lease liabilities - long-term 8.3                  
Long-term warrant 33.6                  
Forward equity contract 371.1                  
Other long-term liabilities 201.5                  
Liabilities subject to compromise (7,315.3)                  
Total liabilities (4,515.1)                  
Commitments and contingencies                  
Stockholders’ equity:                    
Common stock (0.2)                  
Additional paid-in-capital (4,103.6)                  
Accumulated other comprehensive loss 0.0                  
Accumulated deficit 7,767.6                  
Total stockholders' equity (deficit) 4,420.9                  
Total liabilities and stockholders’ equity (deficit) (94.2)                  
Accrued success fees, current 16.8                  
Payments for accrued lender professional fees $ 6.5                  
Common stock issued (in shares) 25,800                  
Reorganization Adjustments | Reorganization, Sucessor                    
Stockholders’ equity:                    
Common stock $ 0.0                  
Additional paid-in-capital 757.1                  
Fresh-Start Adjustments                    
Current assets:                    
Cash and cash equivalents (includes restricted cash) 0.0                  
Short-term investments 0.0                  
Total cash, cash equivalents and short-term investments 0.0                  
Accounts receivable, net 0.0                  
Inventories, net 6.8                  
Prepaid expenses (0.1)                  
Investment tax credit receivable 0.0                  
Other current assets 1.6                  
Total current assets 8.3                  
Property and equipment, net (3,006.6)                  
Intangible assets, net 421.5                  
Long-term investment tax credit receivable 0.0                  
Other assets (42.0)                  
Total assets (2,618.8)                  
Current liabilities:                    
Accounts payable and accrued expenses 0.0                  
Contract liabilities and distributor-related reserves 0.0                  
Income taxes payable 0.0                  
Finance lease liabilities 0.0                  
Other current liabilities 4.4                  
Total current liabilities 4.4                  
Long-term liabilities:                    
Long-term debt 0.0                  
Convertible notes, net 0.0                  
Finance lease liabilities - long-term (6.4)                  
Long-term warrant 0.0                  
Forward equity contract 0.0                  
Other long-term liabilities (33.4)                  
Liabilities subject to compromise 0.0                  
Total liabilities (35.4)                  
Commitments and contingencies                  
Stockholders’ equity:                    
Common stock 0.0                  
Additional paid-in-capital 0.0                  
Accumulated other comprehensive loss 3.0                  
Accumulated deficit (2,586.4)                  
Total stockholders' equity (deficit) (2,583.4)                  
Total liabilities and stockholders’ equity (deficit) (2,618.8)                  
Fresh-Start Adjustments | Reorganization, Sucessor                    
Stockholders’ equity:                    
Common stock 0.0                  
Additional paid-in-capital $ 0.0                  
v3.26.1
Fresh Start Accounting - Changes In Cash And Cash Equivalents (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Sep. 29, 2025
Mar. 29, 2026
Mar. 30, 2025
Jun. 29, 2025
Jun. 30, 2024
Reorganization, Chapter 11 [Line Items]            
Proceeds from issuance of 2L Convertible Notes through the rights offering $ 275.0          
Payment of Existing Senior Secured Notes (principal and pre-petition accrued interest) (308.5)          
Payment of Existing Senior Secured Notes commitment fees (15.5) $ (15.5) $ 0.0 $ 0.0    
Payment of Contingent Cash into escrow (10.0)          
Payment of lender professional and success fees, including deferred financing costs (31.6)          
Cash and cash equivalents (includes restricted cash) 481.0 481.0 $ 695.1 $ 730.2 $ 467.2 $ 1,045.9
Reorganization Adjustments            
Reorganization, Chapter 11 [Line Items]            
Proceeds from issuance of 2L Convertible Notes through the rights offering 275.0          
Payment of Contingent Cash into escrow (10.0)          
Cash and cash equivalents (includes restricted cash) $ (90.6) $ (90.6)        
v3.26.1
Fresh Start Accounting - Changes In Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise $ 7.4   $ 9.9
Other current liabilities $ 56.0 $ 59.8 $ 220.5
Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise   10.9  
Reinstatement of supply agreements from liabilities subject to compromise   15.2  
Other current liabilities   $ 26.1  
v3.26.1
Fresh Start Accounting - Issuance of Senior Secured Notes and New 2L Non-Convertible Notes (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Long-term debt $ 922.2 $ 1,609.0 $ 0.0
Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Long-term debt   1,609.0  
New Senior Secured Notes | Senior Notes | Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Long-term debt   1,379.4  
New 2L Non-Convertible Notes | Senior Notes | Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Long-term debt   $ 229.6  
v3.26.1
Fresh Start Accounting - Issuance of Renesas 2L Convertible Notes and 2l Non-Renesas Convertible Notes (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Issuance of debt $ 2,469.6   $ 6,325.0
Less: Debt issuance costs   $ (8.0)  
Convertible notes, net $ 798.3 539.7 $ 0.0
Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Convertible notes, net   539.7  
New 2L Non-Renesas Convertible Notes | Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Issuance of debt   331.4  
New 2L Renesas Convertible Notes | Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Issuance of debt   216.3  
2L Convertible Notes | Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Less: Debt issuance costs   $ (8.0)  
v3.26.1
Fresh Start Accounting - Changes In Long-term Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Fresh start adjustment to Other long-term liabilities for operating lease liabilities $ 100.5   $ 139.5
Other long-term liabilities $ 160.2 $ 184.7 $ 203.1
Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Fresh start adjustment to Other long-term liabilities for operating lease liabilities   154.2  
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement   44.8  
Change in deferred tax liability as a result of fresh start accounting   2.5  
Other long-term liabilities   $ 201.5  
v3.26.1
Fresh Start Accounting - Settlement of Liabilities Subject to Compromise (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Sep. 29, 2025
Mar. 29, 2026
Mar. 30, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]          
Liabilities subject to compromise $ 0.0 $ 0.0      
Reinstatement of short-term finance lease liabilities (see Adjustment 4) (0.6) (0.6) $ (0.3)   $ (0.5)
Finance lease liabilities, less current portion(6) (1.9) (1.9) (1.8)   (8.4)
Issuance of debt     (2,469.6)   $ (6,325.0)
Fair value issuance of New 2L Non-Renesas Convertible Notes – substantial premium (see Adjustment 12) (168.8) (168.8)      
Proceeds from issuance of 2L Convertible Notes through the rights offering 275.0        
