Wolfspeed (WOLF) 10-Q 30 Jan 25 2025 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 29, 2024	Jan. 24, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 29, 2024
Document Transition Report	false
Entity File Number	001-40863
Entity Registrant Name	WOLFSPEED, INC.
Entity Incorporation, State or Country Code	NC
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 Common Stock, Shares Outstanding		155,571,122
Entity Central Index Key	0000895419
Current Fiscal Year End Date	--06-29
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 614	$ 1,045.9
Short-term investments	790.8	1,128.7
Total cash, cash equivalents and short-term investments	1,404.8	2,174.6
Accounts receivable, net	153.9	147.4
Inventories	477.1	440.7
Income taxes receivable	0.3	0.5
Prepaid expenses	67.9	56.6
Other current assets	123.1	179.8
Total current assets	2,227.1	2,999.6
Property and equipment, net	3,903.4	3,652.3
Goodwill	359.2	359.2
Intangible assets, net	23.6	23.9
Long-term receivables	2.1	2.3
Other long-term investments	95	79.3
Deferred tax assets	1.1	1.1
Investment tax credit receivable	865	641.8
Other assets	264.9	225.1
Total assets	7,741.4	7,984.6
Current liabilities:
Accounts payable and accrued expenses	456.1	523.6
Contract liabilities and distributor-related reserves	42.1	62.3
Income taxes payable	1	1
Finance lease liabilities	0.5	0.5
Other current liabilities	207.6	77.9
Total current liabilities	707.3	665.3
Long-term liabilities:
Long-term debt	3,384.2	3,126.2
Convertible notes, net	3,039.6	3,034.9
Deferred tax liabilities	10.8	10.8
Finance lease liabilities - long-term	8.7	8.9
Other long-term liabilities	218.2	256.4
Total long-term liabilities	6,661.5	6,437.2
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01; 3,000 shares authorized at December 29, 2024 and June 30, 2024; none issued and outstanding	0	0
Common stock, par value $0.00125; 400,000 shares authorized at December 29, 2024 and June 30, 2024; 138,679 and 126,409 shares issued and outstanding at December 29, 2024 and June 30, 2024, respectively	0.2	0.2
Additional paid-in-capital	3,960.9	3,821.9
Accumulated other comprehensive loss	(5.7)	(11.6)
Accumulated deficit	(3,582.8)	(2,928.4)
Total shareholders’ equity	372.6	882.1
Total liabilities and shareholders’ equity	$ 7,741.4	$ 7,984.6

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 29, 2024	Jun. 30, 2024
Shareholders’ equity:
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (shares)	3,000,000	3,000,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.00125	$ 0.00125
Common stock authorized (shares)	400,000,000	400,000,000
Common stock issued (in shares)	138,679,000	126,409,000
Common stock outstanding (shares)	138,679,000	126,409,000

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue, net	$ 180.5	$ 208.4	$ 375.2	$ 405.8
Cost of revenue, net	217.7	180.6	448.6	353.3
Gross (loss) profit	(37.2)	27.8	(73.4)	52.5
Operating expenses:
Research and development	44.4	45.3	95.3	89.4
Sales, general and administrative	51.1	64.9	113.3	129
Factory start-up costs	22.8	10.5	42.5	18.9
Amortization of acquisition-related intangibles	0.3	0.3	0.6	0.6
Loss on disposal or impairment of long-lived assets	125.8	0.3	126.4	0.4
Other operating expense	41.4	4.6	101.6	7.2
Operating loss	(323)	(98.1)	(553.1)	(193)
Non-operating expense, net	49.3	27.8	101	56.3
Loss before income taxes	(372.3)	(125.9)	(654.1)	(249.3)
Income tax (benefit) expense	(0.1)	0.3	0.3	0.5
Net loss from continuing operations	(372.2)	(126.2)	(654.4)	(249.8)
Net loss from discontinued operations	0	(18.5)	0	(290.6)
Net loss	$ (372.2)	$ (144.7)	$ (654.4)	$ (540.4)
Basic and diluted loss per share
Continuing operations - basic (USD per share)	$ (2.88)	$ (1)	$ (5.12)	$ (1.99)
Continuing operations - diluted (USD per share)	(2.88)	(1)	(5.12)	(1.99)
Net loss - basic (USD per share)	(2.88)	(1.15)	(5.12)	(4.31)
Net loss - diluted (USD per share)	$ (2.88)	$ (1.15)	$ (5.12)	$ (4.31)
Weighted average shares - basic (shares)	129,018	125,602	127,876	125,363
Weighted average shares - diluted (shares)	129,018	125,602	127,876	125,363

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (372.2)	$ (144.7)	$ (654.4)	$ (540.4)
Other comprehensive income:
Net unrealized (loss) gain on available-for-sale securities	(1.4)	11	5.9	12.9
Comprehensive loss	$ (373.6)	$ (133.7)	$ (648.5)	$ (527.5)

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance at beginning of period (in shares) at Jun. 25, 2023		124,794
Balance at beginning of period at Jun. 25, 2023	$ 1,621.9	$ 0.2	$ 3,711	$ (2,064.2)	$ (25.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(395.7)			(395.7)
Unrealized gain (loss) on available-for-sale securities	1.9				1.9
Tax withholding on vested equity awards	(15)		(15)
Repurchased shares	0
Stock-based compensation (in shares)		506
Stock-based compensation	32.1		32.1
Exercise of stock options and issuance of shares (in shares)		21
Exercise of stock options and issuance of shares	0.5		0.5
Balance at end of period (in shares) at Sep. 24, 2023		125,321
Balance at end of period at Sep. 24, 2023	1,245.7	$ 0.2	3,728.6	(2,459.9)	(23.2)
Balance at beginning of period (in shares) at Jun. 25, 2023		124,794
Balance at beginning of period at Jun. 25, 2023	1,621.9	$ 0.2	3,711	(2,064.2)	(25.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(540.4)
Unrealized gain (loss) on available-for-sale securities	12.9
Balance at end of period (in shares) at Dec. 31, 2023		125,785
Balance at end of period at Dec. 31, 2023	1,150.2	$ 0.2	3,766.8	(2,604.6)	(12.2)
Balance at beginning of period (in shares) at Sep. 24, 2023		125,321
Balance at beginning of period at Sep. 24, 2023	1,245.7	$ 0.2	3,728.6	(2,459.9)	(23.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(144.7)			(144.7)
Unrealized gain (loss) on available-for-sale securities	11				11
Comprehensive loss	(133.7)
Tax withholding on vested equity awards	(2)		(2)
Stock-based compensation (in shares)		104
Stock-based compensation	29.8		29.8
Exercise of stock options and issuance of shares (in shares)		360
Exercise of stock options and issuance of shares	10.4		10.4
Balance at end of period (in shares) at Dec. 31, 2023		125,785
Balance at end of period at Dec. 31, 2023	$ 1,150.2	$ 0.2	3,766.8	(2,604.6)	(12.2)
Balance at beginning of period (in shares) at Jun. 30, 2024	126,409	126,409
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	(282.2)			(282.2)
Unrealized gain (loss) 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
Stock-based compensation	25.3		25.3
Balance at end of period (in shares) at Sep. 29, 2024		126,888
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	126,409
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	(654.4)
Unrealized gain (loss) on available-for-sale securities	$ 5.9
Balance at end of period (in shares) at Dec. 29, 2024	138,679	138,679
Balance at end of period at Dec. 29, 2024	$ 372.6	$ 0.2	3,960.9	(3,582.8)	(5.7)
Balance at beginning of period (in shares) at Sep. 29, 2024		126,888
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	(372.2)			(372.2)
Unrealized gain (loss) 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
Stock-based compensation	19.7		19.7
Exercise of stock options and issuance of shares (in shares)		773
Exercise of stock options and issuance of shares	8.8		8.8
Issuance of shares under the at-the-market offering program, net of issuance costs (in shares)		10,919
Issuance of shares under the at-the-market offering program, net of issuance costs	$ 88.9		88.9
Balance at end of period (in shares) at Dec. 29, 2024	138,679	138,679
Balance at end of period at Dec. 29, 2024	$ 372.6	$ 0.2	$ 3,960.9	$ (3,582.8)	$ (5.7)

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended				6 Months Ended		54 Months Ended
	Dec. 29, 2024	Sep. 29, 2024	Dec. 31, 2023	Sep. 24, 2023	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024
Operating activities:
Net loss	$ (372.2)	$ (282.2)	$ (144.7)	$ (395.7)	$ (654.4)	$ (540.4)
Net loss from discontinued operations	0		(18.5)		0	(290.6)
Net loss from continuing operations	(372.2)		(126.2)		(654.4)	(249.8)
Adjustments to reconcile net loss to cash used in operating activities from continuing operations:
Depreciation and amortization					137.8	88.7
Amortization of debt issuance costs and discount, net of non-cash capitalized interest					20	14.7
Stock-based compensation					43.9	42.1
Unrealized gain on equity investment	(15.7)		(5.4)		(15.7)	(5.4)
Loss on disposal or impairment of long-lived assets					126.4	0.4
Premium discount on investments, net					(6.2)	(13.8)
Paid-in-kind interest on long-term debt					5.9	0
Deferred income taxes					0	0.1
Changes in operating assets and liabilities:
Accounts receivable, net					(6.5)	22.2
Inventories					(35.3)	(82.6)
Prepaid expenses and other assets					5.4	(74.4)
Accounts payable					(3)	(58)
Accrued salaries and wages and other liabilities					74.8	5.2
Contract liabilities and distributor-related reserves					(20.2)	15
Net cash used in operating activities of continuing operations					(327.1)	(295.6)
Net cash used in operating activities of discontinued operations					0	(54.3)
Cash used in operating activities					(327.1)	(349.9)
Investing activities:
Purchases of property and equipment					(838.8)	(1,052.2)
Purchases of patent and licensing rights					(2.4)	(3.2)
Proceeds from sale of property and equipment					1	0.4
Purchases of short-term investments					(172.4)	(1,307.2)
Proceeds from maturities of short-term investments					515.4	734.7
Proceeds from sale of short-term investments					32	25.8
Reimbursement of property and equipment purchases from long-term incentive agreement					42	79.4	$ 467.2
Proceeds from sale of business					0	75.6
Net cash used in investing activities of continuing operations					(423.2)	(1,446.7)
Net cash used in investing activities of discontinued operations					0	(3.1)
Cash used in investing activities					(423.2)	(1,449.8)
Financing activities:
Proceeds from long-term debt borrowings					240	1,000
Payments of debt issuance costs					(26.1)	(46)
Proceeds from issuance of common stock					100	10.9
Tax withholding on vested equity awards					(3.7)	(16.7)
Payments on long-term debt borrowings, including finance lease obligations					(0.2)	(0.2)
Incentive-related escrow refunds					10	0
Commitment fees on long-term incentive agreement					(1.5)	(1)
Cash provided by financing activities					318.5	947
Effects of foreign exchange changes on cash and cash equivalents					(0.1)	0.1
Net change in cash and cash equivalents					(431.9)	(852.6)
Cash and cash equivalents, beginning of period		$ 1,045.9		$ 1,757	1,045.9	1,757
Cash and cash equivalents, end of period	$ 614		$ 904.4		$ 614	$ 904.4	$ 614

