GlobalFoundries Reports Second Quarter 2023 Financial Results

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[{"type":"text","content":"MALTA, New York, Aug. 08, 2023 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the second quarter ended June 30, 2023. Key Second Quarter Financial Highlights Revenue of $1,845 million.Gross margin of 28.8% and adjusted gross margin(1) of 29.6%.Operating margin of 14.9% and adjusted operating margin(1) of 18.3%.Net income of $237 million and adjusted net income(1) of $297 million.Adjusted EBITDA(1) of $668 million.Cash, cash equivalents and marketable securities of $3.3 billion. \"In the second quarter, GF delivered financial results at the upper end of the guidance ranges we provided in our May earnings release\" said Dr. Thomas Caulfield, president and CEO of GF. \"Despite the cyclical headwinds impacting our industry and continued macroeconomic uncertainty, we delivered consistent financial performance and generated $146 million of free cash flow in the quarter, as GF’s global teams diligently managed costs, while driving differentiated solutions to meet our customers' needs, across several critical growth markets.\" Recent Business Highlights GF and Lockheed Martin announced a strategic collaboration to advance U.S. semiconductor manufacturing and innovation and to increase the security, reliability and resilience of domestic supply chains for national security systems.The U.S. Department of Defense accredited GF's advanced manufacturing facility in Malta, New York, as a Category 1A Trusted Supplier with the ability to manufacture secure semiconductors for a range of critical aerospace and defense applications. (1) Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted EBITDA and related margins are Non-IFRS measures. See “Unaudited Reconciliation of IFRS to Non-IFRS\" for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See \"Financial Measures (Non-IFRS)\" for a discussion of why we believe these Non-IFRS measures are useful. Unaudited Summary Quarterly Results (in millions USD, except per share amounts and wafer shipments) Year-over-year Sequential Q2'23 Q1'23 Q2'22 Q2'23 vs Q2'22 Q2'23 vs Q1'23 Net revenue $1,845 $1,841 $1,993 $(148)(7)% $4 —% Gross profit 532 515 538 $(6)(1)% $17 3%Gross margin 28.8% 28.0% 27.0% +180bps +80bps Adjusted gross profit(1) $546 $525 $559 $(13)(2)% $21 4%Adjusted ...

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