Long-term warrant (33.6) (33.6)      
Less: Implied value of the Renesas Base Consideration Shares classified as a liability (371.1) (371.1)      
Payment of Contingent Cash into escrow (10.0)        
Gain on settlement of liabilities subject to compromise (See Adjustment 13)   3,751.8 0.0 $ 0.0  
New Senior Secured Notes | Senior Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt     (1,259.2)    
New 2L Non-Renesas Convertible Notes | Convertible Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt     (331.4)    
Proceeds from issuance of 2L Convertible Notes through the rights offering 275.0        
New 2L Non-Convertible Notes | Senior Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt     (296.4)    
New 2L Renesas Convertible Notes | Convertible Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt     $ (203.6)    
Predecessor          
Reorganization, Chapter 11 [Line Items]          
Liabilities subject to compromise 7,315.3 7,315.3      
Reinstatement of short-term finance lease liabilities (see Adjustment 4) 0.0 0.0      
Finance lease liabilities, less current portion(6) 0.0 0.0      
Long-term warrant 0.0 0.0      
Less: Implied value of the Renesas Base Consideration Shares classified as a liability 0.0 0.0      
Reorganization Adjustments          
Reorganization, Chapter 11 [Line Items]          
Liabilities subject to compromise (7,315.3) (7,315.3)      
Reinstatement of short-term finance lease liabilities (see Adjustment 4) (0.6) (0.6)      
Reinstatement of short-term operating lease liabilities and supply agreements (see Adjustment 6) (26.1) (26.1)      
Finance lease liabilities, less current portion(6) (8.3) (8.3)      
Reinstatement of long-term operating lease liabilities and supply agreements (see Adjustment 9) (199.0) (199.0)      
Distribution of proceeds to holders of Senior Secured Notes (see Adjustment 1) (324.0) (324.0)      
Proceeds from issuance of 2L Convertible Notes through the rights offering 275.0        
Implied value of issuance of Wolfspeed, Inc. New Common Stock, to creditors (see Adjustment 12) (540.3)        
Long-term warrant (33.6) (33.6)      
Less: Implied value of the Renesas Base Consideration Shares classified as a liability (371.1) (371.1)      
Payment of Contingent Cash into escrow (10.0)        
Gain on settlement of liabilities subject to compromise (See Adjustment 13) 3,751.8        
Reorganization Adjustments | Additional Paid-in Capital          
Reorganization, Chapter 11 [Line Items]          
Implied value of issuance of Wolfspeed, Inc. New Common Stock, to creditors (see Adjustment 12) (540.3)        
Reorganization Adjustments | New Senior Secured Notes | Senior Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt (1,379.4) (1,379.4)      
Reorganization Adjustments | New 2L Non-Renesas Convertible Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt (331.4) (331.4)      
Reorganization Adjustments | New 2L Non-Renesas Convertible Notes | Convertible Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt (331.4) (331.4)      
Fair value issuance of New 2L Non-Renesas Convertible Notes – substantial premium (see Adjustment 12) (168.8) (168.8)      
Reorganization Adjustments | New 2L Non-Convertible Notes | Senior Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt (229.6) (229.6)      
Reorganization Adjustments | New 2L Renesas Convertible Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt (216.3) (216.3)      
Reorganization Adjustments | New 2L Renesas Convertible Notes | Convertible Notes          
Reorganization, Chapter 11 [Line Items]          
Issuance of debt $ (216.3) $ (216.3)      
v3.26.1
Fresh Start Accounting - Issuance of New Common Stock and Additional Paid-in Capital (Details) - USD ($)
$ in Millions
Sep. 29, 2025
Mar. 29, 2026
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Capped call transactions related to the issuance of convertible notes due December 1, 2029 $ 168.8    
Contingent Shares (Unissued) 19.2    
Common stock, par value $0.00125; 350,000 and 400,000 shares authorized at March 29, 2026 and June 29, 2025, respectively; 48,338 and 155,643 shares issued and outstanding at March 29, 2026 and June 29, 2025, respectively   $ 0.1 $ 0.2
Additional paid-in-capital   $ 1,292.3 $ 4,094.1
Additional Paid-in Capital      
Reorganization, Chapter 11 [Line Items]      
Capped call transactions related to the issuance of convertible notes due December 1, 2029 168.8    
Contingent Shares (Unissued) 19.2    
Reorganization, Sucessor      
Reorganization, Chapter 11 [Line Items]      
Common stock, par value $0.00125; 350,000 and 400,000 shares authorized at March 29, 2026 and June 29, 2025, respectively; 48,338 and 155,643 shares issued and outstanding at March 29, 2026 and June 29, 2025, respectively 0.0    
Additional paid-in-capital 757.1    
Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to holders of convertible notes claims 540.3    
Common stock, par value $0.00125; 350,000 and 400,000 shares authorized at March 29, 2026 and June 29, 2025, respectively; 48,338 and 155,643 shares issued and outstanding at March 29, 2026 and June 29, 2025, respectively (0.2)    
Additional paid-in-capital (4,103.6)    
Reorganization Adjustments | Common Stock      
Reorganization, Chapter 11 [Line Items]      
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to existing equity holders 0.0    
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to holders of convertible notes claims 0.0    
Capped call transactions related to the issuance of convertible notes due December 1, 2029 0.0    
Contingent Shares (Unissued) 0.0    
Reorganization Adjustments | Additional Paid-in Capital      
Reorganization, Chapter 11 [Line Items]      
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to existing equity holders 28.8    
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to holders of convertible notes claims 540.3    
Capped call transactions related to the issuance of convertible notes due December 1, 2029 168.8    
Contingent Shares (Unissued) 19.2    
Reorganization Adjustments | Reorganization, Sucessor      
Reorganization, Chapter 11 [Line Items]      
Common stock, par value $0.00125; 350,000 and 400,000 shares authorized at March 29, 2026 and June 29, 2025, respectively; 48,338 and 155,643 shares issued and outstanding at March 29, 2026 and June 29, 2025, respectively 0.0    
Additional paid-in-capital $ 757.1    
v3.26.1
Fresh Start Accounting - Cumulative Impact of Reorganization Adjustments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Sep. 29, 2025
Mar. 29, 2026
Mar. 30, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]          
Write-off related to directors' and officers' insurance policy   $ (3.6) $ 0.0 $ 0.0  
Cancellation of unvested Predecessor stock compensation awards   (61.5) 0.0 $ 0.0  
Less: Implied value of the obligation to issue Contingent Shares classified as equity $ 19.2 19.2      
Accumulated deficit 0.0 0.0 $ (270.5)   $ (4,537.6)
Reorganization Adjustments          
Reorganization, Chapter 11 [Line Items]          
Gain on settlement of liabilities subject to compromise 3,751.8        
Success fees (33.9)        
Write-off related to directors' and officers' insurance policy (3.6)        
