2 months ago
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MALTA, N.Y., Feb. 11, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024.
Key Fourth Quarter Financial Highlights
- Revenue of $1.830 billion
- Gross margin of 24.5% and Non-IFRS gross margin(1) of 25.4%
- Operating margin of (38.3)% and Non-IFRS operating margin(1) of 15.6%
- Net loss of $729 million and Non-IFRS net income(1) of $256 million
- Diluted loss per share of $1.32 and Non-IFRS diluted earnings per share of $0.46
- Non-IFRS adjusted EBITDA(1) of $661 million
- Ending cash, cash equivalents and marketable securities of $4.2 billion
- Net cash provided by operating activities of $457 million and Non-IFRS adjusted free cash flow(1) of $328 million
Key Full Year 2024 Financial Highlights
- Revenue of $6.750 billion
- Gross margin of 24.5% and Non-IFRS gross margin(1) of 25.3%
- Net loss of $262 million and Non-IFRS net income(1) $870 million
- Diluted loss per share of $0.48 and Non-IFRS diluted earnings per share of $1.56
- Non-IFRS adjusted EBITDA(1) of $2.475 billion
- Year to date net cash provided by operating activities of $1.722 billion and Non-IFRS adjusted free cash flow(1) of $1.107 billion
"In the fourth quarter, the GF team delivered solid financial results that exceeded the Non-IFRS midpoint of the guidance ranges we provided in our November earnings release," said Dr. Thomas Caulfield, President and CEO of GF. "2024 presented a unique set of challenges for our industry, but thanks to our focus on operational excellence, we generated over $1 billion of Non-IFRS adjusted free cash flow(1). As we look to 2025, we are encouraged by our strong design win momentum across our end markets and product portfolio as we position GF for a growth year."
In the fourth quarter 2024, GF recorded a $935 million impairment charge on the long-lived assets relating to legacy investments in production capacity at its facility in Malta, New York. GF undertook this action pursuant to the diversification of its long-term manufacturing technology platform roadmap in Malta, which is consistent with the Company's previously communicated technology transfer strategy needed to meet expected long-term customer demand. Since such impairment is not expected to be a recurring event, the Company believes this additional adjustment to Non-IFRS(1) metrics better enables management and investors to make more meaningful comparisons of fourth quarter 2024 results against prior periods.
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Recent Business Highlights
- GF announced a first-of-its-kind center for advanced packaging and test capabilities, to be developed at its Malta, New York facility. Supported by grants from New York State and the U.S. Department of Commerce, GF's Advanced Packaging and Photonics Center will help meet the growing demand for U.S.-made essential chips used in AI, automotive, aerospace and defense, and communications applications.
- IDEMIA and GF announced a partnership to deliver next-generation smart card technology with improved data retention, low read latency and enhanced power efficiency - saving customers cost and time. This multi-year collaboration will be 100% manufactured and tested in Europe on GF's 28ESF3 platform, ensuring trusted providence.
- Lightmatter announced that it will use GF's Fotonix™ fabrication platform to develop the industry's most robust and scalable AI interconnect solution. By integrating electronics and photonics into a single CMOS wafer, GF's unique solution will enable the speed and efficiency needed for future AI data centers.
(1) See "Reconciliation of IFRS to Non-IFRS" for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See "Financial Measures (Non-IFRS)" for further discussion on these Non-IFRS measures and why we believe they are useful.
| GlobalFoundries Inc.
Summary Quarterly Results (Unaudited, in millions, except per share amounts and wafer shipments) | ||||||||||||||||||||||||
| Year-over-year | Sequential | |||||||||||||||||||||||
| Q4'24 | Q3'24 | Q4'23 | Q4'24 vs Q4'23 | Q4'24 vs Q3'24 | ||||||||||||||||||||
| Net revenue | $ | 1,830 | $ | 1,739 | $ | 1,854 | $ | (24 | ) | (1 | )% | $ | 91 | 5 | % | |||||||||
| Gross profit | $ | 449 | $ | 414 | $ | 525 | $ | (76 | ) | (14 | )% | $ | 35 | 8 | % | |||||||||
| Gross margin | 24.5 | % | 23.8 | % | 28.3 | % | (380)bps | +70bps | ||||||||||||||||
| Non-IFRS gross profit(1) | $ | 464 | $ | 429 | $ | 537 | $ | (73 | ) | (14 | )% | $ | 35 | 8 | % | |||||||||
| Non-IFRS gross margin(1) | 25.4 | % | 24.7 | % | 29.0 | % | (360)bps | +70bps | ||||||||||||||||
| Operating profit (loss) | $ | (701 | ) | $ | 185 | $ | 303 | $ | (1,004 | ) | (331 | )% | $ | (886 | ) | (479 | )% | |||||||
| Operating margin | (38.3 | )% | 10.6 | % | 16.3 | % | (5,460)bps | (4,890)bps | ||||||||||||||||
| Non-IFRS operating profit(1) | $ | 285 | $ | 236 | $ | 383 | $ | (98 | ) | (26 | )% | $ | 49 | 21 | % | |||||||||
| Non-IFRS operating margin(1) | 15.6 | % | 13.6 | % | 20.7 | % | (510)bps | +200bps | ||||||||||||||||
| Net income (loss) | $ | (729 | ) | $ | 178 | $ | 278 | $ | (1,007 | ) | (362 | )% | $ | (907 | ) | (510 | )% | |||||||
| Net income (loss) margin | (39.8 | )% | 10.2 | % | 15.0 | % | (5,480)bps | (5,000)bps | ||||||||||||||||
| Non-IFRS net income(1) | $ | 256 | $ | 229 | $ | 356 | $ | (100 | ) | (28 | )% | $ | 27 | 12 | % | |||||||||
| Non-IFRS net income margin(1) | 14.0 | % | 13.2 | % | 19.2 | % | (520)bps | +80bps | ||||||||||||||||
| Diluted earnings (loss) per share ("EPS") | $ | (1.32 | ) | $ | 0.32 | $ | 0.50 | $ | (1.82 | ) | (364 | )% | $ | (1.64 | ) | (513 | )% | |||||||
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