2024: a year of “Shaping What’s Essential” at GF December 20, 2024 As the new year approaches, Foundry Files takes a look back to reflect on the many wins and milestones celebrated by GlobalFoundries (GF) in 2024. From shaping what’s essential, to partnering with customers, to pushing forward our semiconductor technologies and empowering our global team, 2024 was a year to remember. CHIPS and Science Act GF CEO Dr. Thomas Caulfield Following an announcement in February of an initial agreement, the U.S. Department of Commerce in November announced an award of up to $1.5 billion in direct funding to GF through the CHIPS and Science Act. The funding will enable GF to expand its essential chip manufacturing and technology development in the U.S., with three major projects in New York and Vermont that will strengthen supply chains and support our customers across a range of vital end-markets including automotive, smart mobile devices, IoT, datacenters, and aerospace and defense. As GF CEO Dr. Thomas Caulfield said: “GF’s essential chips are at the core of U.S. economic, supply chain and national security. We greatly appreciate the support and funding from both the U.S. Government and the states of New York and Vermont, which we will use to ensure our customers have the American-made chips they need to succeed and win.” Read more at CNBC, Reuters, or New York Times. Strengthening the auto supply chain with Infineon GF’s manufacturing facility in Dresden, Germany In early 2024, GF and Infineon Technologies announced of a long-term agreement for a supply of Infineon’s AURIX automotive microcontrollers as well as power management and connectivity chips. The collaboration spans two continents and provides Infineon with additional manufacturing for a more resilient auto supply chain. The two companies have been partnering since 2013 on a range of chip technologies for auto, industrial and security applications. With the new agreement, GF secured Infineon as a key long-term customer across multiple geographies, and particularly in Europe where the automotive industry has been an important contributor to innovation and economic growth. The expanded collaboration underscores the criticality of a global manufacturing footprint that enables GF to partner with customers to meet their capacity needs, where they need it. Driving innovation on the road, in space, and connecting us all GF-made essential chips are at the forefront of space exploration. They’re enabling smarter and more connected devices, and helping to shape what’s essential in the auto industry. They’re also empowering our customers to create devices and technologies necessary for building a more resource-efficient and sustainable future. Don’t miss these articles to learn more: Driving automotive innovation on the semiconductor superhighway | GFs’ next-generation technology will shape what’s essential in the auto industry It’s No Vacation for Chips on Mars | GF-made essential chips are at the forefront of space exploration, providing the capabilities, quality, security, and reliability needed to undertake critical missions in the harsh environment of space How silicon photonics is speeding up generative AI | What’s unique to GF’s offerings is the monolithic integration of both the optical and electrical components onto a single die GF’s essential chips enable sustainability | GF-made chips are helping to build a healthier, safer and more sustainable world Shaping what’s essential “We make chips that power the world,” says Amin Glass, an engineer at GF. This powerful statement is at the heart of the “We Shape What’s Essential” campaign launched by GF in 2024. It starts with questions: What makes our world smarter, faster, safer and more connected? What lets you feel secure, whether you’re at home or on the move? The answer is clear: essential chips do. That’s what our new campaign is all about. Showcasing GF’s role in bringing innovations to life, and partnering with customers to enabling how we live, work and connect, and celebrating GF employees who each play a role in shaping what’s essential. Read more on our blog: “What Do We Mean When We Say ‘Essential’?” 22FDX— the star of GF’s new collaboration with NXP Building on years of working together, GF and NXP announced a new collaboration to drive next-generation semiconductor solutions across a range of end markets including automotive, IoT and smart mobile devices. The collaboration leverages GF’s 22FDX process technology platform and global manufacturing footprint to optimize the power, performance and time-to-market of NXP’s solutions. GF’s 22FDX chips will be manufactured in Dresden and Malta, New York, providing NXP geographically diverse supply for their customers. As GF Chief Business Officer Niels Anderskouv said: “Our close collaboration for over a decade has been a testament to the strength of our shared vision and commitment. As we move forward, we’re excited to build on this foundation and further enable NXP’s next-generation solutions with high-power efficiency and optimal performance, without customers needing to compromise on either.” Purpose-built for intelligence at the edge, 22FDX optimizes energy management to deliver up to 50% higher performance and 70% less power used versus other planar CMOS technologies. The platform optimizes performance by dynamically adjusting to the lowest possible voltage, delivering ultra-low power consumption and high performance for the most demanding applications. Celebrating our global team At GF, we shape the world through our essential chips—from the solutions that enable the way we live today, to the technologies that drive what’s possible for tomorrow. Our people bring this power to life. A diverse and global team representing the best in the industry, we are united by our dedication to excellence and our desire to improve and empower the world. In 2024, to help our ability to attract the best and brightest in the industry, our careers page received a fresh look. Check out gf.com/careers to join GF and shape what’s essential. “AI Everywhere” at GTS GF’s annual Technology Summit series in 2024 highlighted the critical role of GF-made essential chips in accelerating the impact and ubiquity of artificial intelligence. The theme of “AI Everywhere” was the connective tissue across three events, on three continents, which brought together industry leaders to share insights on the latest technology advancements and trends. Together, the events were attended by more than 1,000 GF customers, partners, and collaborators, who heard the many ways in which GF technology platforms provide the flexibility, performance, power efficiency and reliability that are helping drive advancements in AI. Innovations on GF’s RF, silicon photonics and other technology platforms are paving the way to smarter, more connected and more efficient devices needed to unlock the full potential of edge AI computing and achieve “AI Everywhere.” Developing tomorrow’s semiconductor workforce University of Vermont students tour GF’s manufacturing facility GF is committed to cultivating a diverse and skilled semiconductor workforce, from inspiring young people to pursue education in STEM fields to ensuring GF employees are empowered to develop as professionals and leaders. GF announced several efforts in 2024 to support this commitment, including: Partnering with the U.S. National Science Foundation and Micron to invest in workforce development at Minority Serving