GlobalFoundries Inc. · NASDAQ:GFS
GlobalFoundries — Q1 2025 Earnings Presentation
32 slides from GlobalFoundries's earnings presentation, May 6, 2025
Slide 1: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results (unaudited) May 6, 2025 1
Slide 2: Disclaimer - Forward-looking statements and Third-Party Data
Disclaimer - Forward-looking statements and Third-Party Data This presentation and the accompanying oral presentation include “forward- Although we believe that the expectations reflected in our statements are We define Non-IFRS adjusted free cash flow as cash flow provided by (used looking statemen
Slide 3: Results and Highlights
Results and Highlights
Slide 4: First Quarter 2025 Results
First Quarter 2025 Results Revenue Non-IFRS Gross Non-IFRS Earnings Margin(1) per Share(1) $1.59B 23.9% $0.34 ↑ 2% Y/Y ↓ (220)bps Y/Y ↑ 10% Y/Y (1) See the Appendix for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure and for a discussion of why we believe
Slide 5: Key Highlights
Key Highlights 1 2 » Q1 2025 results » Year-over-year at the high end of growth in Auto, non-IFRS CI&D, and Home guidance ranges & Industrial IoT 3 4 » ~10% non-IFRS » Approx. 90% of adjusted free design wins(2) cash flow(1) sole-sourced over margin last 4 quarters (1) See the Appendix for a detaile
Slide 6: Key Announcements
Key Announcements
Slide 7: GlobalFoundries and indie Semiconductor
Key Announcements GlobalFoundries and indie Semiconductor These SoCs, that will be manufactured on GF’s 22FDX® platform, will target 77 GHz and 120 GHz radar applications for advanced driver assistance systems and adjacent industrial applications. Expected Uses: Forward Blind spot Occupant collision
Slide 8: GlobalFoundries and Bosch
Key Announcements GlobalFoundries and Bosch Bosch announced the launch of its next generation single chip radar sensor, which is based on GF's 22FDX platform, and reliably and precisely detects objects for assisted and automated driving. Expected Features: Integrates Delivers high Allows for high-fr
Slide 9: GlobalFoundries and Ayar Labs
Key Announcements GlobalFoundries and Ayar Labs Ayar Labs announced the industry’s first Universal Chiplet Interconnect Express (UCIe) optical interconnect chiplet to maximize AI infrastructure performance and efficiency. Key Features: Maximized AI Reduced Interoperability infrastructure latency and
Slide 10: End Markets
End Markets
Slide 11: End Market Commentary
End Market Commentary 9 Com Communications Smart Mobile Home and Infrastructure and Devices » Automotive » Industrial IoT » Datacenter » Good commercial traction Expect continued market Strong adoption of GF's Expect meaningful and expect continued new share capture and new technology in AI-enabled
Slide 12: Smart Mobile Devices
Smart Mobile Devices Q1'25 Revenue $586M ↓ (14)% Y/Y Q1'25 Key Design Wins End Market Commentary Platform Application Growing market share in leading RF Front End, 8SW / 9SW RF Front-End continuing to win designs in the 22FDX MicroLED display back plane important display and imaging space, and expan
Slide 13: Automotive
Automotive Q1'25 Revenue $309M ↑ 16% Y/Y Q1'25 Key Design Wins End Market Commentary Platform Application We are the sole source foundry for the number one MCU 40ESF3 MCU and motor control devices provider, and expect to benefit 22FDX Radar SoCs from long-term growth in smart sensors for radar, car
Slide 14: Home and Industrial IoT
Home and Industrial IoT Q1'25 Revenue $328M ↑ 6% Y/Y Q1'25 Key Design Wins End Market Commentary Platform Application Expect long-term opportunities in general purpose 22FDX WiFi 7 adoption microcontrollers, image signal 22FDX Broad market wireless MCU processors, and audio signal processors for hom
Slide 15: Communications Infrastructure and Datacenter
Communications Infrastructure and Datacenter Q1'25 Revenue $174M ↑ 45% Y/Y Q1'25 Key Design Wins End Market Commentary Platform Application Expect continued growth in 45RFSOI Ground Terminal Infrastructure secular drivers, such as satellite communications, optical 22FDX Beamforming communications, a
Slide 16: Q1'25 Revenue by End Market
Q1'25 Revenue by End Market (Unaudited, in millions USD) ((Unaudited, in millions) Year-over-year Sequential Q1'25 Q4'24 Q1'24 Q1'25 vs Q1'24 Q1'25 vs Q4'24 Smart Mobile Devices $586 $738 $680 ($94) (14)% $(152) (21)% Communications Infrastructure and $174 $170 $120 $54 45% $4 2% Datacenter Home and
Slide 17: Q1'25 Revenue Mix by End Market