Cancellation of unvested Predecessor stock compensation awards (61.5)        
Total fresh start adjustments impacting reorganization items, net 3,652.8 3,652.8      
Cancellation of Old Common Stock and additional paid-in capital (direct charge to equity) 4,165.3 4,165.3      
Less: Implied value of the obligation to issue Contingent Shares classified as equity (19.2) (19.2)      
Income tax effects on deferred income taxes (2.5) (2.5)      
Accumulated deficit 7,767.6 $ 7,767.6      
Reorganization Adjustments | Additional Paid-in Capital          
Reorganization, Chapter 11 [Line Items]          
Issuance of New Common Stock and additional paid-in capital to existing equity holders (direct charge to equity) $ (28.8)        
v3.26.1
Fresh Start Accounting - Fair Value Adjustment of Property and Equipment Due to the Adoption of Fresh Start Accounting (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Finance lease - (see Adjustment 21) $ 2.1   $ 8.3
Property and equipment, net $ 717.1 $ 769.2 $ 3,916.5
Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Finance lease - (see Adjustment 21)   (5.6)  
Property and equipment, net   (3,006.6)  
Land | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   14.7  
Building | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   $ (1,195.7)  
Building | Fresh-Start Adjustments | Minimum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   5 years  
Building | Fresh-Start Adjustments | Maximum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   40 years  
Machinery and equipment | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   $ (537.1)  
Machinery and equipment | Fresh-Start Adjustments | Minimum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   3 years  
Machinery and equipment | Fresh-Start Adjustments | Maximum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   10 years  
Leasehold improvements | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   $ (91.7)  
Furniture and fixtures | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   $ (2.3)  
Estimated Useful Life (in Years)   5 years  
Computer hardware/software | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   $ (35.7)  
Computer hardware/software | Fresh-Start Adjustments | Minimum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   3 years  
Computer hardware/software | Fresh-Start Adjustments | Maximum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   10 years  
Vehicles | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   $ 0.0  
Estimated Useful Life (in Years)   5 years  
Tooling | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   $ (5.2)  
Tooling | Fresh-Start Adjustments | Minimum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   3 years  
Tooling | Fresh-Start Adjustments | Maximum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   10 years  
Construction in progress | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment gross   $ (1,148.0)  
v3.26.1
Fresh Start Accounting - Changes in Fair Value of Intangible Assets Due to Adoption of Fresh Start Accounting (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Intangible assets, net $ 409.2 $ 445.7 $ 23.8
Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Intangible assets, net   421.5  
Patent and licensing rights | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Intangible assets, net   $ 33.7  
Patent and licensing rights | Fresh-Start Adjustments | Minimum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   6 months  
Patent and licensing rights | Fresh-Start Adjustments | Maximum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   23 years  
Trade names | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Intangible assets, net   $ 27.8  
Estimated Useful Life (in Years)   11 years  
Developed technology | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Intangible assets, net   $ 240.0  
Developed technology | Fresh-Start Adjustments | Minimum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   5 years  
Developed technology | Fresh-Start Adjustments | Maximum      
Reorganization, Chapter 11 [Line Items]      
Estimated Useful Life (in Years)   6 years  
Customer relationships | Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Intangible assets, net   $ 120.0  
Estimated Useful Life (in Years)   9 years  
v3.26.1
Fresh Start Accounting - Fresh Start Changes in Other Assets (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Cloud computing assets, net $ 5.1   $ 10.4
Other assets $ 202.4 $ 212.9 $ 266.9
Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Right-of-use ("ROU") assets off-market component   (6.1)  
ROU assets adjustments (see adjustment 22)   (29.0)  
Cloud computing assets, net   (6.9)  
Other assets   $ (42.0)  
v3.26.1
Fresh Start Accounting - Fresh Start Changes in Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise $ 7.4   $ 9.9
RF supply agreement liabilities 12.9   76.9
Other current liabilities $ 56.0 $ 59.8 $ 220.5
Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise   (5.6)  
RF supply agreement liabilities   10.0  
Other current liabilities   $ 4.4  
v3.26.1
Fresh Start Accounting - Fresh Start Changes in Other Long-term Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Fresh start adjustment to Other long-term liabilities for operating lease liabilities $ 100.5   $ 139.5
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement 50.6   44.5
Other long-term liabilities $ 160.2 $ 184.7 $ 203.1
Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Fresh start adjustment to Other long-term liabilities for operating lease liabilities   (46.4)  
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement   14.4  
Change in deferred tax liability as a result of fresh start accounting   (1.4)  
Other long-term liabilities   $ (33.4)  
v3.26.1
Fresh Start Accounting - Cumulative Impact of Fresh Start Adjustments (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Reorganization, Chapter 11 [Line Items]      
Inventories, net $ (280.5) $ (392.3) $ (435.4)
Prepaid expenses (43.0) (71.8) (97.2)
Other current assets (52.5) (119.9) (222.0)
Property and equipment, net (717.1) (769.2) (3,916.5)
Intangible assets, net (409.2) (445.7) (23.8)
Other assets (202.4) (212.9) (266.9)
Other current liabilities 56.0 59.8 220.5
Fresh start adjustment to Finance lease liabilities – long-term 1.8 1.9 8.4
Fresh start adjustment to Other long-term liabilities for operating lease liabilities 100.5   139.5
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement 50.6   44.5
Accumulated deficit $ 270.5 0.0 $ 4,537.6
Fresh-Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Inventories, net   (6.8)  
Prepaid expenses   0.1  
Other current assets   (1.6)  
Property and equipment, net   3,006.6  
Intangible assets, net   (421.5)  
Other assets   42.0  
Other current liabilities   4.4  
Fresh start adjustment to Finance lease liabilities – long-term   (6.4)  
Fresh start adjustment to Other long-term liabilities for operating lease liabilities   (46.4)  
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement   14.4  
Reset of accumulated other comprehensive loss – securities-related   0.6  
Total fresh start adjustments impacting reorganization items, net   2,585.4  
Reset of accumulated other comprehensive loss - income tax effects   2.4  