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	6 Months Ended
	Dec. 29, 2024
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 such as electric vehicles, fast charging and renewable energy and storage. Previously, the Company designed, manufactured and sold radio-frequency (RF) devices. As discussed more fully below in Note 2, “Discontinued Operations,” on December 2, 2023, the Company completed the sale of certain assets comprising its RF product line. The Company classified the results and cash flows of the RF product line as discontinued operations in its consolidated statements of operations and consolidated statements of cash flows for fiscal 2024. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations. 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, shareholders' equity and cash flows at December 29, 2024, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 30, 2024 has been derived from the audited financial statements as of that date. 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 30, 2024 (fiscal 2024). The results of operations for the three and six months ended December 29, 2024 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 29, 2025 (fiscal 2025). Liquidity In accordance with U.S. GAAP, management considers whether there are conditions or events that raise substantial doubt about the Company's ability to continue as a going concern for the twelve months following the issuance date of its financial statements. Based on the Company's current cash flow projections, the Company has concluded that the entity will be able to meet its obligations as they become due during that period. Summary of Significant Accounting Policies There were no material changes to our significant accounting policies during the six months ended December 29, 2024 compared to the significant accounting policies described in our fiscal 2024 Form 10-K. Financial Statement Details Accounts Receivable, net (in millions of U.S. Dollars) December 29, 2024 June 30, 2024 Billed trade receivables $149.9 $143.3 Unbilled contract receivables 3.6 3.5 Royalties 1.1 1.3 154.6 148.1 Allowance for bad debts (0.7) (0.7) Accounts receivable, net $153.9 $147.4 Inventories (in millions of U.S. Dollars) December 29, 2024 June 30, 2024 Raw material $163.8 $138.7 Work-in-progress 310.0 290.5 Finished goods 3.3 11.5 Inventories $477.1 $440.7 Other Current Assets (in millions of U.S. Dollars) December 29, 2024 June 30, 2024 Reimbursement receivable on long-term incentive agreement $33.1 $85.8 Other 90.0 94.0 Other current assets $123.1 $179.8 Investment Tax Credit Receivable The Company expects to receive refundable federal investment tax credits through the United States CHIPS and Science Act of 2022 (the CHIPS Act) in connection with ongoing expansion projects. As of December 29, 2024, the Company has recorded a receivable for and reduced property and equipment, net by $865.0 million as a result of the expected refundable tax credits in connection with the CHIPS Act. In the second quarter of fiscal 2025, the United States Department of Treasury released final regulations related to the Advanced Manufacturing Investment Credit under Section 48D of the Internal Revenue Code, and the Internal Revenue Service issued Announcement 2024-40 confirming the treatment of CHIPS Act grants for purposes of Section 48D. The Company accounted for the impact of the final regulations and the announcement as part of a change in estimate and increased the investment tax credit receivable by $68.6 million and recorded $5.8 million of contra-depreciation expense which is the cumulative amount that would have been recognized had the receivable been recorded at the time the corresponding assets were placed in service. Accounts Payable and Accrued Expenses (in millions of U.S. Dollars) December 29, 2024 June 30, 2024 Accounts payable, trade $54.2 $53.0 Accrued property and equipment 254.2 366.0 Accrued salaries and wages 97.4 64.2 Accrued expenses 50.3 40.4 Accounts payable and accrued expenses $456.1 $523.6 Other Operating Expense Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Restructuring costs and other exit costs $32.2 $— $85.0 $— Executive severance costs 1.4 — 1.4 — Project, transformation and transaction costs 7.8 4.6 13.8 7.2 Other — — 1.4 — Other operating expense $41.4 $4.6 $101.6 $7.2 Accumulated Other Comprehensive Loss, net of taxes Accumulated other comprehensive loss, net of taxes, consisted of $5.7 million and $11.6 million of net unrealized losses on available-for-sale securities as of December 29, 2024 and June 30, 2024, respectively. Amounts for both periods include a $2.4 million loss related to tax on unrealized loss on available-for-sale securities. Non-Operating Expense, net Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Interest income (17.0) (38.2) (39.2) (78.8) Interest expense, net of capitalized interest 80.5 64.3 145.0 126.0 Loss on Wafer Supply Agreement — 6.6 9.2 13.5 Unrealized gain on equity investment (15.7) (5.4) (15.7) (5.4) Other, net 1.5 0.5 1.7 1.0 Non-operating expense, net $49.3 $27.8 $101.0 $56.3 Statements of Cash Flows - non-cash activities Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 Decrease in property, plant and equipment from investment tax credit receivables $223.3 $211.0 Decrease in property, plant and equipment from long-term incentive related receivables — 104.3 Proceeds on sale of business received in US corporation common stock — 60.8 Receivables in connection with short-term investment maturities — 40.0 Lease asset and liability additions 25.0 1.2 Lease asset and liability modifications, net 2.6 1.9 Lease terminations — (1.4) Commitment fee payable for 2030 Senior Notes 29.3 — Fees payable in connection with at-the-market program 2.4 — Recently Adopted Accounting Pronouncements None. Accounting Pronouncements Pending Adoption In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. In addition, this amendment will require annual disclosures to be provided on an interim basis. These disclosures are also required for entities with a single reportable segment. The amendments require retrospective application to all periods presented. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. 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. The ASU 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. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Dec. 29, 2024
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 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 will 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). The RTP Fab Transfer will occur in the future to accommodate the Company’s relocation of certain production equipment currently located in the RTP Fab to its fabrication facility in Durham, North Carolina. Prior to the RTP Fab Transfer, the MACOM Shares are subject to restrictions on transfer. The Company will forfeit one-quarter of the MACOM Shares if the RTP Fab Transfer has not occurred by the fourth anniversary of the RF Closing. The Company and MACOM also entered into certain ancillary and related agreements, including (i) an Intellectual Property Assignment and License Agreement, which assigned to MACOM certain intellectual property owned by the Company and its affiliates and licensed to MACOM certain additional intellectual property owned by the Company, (ii) a Transition Services Agreement (the RF TSA), pursuant to which the Company provides MACOM certain limited transition services following the RF Closing, (iii) a Master Supply Agreement, pursuant to which the Company will continue to operate the RTP Fab and supply MACOM with Epi-wafers and fabrication services (the RF Master Supply Agreement) through the date on which the RTP Fab Transfer is complete (the RTP Fab Transfer Date), (iv) a Long-Term Epi Supply Agreement (the Long-Term Epi Supply Agreement), pursuant to which MACOM will purchase from the Company Epi-wafers from the RTP Fab Transfer Date until the fifth anniversary of the RTP Fab Transfer Date, (v) an Epi Research and Development Agreement, pursuant to which the Company will provide MACOM certain research and development activities and other technical manufacturing support services related to the RF Business during the period between the RF Closing and expiration of the Long-Term Epi Supply Agreement, and (vi) a Real Estate License Agreement (the RF RELA), which allows MACOM to use certain portions of the RTP Fab to conduct the RF Business through the RTP Fab Transfer Date. In connection with the RTP Fab Transfer, the Company and MACOM will enter into a Lease Agreement (the RTP Fab Lease Agreement), which allows MACOM to lease the premises of the RTP Fab for a period of 15 years after the RTP Fab Transfer Date. Because the RF Business Divestiture represented a strategic shift that had and will continue to have a major effect on the Company’s operations and financial results, the Company classified the results of the RF Business as discontinued operations in the Company’s consolidated statements of operations for fiscal 2024. The Company ceased recording depreciation and amortization of long-lived assets that conveyed in the RF Purchase Agreement upon classification as discontinued operations in August 2023. The RTP Fab is not considered within the RF Business Divestiture disposal group and the current and long-term assets associated with the RTP Fab are not classified as held for sale from discontinued operations in the consolidated balance sheets. The following table presents the financial results of the RF Business as loss from discontinued operations, net of income taxes in the Company's consolidated statements of operations: Three months ended Six months ended (in millions of U.S. Dollars) December 31, 2023 December 31, 2023 Revenue, net $26.8 $59.6 Cost of revenue, net 30.8 68.7 Gross profit (loss) (4.0) (9.1) Operating expenses: Research and development 10.2 30.5 Sales, general and administrative 6.2 13.9 Amortization of intangibles — 1.5 Loss on disposal of assets 0.3 0.3 Other operating expense 7.2 24.3 Loss before income taxes and loss on sale (27.9) (79.6) (Gain) loss on sale (16.0) 204.0 Loss before income taxes (11.9) (283.6) Income tax expense 6.6 7.0 Net loss ($18.5) ($290.6) At the inception of the RF Master Supply Agreement, the Company recorded a supply agreement liability of $95.0 million, of which $45.2 million was outstanding as of December 29, 2024. The supply agreement liability is recognized in other current liabilities on the consolidated balance sheet as of December 29, 2024 and in other current liabilities and other long-term liabilities on the consolidated balance sheet as of June 30, 2024. A receivable of $5.8 million in connection with the RF Master Supply Agreement is included in other current assets in the consolidated balance sheet as of December 29, 2024. Additionally, the Company recorded a supply agreement liability of $58.0 million for the Long-Term Epi Supply Agreement, which is recognized in other long-term liabilities in the consolidated balance sheets. The Company recorded a liability of $38.0 million for the future transfer of assets in connection with the RTP Fab Transfer. This liability is recognized in other current liabilities on the consolidated balance sheet as of December 29, 2024 and in other long-term liabilities on the consolidated balance sheet as of June 30, 2024. LED Business Divestiture On March 1, 2021, the Company completed the sale of certain assets and subsidiaries comprising its former LED Products segment (the LED Business) to SMART Global Holdings, Inc. (SGH) and its wholly owned subsidiary CreeLED, Inc. (CreeLED and collectively with SGH, SMART) (the LED Business Divestiture) pursuant to the terms of the Asset Purchase Agreement (the LED Purchase Agreement), dated October 18, 2020, as amended. In connection with the closing of the LED Business Divestiture, the Company and CreeLED also entered into certain ancillary and related agreements, including a Wafer Supply and Fabrication Services Agreement (the Wafer Supply Agreement), pursuant to which the Company supplied CreeLED with certain silicon carbide materials and fabrication services. In fiscal 2024, the Company entered into an amendment to the Wafer Supply Agreement to terminate the agreement as of September 30, 2024. For the three and six months ended December 29, 2024, the Company recognized a net loss of $9.2 million in non-operating expense, net related to the Wafer Supply Agreement. For the three and six months ended December 31, 2023, the Company recognized a net loss of $6.6 million and $13.5 million in non-operating expense, net related to the Wafer Supply Agreement.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Contract liabilities and distributor-related reserves were $67.9 million as of December 29, 2024 and $88.0 million as of June 30, 2024. Contract liabilities are recorded within contract liabilities and distributor-related reserves and other long-term liabilities on the consolidated balance sheets. 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: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Power Products $90.8 $107.7 $187.9 $208.9 Materials Products 89.7 100.7 187.3 196.9 Total $180.5 $208.4 $375.2 $405.8 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: Three months ended Six months ended December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Asia Pacific (1) $64.2 35.6 % $72.7 34.9 % $159.1 42.4 % $148.0 36.5 % Europe 50.8 28.1 % 58.6 28.1 % 89.6 23.9 % 103.2 25.4 % Hong Kong 19.2 10.6 % 39.3 18.9 % 52.8 14.1 % 73.4 18.1 % United States 29.2 16.2 % 35.0 16.8 % 46.1 12.3 % 65.7 16.2 % China 16.6 9.2 % 2.3 1.1 % 27.0 7.2 % 14.3 3.5 % Other 0.5 0.3 % 0.5 0.2 % 0.6 0.1 % 1.2 0.3 % Total $180.5 $208.4 $375.2 $405.8 (1) Excluding China and Hong Kong

