Press release
GlobalFoundries Reports Fourth Quarter 2023 and Fiscal Year 2023 Financial Results
MALTA, N.Y., Feb. 13, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the fourth quarter
About this update from Globalfoundries Inc.
[{"type":"text","content":"MALTA, N.Y., Feb. 13, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2023. Key Fourth Quarter Financial Highlights Revenue of $1.854 billion.Gross margin of 28.3% and adjusted gross margin(1) of 29.0%.Operating margin of 16.3% and adjusted operating margin(1) of 20.7%.Net income of $278 million and adjusted net income(1) of $356 million.Adjusted EBITDA(1) of $773 million.Cash, cash equivalents and marketable securities of $3.9 billion. Key Full Year 2023 Financial Highlights Revenue of $7.4 billion.Gross margin of 28.4% and adjusted gross margin(1) of 29.1%.Net income of $1.0 billion and adjusted EBITDA(1) of $2.8 billion \"In the fourth quarter, GF's dedicated teams across the world delivered financial results that exceeded the mid-point of the guidance ranges we provided in our November earnings release,\" said Dr. Thomas Caulfield, president and CEO of GF. \"We continue to position GF to drive foundry innovation and differentiation across essential end-markets and we are especially proud of our Automotive end market revenue growth, with over $1 billion of revenue in 2023. It also gives me great pleasure to welcome John Hollister to GF, as our new CFO. I look forward to partnering with John as we focus on our business priorities through 2024 and beyond.\" Recent Business Highlights GF and Infineon announced a new multi-year agreement on the supply of Infineon's leading 40nm automotive safety controller as well as power management and connectivity solutions through 2030.GF was awarded $35 million in federal funding to accelerate the manufacturing of GF's differentiated gallium nitride (GaN) on silicon semiconductors at its facility in Essex Junction, Vermont. This funding brings GF closer to large-scale production of GaN chips, which are unique in their ability to handle high voltages and temperatures.For the second year in a row, GF has earned a place on Newsweek's esteemed list of \"America's Most Responsible Companies,\" underscoring the company’s longstanding commitment to ESG and environmentally sustainable manufacturing practices. (1)Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted EBITDA and any related margins are all Non-IFRS measures. See “Unaudited Reconciliation of ...