GlobalFoundries Inc. (GF) (Nasdaq: GFS) announced preliminary financial results for the second quarter ended June 30, 2022.
Key Second Quarter Financial Highlights
- Record revenue of $1.99 billion, up 23% year-over-year.
- Record gross margin of 27.0% and adjusted gross margin of 28.0%.
- Record operating margin of 14.9% and adjusted operating margin of 17.6%.
- Record net income of $264 million and adjusted net income of $317 million.
- Record adjusted EBITDA margin of 39.3%.
- Cash and cash equivalents and marketable securities of $3.3 billion.
“In the second quarter, the GF team delivered on its commitments to customers and shareholders,” said CEO Dr. Thomas Caulfield. “We shipped a record 630 thousand wafers in the quarter, driven by double-digit growth at sites in the US and Europe. Our revenue grew 23% year-over-year, and we delivered record profitability, making significant progress towards our long-term financial model. Despite global supply chain challenges, the GF team continues to execute to our expansion plans as we build out capacity to meet our customers’ long-term needs. We remain on track to deliver a strong year of growth and profitability.”
Recent Business Highlights:
- On the heels of the passage of the US CHIPS Act, GF announced the extension of its long-term agreement with Qualcomm which adds more than $4Bn in incremental wafer purchases from GF’s Malta, New York facility. With this extension, the total long-term agreement with Qualcomm now represents more than $7Bn in global revenue through 2028 across multiple technologies.
- GF and ST Microelectronics signed a definitive agreement to create a new, jointly-operated 300mm semiconductor manufacturing facility adjacent to ST’s existing 300mm facility in Crolles, France. This new facility, combined with GF’s capacity expansion in Dresden, Germany, will triple GF’s capacity in Europe through 2028.
- GlobalFoundries announced that its first tool has been moved into the company’s new facility on its Singapore campus.