Leases

Leases	6 Months Ended
	Dec. 29, 2024
Leases [Abstract]
Leases	Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars): Operating Leases: December 29, 2024 June 30, 2024 Right-of-use asset (1) $122.2 $99.2 Current lease liability (2) 8.8 6.9 Non-current lease liability (3) 134.4 114.0 Total operating lease liabilities $143.2 $120.9 Finance Leases: Finance lease assets (4) $8.7 $9.1 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 8.7 8.9 Total finance lease liabilities $9.2 $9.4 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Operating lease expense $4.1 $3.9 $8.1 $7.2 Finance lease amortization 0.2 0.2 0.4 0.4 Interest expense for finance leases was immaterial for all periods presented. Cash Flows Cash flow information consisted of the following (1) : Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 Cash (used in) provided by operating activities from continuing operations: Cash paid for operating leases ($4.1) ($5.6) Cash received for tenant allowance on operating lease — 0.4 Cash paid for interest portion of financing leases (0.1) (0.1) Cash used in financing activities: Cash paid for principal portion of finance leases (0.1) (0.3) (1) See Note 1, "Statements of Cash Flows - non-cash activities," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 29, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 29, 2025 (remainder of fiscal 2025) $8.2 $0.4 $8.6 June 28, 2026 16.1 0.8 16.9 June 27, 2027 15.5 0.5 16.0 June 25, 2028 15.3 0.2 15.5 June 24, 2029 15.5 0.2 15.7 Thereafter 122.3 13.8 136.1 Total lease payments 192.9 15.9 208.8 Future tenant improvement allowances (1.6) — (1.6) Imputed lease interest (48.1) (6.7) (54.8) Total lease liabilities $143.2 $9.2 $152.4 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 152 477 Weighted average discount rate (2) 4.62 % 2.67 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 23 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.87%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. In addition, the Company leases space to a third party at one of its owned facilities.
Leases	Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars): Operating Leases: December 29, 2024 June 30, 2024 Right-of-use asset (1) $122.2 $99.2 Current lease liability (2) 8.8 6.9 Non-current lease liability (3) 134.4 114.0 Total operating lease liabilities $143.2 $120.9 Finance Leases: Finance lease assets (4) $8.7 $9.1 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 8.7 8.9 Total finance lease liabilities $9.2 $9.4 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Operating lease expense $4.1 $3.9 $8.1 $7.2 Finance lease amortization 0.2 0.2 0.4 0.4 Interest expense for finance leases was immaterial for all periods presented. Cash Flows Cash flow information consisted of the following (1) : Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 Cash (used in) provided by operating activities from continuing operations: Cash paid for operating leases ($4.1) ($5.6) Cash received for tenant allowance on operating lease — 0.4 Cash paid for interest portion of financing leases (0.1) (0.1) Cash used in financing activities: Cash paid for principal portion of finance leases (0.1) (0.3) (1) See Note 1, "Statements of Cash Flows - non-cash activities," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 29, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 29, 2025 (remainder of fiscal 2025) $8.2 $0.4 $8.6 June 28, 2026 16.1 0.8 16.9 June 27, 2027 15.5 0.5 16.0 June 25, 2028 15.3 0.2 15.5 June 24, 2029 15.5 0.2 15.7 Thereafter 122.3 13.8 136.1 Total lease payments 192.9 15.9 208.8 Future tenant improvement allowances (1.6) — (1.6) Imputed lease interest (48.1) (6.7) (54.8) Total lease liabilities $143.2 $9.2 $152.4 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 152 477 Weighted average discount rate (2) 4.62 % 2.67 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 23 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.87%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. In addition, the Company leases space to a third party at one of its owned facilities.
Leases	Leases The Company primarily leases manufacturing and office spaces and bulk gas equipment. Lease agreements frequently include renewal provisions and require the Company to pay real estate taxes, insurance and maintenance costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, as well as non-lease components incurred with respect to actual terms rather than contractually fixed amounts. The Company's finance lease obligations primarily relate to contract manufacturing space in Malaysia and a 49-year ground lease on the Company's silicon carbide device fabrication facility in New York. Balance Sheet Lease assets and liabilities are as follows (in millions of U.S. Dollars): Operating Leases: December 29, 2024 June 30, 2024 Right-of-use asset (1) $122.2 $99.2 Current lease liability (2) 8.8 6.9 Non-current lease liability (3) 134.4 114.0 Total operating lease liabilities $143.2 $120.9 Finance Leases: Finance lease assets (4) $8.7 $9.1 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 8.7 8.9 Total finance lease liabilities $9.2 $9.4 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net Statement of Operations Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Operating lease expense $4.1 $3.9 $8.1 $7.2 Finance lease amortization 0.2 0.2 0.4 0.4 Interest expense for finance leases was immaterial for all periods presented. Cash Flows Cash flow information consisted of the following (1) : Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 Cash (used in) provided by operating activities from continuing operations: Cash paid for operating leases ($4.1) ($5.6) Cash received for tenant allowance on operating lease — 0.4 Cash paid for interest portion of financing leases (0.1) (0.1) Cash used in financing activities: Cash paid for principal portion of finance leases (0.1) (0.3) (1) See Note 1, "Statements of Cash Flows - non-cash activities," for non-cash activities related to leases. Lease Liability Maturities Maturities of operating and finance lease liabilities as of December 29, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 29, 2025 (remainder of fiscal 2025) $8.2 $0.4 $8.6 June 28, 2026 16.1 0.8 16.9 June 27, 2027 15.5 0.5 16.0 June 25, 2028 15.3 0.2 15.5 June 24, 2029 15.5 0.2 15.7 Thereafter 122.3 13.8 136.1 Total lease payments 192.9 15.9 208.8 Future tenant improvement allowances (1.6) — (1.6) Imputed lease interest (48.1) (6.7) (54.8) Total lease liabilities $143.2 $9.2 $152.4 Supplemental Disclosures Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 152 477 Weighted average discount rate (2) 4.62 % 2.67 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 23 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.87%. Lease Income On December 1, 2023 and in connection with the RF Business Divestiture discussed in Note 2, “Discontinued Operations,” the Company entered into the RF RELA pursuant to which the Company leases to MACOM approximately 25,659 square feet of its property and certain facilities in the Research Triangle Park, North Carolina for a total of $0.7 million per year. The lease term is the earlier of (i) 24 full fiscal months following the RF Closing or (ii) the date on which the Company and MACOM enter into the RTP Fab Lease Agreement. The Company in its sole discretion may extend the term for two additional periods of 12 months by providing notice to MACOM at least six months prior to the last day of the then-current term. In addition, the Company leases space to a third party at one of its owned facilities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 29, 2024
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. An unfavorable ruling could include monetary damages or, in matters for which injunctive relief or other conduct remedies may be sought, an injunction prohibiting the Company from selling one or more products at all or in particular ways. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact on the Company’s business, results of operations, financial position and overall trends. The outcomes in these matters are not reasonably estimable. In October 2021, The Trustees of Purdue University (Purdue) filed a complaint against the Company in the U.S. District Court for the Middle District of North Carolina, alleging infringement of U.S. Patent Nos. 7,498,633 (the '633 Patent), entitled "High-voltage power semiconductor device," and 8,035,112 (the '112 Patent), entitled "SIC power DMOSFET with self-aligned source contact." In the complaint, Purdue also alleges willful infringement, and seeks unspecified monetary damages and attorneys’ fees. In August 2022, Purdue voluntarily withdrew all allegations as to the '112 Patent after having disclaimed all rights to that patent. The Company denies Purdue’s remaining allegations and has developed numerous defenses, including non-infringement, multiple invalidity grounds, and unenforceability due to inequitable conduct before the U.S. Patent & Trademark Office. Discovery in this matter concluded in September 2024; the parties are currently in the middle of summary judgment briefing, and the trial will most likely occur in the second half of 2025. Due to the stage of the case, the Company is unable to estimate the possible range of loss, if any, at this time. On November 15, 2024, the Company and certain current and former executive officers were named as 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 violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The complaint seeks unspecified compensatory damages and other relief. On January 8, 2025, two additional lawsuits were filed in the United States District Court for the Northern District of New York by shareholders regarding these same matters and name as defendant the Company and current and former officers. The Company denies allegations of wrongdoing and intends to vigorously defend against the claims in the above-referenced actions. Grant Disbursement Agreement (GDA) with the State of New York The Company currently has a GDA with the State of New York Urban Development Corporation (doing business as Empire State Development). The GDA provides a potential total grant amount of $500.0 million to partially and fully reimburse the Company for certain property, plant and equipment costs related to the Company's construction of its silicon carbide device fabrication facility in Marcy, New York. The GDA was signed in the fourth quarter of fiscal 2020 and requires the Company to satisfy a number of objectives for the Company to receive reimbursements through the span of the 13-year agreement. These objectives include maintaining a certain level of local employment, investing a certain amount in locally administered research and development activities and the payment of an annual commitment fee for the first six years. Additionally, the Company has agreed, under a separate agreement (the SUNY Agreement), to sponsor the creation of two endowed faculty chairs and fund a scholarship program at SUNY Polytechnic Institute. As of December 29, 2024, the annual cost of satisfying the objectives of the GDA and the SUNY Agreement, excluding the direct and indirect costs associated with employment, varies from $2.2 million to $5.2 million per year through fiscal 2031. As of December 29, 2024, the Company has reduced property and equipment, net by a total of $500.0 million as a result of GDA reimbursements, of which $467.2 million has been received in cash and an additional $32.8 million in receivables are recorded in other current assets and in other assets in the consolidated balance sheet. Supply Commitments 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 three and six months ended December 29, 2024, the Company purchased $5.8 million and $12.5 million, respectively, of product under this agreement. As of December 29, 2024, the minimum future product purchases have been satisfied for fiscal 2025, and the remaining future product purchases for fiscal years 2026, 2027 and 2028 are $36.0 million, $50.1 million and $73.7 million, respectively. In addition, the Company will pay quarterly capacity reservation deposits through the second quarter of fiscal 2026. The capacity reservation deposits will total $60.0 million and are refundable through credits on future product purchases. As of December 29, 2024, the Company has paid $48.9 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 and six months ended December 29, 2024, the Company purchased $7.2 million and $14.4 million, respectively, of product under this agreement which satisfied the minimum future product purchases for the period. Minimum future product purchase for the remainder of fiscal 2025 and fiscal years 2026 and 2027 are $14.4 million, $28.8 million and $9.6 million, respectively.

Investments

Investments	6 Months Ended
	Dec. 29, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments (in millions of U.S. Dollars) December 29, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value U.S. treasury securities $338.5 $0.4 ($0.1) $— $338.8 Corporate bonds 357.5 0.6 (3.1) — 355.0 Municipal bonds 85.9 0.1 (1.0) — 85.0 Certificates of deposit 12.0 — — — 12.0 Total short-term investments $793.9 $1.1 ($4.2) $— $790.8 June 30, 2024 (in millions of U.S. Dollars) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value U.S. treasury securities $553.3 $— ($0.6) $— $552.7 Corporate bonds 423.5 0.2 (6.7) — 417.0 Municipal bonds 102.8 — (2.0) — 100.8 Certificates of deposit 31.5 — — — 31.5 Commercial paper 16.7 — — — 16.7 U.S. agency securities 10.0 — — — 10.0 Total short-term investments $1,137.8 $0.2 ($9.3) $— $1,128.7 All short-term investments are classified as available-for-sale. The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in millions of U.S. Dollars): December 29, 2024 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $100.1 ($0.6) $77.9 ($2.6) $178.0 ($3.2) U.S. treasury securities 26.0 (0.1) 30.6 — 56.6 (0.1) Municipal bonds 33.8 (0.3) 29.0 (0.7) 62.8 (1.0) Total $159.9 ($1.0) $137.5 ($3.3) $297.4 ($4.3) Number of securities with an unrealized loss 70 48 118 June 30, 2024 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $135.2 ($0.2) $183.4 ($6.5) $318.6 ($6.7) U.S. treasury securities 507.4 (0.4) 35.9 (0.2) 543.3 (0.6) Municipal bonds 9.0 — 74.3 (2.0) 83.3 (2.0) U.S. agency securities 14.9 — 10.0 — 24.9 — Total $666.5 ($0.6) $303.6 ($8.7) $970.1 ($9.3) Number of securities with an unrealized loss 141 66 207 Additionally, the Company held six cash equivalent securities with an aggregate fair value of $14 million in unrealized loss positions as of December 29, 2024. The aggregate unrealized loss was less than $0.1 million. The Company does not include accrued interest in estimated fair values of short-term investments and does not record an allowance for credit losses on receivables related to accrued interest. Accrued interest receivable was $9.9 million and $11.6 million as of December 29, 2024 and June 30, 2024, respectively, and is recorded in other current assets on the consolidated balance sheets. When necessary, write-offs of noncollectable interest income are recorded as a reversal to interest income. There were no write-offs of noncollectable interest income during the three and six months ended December 29, 2024 and December 31, 2023. The Company evaluates its investments for expected credit losses. The Company believes it is able to and intends to hold each of the investments held with an unrealized loss as of December 29, 2024 until the investments fully recover in market value. No allowance for credit losses was recorded as of December 29, 2024. The contractual maturities of short-term investments as of December 29, 2024 were as follows: (in millions of U.S. Dollars) Within One Year After One, Within Five Years After Ten Years Total U.S. treasury securities $308.2 $30.6 $— $338.8 Corporate bonds 254.2 100.8 — 355.0 Municipal bonds 42.0 40.6 2.4 85.0 Certificates of deposit 12.0 — — 12.0 Total short-term investments $616.4 $172.0 $2.4 $790.8