Institutions (MSI), to help meet the growing workforce needs of the U.S. semiconductor ecosystem. Joining the U.S. “Million Women in Construction” initiative to help increase representation of women and economically disadvantaged individuals in the construction workforce Establishing a new scholarship program at the University of Vermont’s College of Engineering and Mathematical Sciences Expanding collaboration with Rensselaer Polytechnic Institute including new sponsorships and internship opportunities for students Sponsoring the 2024-25 FIRST LEGO League program in Vermont Supporting the new “Chip Kids” video series in partnership with As GF Chief People Officer Pradheepa Raman said: “As an industry, we must work together to collectively address the great need for a robust, diverse pipeline of talented individuals who will be the semiconductor innovators and leaders of tomorrow. Strong partnerships are critical to continue the work of inspiring and developing the skilled workforce our industry needs to grow.” Collaborating with BAE Systems on essential chips for national security BAE System’s Terry Crimmins and GF CEO Dr. Thomas Caulfield In June, GF and BAE Systems announced a new collaboration to strengthen the supply of essential semiconductors for national security programs. With a focus on U.S. chip manufacturing and joint research and development for advanced chip technologies, the companies agreed to align technology roadmaps and collaborate on advancing domestic fabrication and packaging of secure chips for use in aerospace and defense systems. Terry Crimmins, president of BAE Systems’ Electronic Systems sector, joined GF CEO Dr. Thomas Caulfield at GF’s Malta, New York, facility to commemorate the new agreement, which builds upon the longtime relationship between BAE Systems and GF. The agreement further brings together BAE Systems’ expertise in microelectronics for critical defense systems with GF’s expertise as one of the world’s leading high-volume semiconductor manufacturers and the most advanced supplier of secure, essential chips to the U.S. Department of Defense. Accelerating game-changing GaN chips GF’s manufacturing facility in Vermont is the hub of the company’s global GaN chip program In 2024, GF moved closer to large-scale manufacturing of essential gallium nitride (GaN) on silicon semiconductors at its facility in Vermont. With the ability to handle high voltages and temperatures, GaN chip technology is essential for enabling higher performance and greater energy efficiency across a range of RF and high-power control applications including automobiles, datacenter, IoT, aerospace and defense. This effort was supported by three key milestones. First, GaN chips were an important focus of GF’s CHIPS and Science Act award, with part of the $1.5 billion direct supporting the advancement of large-scale GaN manufacturing in Vermont. Second, in July GF announced it acquired Tagore Technology’s Gallium Nitride Power portfolio and created the GF Kolkata Power Center in Kolkata, India. Third, in December received an additional $9.5 million in funding from the U.S. government to support and advance GaN chip manufacturing in Vermont. Together, these efforts are accelerating GF’s momentum in empowering customers to build the next generation GaN-based technologies. As Nicholas Sergeant, vice president of IoT and aerospace and defense at GF, said: “GF is proud of its leadership in GaN chip technology, which is positioned to make game-changing advances across multiple end-markets and enable new generations of devices with more energy-efficient RF performance and faster-charging, longer-lasting batteries.” Manufacturing excellence At the core of GF’s operations lies one driving force: manufacturing excellence. With over 7 million square feet of fabrication facilities — equivalent to nearly 95 Liverpool soccer fields — across three continents, GF’s vast manufacturing footprint is central to the company’s mission and success. How does it all work together, like a giant global semiconductor symphony? Go behind the scenes in this blog article with GF’s Chief Manufacturing Officer Pradip Singh who, alongside a dedicated and talented team, ensures the smooth functioning of GF fabs and the people who bring them to life every day. Also be sure to check this Q&A with Hui Peng Koh, vice president and general manager of GF’s New York site, as well as this Q&A with Ken McAvey, vice president and general manager of Vermont operations and global facilities. Commitment to achieving net zero emissions and carbon-neutral power by 2050 GF has a longstanding commitment to sustainable manufacturing, fighting climate change, and doing the right thing for the right reasons. On Earth Day, the company doubled down on this commitment by announcing two new long-term goals to achieve net-zero greenhouse gas (GHG) emissions and 100% carbon-neutral power by 2050. The new 2050 goals are aligned with Paris Agreement goals,and build upon GF’s Journey to Zero Carbon pledge in 2021 to reduce its greenhouse gas emissions by 25% from 2020 to 2030, even as the company continues to expand its global manufacturing capacity. The company is on track to meet its 25% reduction goal by 2030, which you can read more about in GF’s comprehensive 2024 Sustainability Report. As GF CEO Dr. Thomas Caulfield said: “Climate change is a universal concern for every nation, company and person on this planet, and there are no do-overs when it comes to global warming. It is incumbent upon all of us to take meaningful action to fight against this risk. With our net zero 2050 goal, GF is pledging to continue our sustainability journey and innovate new ways of reducing our emissions and our overall impact on the environment. Not only does this make sense and drive value from a business perspective, it’s the right thing to do for our planet and the future of humanity.” For further reading, don’t miss these blog articles: GF Making Progress on its Journey to Zero Carbon Protecting our Planet Together Resource Conservation is Key to GF’s Sustainability Efforts Recognitions and awards GF is always proud when the company and its team are recognized for their efforts. Key 2024 recognitions include: In April, GF celebrated earning a perfect score in the Human Rights Campaign’s 2023-2024 Corporate Equality Index, a testament to GF’s commitment to an inclusive, diverse workplace where everyone feels valued. Also in April 2024, GF was thrilled to see GF leaders Jennifer Robbins and Katelyn Harrison honored at the Women MAKE Awards. Their recognition underscores the impact of women in semiconductor manufacturing and highlights GF’s commitment to fostering talent and leadership. In May, the latest recognition of GF’s sustainability efforts was being named to USA Today’s “America’s Climate Leaders 2024” list, amplifying our commitment to cut greenhouse emissions and achieve carbon-neutral power by 2050. In September, GF was named one of Fast Company’s “Best Workplaces for Innovators” in the Science and Technology category, celebrating our culture of innovation, collaboration, and technological advancement. In October, GF was named to TIME’s “World’s Best Companies of 2024” list, a reflection of our talented global team, essential chip manufacturing, and longstanding commitment to sustainability. In December, GF Senior Director Yvonne Keil was awarded the 2024 Female Leader of the Year Award at the International Semiconductor Executive Summits – Asia.
