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.
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.