GlobalFoundries Reports Q2 2024 Financial Results

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GlobalFoundries Inc. (GF) announced preliminary financial results for the second quarter ended June 30, 2024.

Key Second Quarter Financial Highlights

• Revenue of $1.632 billion
• Gross margin of 24.2% and Non-IFRS gross margin(1) of 25.2%
• Operating margin of 9.5% and Non-IFRS operating margin(1) of 13.0%
• Net income of $155 million and Non-IFRS net income(1) of $211 million
• Non-IFRS Adjusted EBITDA(1) of $610 million
• Cash, cash equivalents and marketable securities of $4.1 billion
• Year to date net cash provided by operating activities of $890 million and Non-IFRS adjusted free cash flow of $563 million

“In the second quarter, GF delivered financial results that exceeded the mid-point of the guidance ranges we provided in our May earnings release, thanks to the dedication of our employees across the world. We remain focused on a disciplined capex strategy and strong cash flow, with over $500 million of cumulative Non-IFRS adjusted free cash flow generation in the first half of 2024,” said Dr. Thomas Caulfield, president and CEO of GF. “I am proud of how well our teams are partnering with our customers on new design wins, delivering best in class technologies and executing our long-term plans.”

Recent Business Highlights

• GF announced that it has acquired Tagore Technology’s proprietary and production-proven Power Gallium Nitride (GaN) business, including its design team and IP portfolio. The acquisition expands GF’s power IP portfolio and aligns with GF’s objectives to support our customers in the rapidly expanding GaN power devices sector.
• BAE Systems and GF announced a new collaboration to strengthen the supply of critical semiconductors for national security programs. Together, the companies will collaborate on R&D in a range of areas, including advanced packaging, GaN, silicon photonics and process development.
• GF released its 2024 Corporate Sustainability Report, which highlights the breadth of GF’s efforts and progress in the areas of sustainability, social responsibility and corporate governance. GF strives to innovate and partner with customers to enable new, smarter and more efficient technologies while also minimizing our impact on the environment, driving positive change and creating lasting value.