Income tax effects on deferred income taxes   (1.4)  
Accumulated deficit   $ 2,586.4  
v3.26.1
Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Sep. 29, 2025
Mar. 29, 2026
Mar. 30, 2025
Sep. 08, 2025
Jul. 25, 2025
Jun. 29, 2025
Dec. 02, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Restructuring and related cost, facility transfer period threshold               2 years
Gain (loss) on disposition of business   $ 25.4 $ 0.0 $ 0.0        
Discontinued Operations, Disposed of by Sale | RF Business                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Aggregate net proceeds from sale of business unit               $ 75.0
Disposal group, including discontinued operation, consideration, equity interest issued or issuable (in shares)               711,528
Gain (loss) on disposition of business $ 0.0 25.4 (0.5)          
Discontinued Operations, Disposed of by Sale | MACOM                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Aggregate net proceeds from sale of business unit         $ 91.1      
Restricted cash         $ 30.3      
Discontinued Operations, Disposed of by Sale | Long-term Epi Supply Agreement                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Disposal group, including discontinued operation, liabilities $ 72.4 $ 72.4 $ 63.5     $ 58.0 $ 58.0  
v3.26.1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Jun. 29, 2025
Revenue from Contract with Customer [Abstract]    
Contract liabilities $ 74.8 $ 65.6
v3.26.1
Revenue Recognition - Schedule of Revenue from External Customers by Products and Services (Details)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
USD ($)
productLine
Sep. 29, 2025
USD ($)
Mar. 30, 2025
USD ($)
Mar. 29, 2026
USD ($)
productLine
Mar. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]          
Number of product lines | productLine 2     2  
Revenue from External Customer [Line Items]          
Revenue $ 150.2 $ 196.8 $ 185.4 $ 318.7 $ 560.6
Power Products          
Revenue from External Customer [Line Items]          
Revenue 100.1 131.8 107.5 218.4 295.4
Materials Products          
Revenue from External Customer [Line Items]          
Revenue $ 50.1 $ 65.0 $ 77.9 $ 100.3 $ 265.2
v3.26.1
Revenue Recognition - Schedule of Disaggregated Revenue from External Customers by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Disaggregation of Revenue [Line Items]          
Revenue $ 150.2 $ 196.8 $ 185.4 $ 318.7 $ 560.6
Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue 150.2 196.8 185.4 318.7 560.6
United States | Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue $ 51.2 $ 44.9 $ 38.4 $ 106.0 $ 84.5
% of Revenue 34.10% 22.80% 20.70% 33.30% 15.10%
Hong Kong | Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue $ 27.2 $ 26.1 $ 28.1 $ 57.8 $ 80.9
% of Revenue 18.10% 13.30% 15.20% 18.10% 14.40%
Europe | Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue $ 27.3 $ 36.3 $ 34.1 $ 54.0 $ 123.7
% of Revenue 18.20% 18.40% 18.40% 16.90% 22.10%
Asia Pacific | Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue $ 26.0 $ 49.1 $ 21.4 $ 51.4 $ 62.0
% of Revenue 17.30% 24.90% 11.50% 16.10% 11.10%
Singapore | Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue $ 7.4 $ 7.6 $ 21.0 $ 18.6 $ 83.8
% of Revenue 4.90% 3.90% 11.30% 5.80% 14.90%
China | Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue $ 4.1 $ 17.9 $ 21.9 $ 13.8 $ 48.9
% of Revenue 2.70% 9.10% 11.80% 4.30% 8.70%
Japan | Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue $ 5.7 $ 13.3 $ 19.5 $ 12.6 $ 75.2
% of Revenue 3.80% 6.80% 10.50% 4.00% 13.40%
Other | Geographic Concentration Risk | Revenue from Contract with Customer          
Disaggregation of Revenue [Line Items]          
Revenue $ 1.3 $ 1.6 $ 1.0 $ 4.5 $ 1.6
% of Revenue 0.90% 0.80% 0.60% 1.50% 0.30%
v3.26.1
Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Operating Leases:      
Right-of-use assets $ 98.3   $ 123.1
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise 7.4   9.9
Fresh start adjustment to Other long-term liabilities for operating lease liabilities 100.5   139.5
Total operating lease liabilities 107.9   149.4
Finance Leases:      
Finance lease assets 2.1   8.3
Current portion of finance lease liabilities 0.3 $ 0.6 0.5
Finance lease liabilities - long-term 1.8 $ 1.9 8.4
Total finance lease liabilities $ 2.1   $ 8.9
v3.26.1
Leases - Schedule of Statement of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Leases [Abstract]          
Operating lease expense $ 5.1 $ 4.3 $ 4.3 $ 10.0 $ 12.4
Finance lease amortization $ 0.2 $ 0.2 $ 0.2 $ 0.3 $ 0.6
v3.26.1
Leases - Schedule of Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Mar. 29, 2026
Mar. 30, 2025
Cash (used in) provided by operating activities from continuing operations:      
Cash paid for operating leases $ (4.1) $ (10.8) $ (4.0)
Cash paid for interest portion of financing leases (0.1) (0.1) (0.1)
Cash used in financing activities:      
Cash paid for principal portion of finance leases $ (0.1) $ (0.3) $ (0.1)
v3.26.1
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Jun. 29, 2025
Operating Leases    
Remainder of fiscal year $ 5.6  
Year one 18.2  
Year two 17.8  
Year three 17.2  
Year four 16.0  
Thereafter 130.7  
Total lease payments 205.5  
Imputed lease interest (97.6)  
Total operating lease liabilities 107.9 $ 149.4
Finance Leases    
Remainder of fiscal year 0.2  
Year one 0.4  
Year two 0.2  
Year three 0.2  
Year four 0.2  
Thereafter 13.7  
Total lease payments 14.9  
Imputed lease interest (12.8)  
Total finance lease liabilities 2.1 $ 8.9
Total    
Remainder of fiscal year 5.8  
Year one 18.6  
Year two 18.0  
Year three 17.4  
Year four 16.2  
Thereafter 144.4  
Total lease payments 220.4  
Imputed lease interest (110.4)  
Total lease liabilities $ 110.0  
v3.26.1
Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)
 9 Months Ended
Mar. 29, 2026
Lessee, Lease, Description [Line Items]  
Weighted average remaining lease term of operating leases (in months) 145 years
Weighted average remaining lease term of finance leases (in months) 450 years
Weighted average discount rate of operating leases (as a percent) 11.76%
Weighted average discount rate of finance leases (as a percent) 13.83%
Weighted average remaining lease term of finance leases excluding 49-year ground lease (in months) 8 months
Weighted average discount rate of finance leases excluding 49-year ground lease (as a percent) 7.43%
New York  
Lessee, Lease, Description [Line Items]  
Term of finance lease (in years) 49 years
v3.26.1
Commitments and Contingencies - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
USD ($)
Jan. 08, 2025
lawsuit
Mar. 29, 2026
USD ($)
Dec. 28, 2025
USD ($)
Sep. 29, 2025
USD ($)
Mar. 30, 2025
USD ($)
Mar. 29, 2026
USD ($)
Mar. 29, 2026
USD ($)
Mar. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 25, 2023
USD ($)
Loss Contingencies [Line Items]                      
Loss contingency, number of additional lawsuits | lawsuit   2                  
Unrecorded unconditional purchase obligation, monthly payment     $ 0.2       $ 0.2 $ 0.2      
Unrecorded unconditional purchase obligation, term               184 months      
Purchase Commitment 2023                      
Loss Contingencies [Line Items]                      