Q1'25 Revenue Mix by End Market 9(Unaudited) 12% 11% Smart Mobile Devices 37% 17% Communications Infrastructure and Datacenter 19% 44% Q1'25 Q1'24 Home and Industrial IoT Automotive 20% 21% 11% 8% Non-Wafer & Corporate Other 17
Slide 18: Capex and Cash Flow
Capex and Cash Flow Year-to-Date Through Q1'25 ▪ Continued meaningful free cash flow generation, with Cash flow from operations $331M consistent operational excellence across our global footprint. Capital expenditures $166M (10% of Revenue) ▪ Prepaid $664 million on our Non-IFRS adjusted FCF(1) $165
Slide 19: Outlook
Outlook 19
Slide 20: Q2'25 Guidance
Q2’25 Guidance(1) (Unaudited, in millions USD, except per share amounts) IFRS Share-Based Non-IFRS(2) Compensation(3) Net Revenue $1,675 ± $25 Gross Margin(2) 24.1% ± 100bps ~90bps 25.0% ± 100bps Operating Expenses $222 ± $10 ~$37 $185 ± $10 Operating Margin(2) 10.8% ± 180bps ~320bps 14.0% ± 180bps
Slide 21: Appendix: Summary Financials and Reconciliations
Appendix: Summary Financials and Reconciliations
Slide 22: Q1'25 Financial Summary
Q1'25 Financial Summary (Unaudited, in millions, except per share data and wafer shipments) Year-over-year Sequential Q1'25 Q4'24 Q1'24 Q1'25 vs Q1'24 Q1'25 vs Q4'24 Net revenue $1,585 $1,830 $1,549 $36 2% ($245) (13)% Gross profit 355 449 393 ($38) (10)% ($94) (21)% Gross margin 22.4% 24.5% 25.4% (
Slide 23: Statement of Operations
Statement of Operations (Unaudited, in millions, except per share amounts) Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Net revenue $ 1,585 $ 1,830 $ 1,549 Cost of revenue 1,230 1,381 1,156 Gross profit $ 355 $ 449 $ 393 Operating expenses: Research and development 127 121 124
Slide 24: Statements of Financial Position
Statements of Financial Position (Unaudited, in millions) As of March 31, 2025 December 31, 2024 Assets: Cash and cash equivalents $ 1,596 $ 2,192 Marketable securities 1,281 1,194 Receivables, prepayments and other 1,415 1,406 Inventories 1,813 1,624 Current assets 6,105 6,416 Property, plant, and
Slide 25: Statement of Cash Flows
Statement of Cash Flows (Unaudited, in millions) Three Months Ended March 31, 2025 March 31, 2024 Operating Activities: Net income $ 211 $ 134 Depreciation and amortization 352 392 Finance (income) expense, net and other 9 6 Net change in working capital (144) (97) Other non-cash operating activitie
Slide 26: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions, except per share amounts) Three Months Ended March 31, 2025 Selling, general & Research & Other Income Income tax Gross profit Operating profit Net income Diluted EPS administrative development (Expense) (expense) benefit As Reported $355 $77
Slide 27: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions, except per share amounts) Three Months Ended December 31, 2024 Income tax Selling, general & Research & Other Income Gross profit Operating profit (expense) Net income Diluted EPS administrative development (Expense) benefit As Reported $449
Slide 28: IFRS to Non-IFRS Reconciliations
IFRS to Non-IFRS Reconciliations (Unaudited, in millions, except per share amounts) Three months ended March 31, 2024 Income tax Selling, general & Research & Other Income Gross profit Operating profit (expense) Net income Diluted EPS administrative development (Expense) benefit As Reported $393 $12
Slide 29: IFRS to Non-IFRS Reconciliation: Non-IFRS Adjusted Free Cash Flow
IFRS to Non-IFRS Reconciliation Non-IFRS Adjusted Free Cash Flow(1) a (Unaudited, in millions) Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Net cash provided by operating activities $331 $457 $488 Less: Purchases of property, plant and (166) (135) (227) equipment and intangible
Slide 30: IFRS to Non-IFRS Reconciliation: Non-IFRS Adjusted EBITDA
IFRS to Non-IFRS Reconciliation Non-IFRS Adjusted EBITDA(1) (Unaudited, in millions) Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Net revenue $ 1,585 $ 1,830 $ 1,549 Net income (loss) 211 (729) 134 Net income (loss) margin 13.3 % (39.8)% 8.7 % Depreciation and amortization 352
Slide 31: Financial Measures (Non-IFRS)
Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with International Financial We believe that in addition to our results determined in accordance with IFRS, these Non- Reporting Standards ("IFRS"), this press release includes the following Non-IFRS finan
Slide 32: Thank You
Thank You The information contained herein is the property of GlobalFoundries and/or its licensors. This document is for informational purposes only, is current only as of the date of publication and is subject to change by GlobalFoundries at any time without notice. GlobalFoundries, the GlobalFound