GlobalFoundries Sets New Bar as Largest Semiconductor Company to Protect Innovation by Joining LOT Network December 17, 2024 Leading IP owner in semiconductor industry joins largest global patent protection community to safeguard its customers and ecosystem from patent assertion entities MALTA, N.Y., December 17, 2024 — GlobalFoundries (Nasdaq: GFS) (GF) and LOT Network announced today that GF has joined the LOT Network, the world’s largest patent licensing platform and non-profit community of global companies committed to protecting themselves against costly litigation from patent assertion entities (PAEs). With this move, GF joins a community of more than 4,500 companies that include half of the top 20 largest U.S. patent holders, and half of the S&P Global 100 and Fortune 100. Semiconductors play an ever-increasing and vital role in driving innovation, enabling diverse applications across high-growth markets such as artificial intelligence, automotive, smart devices and advanced healthcare technologies. With a global footprint spanning three continents, GF is a leading innovator of differentiated essential chip technologies and has added its nearly 10,000 global patent assets in semiconductor manufacturing, test, and design to the protections of LOT Network. PAEs, referred to by some as “patent trolls”, are responsible for more than 87 percent of all patent litigation against the high-tech industry. Many of the patents used are acquired from the industry itself and are used by the PAEs to profit through litigation against other members of the industry. GF’s membership in LOT Network protects the company and minimizes litigation risk, allowing the company to focus on innovation that will drive advancements in smarter, more secure, connected and efficient devices. LOT Network membership provides a global shield, with members from 56 different countries. “Semiconductors are the key building blocks for so many products that the world relies on to live, work and connect. We are committed to protecting our technology and securely manufacturing the essential chips our customers, partners and industry rely on,” said Adam Noah, Chief IP Counsel at GF. “By joining the LOT Network, we are further safeguarding our business and our customers against PAE litigation, allowing us to focus on the important work of delivering world-class technology solutions. We encourage others within the semiconductor manufacturing and design ecosystem to address the PAE drain on resources by joining LOT’s protective community, which provides strength in numbers.” “GF is the perfect role model for a U.S.-based semiconductor supplier,” said Ken Seddon, CEO of LOT Network. “Not only are they protecting their business, but they are also protecting their customers, as all GF products now come with free immunization to over 20 percent of all US patents. GF is a semiconductor visionary for recognizing the critical role it plays in the protection not just of the semiconductor industry, but the many verticals that rely upon its technologies as well.” ### About GF GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for the automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented and diverse team delivers results with an unyielding focus on security, longevity, and sustainability. For more information, visit www.gf.com. About LOT Network LOT Network, the world’s largest patent licensing platform, is an international, non-profit community of leading global companies committed to protecting themselves against costly litigation from patent assertion entities (PAEs). LOT Network currently protects more than 4,500 members in 56 countries from PAE litigation for more than 4.8 million worldwide patent assets and counting and includes 20% of all U.S. patents within the organization. Members include market leaders such as Toyota, Visa, Canon, Google, Red Hat, JP Morgan Chase, Tesla, Cisco, Amazon, Microsoft, Alibaba, and Salesforce, as well as innovative companies across industries. Visit www.lotnet.com to learn more or download LOT Network’s agreement.
