GlobalFoundries Reports Third Quarter 2024 Financial Results
MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the third quarter ended September 30, 2024.
Key Third Quarter Financial Highlights
- Revenue of $1.739 billion
- Gross margin of 23.8% and Non-IFRS gross margin(1) of 24.7%
- Operating margin of 10.6% and Non-IFRS operating margin(1) of 13.6%
- Net income of $178 million and Non-IFRS net income(1) of $229 million
- Non-IFRS adjusted EBITDA(1) of $627 million
- Cash, cash equivalents and marketable securities of $4.3 billion
- Year to date net cash provided by operating activities of $1,265 million and Non-IFRS adjusted free cash flow(1) of $779 million
Recent Business Highlights
- Building on the longtime relationship between GF and NXP Semiconductors (NXP), the companies announced a new collaboration leveraging GF's 22FDX® process technology platform and global manufacturing footprint to optimize the power, performance and time-to-market of NXP's solutions across a range of automotive, IoT and smart mobile devices. GF's 22FDX chips will be manufactured in Dresden, Germany and Malta, New York, providing NXP geographically diverse supply for their customers.
- Over one thousand customers and partners attended GF's annual Technology Summit held around the world in Santa Clara, California, Munich, Germany and Shanghai, China, to build deeper relationships and learn how GF's essential chips play a critical role in realizing "AI Everywhere.”
- GF entered into a strategic technology development and licensing agreement with Finwave Semiconductor, Inc (Finwave), a leading innovator in GaN technology. The collaboration will optimize and scale Finwave's cutting-edge GaN-on-Si technology to volume production at GF's 200mm fab in Burlington, Vermont.
| Summary Quarterly Results (Unaudited, in millions, except per share amounts and wafer shipments) | |||||||||||||||||||||||
| Year-over-year | Sequential | ||||||||||||||||||||||
| Q3'24 | Q2'24 | Q3'23 | Q3'24 vs Q3'23 | Q3'24 vs Q2'24 | |||||||||||||||||||
| Net revenue | $ | 1,739 | $ | 1,632 | $ | 1,852 | $ | (113 | ) | (6)% | $ | 107 | 7 | % | |||||||||
| Gross profit | $ | 414 | $ | 395 | $ | 529 | $ | (115 | ) | (22)% | $ | 19 | 5 | % | |||||||||
| Gross margin | 23.8 | % | 24.2 | % | 28.6 | % | (480)bps | (40)bps | |||||||||||||||
| Non-IFRS gross profit(1) | $ | 429 | $ | 411 | $ | 541 | $ | (112 | ) | (21)% | $ | 18 | 4 | % | |||||||||
| Non-IFRS gross margin(1) | 24.7 | % | 25.2 | % | 29.2 | % | (450)bps | (50)bps | |||||||||||||||
| Operating profit | $ | 185 | $ | 155 | $ | 261 | $ | (76 | ) | (29)% | $ | 30 | 19 | % | |||||||||
| Operating margin | 10.6 | % | 9.5 | % | 14.1 | % | (350)bps | +110bps | |||||||||||||||
| Non-IFRS operating profit(1) | $ | 236 | $ | 212 | $ | 322 | $ | (86 | ) | (27)% | $ | 24 | 11 | % | |||||||||
| Non-IFRS operating margin(1) | 13.6 | % | 13.0 | % | 17.4 | % | (380)bps | +60bps | |||||||||||||||
| Net income | $ | 178 | $ | 155 | $ | 249 | $ | (71 | ) | (29)% | $ | 23 | 15 | % | |||||||||
| Net income margin | 10.2 | % | 9.5 | % | 13.4 | % | (320)bps | +70bps | |||||||||||||||
| Non-IFRS net income(1) | $ | 229 | $ | 211 | $ | 308 | $ | (79 | ) | (26)% | $ | 18 | 9 | % | |||||||||
| Non-IFRS net income margin(1) | 13.2 | % | 12.9 | % | 16.6 | % | (340)bps | +30bps | |||||||||||||||
| Diluted earnings per share ("EPS") | $ | 0.32 | $ | 0.28 | $ | 0.45 | $ | (0.13 | ) | (29)% | $ | 0.04 | 14 | % | |||||||||
| Non-IFRS diluted EPS(1) | $ | 0.41 | $ | 0.38 | $ | 0.55 | $ | (0.14 | ) | (25)% | $ | 0.03 | 8 | % | |||||||||
| Non-IFRS adjusted EBITDA(1) | $ | 627 | $ | 610 | $ | 667 | $ | (40 | ) | (6)% | $ | 17 | 3 | % | |||||||||
| Non-IFRS adjusted EBITDA margin(1) | 36.1 | % | 37.4 | % | 36.0 | % | +10bps | (130)bps | |||||||||||||||
| Cash from operating activities | $ | 375 |
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