Purchase commitment, amount committed                     $ 200.0
Current purchases under agreement $ 0.0   6.9 $ 2.3 $ 4.4 $ 4.5   $ 13.6 $ 17.0    
Product purchases remainder of fiscal year     27.9       27.9 27.9      
Product purchases year one     38.0       38.0 38.0      
Product purchases year two     40.0       40.0 40.0      
Product purchases year three     42.0       42.0 42.0      
Capacity reserve deposit     60.0       60.0 60.0      
Prepaid supplies     60.0       60.0 60.0      
Purchase Commitment 2024                      
Loss Contingencies [Line Items]                      
Purchase commitment, amount committed                   $ 86.4  
Current purchases under agreement $ 0.0   4.8   $ 7.2 $ 7.2 16.8 21.6      
Product purchases remainder of fiscal year     7.2       7.2 7.2      
Product purchases year one     9.6       9.6 9.6      
Electricity For Siler City, North Carolina Facilities                      
Loss Contingencies [Line Items]                      
Purchase commitment, amount committed     57.1       57.1 $ 57.1      
Purchase commitment, period               4 years      
Electricity For Durham, North Carolina Facilities                      
Loss Contingencies [Line Items]                      
Purchase commitment, amount committed     $ 23.4       $ 23.4 $ 23.4      
Purchase commitment, period               8 years      
v3.26.1
Investments - Schedule of Short-term Investments by Type (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Jun. 29, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 470.5 $ 489.6
Gross Unrealized Gains 0.1 0.6
Gross Unrealized Losses (0.9) (2.0)
Estimated Fair Value 469.7 488.2
U.S. treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 124.5 192.0
Gross Unrealized Gains 0.0 0.1
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 124.5 192.1
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 212.5 196.8
Gross Unrealized Gains 0.0 0.3
Gross Unrealized Losses (0.7) (1.5)
Estimated Fair Value 211.8 195.6
Municipal bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 97.0 79.5
Gross Unrealized Gains 0.1 0.2
Gross Unrealized Losses (0.2) (0.5)
Estimated Fair Value 96.9 79.2
Certificates of deposit    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 18.8 5.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 18.8 5.0
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 17.7 16.3
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value $ 17.7 $ 16.3
v3.26.1
Investments - Narrative (Details) - USD ($)
Mar. 29, 2026
Jun. 29, 2025
Investments, Debt and Equity Securities [Abstract]    
Allowance for credit losses $ 0 $ 0
v3.26.1
Investments - Schedule of Contractual Maturities of Marketable Investments (Details)
$ in Millions
Mar. 29, 2026
USD ($)
Debt Securities, Available-for-sale [Line Items]  
Within One Year $ 439.4
After One, Within Five Years 30.3
After Ten Years 0.0
Total 469.7
U.S. treasury securities  
Debt Securities, Available-for-sale [Line Items]  
Within One Year 104.7
After One, Within Five Years 19.8
After Ten Years 0.0
Total 124.5
Corporate bonds  
Debt Securities, Available-for-sale [Line Items]  
Within One Year 206.4
After One, Within Five Years 5.4
After Ten Years 0.0
Total 211.8
Municipal bonds  
Debt Securities, Available-for-sale [Line Items]  
Within One Year 91.8
After One, Within Five Years 5.1
After Ten Years 0.0
Total 96.9
Certificates of deposit  
Debt Securities, Available-for-sale [Line Items]  
Within One Year 18.8
After One, Within Five Years 0.0
After Ten Years 0.0
Total 18.8
Commercial paper  
Debt Securities, Available-for-sale [Line Items]  
Within One Year 17.7
After One, Within Five Years 0.0
After Ten Years 0.0
Total $ 17.7
v3.26.1
Fair Value of Financial Instruments - Schedule of Financial Instruments Carried at Fair Value (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 29, 2025
Jun. 29, 2025
Liabilities:      
Forward equity contract   $ 371.1  
Warrants   $ 33.6  
Level 1 | Money market funds      
Assets:      
Cash and cash equivalents, fair value disclosure $ 36.8   $ 61.8
Level 1 | U.S. treasury securities      
Assets:      
Cash and cash equivalents, fair value disclosure 201.3   224.6
Level 1 | MACOM Shares      
Assets:      
Cash and cash equivalents, fair value disclosure 0.0   102.0
Level 2      
Liabilities:      
Forward equity contract 0.0   0.0
Level 2 | Municipal bonds      
Assets:      
Cash and cash equivalents, fair value disclosure 104.8   79.2
Level 2 | Corporate bonds      
Assets:      
Cash and cash equivalents, fair value disclosure 221.3   196.8
Level 2 | Commercial paper      
Assets:      
Cash and cash equivalents, fair value disclosure 53.6   28.3
Level 2 | Certificates of deposit      
Assets:      
Cash and cash equivalents, fair value disclosure 22.7   5.0
Level 3      
Liabilities:      
Warrants 0.0   0.0
Embedded derivative on New 2L Renesas Convertible Notes $ 0.0   $ 0.0
v3.26.1
Fair Value of Financial Instruments - Narrative (Details)
$ in Millions
 1 Months Ended
Jan. 31, 2026
USD ($)
Mar. 29, 2026
Sep. 29, 2025
Renesas | 2L Convertible Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Embedded derivative, amount reclassified to stockholders' equity $ 87.9    
Measurement Input, Price Volatility      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Embedded derivative liability, measurement input   0.600 0.600
Measurement Input, Price Volatility | Renesas Warrant      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Warrant liability, measurement input   70.00% 70.00%
v3.26.1
Fair Value of Financial Instruments - Schedule of Liabilities Classified as Recurring Level 3 fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 29, 2026
Mar. 29, 2026
Renesas Warrant    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance   $ 0.0
Issuance at September 29, 2025 (See Note 2 and Note 3)   33.6
Changes in fair value   (2.1)
Reclassification to equity   (31.5)
Ending balance $ 0.0 0.0
Embedded Derivative    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance   0.0
Issuance at September 29, 2025 (See Note 2 and Note 3)   94.5
Changes in fair value   (6.6)
Reclassification to equity (87.9) (87.9)
Ending balance $ 0.0 $ 0.0
v3.26.1
Intangible Assets - Schedule of Components of Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Jun. 29, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross $ 448.0 $ 50.5
Accumulated Amortization (38.8) (26.7)
Net 409.2 23.8
Fresh start accounting-related intangible assets    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross 388.0 0.0
Accumulated Amortization (28.7) 0.0
Net 359.3 0.0
Customer relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross 120.0 0.0
Accumulated Amortization (6.6) 0.0
Net 113.4 0.0
Developed technology    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross 240.0 0.0
Accumulated Amortization (20.8) 0.0
Net 219.2 0.0
Trade names    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross 28.0 0.0
Accumulated Amortization (1.3) 0.0
Net 26.7 0.0
Patent and licensing rights    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Gross 60.0 50.5
Accumulated Amortization (10.1) (26.7)
Net $ 49.9 $ 23.8
v3.26.1
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2025
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Finite-Lived Intangible Assets [Line Items]            