Soitec and GlobalFoundries collaborate in the production of High-Performance RF-SOI Semiconductors December 4, 2024
GlobalFoundries GaN Chip Manufacturing Advances with $9.5 Million U.S. Federal Funding December 4, 2024 Funding moves GF closer to large-scale production of next-generation gallium nitride chips for a range of RF and high-power applications ESSEX JUNCTION, Vt., December 4, 2024 — GlobalFoundries (Nasdaq: GFS) (GF) has received an additional $9.5 million in federal funding from the U.S. government to advance the manufacturing of GF’s essential gallium nitride (GaN) on silicon semiconductors at its facility in Essex Junction, Vermont. The funding moves GF closer to large-scale production of GaN chips. With the ability to handle high voltages and temperatures, GaN chip technology is essential for enabling higher performance and greater energy efficiency across a range of RF and high-power control applications including automobiles, datacenter, IoT, aerospace and defense. With the award, GF will continue to add new tools, equipment and prototyping capabilities to its market-leading GaN IP portfolio and reliability testing as the company moves closer to full-scale manufacturing of its 200mm GaN chips in Vermont. GF is committed to creating a fast and efficient path for customers to realize new innovative designs and products that leverage the unique efficiency and power management benefits of GaN chip technology. “GF is proud of its leadership in GaN chip technology, which is positioned to make game-changing advances across multiple end-markets and enable new generations of devices with more energy-efficient RF performance and faster-charging, longer-lasting batteries,” said Nicholas Sergeant, vice president of IoT and aerospace and defense at GF. “We appreciate the U.S. government’s partnership and ongoing support of our GaN program. Realizing full-scale GaN chip manufacturing will be a catalyst for innovation, for both our commercial and government partners, and will add resilience and strengthen the semiconductor supply chain.” The new funding, awarded by the U.S. Department of Defense’s Trusted Access Program Office (TAPO), represents the latest federal investment to support GF’s GaN program in Vermont. “This strategic investment in critical technologies strengthens our domestic ecosystem and national security, and ensures these assets are readily available and secure for DoD utilization. In concert with key partners, this approach fortifies defense systems, empowering resilience and responsiveness,” said Dr. Nicholas Martin, Director at Defense Microelectronics Activity. In total, including the new award, GF has received more than $80 million since 2020 from the U.S. government to support research, development and advancements to pave the way to full-scale GaN chip manufacturing. Vermont is a U.S.-accredited Trusted Foundry and the global hub of GF’s GaN program, with longstanding leadership in 200mm semiconductor manufacturing. In July 2024, GF acquired Tagore Technology’s Gallium Nitride Power portfolio and created the GF Kolkata Power Center in Kolkata, India. The center is closely aligned with and supports GF’s facility in Vermont, and is helping advance GF’s research, development and leadership in GaN chip manufacturing. About GF GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for the automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented and diverse team delivers results with an unyielding focus on security, longevity, and sustainability. For more information, visit www.gf.com. ©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. Forward-looking Information This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. Media Contact: Michael Mullaney [email protected]
GlobalFoundries and IDEMIA Secure Transactions to Enable Next-Generation Smart Card IC on GF 28ESF3 Platform November 25, 2024 Partnership will deliver 100% European-manufactured and tested smart card technology for secure and seamless transactions MALTA, N.Y., November 25 2024 – Today GlobalFoundries (Nasdaq: GFS) (GF) announced its collaboration with IDEMIA Secure Transactions (IST), a division of IDEMIA Group, to deliver IST’s new smart card IC on GF’s 28ESF3 process technology platform. This announcement marks a two-year partnership to create a 100% European value chain and efficient one-stop-shop solution for the next generation of IST’s smart card technology. Announced at GF’s annual Technology Summit in 2023, GF’s 28ESF3 platform integrates ESF3 embedded non-volatile memory (NVM) into the GF 28SLPe foundry process. The platform offers a unique value proposition for smart card solutions, delivering improved data retention, low read latency and enhanced power efficiency. The platform also offers customers significant cost and time savings for developers through a streamlined manufacturing process with 40% less complexity than competitive platforms, readily accessible Smart Card Flash macros and custom macro design that simplify integration and accelerate time to market. This collaboration also highlights GF’s extensive turnkey service offerings, including the availability of wafer sort using Known-Good-Die (KDG) methodology. Through this process, GF will supply die products that meet the high quality and reliability requirements for smart card solutions while streamlining the path to production. “As digitization continues to modernize our essential financial services, GF recognizes the importance of delivering smart card and digital payment innovations that prioritize security, privacy and convenience,” said Kamal Khouri, vice president and general manager of GF’s feature-rich CMOS product line. “We are bringing those priorities forward through this partnership with IST and advancing future-ready smart card solutions with key integrations for memory and power that optimize performance and reliability.” “Building the first 100% European value chain for smartcards based on GF’s 28ESF3 technology is a major step for IDEMIA Secure Transactions. The collaboration between GF and IST R&D teams has led to the development of the first secure element for payment applications. Our strategy targets banking and connectivity solutions addressing the challenges of the post-quantum cryptography, for which the 28-nanometer chip technology is particularly suited,” said Andrea Bonzo, CTO of IDEMIA StarChip, IDEMIA Secure Transactions. The new smartcard IC is scheduled for mass production by 2026 at GF’s high-volume manufacturing facility in Dresden, Germany. As an ISO 15048 EAL6-certified facility, GF’s Dresden facility meets the highest standards for manufacturing security products like smart card technologies, ensuring an efficient and secure