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Dec. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. U.S. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is categorized into three levels based on the reliability of inputs as follows: • Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The following table sets forth financial instruments carried at fair value within the U.S. GAAP hierarchy: December 29, 2024 June 30, 2024 (in millions of U.S. Dollars) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $149.1 $— $149.1 $87.3 $— $87.3 Corporate bonds — 14.0 14.0 — — — U.S. treasury securities — — — 10.0 — 10.0 Commercial paper — 15.0 15.0 — — — Total cash equivalents 149.1 29.0 178.1 97.3 — 97.3 Short-term investments: U.S. treasury securities 338.8 — 338.8 552.7 — 552.7 Corporate bonds — 355.0 355.0 — 417.0 417.0 Municipal bonds — 85.0 85.0 — 100.8 100.8 Commercial paper — — — — 16.7 16.7 U.S. agency securities — — — — 10.0 10.0 Certificates of deposit — 12.0 12.0 — 31.5 31.5 Total short-term investments 338.8 452.0 790.8 552.7 576.0 1,128.7 Other long-term investments: US corporation common stock 95.0 — 95.0 79.3 — 79.3 Total assets $582.9 $481.0 $1,063.9 $729.3 $576.0 $1,305.3 Other long-term investments consists of the MACOM Shares which the Company received as partial consideration in connection with the RF Business Divestiture. These shares are remeasured to fair value each period with changes in the fair value of the shares recognized in non-operating expense (income), net.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Dec. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill There were no changes to goodwill during the three and six months ended December 29, 2024. The Company performs an annual assessment of its goodwill during the fourth quarter of each calendar year or more frequently if indicators of potential impairment exist, such as an adverse change in business climate, declines in market capitalization or a decline in the overall industry demand, that would indicate it is more likely than not that the fair value of its single reporting unit is less than its carrying value. If the Company determines that it is more likely than not that the fair value of its single reporting unit is less than the carrying value, the Company measures the amount of impairment as the amount the carrying value of its single reporting unit exceeds the fair value, up to the carrying value of goodwill, by using a discounted cash flow method and market approach method. Although the Company’s market capitalization further declined in the second quarter of fiscal 2025, the Company does not believe that it is more likely than not that the fair value of its single reporting unit is less than its carrying value. Using the market capitalization approach, which the Company expects would be similar to the discounted cash flow method, the fair value of the single reporting unit is estimated based on the trading price of the Company’s stock at the test date, which is further adjusted by an acquisition control premium representing the synergies a market participant would obtain when obtaining control of the business. If the Company's market capitalization continues to decline or future performance falls below the Company’s current expectations, assumptions, or estimates, including assumptions related to current macroeconomic uncertainties, this may trigger a future material non-cash impairment charge, which could have a material adverse effect on the Company’s business, financial condition, and results of operations in the reporting period in which a charge would be necessary. The Company will continue to monitor developments, including updates to the Company’s forecasts and market capitalization. An update of the Company’s assessment and related estimates may be required in the future. Intangible Assets, net The following table presents the components of intangible assets, net: December 29, 2024 June 30, 2024 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquisition related intangible assets (1) $24.0 ($23.4) $0.6 $24.0 ($22.8) $1.2 Patent and licensing rights 49.4 (26.7) 22.7 49.8 (27.1) 22.7 Total intangible assets $73.4 ($50.1) $23.3 $73.8 ($49.9) $23.9 (1) Relates to developed technology

Long-term Debt

Long-term Debt	6 Months Ended
	Dec. 29, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt December 29, 2024 June 30, 2024 (in millions of U.S. Dollars) Effective Interest Rate Principal Unamortized Discount Net Principal Unamortized Discount Net 1.75% Convertible Notes (1) 2.2 % $575.0 ($3.2) $571.8 $575.0 ($4.3) $570.7 0.25% Convertible Notes (1) 0.6 % 750.0 (9.4) 740.6 750.0 (10.9) 739.1 1.875% Convertible Notes (1) 2.1 % 1,750.0 (22.8) 1,727.2 1,750.0 (24.9) 1,725.1 2030 Senior Notes (2) 16.3 % 1,505.9 (80.0) 1,425.9 1,250.0 (80.3) 1,169.7 CRD Agreement Deposits (2) 6.8 % 2,000.0 (41.7) 1,958.3 2,000.0 (43.5) 1,956.5 $6,580.9 ($157.1) $6,423.8 $6,325.0 ($163.9) $6,161.1 (1) Presented in convertible notes (2) Presented in long-term debt As of December 29, 2024, the Company was in compliance with all covenants relating to the senior secured notes due 2030 (the 2030 Senior Notes) and the Unsecured Customer Refundable Deposit Agreement entered into in July 2023 with a customer (the CRD Agreement). 2030 Senior Notes Amended and Restated Indenture On October 11, 2024, the Company entered into the Amended and Restated Indenture (the 2030 Senior Notes Indenture), which amends certain terms and conditions of the 2030 Senior Notes and permits the Company to issue and sell $750.0 million of additional notes, subject to the fulfillment of certain conditions precedent. Pursuant to the 2030 Senior Notes Indenture, the 2030 Senior Notes bear interest (a) for the period from the effectiveness of the original Indenture related to the 2030 Senior Notes entered into on June 23, 2023 to October 11, 2024 at a rate of 9.875% per annum; (b) for the period from October 11, 2024 through and including June 22, 2025 at a rate of 9.875% per annum (payable in cash), plus 2% per annum (payable at the Company's option, in cash or in-kind); (c) for the period commencing on June 23, 2025 through June 22, 2026 (i) if the Interest Rate Step-Down Condition (as defined below) is satisfied as of June 23, 2025, at a rate of 10.875% per annum (payable in cash) plus 2% per annum (payable at the Company's option in cash or in-kind) and (ii) if the Interest Rate Step-Down Condition is not satisfied as of June 23, 2025 at a rate of 11.875% per annum (payable in cash), plus 2% per annum (payable at the Company's option, in cash or in-kind); and (d) for the period commencing on June 23, 2026 and at all times thereafter, (i) if the Interest Rate Step-Down Condition 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, 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 2030 Senior Notes, resulting in the aggregate principal amount of 2030 Senior Notes outstanding being less than $1.0 billion and (ii) the Company receives at least $450.0 million of awards under the CHIPS Act or (b) as of the most recent June 23rd, the ratio of outstanding principal amount of the 2030 Senior Notes to EBITDA (as defined in the 2030 Senior 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 2030 Senior Notes Indenture is less than or equal to 2:1. The 2030 Senior Notes will mature on the earlier of (x) June 23, 2030 and (y) September 1, 2029, if more than $175 million in aggregate principal amount of the Company's 1.875% convertible senior notes due December 1, 2029 remains outstanding on such date. The 2030 Senior Notes Indenture contains certain customary affirmative covenants, negative covenants and events of default, including a liquidity maintenance financial covenant requiring the Company to have an aggregate amount of unrestricted cash and cash equivalents maintained in accounts over which the trustee and collateral agent has been granted a perfected first lien security interest of at least (a) $630.0 million as of the last day of any calendar month ending on or prior to March 31, 2025 and (b) $750.0 million as of April 1, 2025 and as of the last day of any calendar month ending thereafter. Upon the Company having received at least $450.0 million of award disbursements pursuant to governmental grants under the CHIPS Act, the level of minimum liquidity shall be permanently reduced to $500.0 million. Upon the Company having received at least $750.0 million of award disbursements pursuant to governmental grants under the CHIPS Act, the level of minimum liquidity shall be permanently reduced to $250.0 million. On October 22, 2024, the Company issued $250.0 million in aggregate principal amount of 2030 Senior Notes pursuant to the 2030 Senior Notes Indenture. The Company may issue up to an additional $500.0 million in aggregate principal amount of 2030 Senior Notes, subject to certain conditions. 2033 CRD Agreement Amendment On October 15, 2024, the Company entered into Amendment No. 1 to the CRD Agreement, which amends the existing agreement to, among other things, permit the Company to pay the accrued interest on the outstanding loans payable under the existing agreement on the last business day of each of December 2024 and June 2025 (together, the PIK Amounts) by adding the PIK Amounts to the then outstanding principal amount of the loans rather than in cash. The interest rate on the PIK Amounts will accrue at a rate of 15.0% per annum. The amendment also permits the Company to grant liens on additional assets in Siler City, North Carolina in connection with disbursements pursuant to governmental grants or awards under the CHIPS Act, and permits the Company to pay a portion of interest on the 2030 Senior Notes in-kind subject to the limitations set forth in the amendment to the CRD Agreement. Interest Expense The interest expense, net recognized related to the corporate debt holdings and the deposits under the CRD Agreement is as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Interest expense, net of capitalized interest $66.6 $56.0 $123.4 $109.7 Amortization of discount and debt issuance costs, net of capitalized interest 13.3 7.4 20.0 14.6 Total interest expense, net $79.9 $63.4 $143.4 $124.3 The Company capitalizes interest in connection with ongoing capacity expansions. Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Interest expense capitalized $17.4 $5.2 $33.3 $7.5 Amortization of discount and debt issuance costs capitalized 3.5 0.7 5.5 1.0 Total interest expense capitalized $20.9 $5.9 $38.8 $8.5

Loss Per Share

Loss Per Share	6 Months Ended
	Dec. 29, 2024
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: Three months ended Six months ended (in millions of U.S. Dollars, except share data) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Net loss from continuing operations ($372.2) ($126.2) ($654.4) ($249.8) Net loss from discontinued operations $— ($18.5) $— ($290.6) Weighted average shares - basic and diluted (in thousands) 129,018 125,602 127,876 125,363 Loss per share - basic and diluted: Continuing operations ($2.88) ($1.00) ($5.12) ($1.99) Discontinued operations $— ($0.15) $— ($2.32) 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.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 29, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Total stock-based compensation expense was classified in the consolidated statements of operations as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Cost of revenue, net $9.0 $6.4 $17.5 $12.4 Research and development 2.9 3.4 6.1 6.1 Sales, general and administrative 8.3 12.6 20.3 23.6 Total stock-based compensation expense $20.2 $22.4 $43.9 $42.1 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.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 29, 2024
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. 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 December 29, 2024, the Company has concluded that it is necessary to recognize a full valuation allowance against its U.S. deferred tax assets. U.S. GAAP requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is cumulatively more than 50% likely to be realized upon ultimate settlement. As of June 30, 2024, the Company's liability for unrecognized tax benefits was $9.4 million. During the six months ended December 29, 2024, the Company recognized a $0.9 million increase to the liability for unrecognized tax benefits primarily due to an increase in generated research and development credits. As a result, the total liability for unrecognized tax benefits as of December 29, 2024 was $10.3 million. If any portion of this $10.3 million is recognized, the Company will then include that portion in the computation of its effective tax rate. Although the ultimate timing of the resolution and/or closure of audits is highly uncertain, the Company believes it is reasonably possible that $0.5 million of gross unrecognized tax benefits will change in the next 12 months as a result of statutory requirements or settlement with tax authorities. The Company files U.S. federal, U.S. state and foreign tax returns. For U.S. federal purposes, the Company is generally no longer subject to tax examinations for fiscal years prior to 2018. For U.S. state tax returns, the Company is generally no longer subject to tax examinations for fiscal years prior to 2019. For foreign purposes, the Company is generally no longer subject to examination for tax periods prior to 2014. Certain carryforward tax attributes generated in prior years remain subject to examination, adjustment and recapture.