Total intangible assets amortization expenses $ 0.0 $ 19.3 $ 1.0 $ 1.3 $ 38.8 $ 4.0
Customer Relationships, Developed Technology & Trade Names | Minimum            
Finite-Lived Intangible Assets [Line Items]            
Estimated Useful Life (in Years)   5 years     5 years  
Customer Relationships, Developed Technology & Trade Names | Maximum            
Finite-Lived Intangible Assets [Line Items]            
Estimated Useful Life (in Years)   11 years     11 years  
Patents | Minimum            
Finite-Lived Intangible Assets [Line Items]            
Estimated Useful Life (in Years)   6 months     6 months  
Patents | Maximum            
Finite-Lived Intangible Assets [Line Items]            
Estimated Useful Life (in Years)   23 years     23 years  
v3.26.1
Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Jun. 29, 2025
Finite-Lived Intangible Assets [Line Items]    
June 28, 2026 (remainder fiscal 2026) $ 18.2  
June 27, 2027 68.4  
June 25, 2028 65.2  
June 24, 2029 63.6  
June 23, 2030 62.1  
Thereafter 131.7  
Net 409.2 $ 23.8
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
June 28, 2026 (remainder fiscal 2026) 3.3  
June 27, 2027 13.3  
June 25, 2028 13.3  
June 24, 2029 13.3  
June 23, 2030 13.3  
Thereafter 56.9  
Net 113.4 0.0
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
June 28, 2026 (remainder fiscal 2026) 10.4  
June 27, 2027 41.7  
June 25, 2028 41.7  
June 24, 2029 41.7  
June 23, 2030 41.7  
Thereafter 42.0  
Net 219.2 0.0
Trade names    
Finite-Lived Intangible Assets [Line Items]    
June 28, 2026 (remainder fiscal 2026) 0.7  
June 27, 2027 2.9  
June 25, 2028 2.9  
June 24, 2029 2.8  
June 23, 2030 2.8  
Thereafter 14.6  
Net 26.7 $ 0.0
Patents    
Finite-Lived Intangible Assets [Line Items]    
June 28, 2026 (remainder fiscal 2026) 3.8  
June 27, 2027 10.5  
June 25, 2028 7.3  
June 24, 2029 5.8  
June 23, 2030 4.3  
Thereafter 18.2  
Net $ 49.9  
v3.26.1
Long-term Debt - Schedule of Long-term Debt (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 26, 2026
Mar. 23, 2026
Dec. 23, 2025
Dec. 22, 2025
Sep. 29, 2025
Mar. 29, 2026
Sep. 29, 2025
Mar. 29, 2026
Mar. 29, 2026
Mar. 30, 2025
Jun. 29, 2025
Debt Instrument [Line Items]                      
Initial Principal           $ 2,469.6   $ 2,469.6 $ 2,469.6   $ 6,325.0
Repayment of principal                 (629.7)   0.0
Conversion to common stock                 (18.5)   0.0
Outstanding principal           1,821.4   1,821.4 1,821.4   6,658.2
Unamortized premium/discount           (100.9)   (100.9) (100.9)   (120.2)
Ending Balance           1,720.5   1,720.5 1,720.5   6,538.0
Equity component           247.3   247.3 247.3   0.0
Fair Value           1,982.6   1,982.6 1,982.6   $ 2,647.3
Repayments of senior debt             $ 308.5 0.0   $ 0.0  
Paid-in-kind interest on long-term debt             $ 0.0 $ 21.8   $ 75.5  
Substantial premium on 2L Convertible Notes         $ 168.8            
Embedded Derivative                      
Debt Instrument [Line Items]                      
Reclassification to equity           $ 87.9     $ 87.9    
Additional Paid-in Capital                      
Debt Instrument [Line Items]                      
Substantial premium on 2L Convertible Notes         $ 168.8            
Convertible Notes | 1.75% Convertible Notes                      
Debt Instrument [Line Items]                      
Stated interest rate (as a percent)           1.75%   1.75% 1.75%   1.75%
Effective interest rate (as a percent)                     2.20%
Initial Principal                     $ 575.0
Repayment of principal                     0.0
Conversion to common stock                     0.0
Outstanding principal                     575.0
Unamortized premium/discount                     (2.0)
Ending Balance                     573.0
Equity component                     0.0
Fair Value                     $ 145.2
Convertible Notes | 0.25% Convertible Notes                      
Debt Instrument [Line Items]                      
Stated interest rate (as a percent)           0.25%   0.25% 0.25%   0.25%
Effective interest rate (as a percent)                     0.60%
Initial Principal                     $ 750.0
Repayment of principal                     0.0
Conversion to common stock                     0.0
Outstanding principal                     750.0
Unamortized premium/discount                     (7.9)
Ending Balance                     742.1
Equity component                     0.0
Fair Value                     $ 186.6
Convertible Notes | 1.875% Convertible Notes                      
Debt Instrument [Line Items]                      
Stated interest rate (as a percent)           1.875%   1.875% 1.875%   1.875%
Effective interest rate (as a percent)                     2.10%
Initial Principal                     $ 1,750.0
Repayment of principal                     0.0
Conversion to common stock                     0.0
Outstanding principal                     1,750.0
Unamortized premium/discount                     (20.7)
Ending Balance                     1,729.3
Equity component                     0.0
Fair Value                     $ 450.6
Convertible Notes | New Senior Secured Notes                      
Debt Instrument [Line Items]                      
Debt instrument, repurchased face amount $ 475.9                    
Repayments of senior debt $ 524.3                    
Convertible Notes | New 2L Non-Renesas Convertible Notes(4)                      
Debt Instrument [Line Items]                      
Stated interest rate (as a percent)         2.50%   2.50%        
Effective interest rate (as a percent)           3.00%   3.00% 3.00%    
Initial Principal           $ 331.4   $ 331.4 $ 331.4    
Repayment of principal                 0.0    
Conversion to common stock                 (18.5)    
Outstanding principal           312.9   312.9 312.9    
Unamortized premium/discount           (6.9)   (6.9) (6.9)    
Ending Balance           306.0   306.0 306.0    
Equity component           159.4   159.4 159.4    
Fair Value           $ 489.4   $ 489.4 $ 489.4    
Debt instrument, convertible, conversion price (in USD per share)         $ 12.23   $ 12.23        
Debt conversion, converted instrument, shares issued (in shares)                 1,500,000    
Convertible Notes | New 2L Renesas Convertible Notes(5)                      
Debt Instrument [Line Items]                      
Stated interest rate (as a percent)         2.50%   2.50%        
Effective interest rate (as a percent)           12.30%   12.30% 12.30%    
Initial Principal           $ 203.6   $ 203.6 $ 203.6    
Repayment of principal                 0.0    
Conversion to common stock                 0.0    
Outstanding principal           203.6   203.6 203.6    
Unamortized premium/discount           (76.7)   (76.7) (76.7)    
Ending Balance           126.9   126.9 126.9    
Equity component           87.9   87.9 87.9    
Fair Value           $ 198.6   $ 198.6 $ 198.6    
Debt instrument, convertible, conversion price (in USD per share)         $ 18.35   $ 18.35        
Convertible Notes | 1.5L Convertible Notes                      
Debt Instrument [Line Items]                      
Stated interest rate (as a percent) 3.50%                    