supply chain that saves customers considerable time and costs. About GF GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for the automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented and diverse team delivers results with an unyielding focus on security, longevity, and sustainability. For more information, visit www.gf.com. About IDEMIA Group IDEMIA Group unlocks simpler and safer ways to pay, connect, access, identify, travel and protect public places. With its long-standing expertise in biometrics and cryptography, IDEMIA develops technologies of excellence with an impactful, ethical, and socially responsible approach. Every day, IDEMIA secures billions of interactions in the physical and digital worlds. IDEMIA Group brings together three market-leading businesses that enable mission-critical solutions: IDEMIA Secure Transactions is the leading technology provider who unlocks safer and easier ways to pay and connect. IDEMIA Public Security is a leading global provider of biometric solutions that unlock convenient and secure travel, access, and protection. IDEMIA Smart Identity leverages the power of cryptographic and biometric technologies to unlock a single trusted identity for all. With a global team of nearly 15,000 employees, IDEMIA Group is trusted by over 600 governmental organizations and more than 2,400 enterprises in over 180 countries. For more information, visit www.idemia.com and follow @IDEMIAGroup on X. Forward-looking Information This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. Media Contact: GlobalFoundriesStephanie Gonzalez[email protected]
GlobalFoundries and U.S. Department of Commerce Announce Award Agreement on CHIPS Act Funding for Essential Chip Manufacturing November 20, 2024 Up to $1.5 billion from CHIPS and Science Act to support GF’s New York expansion plans and Vermont facility modernization Additional $550 million from New York State confirmed MALTA, NY, November 20, 2024 — GlobalFoundries (Nasdaq: GFS) (GF) and the U.S. Department of Commerce have announced an award of up to $1.5 billion in direct funding to GF through the CHIPS and Science Act. The award follows the previously signed preliminary memorandum of terms announced in February 2024 and will enable GF to expand its essential chip manufacturing and technology development in the U.S., strengthening supply chains and supporting customers across a range of vital end-markets including automotive, smart mobile devices, IoT, datacenters, and aerospace and defense. “The idea of strengthening U.S. semiconductor manufacturing has been five-plus years in the making. With bipartisan support, that idea evolved into the CHIPS and Science Act,” said Dr. Thomas Caulfield, president and CEO of GF. “GF’s essential chips are at the core of U.S. economic, supply chain and national security. We greatly appreciate the support and funding from both the U.S. Government and the states of New York and Vermont, which we will use to ensure our customers have the American-made chips they need to succeed and win.” GF’s CHIPS and Science Act award will support three projects: Expansion of GF’s existing Malta, New York, fab by adding critical technologies already in production at GF’s Singapore and Germany facilities, to enable a secure and reliable supply of domestically manufactured essential chips for the U.S. auto industry. Modernization and upgrading of GF’s existing fab in Essex Junction, Vermont, to expand production capacity and create one of the world’s leading facilities capable of high-volume manufacturing of next-generation gallium nitride (GaN) semiconductors for use in electric vehicles, data centers, IoT, smartphones and other critical applications. In alignment with market conditions and customer demand, construction of a new state-of-art fab on GF’s Malta, New York, campus to meet expected demand for U.S.-made essential chips across a broad range of markets and applications including automotive, AI in the data center and at the edge, as well as aerospace and defense. The two New York-based projects are expected to triple the existing capacity of GF’s Malta campus over the next 10-plus years, in alignment with expected market requirements and customer demand. Construction of the new fab will leverage the GF site’s existing infrastructure and ecosystem, enabling a fast and efficient path from construction to production. In aggregate, these projects represent more than $13 billion of investment over the next 10-plus years across GF’s two U.S. sites. This investment includes the $1.5 billion CHIPS and Science Act award, more than $550 million in support from the New York State Green CHIPS Program, as well as funding and support from Vermont, GF ecosystem partners and key strategic customers, and other incentives. Combined, these investments are expected to create close to 1,000 direct manufacturing jobs and more than 9,000 construction jobs over the life of these projects. GF’s fabs in New York and Vermont are both Trusted Foundry accredited and manufacture secure chips in partnership with the U.S. government. As part of its CHIPS and Science Act award, to attract and cultivate a pipeline of semiconductor talent in New York and Vermont, GF will continue to invest in and develop new workforce development efforts including curriculum development, internship and apprenticeship programs, K-12 STEM outreach, as well as additional education and training programs. Consistent with GF’s longstanding commitment to our communities and the environment, GF’s design and construction plans for its expansions and modernizations in New York and Vermont will reflect the company’s sustainability goals for future operations. About GF GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for the automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented and diverse team delivers results with an unyielding focus on security, longevity, and sustainability. For more information, visit www.gf.com. ©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. Forward-looking Information This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “outlook,” “plan” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the wars in Ukraine and Israel; domestic political developments, including with respect to the incoming U.S. presidential administration; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our restructuring plan; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession; and our expected results and planned expansions and operations may not proceed as planned if funding we expect to receive (including the awards under the CHIPS and Science Act and New York State Green CHIPS Program) is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them. Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. Investors are urged to review in detail the risks and uncertainties discussed in our 2023 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission. Media Contact: Michael Mullaney [email protected]