Restructuring

Restructuring	6 Months Ended
	Dec. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring 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 accelerates its transition from 150mm to 200mm silicon carbide devices (the 2025 Restructuring Plan). The actions taken under the 2025 Restructuring Plan will ultimately result in the closure of the Company's 150mm device fabrication facility in Durham, North Carolina as well as a realignment of related activities across the geographic regions in which the Company operates. The Company also recently initiated plans to consolidate its manufacturing footprint for epitaxy products by winding down operations at its facility in Farmer's Branch, Texas during fiscal 2025. The Company is taking steps to optimize the allocation of resources across various functional groups. The Company expects these actions will result in a total headcount reduction of approximately 20% over the next three The costs that will be incurred as a result of the 2025 Restructuring Plan include severance and employee benefit costs, voluntary termination benefits, and other exit costs that qualify as exit and disposal costs under U.S. GAAP. The severance costs incurred during the first quarter of fiscal 2025 were provided under an ongoing benefit arrangement and were therefore recorded once they were both probable and reasonably estimable in accordance with the provisions of ASC 712-10, “Nonretirement Postemployment Benefits”. Additionally, the Company has incurred, and over the next 9 months will continue to incur, additional facility closure-related costs related to these activities, including asset-related charges and fixed manufacturing costs that will be eliminated as a result of this plan and other incremental costs to exit facilities. Including these additional facility closure-related costs, the Company expects to incur approximately $400 million to $450 million of total costs, including approximately $60 million of involuntary and voluntary severance costs, $125 million of other closure-related cash costs, and approximately $250 million of asset-related charges and other non-cash costs. The Company expects to realize approximately $200 million of annualized cost savings upon completion of these initiatives. A summary of the charges recognized in the consolidated statements of operations through the second quarter of fiscal 2025 resulting from these restructuring activities is shown below: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 29, 2024 Accelerated depreciation $11.7 $23.4 Other closure-related costs 19.7 42.3 Total cost of revenue, net $31.4 $65.7 Impairments on abandoned assets (1) $124.5 $124.5 Severance (2) $15.0 $51.5 Accelerated depreciation 5.7 12.8 Other closure-related costs 11.5 20.7 Total other operating expense $32.2 $85.0 Total $188.1 $275.2 (1) Presented in loss on disposal or impairment of other assets (2) Employee severance and benefit costs include the early exit program payments 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 December 29, 2024 follows: (in millions of U.S. Dollars) As of June 30, 2024 Charges Usage December 29, 2024 Employee severance and benefit costs (1) $— $51.5 ($23.4) $28.1 Contract termination liability — 1.1 — 1.1 Total $— $52.6 ($23.4) $29.2 (1) Employee severance and benefit costs includes the early exit program activity

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Dec. 29, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity On December 9, 2024, the Company established an "at-the-market" offering program (the ATM Program) pursuant to which the Company could offer and sell, from time to time through sales agents, up to $200 million of the Company's common stock. The ATM Program was conducted pursuant to an equity distribution agreement (the Equity Distribution Agreement) entered into by the Company and J.P. Morgan Securities LLC and Wells Fargo Securities, LLC (the Managers). As of December 29, 2024, the Company sold approximately 10.9 million shares of common stock under the ATM Program and received proceeds of approximately $91.4 million. The program concluded on January 14, 2025 and the Company completed the sale of approximately $200 million of common stock and, as such, the ATM automatically terminated in accordance with the terms of the Equity Distribution Agreement. In total, the Company sold and received payment for 27.8 million additional shares of common stock at a weighted average price of $7.20 per share through the ATM Program for total gross proceeds of approximately $200.0 million and net proceeds of approximately $195.5 million, after $4 million in commissions to the Mangers and $0.5 million in other offering costs. The Company intends to use the net proceeds for general corporate purposes.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Dec. 29, 2024 shares	Dec. 29, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Neill Reynolds [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 14, 2024, Neill Reynolds, our Chief Financial Officer, adopted a trading plan intended to satisfy the affirmative defense conditions under Rule 10b5-1(c) of the Exchange Act. The plan is for the sale of, in the aggregate, up to 25,380 shares of the Company's common stock and terminates on the earlier of the date all the shares under the plan are sold and September 30, 2025.
Name	Neill Reynolds
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 14, 2024
Expiration Date	September 30, 2025
Arrangement Duration	320 days
Aggregate Available	25,380	25,380

Basis of Presentation and New_2

Basis of Presentation and New Accounting Standards (Policies)	6 Months Ended
	Dec. 29, 2024
Accounting Policies [Abstract]
Overview	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 such as electric vehicles, fast charging and renewable energy and storage. Previously, the Company designed, manufactured and sold radio-frequency (RF) devices. As discussed more fully below in Note 2, “Discontinued Operations,” on December 2, 2023, the Company completed the sale of certain assets comprising its RF product line. The Company classified the results and cash flows of the RF product line as discontinued operations in its consolidated statements of operations and consolidated statements of cash flows for fiscal 2024. Unless otherwise noted, discussion within these notes to the consolidated financial statements relates to the Company's continuing operations.
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, shareholders' equity and cash flows at December 29, 2024, and for all periods presented, have been made. All material intercompany accounts and transactions have been eliminated. The consolidated balance sheet at June 30, 2024 has been derived from the audited financial statements as of that date. 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 30, 2024 (fiscal 2024). The results of operations for the three and six months ended December 29, 2024 are not necessarily indicative of the operating results that may be attained for the entire fiscal year ending June 29, 2025 (fiscal 2025).
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements None. Accounting Pronouncements Pending Adoption In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. In addition, this amendment will require annual disclosures to be provided on an interim basis. These disclosures are also required for entities with a single reportable segment. The amendments require retrospective application to all periods presented. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures. 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. The ASU 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. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures.
Fair Value of Financial Instruments	Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. U.S. GAAP also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. The fair value hierarchy is categorized into three levels based on the reliability of inputs as follows: • Level 1 - Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 - Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Basis of Presentation and New_3

Basis of Presentation and New Accounting Standards (Tables)	6 Months Ended
	Dec. 29, 2024
Accounting Policies [Abstract]
Schedule of Accounts Receivable, Net	(in millions of U.S. Dollars) December 29, 2024 June 30, 2024 Billed trade receivables $149.9 $143.3 Unbilled contract receivables 3.6 3.5 Royalties 1.1 1.3 154.6 148.1 Allowance for bad debts (0.7) (0.7) Accounts receivable, net $153.9 $147.4
Schedule of Inventories	(in millions of U.S. Dollars) December 29, 2024 June 30, 2024 Raw material $163.8 $138.7 Work-in-progress 310.0 290.5 Finished goods 3.3 11.5 Inventories $477.1 $440.7
Schedule of Other Current Assets	(in millions of U.S. Dollars) December 29, 2024 June 30, 2024 Reimbursement receivable on long-term incentive agreement $33.1 $85.8 Other 90.0 94.0 Other current assets $123.1 $179.8
Schedule of Accounts Payable and Accrued Expenses	(in millions of U.S. Dollars) December 29, 2024 June 30, 2024 Accounts payable, trade $54.2 $53.0 Accrued property and equipment 254.2 366.0 Accrued salaries and wages 97.4 64.2 Accrued expenses 50.3 40.4 Accounts payable and accrued expenses $456.1 $523.6
Schedule of Other Operating Expense	Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Restructuring costs and other exit costs $32.2 $— $85.0 $— Executive severance costs 1.4 — 1.4 — Project, transformation and transaction costs 7.8 4.6 13.8 7.2 Other — — 1.4 — Other operating expense $41.4 $4.6 $101.6 $7.2
Schedule of Non-Operating Expense (Income), Net	Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Interest income (17.0) (38.2) (39.2) (78.8) Interest expense, net of capitalized interest 80.5 64.3 145.0 126.0 Loss on Wafer Supply Agreement — 6.6 9.2 13.5 Unrealized gain on equity investment (15.7) (5.4) (15.7) (5.4) Other, net 1.5 0.5 1.7 1.0 Non-operating expense, net $49.3 $27.8 $101.0 $56.3
Schedule of Noncash Operating Activities	Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 Decrease in property, plant and equipment from investment tax credit receivables $223.3 $211.0 Decrease in property, plant and equipment from long-term incentive related receivables — 104.3 Proceeds on sale of business received in US corporation common stock — 60.8 Receivables in connection with short-term investment maturities — 40.0 Lease asset and liability additions 25.0 1.2 Lease asset and liability modifications, net 2.6 1.9 Lease terminations — (1.4) Commitment fee payable for 2030 Senior Notes 29.3 — Fees payable in connection with at-the-market program 2.4 —

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Dec. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following table presents the financial results of the RF Business as loss from discontinued operations, net of income taxes in the Company's consolidated statements of operations: Three months ended Six months ended (in millions of U.S. Dollars) December 31, 2023 December 31, 2023 Revenue, net $26.8 $59.6 Cost of revenue, net 30.8 68.7 Gross profit (loss) (4.0) (9.1) Operating expenses: Research and development 10.2 30.5 Sales, general and administrative 6.2 13.9 Amortization of intangibles — 1.5 Loss on disposal of assets 0.3 0.3 Other operating expense 7.2 24.3 Loss before income taxes and loss on sale (27.9) (79.6) (Gain) loss on sale (16.0) 204.0 Loss before income taxes (11.9) (283.6) Income tax expense 6.6 7.0 Net loss ($18.5) ($290.6)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 29, 2024
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: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Power Products $90.8 $107.7 $187.9 $208.9 Materials Products 89.7 100.7 187.3 196.9 Total $180.5 $208.4 $375.2 $405.8
Schedule of Disaggregated Revenue from External Customers by Geographic Area	Disaggregated continuing operations revenue from external customers by geographic area is as follows: Three months ended Six months ended December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 (in millions of U.S. Dollars) Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Revenue % of Revenue Asia Pacific (1) $64.2 35.6 % $72.7 34.9 % $159.1 42.4 % $148.0 36.5 % Europe 50.8 28.1 % 58.6 28.1 % 89.6 23.9 % 103.2 25.4 % Hong Kong 19.2 10.6 % 39.3 18.9 % 52.8 14.1 % 73.4 18.1 % United States 29.2 16.2 % 35.0 16.8 % 46.1 12.3 % 65.7 16.2 % China 16.6 9.2 % 2.3 1.1 % 27.0 7.2 % 14.3 3.5 % Other 0.5 0.3 % 0.5 0.2 % 0.6 0.1 % 1.2 0.3 % Total $180.5 $208.4 $375.2 $405.8 (1) Excluding China and Hong Kong

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 29, 2024
Leases [Abstract]
Schedule of Lease Assets and Liabilities	Lease assets and liabilities are as follows (in millions of U.S. Dollars): Operating Leases: December 29, 2024 June 30, 2024 Right-of-use asset (1) $122.2 $99.2 Current lease liability (2) 8.8 6.9 Non-current lease liability (3) 134.4 114.0 Total operating lease liabilities $143.2 $120.9 Finance Leases: Finance lease assets (4) $8.7 $9.1 Current portion of finance lease liabilities 0.5 0.5 Finance lease liabilities, less current portion 8.7 8.9 Total finance lease liabilities $9.2 $9.4 (1) Within other assets (2) Within other current liabilities (3) Within other long-term liabilities (4) Within property and equipment, net
Schedule of Cash Flow Information	Statement of Operations Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Operating lease expense $4.1 $3.9 $8.1 $7.2 Finance lease amortization 0.2 0.2 0.4 0.4 Interest expense for finance leases was immaterial for all periods presented. Cash flow information consisted of the following (1) : Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 Cash (used in) provided by operating activities from continuing operations: Cash paid for operating leases ($4.1) ($5.6) Cash received for tenant allowance on operating lease — 0.4 Cash paid for interest portion of financing leases (0.1) (0.1) Cash used in financing activities: Cash paid for principal portion of finance leases (0.1) (0.3) (1) See Note 1, "Statements of Cash Flows - non-cash activities," for non-cash activities related to leases. Operating Leases Finance Leases Weighted average remaining lease term (in months) (1) 152 477 Weighted average discount rate (2) 4.62 % 2.67 % (1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 23 months. (2) Weighted average discount rate of finance leases without the 49-year ground lease is 3.87%.
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating and finance lease liabilities as of December 29, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 29, 2025 (remainder of fiscal 2025) $8.2 $0.4 $8.6 June 28, 2026 16.1 0.8 16.9 June 27, 2027 15.5 0.5 16.0 June 25, 2028 15.3 0.2 15.5 June 24, 2029 15.5 0.2 15.7 Thereafter 122.3 13.8 136.1 Total lease payments 192.9 15.9 208.8 Future tenant improvement allowances (1.6) — (1.6) Imputed lease interest (48.1) (6.7) (54.8) Total lease liabilities $143.2 $9.2 $152.4
Schedule of Maturities of Finance Lease Liabilities	Maturities of operating and finance lease liabilities as of December 29, 2024 were as follows (in millions of U.S. Dollars): Fiscal Year Ending Operating Leases Finance Leases Total June 29, 2025 (remainder of fiscal 2025) $8.2 $0.4 $8.6 June 28, 2026 16.1 0.8 16.9 June 27, 2027 15.5 0.5 16.0 June 25, 2028 15.3 0.2 15.5 June 24, 2029 15.5 0.2 15.7 Thereafter 122.3 13.8 136.1 Total lease payments 192.9 15.9 208.8 Future tenant improvement allowances (1.6) — (1.6) Imputed lease interest (48.1) (6.7) (54.8) Total lease liabilities $143.2 $9.2 $152.4

