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GlobalFoundries Inc. (GF) (Nasdaq: GFS) announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2022.
Key Fourth Quarter Financial Highlights
- Revenue of $2,101 million, up 14% year-over-year.
- Gross margin of 29.6% and adjusted gross margin of 30.1%.
- Net income of $668 million.
- Adjusted EBITDA of $821 million.
- Cash, cash equivalents and marketable securities of $3,346 million.
Key Full Year 2022 Financial Highlights
- Revenue of $8,108 million, up 23% year-over-year.
- Gross margin of 27.6% and adjusted gross margin of 28.4%.
- Net income margin of 17.8% and adjusted EBITDA margin of 38.1%.
“Our revenue in 2022 grew 23% year-over-year, and we delivered record gross margin and net income, making significant progress toward our long-term financial model,” said CEO Dr. Thomas Caulfield. “In the fourth quarter, the GF team continued to execute on its commitments to customers and shareholders, despite the well-publicized inventory correction. As we look to 2023, we will continue to deepen our engagements with our customers in bringing specialty and differentiated solutions to market.”
Recent Business Highlights
- GF and General Motors jointly announced that General Motors has entered into a long-term agreement with GF to secure a capacity corridor in our advanced Fab in Upstate NY for GM’s U.S. supply chain. This first-of-its-kind, multi-year agreement brings a critical process to the U.S. and supports GM’s strategy to reduce the number of unique chips needed to power increasingly complex and tech-laden vehicles.
- GF announced that it has acquired Renesas Electronics Corporation’s proprietary and production-proven Conductive Bridging Random Access Memory (CBRAM) Technology, a low power memory solution designed to enable a range of applications in home and industrial IoT and smart mobile devices. The transaction further strengthens GF’s memory portfolio and extends its roadmap of embedded nonvolatile memory solutions that is easy to integrate into other technology nodes.
- GF completed the sale of its East Fishkill, NY, facility to onsemi, on December 31, 2022, for a final purchase price of $406m. The deal enables GlobalFoundries to further optimize our assets globally and intensify our investments in the differentiated technologies that fuel our growth while securing a long-term future for the East Fishkill facility and its employees.