GlobalFoundries Announces State Sponsorship of FIRST LEGO League in Vermont for 2024-2025 Season November 12, 2024 GF to host championship event at its Essex Junction facility in January 2025 Essex Junction, Vt., Nov. 12, 2024 – GlobalFoundries (Nasdaq: GFS) (GF) is proud to announce its sponsorship of the 2024-25 FIRST® LEGO® League (FLL) program in Vermont, reinforcing GF’s commitment to community engagement, K-12 STEM (science, technology, engineering, and mathematics) education, and workforce development. As part of this sponsorship, GF will host the FLL Vermont State Championship at its Essex Junction facility on January 18, 2025. The event will be supported by local GF volunteers, showcasing the company’s strong community involvement. This sponsorship builds on GF’s longstanding relationship with the FIRST organization in Vermont through which GF employees have actively mentored FIRST teams across local communities, logging over 1,300 volunteer hours last year alone. Becoming the FLL State Sponsor showcases the company’s commitment to building a strong STEM ecosystem and nurturing the next generation of innovators and problem-solvers. “We are thrilled to be the state sponsor for FIRST LEGO League in Vermont. Every year, our employees invest countless hours as mentors, coaches, and volunteers for the FIRST program, highlighting GF’s dedication to community and workforce development,” said Ken McAvey, vice president and general manager of Vermont Operations and Global Facilities at GF. “GF is committed to cultivating a diverse and skilled semiconductor workforce, and our partnership with FIRST reflects our strong support for their mission to engage students in STEM education from an early age. We look forward to hosting the FLL State Championship, hoping it inspires students to pursue careers in STEM, especially in the semiconductor industry where they can help shape what’s essential.” FIRST LEGO League (FLL) Challenge, which serves students in grades 4-8 throughout Vermont, has seen significant growth. In the 2023-24 season, Vermont hosted 63 FLL Challenge teams statewide, and projections for the current season estimate over 80 teams. This growth is made possible through the collaboration between GF and FIRST in Vermont. FIRSTinVT is a non-profit organization dedicated to establishing and enhancing FIRST teams at all program levels by building sustainable relationships between teams and community partners. “FIRST in Vermont is excited to collaborate with GF to expand the reach and impact of the FIRST LEGO League program in Vermont,” said Joe Chase, Vermont FLL program delivery partner. “GF’s ongoing support is crucial in providing students with the opportunity to engage in hands-on STEM learning and develop critical skills for the future. Together, we are building a strong foundation for the next generation of leaders and innovators.” GF’s facility in Essex Junction, Vermont, near Burlington, was among the first major semiconductor manufacturing sites in the United States. Today, around 1,800 GF employees work at the site. Built on GF’s differentiated technologies, these GF-made chips are used in smartphones, automobiles, and communications infrastructure applications around the world. About FIRST LEGO League FIRST® LEGO® League guides youth through STEM learning and exploration at an early age. From Discover, to Explore, and then to Challenge, students will understand the basics of STEM and apply their skills in an exciting competition or exhibition while building habits of learning, confidence, and teamwork skills along the way. About GF GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for the automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented and diverse team delivers results with an unyielding focus on security, longevity, and sustainability. For more information, visit www.gf.com. ©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. Contact:Gina DeRossiGF[email protected]518-491-5965
GlobalFoundries Reports Third Quarter 2024 Financial Results November 5, 2024 MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the third quarter ended September 30, 2024. Key Third Quarter Financial Highlights Revenue of $1.739 billionGross margin of 23.8% and Non-IFRS gross margin(1) of 24.7%Operating margin of 10.6% and Non-IFRS operating margin(1) of 13.6%Net income of $178 million and Non-IFRS net income(1) of $229 millionNon-IFRS adjusted EBITDA(1) of $627 millionCash, cash equivalents and marketable securities of $4.3 billionYear to date net cash provided by operating activities of $1,265 million and Non-IFRS adjusted free cash flow(1) of $779 million “In the third quarter, the GF team continued to execute next generation opportunities with our customers, by securing key design wins across our growing portfolio of essential chip technologies,” said Dr. Thomas Caulfield, President and CEO of GF. “We delivered consistent financial results at the upper end of the guidance ranges we provided in our August earnings release, and as we continue to navigate the ongoing uncertainties facing our industry, we remain on-track to deliver approximately a threefold increase in our year-over-year Non-IFRS adjusted free cash flow generation by the end of 2024.” Recent Business Highlights Building on the longtime relationship between GF and NXP Semiconductors (NXP), the companies announced a new collaboration leveraging GF’s 22FDX® process technology platform and global manufacturing footprint to optimize the power, performance and time-to-market of NXP’s solutions across a range of automotive, IoT and smart mobile devices. GF’s 22FDX chips will be manufactured in Dresden, Germany and Malta, New York, providing NXP geographically diverse supply for their customers. Over one thousand customers and partners attended GF’s annual Technology Summit held around the world in Santa Clara, California, Munich, Germany and Shanghai, China, to build deeper relationships and learn how GF’s essential chips play a critical role in realizing “AI Everywhere.” GF entered into a strategic technology development and licensing agreement with Finwave Semiconductor, Inc (Finwave), a leading innovator in GaN technology. The collaboration will optimize and scale Finwave’s cutting-edge GaN-on-Si technology to volume production at GF’s 200mm fab in Burlington, Vermont. (1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS adjusted EBITDA, Non-IFRS adjusted free cash flow and any related margins are all Non-IFRS