Investments (Tables)

Investments (Tables)	6 Months Ended
	Dec. 29, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-term Investments by Type	(in millions of U.S. Dollars) December 29, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value U.S. treasury securities $338.5 $0.4 ($0.1) $— $338.8 Corporate bonds 357.5 0.6 (3.1) — 355.0 Municipal bonds 85.9 0.1 (1.0) — 85.0 Certificates of deposit 12.0 — — — 12.0 Total short-term investments $793.9 $1.1 ($4.2) $— $790.8 June 30, 2024 (in millions of U.S. Dollars) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Loss Allowance Estimated Fair Value U.S. treasury securities $553.3 $— ($0.6) $— $552.7 Corporate bonds 423.5 0.2 (6.7) — 417.0 Municipal bonds 102.8 — (2.0) — 100.8 Certificates of deposit 31.5 — — — 31.5 Commercial paper 16.7 — — — 16.7 U.S. agency securities 10.0 — — — 10.0 Total short-term investments $1,137.8 $0.2 ($9.3) $— $1,128.7
Schedule of Gross Unrealized Losses and Fair Value of Short-term Investments by Type and Length of Time	The following tables present the gross unrealized losses and estimated fair value of the Company’s short-term investments, aggregated by investment type and the length of time that individual securities have been in a continuous unrealized loss position (in millions of U.S. Dollars): December 29, 2024 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $100.1 ($0.6) $77.9 ($2.6) $178.0 ($3.2) U.S. treasury securities 26.0 (0.1) 30.6 — 56.6 (0.1) Municipal bonds 33.8 (0.3) 29.0 (0.7) 62.8 (1.0) Total $159.9 ($1.0) $137.5 ($3.3) $297.4 ($4.3) Number of securities with an unrealized loss 70 48 118 June 30, 2024 Less than 12 Months Greater than 12 Months Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $135.2 ($0.2) $183.4 ($6.5) $318.6 ($6.7) U.S. treasury securities 507.4 (0.4) 35.9 (0.2) 543.3 (0.6) Municipal bonds 9.0 — 74.3 (2.0) 83.3 (2.0) U.S. agency securities 14.9 — 10.0 — 24.9 — Total $666.5 ($0.6) $303.6 ($8.7) $970.1 ($9.3) Number of securities with an unrealized loss 141 66 207
Schedule of Contractual Maturities of Short-term Investments by Type	The contractual maturities of short-term investments as of December 29, 2024 were as follows: (in millions of U.S. Dollars) Within One Year After One, Within Five Years After Ten Years Total U.S. treasury securities $308.2 $30.6 $— $338.8 Corporate bonds 254.2 100.8 — 355.0 Municipal bonds 42.0 40.6 2.4 85.0 Certificates of deposit 12.0 — — 12.0 Total short-term investments $616.4 $172.0 $2.4 $790.8

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Dec. 29, 2024
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: December 29, 2024 June 30, 2024 (in millions of U.S. Dollars) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $149.1 $— $149.1 $87.3 $— $87.3 Corporate bonds — 14.0 14.0 — — — U.S. treasury securities — — — 10.0 — 10.0 Commercial paper — 15.0 15.0 — — — Total cash equivalents 149.1 29.0 178.1 97.3 — 97.3 Short-term investments: U.S. treasury securities 338.8 — 338.8 552.7 — 552.7 Corporate bonds — 355.0 355.0 — 417.0 417.0 Municipal bonds — 85.0 85.0 — 100.8 100.8 Commercial paper — — — — 16.7 16.7 U.S. agency securities — — — — 10.0 10.0 Certificates of deposit — 12.0 12.0 — 31.5 31.5 Total short-term investments 338.8 452.0 790.8 552.7 576.0 1,128.7 Other long-term investments: US corporation common stock 95.0 — 95.0 79.3 — 79.3 Total assets $582.9 $481.0 $1,063.9 $729.3 $576.0 $1,305.3

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Dec. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of Intangible Assets	The following table presents the components of intangible assets, net: December 29, 2024 June 30, 2024 (in millions of U.S. Dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquisition related intangible assets (1) $24.0 ($23.4) $0.6 $24.0 ($22.8) $1.2 Patent and licensing rights 49.4 (26.7) 22.7 49.8 (27.1) 22.7 Total intangible assets $73.4 ($50.1) $23.3 $73.8 ($49.9) $23.9 (1) Relates to developed technology

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Dec. 29, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	December 29, 2024 June 30, 2024 (in millions of U.S. Dollars) Effective Interest Rate Principal Unamortized Discount Net Principal Unamortized Discount Net 1.75% Convertible Notes (1) 2.2 % $575.0 ($3.2) $571.8 $575.0 ($4.3) $570.7 0.25% Convertible Notes (1) 0.6 % 750.0 (9.4) 740.6 750.0 (10.9) 739.1 1.875% Convertible Notes (1) 2.1 % 1,750.0 (22.8) 1,727.2 1,750.0 (24.9) 1,725.1 2030 Senior Notes (2) 16.3 % 1,505.9 (80.0) 1,425.9 1,250.0 (80.3) 1,169.7 CRD Agreement Deposits (2) 6.8 % 2,000.0 (41.7) 1,958.3 2,000.0 (43.5) 1,956.5 $6,580.9 ($157.1) $6,423.8 $6,325.0 ($163.9) $6,161.1 (1) Presented in convertible notes (2) Presented in long-term debt
Schedule of Interest Expense	The interest expense, net recognized related to the corporate debt holdings and the deposits under the CRD Agreement is as follows: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Interest expense, net of capitalized interest $66.6 $56.0 $123.4 $109.7 Amortization of discount and debt issuance costs, net of capitalized interest 13.3 7.4 20.0 14.6 Total interest expense, net $79.9 $63.4 $143.4 $124.3 The Company capitalizes interest in connection with ongoing capacity expansions. Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Interest expense capitalized $17.4 $5.2 $33.3 $7.5 Amortization of discount and debt issuance costs capitalized 3.5 0.7 5.5 1.0 Total interest expense capitalized $20.9 $5.9 $38.8 $8.5

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Dec. 29, 2024
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: Three months ended Six months ended (in millions of U.S. Dollars, except share data) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Net loss from continuing operations ($372.2) ($126.2) ($654.4) ($249.8) Net loss from discontinued operations $— ($18.5) $— ($290.6) Weighted average shares - basic and diluted (in thousands) 129,018 125,602 127,876 125,363 Loss per share - basic and diluted: Continuing operations ($2.88) ($1.00) ($5.12) ($1.99) Discontinued operations $— ($0.15) $— ($2.32)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 29, 2024
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: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Cost of revenue, net $9.0 $6.4 $17.5 $12.4 Research and development 2.9 3.4 6.1 6.1 Sales, general and administrative 8.3 12.6 20.3 23.6 Total stock-based compensation expense $20.2 $22.4 $43.9 $42.1

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Dec. 29, 2024
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 second quarter of fiscal 2025 resulting from these restructuring activities is shown below: Three months ended Six months ended (in millions of U.S. Dollars) December 29, 2024 December 29, 2024 Accelerated depreciation $11.7 $23.4 Other closure-related costs 19.7 42.3 Total cost of revenue, net $31.4 $65.7 Impairments on abandoned assets (1) $124.5 $124.5 Severance (2) $15.0 $51.5 Accelerated depreciation 5.7 12.8 Other closure-related costs 11.5 20.7 Total other operating expense $32.2 $85.0 Total $188.1 $275.2 (1) Presented in loss on disposal or impairment of other assets (2) Employee severance and benefit costs include the early exit program payments 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 December 29, 2024 follows: (in millions of U.S. Dollars) As of June 30, 2024 Charges Usage December 29, 2024 Employee severance and benefit costs (1) $— $51.5 ($23.4) $28.1 Contract termination liability — 1.1 — 1.1 Total $— $52.6 ($23.4) $29.2 (1) Employee severance and benefit costs includes the early exit program activity

Basis of Presentation and New_4

Basis of Presentation and New Accounting Standards- Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross receivables	$ 154.6	$ 148.1
Allowance for bad debts	(0.7)	(0.7)
Accounts receivable, net	153.9	147.4
Royalties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross receivables	1.1	1.3
Billed trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross receivables	149.9	143.3
Unbilled contract receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross receivables	$ 3.6	$ 3.5

Basis of Presentation and New_5

Basis of Presentation and New Accounting Standards- Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Accounting Policies [Abstract]
Raw material	$ 163.8	$ 138.7
Work-in-progress	310	290.5
Finished goods	3.3	11.5
Inventories	$ 477.1	$ 440.7

Basis of Presentation and New_6

Basis of Presentation and New Accounting Standards - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Accounting Policies [Abstract]
Reimbursement receivable on long-term incentive agreement	$ 33.1	$ 85.8
Other	90	94
Other current assets	$ 123.1	$ 179.8

Basis of Presentation and New_7

Basis of Presentation and New Accounting Standards - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 29, 2024	Dec. 29, 2024	Jun. 30, 2024
Accounting Policies [Abstract]
Investment tax credit receivable	$ 865	$ 865	$ 641.8
Increase (decrease) in receivables due to change in estimates	68.6
Depreciation	5.8
Net unrealized gain (loss) on available-for-sale securities	$ (5.7)	(5.7)	(11.6)
Debt securities, available-for-sale, unrealized gain (loss)		$ (2.4)	$ (2.4)

Basis of Presentation and New_8

Basis of Presentation and New Accounting Standards - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Accounting Policies [Abstract]
Accounts payable, trade	$ 54.2	$ 53
Accrued property and equipment	254.2	366
Accrued salaries and wages	97.4	64.2
Accrued expenses	50.3	40.4
Accounts payable and accrued expenses	$ 456.1	$ 523.6

Basis of Presentation and New_9

Basis of Presentation and New Accounting Standards - Schedule of Other Operating Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Restructuring costs and other exit costs	$ 32.2	$ 0	$ 85	$ 0
Executive severance costs	1.4	0	1.4	0
Project, transformation and transaction costs	7.8	4.6	13.8	7.2
Other	0	0	1.4	0
Other operating expense	$ 41.4	$ 4.6	$ 101.6	$ 7.2

Basis of Presentation and Ne_10

Basis of Presentation and New Accounting Standards - Schedule of Non-Operating Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Interest income	$ (17)	$ (38.2)	$ (39.2)	$ (78.8)
Interest expense, net of capitalized interest	80.5	64.3	145	126
Loss on Wafer Supply Agreement	0	6.6	9.2	13.5
Unrealized gain on equity investment	(15.7)	(5.4)	(15.7)	(5.4)
Other, net	1.5	0.5	1.7	1
Non-operating expense, net	$ 49.3	$ 27.8	$ 101	$ 56.3

Basis of Presentation and Ne_11

Basis of Presentation and New Accounting Standards - Schedule of Noncash Operating Activities (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Decrease in property, plant and equipment from investment tax credit receivables	$ 223.3	$ 211
Decrease in property, plant and equipment from long-term incentive related receivables	0	104.3
Proceeds on sale of business received in US corporation common stock	0	60.8
Receivables in connection with short-term investment maturities	0	40
Lease asset and liability additions	25	1.2
Lease asset and liability modifications, net	2.6	1.9
Lease terminations	0	(1.4)
Commitment fee payable for 2030 Senior Notes	29.3	0
Fees payable in connection with at-the-market program	$ 2.4	$ 0