Effective interest rate (as a percent)           4.30%   4.30% 4.30%    
Initial Principal           $ 379.0   $ 379.0 $ 379.0    
Repayment of principal                 0.0    
Conversion to common stock                 0.0    
Outstanding principal           379.0   379.0 379.0    
Unamortized premium/discount           (13.6)   (13.6) (13.6)    
Ending Balance           365.4   365.4 365.4    
Equity component           0.0   0.0 0.0    
Fair Value           $ 379.0   $ 379.0 $ 379.0    
Debt instrument, convertible, conversion price (in USD per share) $ 20.14                    
Convertible Notes | 2L Convertible Notes                      
Debt Instrument [Line Items]                      
Percentage of equity component not related to outstanding debt due to conversions           5.60%   5.60% 5.60%    
Senior Notes | 2030 Senior Notes                      
Debt Instrument [Line Items]                      
Effective interest rate (as a percent)                     16.30%
Initial Principal                     $ 1,250.0
Repayment of principal                     0.0
Conversion to common stock                     0.0
Outstanding principal                     1,521.2
Unamortized premium/discount                     (52.3)
Ending Balance                     1,468.9
Equity component                     0.0
Fair Value                     $ 1,308.2
Senior Notes | New Senior Secured Notes                      
Debt Instrument [Line Items]                      
Effective interest rate (as a percent)           12.90%   12.90% 12.90%    
Initial Principal           $ 1,259.2   $ 1,259.2 $ 1,259.2    
Repayment of principal                 (629.7)    
Conversion to common stock                 0.0    
Outstanding principal           629.5   629.5 629.5    
Unamortized premium/discount           58.9   58.9 58.9    
Ending Balance           688.4   688.4 688.4    
Equity component           0.0   0.0 0.0    
Fair Value           $ 681.4   $ 681.4 $ 681.4    
Debt instrument, repurchased face amount       $ 175.0              
Repayments of senior debt       $ 197.9              
Paid-in-kind interest on long-term debt   $ 10.9 $ 10.2                
Senior Notes | New 2L Non-Convertible Notes                      
Debt Instrument [Line Items]                      
Effective interest rate (as a percent)         7.00% 12.50% 7.00% 12.50% 12.50%    
Initial Principal           $ 296.4   $ 296.4 $ 296.4    
Repayment of principal                 0.0    
Conversion to common stock                 0.0    
Outstanding principal           296.4   296.4 296.4    
Unamortized premium/discount           (62.6)   (62.6) (62.6)    
Ending Balance           233.8   233.8 233.8    
Equity component           0.0   0.0 0.0    
Fair Value           $ 234.2   $ 234.2 $ 234.2    
Unsecured Debt | CRD Agreement Deposits                      
Debt Instrument [Line Items]                      
Effective interest rate (as a percent)                     6.80%
Initial Principal                     $ 2,000.0
Repayment of principal                     0.0
Conversion to common stock                     0.0
Outstanding principal                     2,062.0
Unamortized premium/discount                     (37.3)
Ending Balance                     2,024.7
Equity component                     0.0
Fair Value                     $ 556.7
v3.26.1
Long-term Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Debt Instrument [Line Items]          
Amortization of premium, discount and debt issuance costs, net of capitalized interest   $ 0.0   $ 10.5 $ 34.7
CRD Agreement Deposits | Convertible Notes          
Debt Instrument [Line Items]          
Interest expense, net $ 46.4 0.0 $ 70.2 98.2 193.6
Amortization of premium, discount and debt issuance costs, net of capitalized interest 4.9 0.0 14.5 10.4 34.5
Interest expense, other 0.8 0.7 0.7 1.5 2.3
Total interest expense, net $ 52.1 0.7 $ 85.4 $ 110.1 $ 230.4
Interest expense, contractual interest   $ 99.7      
v3.26.1
Long-term Debt - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Mar. 26, 2026
USD ($)
$ / shares
Mar. 30, 2025
USD ($)
Mar. 30, 2025
USD ($)
Mar. 18, 2026
$ / shares
Line of Credit Facility [Line Items]        
Share price (USD per share) | $ / shares       $ 16.78
Interest costs capitalized | $   $ 22.8 $ 61.6  
1.5L Convertible Notes | Convertible Notes        
Line of Credit Facility [Line Items]        
Stated interest rate (as a percent) 3.50%      
Aggregate principal amount | $ $ 379.0      
Conversion ratio (as a percent) 0.0496623      
Debt instrument, convertible, conversion price (in USD per share) | $ / shares $ 20.14      
Conversion premium (as a percent) 0.200      
Period prior to maturity 35 days      
Redemption price (as a percent) 100.00%      
Debt instrument, fundamental change, percent of common stock acquired 50.00%      
1.5L Convertible Notes | Convertible Notes | Debt Conversion Terms One        
Line of Credit Facility [Line Items]        
Threshold percentage of stock price trigger (as a percent) 175.00%      
1.5L Convertible Notes | Convertible Notes | Debt Conversion Terms Two        
Line of Credit Facility [Line Items]        
Threshold percentage of stock price trigger (as a percent) 130.00%      
v3.26.1
Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Jun. 29, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Net (loss) income $ (119,900) $ 420,200 $ (285,500) $ (270,500) $ (939,900)  
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, basic (in thousands) $ 39,282 $ 156,185 $ 153,897 $ 32,706 $ 136,550  
Net (loss) earnings per share attributable to common stockholders, basic (USD per share) $ (3.05) $ 2.69 $ (1.86) $ (8.27) $ (6.88)  
Net (loss) income attributable to common stockholders, diluted $ (119,900) $ 420,200 $ (285,500) $ (270,500) $ (939,900)  
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, basic (in shares) 39,282 156,185 153,897 32,706 136,550  
Weighted-average number of shares outstanding used to compute net (loss) earnings per share attributable to common stockholders, diluted (in shares) 39,282 189,052 153,897 32,706 136,550  
Basic (loss) earnings per share            
Net (loss) earnings per share attributable to common stockholders, diluted (USD per share) $ (3.05) $ 2.22 $ (1.86) $ (8.27) $ (6.88)  
Restricted Stock Units (RSUs)            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)   99     0  
1.75% Convertible Notes            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Incremental common shares attributable to dilutive effect of conversion of debt securities (in shares)   12,152   0 0  
0.25% Convertible Notes            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Incremental common shares attributable to dilutive effect of conversion of debt securities (in shares)   5,895   0 0  
1.875% Convertible Notes            
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Incremental common shares attributable to dilutive effect of conversion of debt securities (in shares)   14,721   0 0  
Convertible Notes | 1.75% Convertible Notes            
Basic (loss) earnings per share            
Stated interest rate (as a percent) 1.75%     1.75%   1.75%
Convertible Notes | 0.25% Convertible Notes            
Basic (loss) earnings per share            