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023	Jun. 30, 2024	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
Restructuring and related cost, lease not yet commenced, period						15 years
Other current liabilities	$ 207.6		$ 207.6		$ 77.9
Other current assets	123.1		123.1		179.8
Other long-term liabilities	218.2		218.2		$ 256.4
RF Business Master Supply Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other current liabilities	45.2		45.2			$ 95
Other current assets	5.8		5.8
RF Business, Long-Term Epi Supply Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other long-term liabilities	58		58
RF Business, RTP Fab Transfer
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other long-term liabilities	38		38
Discontinued Operations, Held-for-sale | RF Business, Consideration, Cash
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate net proceeds from sale of business unit						$ 75
Discontinued Operations, Held-for-sale | RF Business, Consideration, Equity Interest Issued Or Issuable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration, equity interest issued or issuable (in shares)						711,528
Shares forfeited if transfer doesn't occur						25%
Discontinued Operations, Disposed of by Sale | LED Business | Wafer Supply Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss before income taxes	$ 9.2	$ 6.6	$ 9.2	$ 13.5

Discontinued Operations - Sched

Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Operating expenses:
Net loss	$ 0	$ (18.5)	$ 0	$ (290.6)
Discontinued Operations, Held-for-sale | RF Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net		26.8		59.6
Cost of revenue, net		30.8		68.7
Gross profit (loss)		(4)		(9.1)
Operating expenses:
Research and development		10.2		30.5
Sales, general and administrative		6.2		13.9
Amortization of intangibles		0		1.5
Loss on disposal of assets		0.3		0.3
Other operating expense		7.2		24.3
Loss before income taxes and loss on sale		(27.9)		(79.6)
(Gain) loss on sale		(16)		204
Loss before income taxes		(11.9)		(283.6)
Income tax expense		6.6		7
Net loss		$ (18.5)		$ (290.6)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 67.9	$ 88

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenue from External Customers by Products and Services (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024 USD ($) productLine	Dec. 31, 2023 USD ($)	Dec. 29, 2024 USD ($) productLine	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of product lines | productLine	2		2
Revenue from External Customer [Line Items]
Revenue	$ 180.5	$ 208.4	$ 375.2	$ 405.8
Power Products
Revenue from External Customer [Line Items]
Revenue	90.8	107.7	187.9	208.9
Materials Products
Revenue from External Customer [Line Items]
Revenue	$ 89.7	$ 100.7	$ 187.3	$ 196.9

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Disaggregated Revenue from External Customers by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 180.5	$ 208.4	$ 375.2	$ 405.8
Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	180.5	208.4	375.2	405.8
Asia Pacific | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 64.2	$ 72.7	$ 89.6	$ 148
% of Revenue	35.60%	34.90%	42.40%	36.50%
Europe | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 50.8	$ 58.6	$ 159.1	$ 103.2
% of Revenue	28.10%	28.10%	23.90%	25.40%
Hong Kong | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 19.2	$ 39.3	$ 52.8	$ 73.4
% of Revenue	10.60%	18.90%	14.10%	18.10%
United States | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 29.2	$ 35	$ 46.1	$ 65.7
% of Revenue	16.20%	16.80%	12.30%	16.20%
China | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 16.6	$ 2.3	$ 27	$ 14.3
% of Revenue	9.20%	1.10%	7.20%	3.50%
Other | Geographic Concentration Risk | Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	$ 0.5	$ 0.5	$ 0.6	$ 1.2
% of Revenue	0.30%	0.20%	0.10%	0.30%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Dec. 01, 2023 USD ($) ft² period	Dec. 29, 2024
Lessee, Lease, Description [Line Items]
Notice period, maximum	6 months
MACOM
Lessee, Lease, Description [Line Items]
Area of property in lease agreement (square feet) | ft²	25,659
Lease income per year | $	$ 0.7
Operating lease, term of contract	24 months
Number of additional term periods of contract | period	2
Operating lease, extension period of term of contract	12 months
New York
Lessee, Lease, Description [Line Items]
Term of finance lease (in years)		49 years

Leases - Schedule of Lease Asse

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Operating Leases:
Right-of-use asset	$ 122.2	$ 99.2
Current lease liability	8.8	6.9
Non-current lease liability	134.4	114
Total operating lease liabilities	143.2	120.9
Finance Leases:
Finance lease assets	8.7	9.1
Current portion of finance lease liabilities	0.5	0.5
Finance lease liabilities, less current portion	8.7	8.9
Total finance lease liabilities	$ 9.2	$ 9.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net

Leases - Schedule of Statement

Leases - Schedule of Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 4.1	$ 3.9	$ 8.1	$ 7.2
Finance lease amortization	$ 0.2	$ 0.2	$ 0.4	$ 0.4

Leases - Schedule of Cash Flow

Leases - Schedule of Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases	$ (4.1)	$ (5.6)
Cash received for tenant allowance on operating lease	0	0.4
Cash paid for interest portion of financing leases	(0.1)	(0.1)
Cash used in financing activities:
Cash paid for principal portion of finance leases	$ (0.1)	$ (0.3)

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Operating Leases
Remainder of fiscal year	$ 8.2
Year one	16.1
Year two	15.5
Year three	15.3
Year four	15.5
Thereafter	122.3
Total lease payments	192.9
Future tenant improvement allowances	(1.6)
Imputed lease interest	(48.1)
Total lease liabilities	143.2	$ 120.9
Finance Leases
Remainder of fiscal year	0.4
Year one	0.8
Year two	0.5
Year three	0.2
Year four	0.2
Thereafter	13.8
Total lease payments	15.9
Future tenant improvement allowances	0
Imputed lease interest	(6.7)
Total lease liabilities	9.2	$ 9.4
Total
Remainder of fiscal year	8.6
Year one	16.9
Year two	16
Year three	15.5
Year four	15.7
Thereafter	136.1
Total lease payments	208.8
Future tenant improvement allowances	(1.6)
Imputed lease interest	(54.8)
Total lease liabilities	$ 152.4

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	6 Months Ended
	Dec. 29, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term of operating leases (in months)	152 months
Weighted average remaining lease term of finance leases (in months)	477 months
Weighted average discount rate of operating leases (as a percent)	4.62%
Weighted average discount rate of finance leases (as a percent)	2.67%
Weighted average remaining lease term of finance leases excluding 49-year ground lease (in months)	23 months
Weighted average discount rate of finance leases excluding 49-year ground lease (as a percent)	3.87%
New York
Lessee, Lease, Description [Line Items]
Term of finance lease (in years)	49 years

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)		3 Months Ended		6 Months Ended		54 Months Ended
	Jan. 08, 2025 lawsuit	Dec. 29, 2024 USD ($)	Jun. 28, 2020 endowedFacultyChair	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 29, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 25, 2023 USD ($)
Loss Contingencies [Line Items]
Potential total grant amount of GDA		$ 500,000,000		$ 500,000,000		$ 500,000,000
GDA term			13 years
Duration of annual commitment fee payment of GDA			6 years
Number of endowed faculty chairs created | endowedFacultyChair			2
Reduction in property, plant, and equipment						500,000,000
Reimbursement of property and equipment purchases from long-term incentive agreement				42,000,000	$ 79,400,000	467,200,000
Reimbursement of property and equipment purchases from long-term incentive agreement, receivables						32,800,000
Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, number of additional lawsuits | lawsuit	2
Purchase Commitment 2023
Loss Contingencies [Line Items]
Purchase commitment, amount committed								$ 200,000,000
Current purchases under agreement		5,800,000		12,500,000
Product purchases year three		36,000,000		36,000,000		36,000,000
Product purchases year four		50,100,000		50,100,000		50,100,000
Product purchases year five		73,700,000		73,700,000		73,700,000
Capacity reserve deposit		60,000,000		60,000,000		60,000,000
Prepaid supplies		48,900,000		48,900,000		48,900,000
Purchase Commitment 2024
Loss Contingencies [Line Items]
Purchase commitment, amount committed							$ 86,400,000
Current purchases under agreement		7,200,000		14,400,000
Product purchases year two		28,800,000		28,800,000		28,800,000
Product purchases year three		9,600,000		9,600,000		9,600,000
Product purchases year one		$ 14,400,000		14,400,000		$ 14,400,000
Minimum
Loss Contingencies [Line Items]
Annual cost of GDA				2,200,000
Maximum
Loss Contingencies [Line Items]
Annual cost of GDA				$ 5,200,000

Investments - Schedule of Short

Investments - Schedule of Short-term Investments by Type (Details) - USD ($)	Dec. 29, 2024	Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 793,900,000	$ 1,137,800,000
Gross Unrealized Gains	1,100,000	200,000
Gross Unrealized Losses	(4,200,000)	(9,300,000)
Credit Loss Allowance	0	0
Estimated Fair Value	790,800,000	1,128,700,000
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	338,500,000	553,300,000
Gross Unrealized Gains	400,000	0
Gross Unrealized Losses	(100,000)	(600,000)
Credit Loss Allowance	0	0
Estimated Fair Value	338,800,000	552,700,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	357,500,000	423,500,000
Gross Unrealized Gains	600,000	200,000
Gross Unrealized Losses	(3,100,000)	(6,700,000)
Credit Loss Allowance	0	0
Estimated Fair Value	355,000,000	417,000,000
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	85,900,000	102,800,000
Gross Unrealized Gains	100,000	0
Gross Unrealized Losses	(1,000,000)	(2,000,000)
Credit Loss Allowance	0	0
Estimated Fair Value	85,000,000	100,800,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,000,000	31,500,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Credit Loss Allowance	0	0
Estimated Fair Value	$ 12,000,000	31,500,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		16,700,000
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Credit Loss Allowance		0
Estimated Fair Value		16,700,000
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		10,000,000
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Credit Loss Allowance		0
Estimated Fair Value		$ 10,000,000

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses and Fair Value of Short-term Investments by Type and Length of Time (Details) $ in Millions	Dec. 29, 2024 USD ($) segment security	Jun. 30, 2024 USD ($) security
Fair Value
Less than 12 Months	$ 159.9	$ 666.5
Greater than 12 Months	137.5	303.6
Total	297.4	970.1
Unrealized Loss
Less than 12 Months	(1)	(0.6)
Greater than 12 Months	(3.3)	(8.7)
Total	$ (4.3)	$ (9.3)
Number of securities with an unrealized loss
Less than 12 Months | security	70	141
Greater than 12 Months | security	48	66
Total | security	118	207
Corporate bonds
Fair Value
Less than 12 Months	$ 100.1	$ 135.2
Greater than 12 Months	77.9	183.4
Total	178	318.6
Unrealized Loss
Less than 12 Months	(0.6)	(0.2)
Greater than 12 Months	(2.6)	(6.5)
Total	(3.2)	(6.7)
U.S. treasury securities
Fair Value
Less than 12 Months	26	507.4
Greater than 12 Months	30.6	35.9
Total	56.6	543.3
Unrealized Loss
Less than 12 Months	(0.1)	(0.4)
Greater than 12 Months	0	(0.2)
Total	(0.1)	(0.6)
Municipal bonds
Fair Value
Less than 12 Months	33.8	9
Greater than 12 Months	29	74.3
Total	62.8	83.3
Unrealized Loss
Less than 12 Months	(0.3)	0
Greater than 12 Months	(0.7)	(2)
Total	(1)	(2)
U.S. agency securities
Fair Value
Less than 12 Months		14.9
Greater than 12 Months		10
Total		24.9
Unrealized Loss
Less than 12 Months		0
Greater than 12 Months		0
Total		$ 0
Cash and Cash Equivalents
Fair Value
Less than 12 Months	14
Unrealized Loss
Less than 12 Months	$ (0.1)
Number of securities with an unrealized loss
Less than 12 Months | segment	6

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended		6 Months Ended
	Dec. 29, 2024 USD ($) segment security	Dec. 31, 2023 USD ($)	Dec. 29, 2024 USD ($) segment security	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Number of instruments in loss position | security	70		70		141
Fair value of instruments in loss position	$ 159,900,000		$ 159,900,000		$ 666,500,000
Unrealized loss	1,000,000		1,000,000		600,000
Accrued interest receivable	9,900,000		9,900,000		11,600,000
Writeoffs	0	$ 0	0	$ 0
Allowance for credit losses	$ 0		$ 0		$ 0
Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Number of instruments in loss position | segment	6		6
Fair value of instruments in loss position	$ 14,000,000		$ 14,000,000
Unrealized loss	$ 100,000		$ 100,000