Stated interest rate (as a percent) 0.25%     0.25%   0.25%
Convertible Notes | 1.875% Convertible Notes            
Basic (loss) earnings per share            
Stated interest rate (as a percent) 1.875%     1.875%   1.875%
v3.26.1
Loss Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Earnings Per Share [Abstract]          
Anti-dilutive potential common shares excluded from diluted earnings per share calculation (in shares) 64.2 0.0 6.4 64.3 6.5
v3.26.1
Stock-Based Compensation - Narrative (Details)
shares in Millions
 6 Months Ended 9 Months Ended
Mar. 29, 2026
$ / shares
shares
Mar. 29, 2026
compensationPlan
$ / shares
Performance Shares | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares that could vest, percentage   0.00%
Performance Shares | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares that could vest, percentage   200.00%
PSUs Internal Metrics    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based Payment award, award vesting rights, percentage   50.00%
PSUs TSR    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based Payment award, award vesting rights, percentage   50.00%
Grant date fair value of award (in USD per share) | $ / shares $ 30.91 $ 30.91
2025 Long-Term Incentive Compensation Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of equity-based compensation plans | compensationPlan   2
2025 Management Incentive Plan | Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (shares) | shares 1.1  
v3.26.1
Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]          
Total stock-based compensation expense $ 10.3 $ 13.6 $ 18.8 $ 17.9 $ 62.7
Cost of revenue, net          
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]          
Total stock-based compensation expense 2.8 7.8 9.7 8.7 27.2
Research and development          
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]          
Total stock-based compensation expense 1.2 2.2 3.1 1.5 9.2
Sales, general and administrative          
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]          
Total stock-based compensation expense $ 6.3 $ 3.6 $ 6.0 $ 7.7 $ 26.3
v3.26.1
Stock-Based Compensation - Schedule of Weighted Average Assumptions Utilized to Value Stock-Based Compensation (Details) - PSUs TSR
simulation in Thousands
 6 Months Ended
Mar. 29, 2026
simulation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of simulations 500
Expected volatility 52.44%
Expected life in years 2 years 6 months 21 days
Risk-free interest rate 3.55%
Dividend yield 0.00%
v3.26.1
Income Taxes (Details)
$ in Billions
Sep. 29, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Cancellation of debt income $ 3.4
v3.26.1
Restructuring - Narrative (Details) - 2025 Restructuring Plan
$ in Millions
 9 Months Ended
Mar. 29, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, number of positions eliminated, period percent 28.00%
Restructuring and related cost, expected cost $ 460
Severance  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, expected cost 75
Other closure-related costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, expected cost 125
Asset Related Charges  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, expected cost $ 260
v3.26.1
Restructuring - Schedule of Restructuring Exit And Disposal Costs Associated With The Operational Plan (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 29, 2026
Mar. 30, 2025
2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges         $ 2.8  
Impairments on abandoned assets $ 1.7 $ 0.1 $ 30.7 $ 1.8   $ 155.2
Total 8.4 21.8 57.5 25.0   332.7
2026 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges         7.5  
Inventory write-down/scrap | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 0.0 2.5 0.0 9.1   0.0
Severance | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges (0.2) 0.1 7.0 0.4 0.5 58.5
Severance | 2026 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges (0.5)     7.5 7.5  
Contract termination costs | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 0.0 2.3 0.0 0.0 $ 2.3 0.0
Total cost of revenue, net | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 6.2 18.1 16.8 21.2   82.5
Total cost of revenue, net | Accelerated depreciation | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 0.0 5.6 4.5 0.0   27.9
Total cost of revenue, net | Other closure-related costs | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 6.2 10.0 12.3 12.1   54.6
Restructuring and other expenses | 2026 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Total (0.5)     7.5    
Other Operating Income (Expense) | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 2.2 3.7 40.7 3.8   250.2
Other Operating Income (Expense) | Accelerated depreciation | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 0.0 0.0 (2.0) 0.0   10.8
Other Operating Income (Expense) | Other closure-related costs | 2025 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges $ 0.7 $ 1.2 $ 5.0 $ 1.6   $ 25.7
v3.26.1
Restructuring - Schedule of Restructuring (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 29, 2026
Sep. 29, 2025
Mar. 30, 2025
Mar. 29, 2026
Mar. 29, 2026
Mar. 30, 2025
2025 Restructuring Plan            
Restructuring Reserve [Roll Forward]            
Restructuring reserve, beginning balance   $ 30.7     $ 30.7  
Charges         2.8  
Usage         (26.6)  
Restructuring reserve, ending balance $ 6.9     $ 6.9 6.9  
2026 Restructuring Plan            
Restructuring Reserve [Roll Forward]            
Restructuring reserve, beginning balance   0.0     0.0  
Charges         7.5  
Usage         (5.9)  
Restructuring reserve, ending balance 1.6     1.6 1.6  
Employee severance and benefit costs | 2025 Restructuring Plan            
Restructuring Reserve [Roll Forward]            
Restructuring reserve, beginning balance   25.2     25.2  
Charges (0.2) 0.1 $ 7.0 0.4 0.5 $ 58.5
Usage         (23.3)  
Restructuring reserve, ending balance 2.4     2.4 2.4  
Employee severance and benefit costs | 2026 Restructuring Plan            
Restructuring Reserve [Roll Forward]            
Restructuring reserve, beginning balance   0.0     0.0  
Charges (0.5)     7.5 7.5  
Usage         (5.9)  
Restructuring reserve, ending balance 1.6     1.6 1.6  
Contract termination liability | 2025 Restructuring Plan            
Restructuring Reserve [Roll Forward]            
Restructuring reserve, beginning balance   5.5     5.5  
Charges 0.0 $ 2.3 $ 0.0 0.0 2.3 $ 0.0
Usage         (3.3)  
Restructuring reserve, ending balance $ 4.5     $ 4.5 $ 4.5  
v3.26.1
Stockholders' Equity and Pre-funded Warrants (Details) - USD ($)
$ / shares in Units, $ in Millions
Mar. 26, 2026
Mar. 29, 2026
Securities Purchase Agreement    
Subsidiary, Sale of Stock [Line Items]    
Number of shares issued (in shares) 3,250,030  
Sale of stock, price per share (USD per share) $ 18.458  
Proceeds from issuance or sale of equity $ 96.9  
Equity issuance costs $ 3.6  
Pre-Funded Warrants    
Subsidiary, Sale of Stock [Line Items]    
Warrants outstanding (in shares)   2,000,000.0
Pre-Funded Warrants | Securities Purchase Agreement    
Subsidiary, Sale of Stock [Line Items]    
Number of securities called by warrants (in shares) 2,000,000  
Sale of stock, price per share (USD per share) $ 18.448 $ 18.45
Warrant exercise price (USD per share) $ 0.01