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturities of Marketable Investments (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Within One Year	$ 616.4
After One, Within Five Years	172
After Ten Years	2.4
Total	790.8	$ 1,128.7
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Within One Year	308.2
After One, Within Five Years	30.6
After Ten Years	0
Total	338.8	552.7
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	254.2
After One, Within Five Years	100.8
After Ten Years	0
Total	355	417
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within One Year	42
After One, Within Five Years	40.6
After Ten Years	2.4
Total	85	100.8
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within One Year	12
After One, Within Five Years	0
After Ten Years	0
Total	$ 12	$ 31.5

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 178.1	$ 97.3
Total short-term investments	790.8	1,128.7
Total assets	1,063.9	1,305.3
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	338.8	552.7
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	355	417
Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	85	100.8
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	16.7
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	10
Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	12	31.5
US corporation common stock
Assets, Fair Value Disclosure [Abstract]
US corporation common stock	95	79.3
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	15	0
Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	149.1	87.3
Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	14	0
U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	10
Level 1
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	149.1	97.3
Total short-term investments	338.8	552.7
Total assets	582.9	729.3
Level 1 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	338.8	552.7
Level 1 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 1 | US corporation common stock
Assets, Fair Value Disclosure [Abstract]
US corporation common stock	95	79.3
Level 1 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	149.1	87.3
Level 1 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 1 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	10
Level 2
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	29	0
Total short-term investments	452	576
Total assets	481	576
Level 2 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	0
Level 2 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	355	417
Level 2 | Municipal bonds
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	85	100.8
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	16.7
Level 2 | U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	0	10
Level 2 | Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Total short-term investments	12	31.5
Level 2 | US corporation common stock
Assets, Fair Value Disclosure [Abstract]
US corporation common stock	0	0
Level 2 | Commercial paper
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	15	0
Level 2 | Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	0	0
Level 2 | Corporate bonds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	14	0
Level 2 | U.S. treasury securities
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 0	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 29, 2024	Dec. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in goodwill	$ 0	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 29, 2024	Jun. 30, 2024
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 73.4	$ 73.8
Accumulated Amortization	(50.1)	(49.9)
Net	23.3	23.9
Acquisition related intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	24	24
Accumulated Amortization	(23.4)	(22.8)
Net	0.6	1.2
Patent and licensing rights
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	49.4	49.8
Accumulated Amortization	(26.7)	(27.1)
Net	$ 22.7	$ 22.7

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023	Oct. 11, 2024	Jun. 30, 2024
Liability Component:
Principal	$ 6,580.9		$ 6,580.9			$ 6,325
Unamortized Discount	(157.1)		(157.1)			(163.9)
Net	6,423.8		6,423.8			6,161.1
Amortization of debt issuance costs and discount, net of non-cash capitalized interest			20	$ 14.7
Capacity Expansions
Liability Component:
Interest expense, net of capitalized interest	17.4	$ 5.2	33.3	7.5
Amortization of debt issuance costs and discount, net of non-cash capitalized interest	$ 3.5	0.7	$ 5.5	1
Convertible Notes | 1.75% Convertible Notes
Liability Component:
Stated interest rate (as a percent)	1.75%		1.75%
Effective interest rate (as a percent)	2.20%		2.20%
Principal	$ 575		$ 575			575
Unamortized Discount	(3.2)		(3.2)			(4.3)
Net	$ 571.8		$ 571.8			570.7
Convertible Notes | 0.25% Convertible Notes
Liability Component:
Stated interest rate (as a percent)	0.25%		0.25%
Effective interest rate (as a percent)	0.60%		0.60%
Principal	$ 750		$ 750			750
Unamortized Discount	(9.4)		(9.4)			(10.9)
Net	$ 740.6		$ 740.6			739.1
Convertible Notes | 1.875% Convertible Notes
Liability Component:
Stated interest rate (as a percent)	1.875%		1.875%		1.875%
Effective interest rate (as a percent)	2.10%		2.10%
Principal	$ 1,750		$ 1,750			1,750
Unamortized Discount	(22.8)		(22.8)			(24.9)
Net	1,727.2		1,727.2			1,725.1
Convertible Notes | Customer Refundable Deposit Agreement
Liability Component:
Interest expense, net of capitalized interest	66.6	56	123.4	109.7
Amortization of debt issuance costs and discount, net of non-cash capitalized interest	$ 13.3	$ 7.4	$ 20	$ 14.6
Senior Notes | 2030 Senior Notes
Liability Component:
Effective interest rate (as a percent)	16.30%		16.30%
Principal	$ 1,505.9		$ 1,505.9			1,250
Unamortized Discount	(80)		(80)			(80.3)
Net	$ 1,425.9		$ 1,425.9			1,169.7
Unsecured debt | Customer Refundable Deposit Agreement
Liability Component:
Effective interest rate (as a percent)	6.80%		6.80%
Principal	$ 2,000		$ 2,000			2,000
Unamortized Discount	(41.7)		(41.7)			(43.5)
Net	$ 1,958.3		$ 1,958.3			$ 1,956.5

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) $ in Millions	Oct. 11, 2024 USD ($)	Dec. 29, 2024	Oct. 22, 2024 USD ($)	Oct. 15, 2024
Senior Notes Due 2030 | Senior Notes
Debt Instrument, Redemption [Line Items]
Aggregate principal amount	$ 750		$ 250
Step-down terms, principal amount threshold	1,000
Debt instrument, covenant, liquidity minimum proceeds	$ 450
Conversion ratio (as a percent)	2
Debt instrument, maturity, aggregate principal amount outstanding	$ 175
Debt instrument, additional amount			$ 500
Senior Notes Due 2030 | Senior Notes | Debt Instrument, Covenant, Security Interest Threshold, Period One
Debt Instrument, Redemption [Line Items]
Debt instrument, covenant, liquidity minimum proceeds	450
2030 senior notes, unrestricted cash and cash equivalents minimum requirement	630
2030 senior notes, liquidity covenant minimum requirement	500
Senior Notes Due 2030 | Senior Notes | Debt Instrument, Covenant, Security Interest Threshold, Period Two and Thereafter
Debt Instrument, Redemption [Line Items]
Debt instrument, covenant, liquidity minimum proceeds	750
2030 senior notes, unrestricted cash and cash equivalents minimum requirement	750
2030 senior notes, liquidity covenant minimum requirement	$ 250
Senior Notes Due 2030 | Senior Notes | Interest Period One
Debt Instrument, Redemption [Line Items]
Stated interest rate (as a percent)	9.875%
Senior Notes Due 2030 | Senior Notes | Interest Period Two
Debt Instrument, Redemption [Line Items]
Stated interest rate (as a percent)	9.875%
Additional percentage per annum	2%
Senior Notes Due 2030 | Senior Notes | Interest Period Three | Interest Rate Step-Down Condition, Redemption Period One
Debt Instrument, Redemption [Line Items]
Stated interest rate (as a percent)	10.875%
Additional percentage per annum	2%
Senior Notes Due 2030 | Senior Notes | Interest Period Three | Interest Rate Step-Down Condition, Redemption Period Two
Debt Instrument, Redemption [Line Items]
Stated interest rate (as a percent)	11.875%
Additional percentage per annum	2%
Senior Notes Due 2030 | Senior Notes | Interest Period Four | Interest Rate Step-Down Condition, Redemption Period One
Debt Instrument, Redemption [Line Items]
Stated interest rate (as a percent)	13.875%
Senior Notes Due 2030 | Senior Notes | Interest Period Four | Interest Rate Step-Down Condition, Redemption Period Two
Debt Instrument, Redemption [Line Items]
Stated interest rate (as a percent)	15.875%
1.875% Convertible Notes | Convertible Notes
Debt Instrument, Redemption [Line Items]
Stated interest rate (as a percent)	1.875%	1.875%
Customer Refundable Deposit Agreement | Unsecured debt
Debt Instrument, Redemption [Line Items]
Paid in kind interest rate				15%

Long-term Debt - Schedule of In

Long-term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of discount and debt issuance costs, net of capitalized interest			$ 20	$ 14.7
Customer Refundable Deposit Agreement | Convertible Notes
Debt Instrument [Line Items]
Interest expense, net of capitalized interest	$ 66.6	$ 56	123.4	109.7
Amortization of discount and debt issuance costs, net of capitalized interest	13.3	7.4	20	14.6
Total interest expense, net	79.9	63.4	143.4	124.3
Capacity Expansions
Debt Instrument [Line Items]
Interest expense, net of capitalized interest	17.4	5.2	33.3	7.5
Amortization of discount and debt issuance costs, net of capitalized interest	3.5	0.7	5.5	1
Total interest expense, net	$ 20.9	$ 5.9	$ 38.8	$ 8.5

Loss Per Share - Schedule of Ea

Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (372.2)	$ (126.2)	$ (654.4)	$ (249.8)
Net loss from discontinued operations	$ 0	$ (18.5)	$ 0	$ (290.6)
Weighted average shares - basic (shares)	129,018	125,602	127,876	125,363
Weighted average shares - diluted (shares)	129,018	125,602	127,876	125,363
Loss per share - basic and diluted:
Continuing operations - basic (USD per share)	$ (2.88)	$ (1)	$ (5.12)	$ (1.99)
Continuing operations - diluted (USD per share)	(2.88)	(1)	(5.12)	(1.99)
Discontinuing operations - basic (USD per share)	0	(0.15)	0	(2.32)
Discontinuing operations - diluted (USD per share)	$ 0	$ (0.15)	$ 0	$ (2.32)

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from diluted earnings per share calculation (shares)	9.5	3.9	9.2	3.8

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 29, 2024	Dec. 31, 2023	Dec. 29, 2024	Dec. 31, 2023
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 20.2	$ 22.4	$ 43.9	$ 42.1
Cost of revenue, net
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9	6.4	17.5	12.4
Research and development
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2.9	3.4	6.1	6.1
Sales, general and administrative
Employee Service share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 8.3	$ 12.6	$ 20.3	$ 23.6

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 29, 2024	Jun. 30, 2024
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]
Unrecognized tax benefits	$ 10.3	$ 9.4
Unrecognized tax benefits, period increase (decrease)	0.9
Estimated change in gross unrecognized tax benefits	$ 0.5

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) $ in Millions	6 Months Ended
	Dec. 29, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, period percent	20%
Restructuring and related cost, cost incurred, continuation period	9 months
Restructuring and related cost, annualized benefits cost	$ 200
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	60
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	$ 250
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, period	3 months
Restructuring and related cost, expected cost	$ 400
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, period	9 months
Restructuring and related cost, expected cost	$ 450

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring Exit And Disposal Costs Associated With The Operational Plan (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 29, 2024	Dec. 29, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 52.6
Impairments on abandoned assets	$ 124.5	124.5
Total	188.1	275.2
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	15	51.5
Total cost of revenue, net
Restructuring Cost and Reserve [Line Items]
Restructuring charges	31.4	65.7
Total cost of revenue, net | Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11.7	23.4
Total cost of revenue, net | Other closure-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	19.7	42.3
Total other operating expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	32.2	85
Total other operating expense | Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5.7	12.8
Total other operating expense | Other closure-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 11.5	$ 20.7

Restructuring - Schedule of R_2

Restructuring - Schedule of Restructuring (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 29, 2024	Dec. 29, 2024
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		$ 0
Charges		52.6
Usage		(23.4)
Restructuring reserve, ending balance	$ 29.2	29.2
Employee severance and benefit costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0
Charges	15	51.5
Usage		(23.4)
Restructuring reserve, ending balance	28.1	28.1
Contract termination liability
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		0
Charges		1.1
Usage		0
Restructuring reserve, ending balance	$ 1.1	$ 1.1

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended			6 Months Ended
	Dec. 09, 2024	Jan. 14, 2025	Jan. 14, 2025	Dec. 29, 2024	Dec. 29, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock					$ 100	$ 10.9
ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum aggregate offering price for sale of stock	$ 200
Number of shares issued (in shares)				10.9
Proceeds from issuance of common stock				$ 91.4
ATM Program | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		27.8
Proceeds from issuance of common stock		$ 200	$ 200
Value of common stock sold		$ 195.5
Sale of stock, price per share (in dollars per share)		$ 7.20	$ 7.20
Commissions and offering costs		$ 4
Other offering costs		$ 0.5	$ 0.5