measures. See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. Summary Quarterly Results (Unaudited, in millions, except per share amounts and wafer shipments) Year-over-year Sequential Q3’24 Q2’24 Q3’23 Q3’24 vs Q3’23 Q3’24 vs Q2’24 Net revenue $1,739 $1,632 $1,852 $(113)(6)% $107 7% Gross profit $414 $395 $529 $(115)(22)% $19 5%Gross margin 23.8% 24.2% 28.6% (480)bps (40)bps Non-IFRS gross profit(1) $429 $411 $541 $(112)(21)% $18 4%Non-IFRS gross margin(1) 24.7% 25.2% 29.2% (450)bps (50)bps Operating profit $185 $155 $261 $(76)(29)% $30 19%Operating margin 10.6% 9.5% 14.1% (350)bps +110bps Non-IFRS operating profit(1) $236 $212 $322 $(86)(27)% $24 11%Non-IFRS operating margin(1) 13.6% 13.0% 17.4% (380)bps +60bps Net income $178 $155 $249 $(71)(29)% $23 15%Net income margin 10.2% 9.5% 13.4% (320)bps +70bps Non-IFRS net income(1) $229 $211 $308 $(79)(26)% $18 9%Non-IFRS net income margin(1) 13.2% 12.9% 16.6% (340)bps +30bps Diluted earnings per share (“EPS”) $0.32 $0.28 $0.45 $(0.13)(29)% $0.04 14% Non-IFRS diluted EPS(1) $0.41 $0.38 $0.55 $(0.14)(25)% $0.03 8% Non-IFRS adjusted EBITDA(1) $627 $610 $667 $(40)(6)% $17 3%Non-IFRS adjusted EBITDA margin(1) 36.1% 37.4% 36.0% +10bps (130)bps Cash from operating activities $375 $402 $416 $(41)(10)% $(27)(7)% Wafer shipments (300mm equivalent) (in thousands) 549 517 575 (26)(5)% 32 6% (1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS diluted EPS, Non-IFRS adjusted EBITDA and any related margins are all Non-IFRS measures. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. Summary of Fourth Quarter 2024 Guidance(Unaudited, in millions, except per share amounts)(1) IFRS Share-based compensation Non-IFRS (2)Net revenue$1,800 – $1,850 — Gross profit$417 – $468 $13 – $15 $432 – $481Gross margin(3) (mid-point)24.3% 25.0% Operating profit$177 – $256 $45 – $55 $232 – $301Operating margin(3) (mid-point)11.9% 14.6% Net income (4)$161 – $236 $45 – $55 $216 – $281Net income margin(3) (mid-point)10.9% 13.6% Diluted EPS$0.29 – $0.43 $0.39 – $0.51 (1) The Guidance provided contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The Guidance includes management’s beliefs and assumptions and is based on information that is currently available. (2) Non-IFRS gross profit, Non-IFRS operating expense, Non-IFRS operating profit, Non-IFRS net income and Non-IFRS diluted EPS are Non-IFRS measures and, for purposes of the Guidance only, are defined as gross profit, operating profit, net income and EPS before share-based compensation, respectively. Non-IFRS operating expense is calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit. (3) Non-IFRS margins are Non-IFRS measures and for purposes of the Guidance only, are defined as Non-IFRS gross profit, Non-IFRS operating profit and Non-IFRS net income, each divided by net revenue (using the definitions of Non-IFRS gross profit, Non-IFRS operating profit and Non-IFRS net income, in footnote (2) above, as appropriate). (4) Included in net income is net interest income and other income and expense which we estimate will be between $7 and $15 million for the fourth quarter 2024. Also included in net income is income tax expense which we estimate will be between $23 million and $35 million for the fourth quarter 2024. Consolidated Statements of Operations(Unaudited, in millions, except for per share amounts) Three Months Ended September 30, 2024 September 30, 2023 Net revenue $1,739 $1,852 Cost of revenue 1,325 1,323 Gross profit $414 $529 Operating expenses: Research and development 130 108 Selling, general and administrative(1) 98 143 Restructuring charges 1 17 Total operating expenses $229 $268 Operating profit $185 $261 Finance income (expense), net 15 3 Other income (expense) (5) (21)Income tax expense (17) 6 Net income $178 $249 Attributable to: Shareholders of GlobalFoundries 177 249 Non-controlling interest 1 — EPS: Basic $0.32 $0.45 Diluted $0.32 $0.45 Shares used in EPS calculation: Basic 552 553 Diluted 555 556 (1) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial. Condensed Consolidated Statements of Financial Position(Unaudited, in millions) September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $2,286 $2,387 Marketable securities 1,187 1,033 Receivables, prepayments and other 1,323 1,420 Inventories 1,802 1,487 Current assets $6,598 $6,327 Deferred tax assets $197 $241 Property, plant and equipment, net 8,950 9,829 Right of use assets 492 335 Marketable securities 860 468 Other assets 1,008 844 Non-current assets $11,507 $11,717 Total assets $18,105 $18,044 Liabilities and equity: Current portion of long-term debt $541 $571 Other current liabilities 2,182 2,528 Current liabilities $2,723 $3,099 Non-current portion of long-term debt $1,772 $1,801 Non-current portion of lease obligations 443 350 Other liabilities 1,585 1,643 Non-current liabilities $3,800 $3,794 Total liabilities $6,523 $6,893 Shareholders’ equity: Common stock / additional paid-in capital $23,982 $24,038 Accumulated deficit (12,536) (13,001)Accumulated other comprehensive income 87 67 Non-controlling interest 49 47 Total liabilities and equity $18,105 $18,044 Condensed Consolidated Statements of Cash Flows(Unaudited, in millions) Three Months Ended September 30, 2024 September 30, 2023 Operating Activities: Net income$178 $249 Depreciation and amortization 396 366 Finance (income) expense, net and other 12 7 Deferred income taxes 37 (4)Other non-cash operating activities 15 16 Net change in working capital (263) (218)Net cash provided by operating activities$375 $416 Investing Activities: Purchases of property, plant equipment, and intangible assets$(162) $(323)Acquisitions, net of cash acquired (69) — Other investing activities (32) 10 Net cash used in investing activities$(263) $(313) Financing Activities: Proceeds (repayment) of debt, net$(10) $(54)Other financing activities (2) 1 Net cash used in financing activities $(12) $(53)Effect of exchange rate changes 2 (2)Net change in cash and cash equivalents$102 $48 Cash and cash equivalents at the beginning of the period 2,184 1,832 Cash and cash equivalents at the end of the period$2,286 $1,880 Reconciliation of IFRS to Non-IFRS(Unaudited, in millions, except for per share amounts) Three Months Ended September 30, 2024 June 30, 2024 September 30, 2023 Net Revenue $1,739 $1,632 $1,852 Gross profit $414 $395 $529 Gross margin 23.8% 24.2% 28.6%Share-based compensation 15 16 12 Non-IFRS gross profit(1) $429 $411 $541 Non-IFRS gross margin(1) 24.7% 25.2% 29.2% Selling, general and administrative(2) $98 $114 $143 Share-based compensation 27 28 25 Non-IFRS selling, general and administrative(1) $71 $86 $118 Research and development $130 $121 $108 Share-based compensation 8 8 7 Non-IFRS research and development(1) $122 $113 $101 Operating profit $185 $155 $261 Operating margin 10.6% 9.5% 14.1%Share-based compensation 50 52 44 Restructuring charges 1 5 17 Non-IFRS operating profit(1) $236 $212 $322 Non-IFRS operating margin(1) 13.6% 13.0% 17.4% Net income $178 $155 $249 Net income margin 10.2% 9.5% 13.4%Share-based compensation 50 52 44 Restructuring charges 1 5 17 Income tax effect(3) — (1) (2)Non-IFRS net income(1) $229 $211 $308 Non-IFRS net income margin(1) 13.2% 12.9% 16.6% Diluted EPS $0.32 $0.28 $0.45 Share-based compensation 0.09 0.09 0.08 Restructuring charges — 0.01 0.03 Income tax effect(3) — — (0.01)Diluted shares outstanding 555 557 556 Non-IFRS diluted EPS(1) $0.41 $0.38 $0.55 (1) Non-IFRS gross profit, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS operating profit, Non-IFRS operating expense (calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit), Non-IFRS net income, Non-IFRS diluted EPS and any related margins are all Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. (2) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial. (3) Relates to restructuring charges. Reconciliation of IFRS to Non-IFRSNon-IFRS Adjusted Free Cash Flow(1)(Unaudited, in millions) Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net cash provided by operating activities $375 $402 $416 $1,265 $1,441 Less: Purchase of property, plant and equipment and intangible assets (162) (101) (323) (490) (1,576)Add: Proceeds from government grants 3 1 — 4 — Non-IFRS adjusted free cash flow(2) $216 $302 $93 $779 $(135) (1) Non-IFRS adjusted free cash flow is a Non-IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. (2) Beginning Q1 2024 Non-IFRS adjusted free cash flow includes proceeds from government grants related to capital expenditures. This change in methodology is in anticipation of future expected proceeds from government grants related to capital expenditures from the planned funding awarded under the U.S. CHIPS and Science Act and the New York State Green CHIPS, and better aligns our Non-IFRS adjusted free cash flow metric to how GF assesses capital decisions internally. As such, prior periods have not been adjusted to reflect this new calculation methodology. Reconciliation of IFRS to Non-IFRSNon-IFRS Adjusted EBITDA(Unaudited, in millions) Three Months Ended September 30, 2024 June 30, 2024 September 30, 2023 Net revenue $1,739 $1,632 $1,852 Net income for the period 178 155 249 Net income margin 10.2% 9.5% 13.4%Depreciation and amortization 396 402 366 Finance expense 37 37 37 Finance income (52) (53) (40)Income tax expense (benefit) 17 12 (6)Share-based compensation 50 52 44 Restructuring charges 1 5 17 Non-IFRS adjusted EBITDA(1)(2) $627 $610 $667 Non-IFRS adjusted EBITDA margin(1)(2) 36.1% 37.4% 36.0% (1) For the periods presented, there were no labor optimization expenses or divestiture gains and associated expenses, legal settlements and transaction expenses. (2) Non-IFRS adjusted EBITDA and any related margin are Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS measures: Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS operating expense, Non-IFRS net income, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS diluted earnings per share (“EPS”), Non-IFRS adjusted EBITDA, Non-IFRS adjusted free cash flow and any related margins. We define each of Non-IFRS gross profit, Non-IFRS selling, general and administrative and Non-IFRS research and development as each respective IFRS measure adjusted for share-based compensation. We define Non-IFRS operating profit as operating profit adjusted for share-based compensation and restructuring charges. We define Non-IFRS operating expense as Non-IFRS gross profit minus Non-IFRS operating profit. We define Non-IFRS net income as net income adjusted for share-based compensation, restructuring charges and the associated tax impact. We define Non-IFRS diluted EPS as Non-IFRS net income divided by the diluted shares outstanding. We define Non-IFRS adjusted free cash flow as cash flow provided by (used in) operating activities less purchases of property, plant and equipment and intangible assets plus proceeds from government grants related to capital expenditures. We define Non-IFRS adjusted EBITDA as net income, adjusted for the impact of finance expense, finance income, income tax expense (benefit), depreciation and amortization, share-based compensation, restructuring charges, labor optimization initiatives and divestiture gains and associated expenses, legal settlements and transaction expenses. We define Non-IFRS gross margin as Non-IFRS gross profit divided by revenue. We define Non-IFRS operating margin as Non-IFRS operating profit divided by net revenue. We define Non-IFRS adjusted EBITDA margin as Non-IFRS adjusted EBITDA divided by net revenue. We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. These Non-IFRS financial measures provide supplemental information regarding our operating performance that excludes certain gains, losses and non-cash charges that occur relatively infrequently and/or that we consider to be unrelated to our core operations. Management believes that Non-IFRS adjusted free cash flow as a Non-IFRS measure is helpful to investors as it provides insights into the nature and amount of cash the Company generates in the period. For further information regarding these Non-IFRS measures, please refer to the “Reconciliation of IFRS to Non-IFRS” tables. Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as a comparative measure. Conference Call and Webcast Information GF will host a conference call with the financial community on Tuesday, November 5, 2024 at 8:30 a.m. U.S. Eastern Time (ET) to review the third quarter 2024 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BI956a6ac1895c4c5fb6287253c584e9bc. The call will be webcast and can be accessed from the GF Investor Relations website https://investors.gf.com. A replay of the call will be available on the GF Investor Relations website within 24 hours of the actual call. About GlobalFoundries GlobalFoundries® (GF®) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. Forward-looking Statements This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “outlook,” “on track” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the wars in Ukraine and Israel; domestic political developments, including with respect to the U.S. presidential election; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our restructuring plan; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession; and our expected results and planned expansions and operations may not proceed as planned if funding we expect to receive (including the planned awards under the U.S. CHIPS and Science Act and New York State Green CHIPS) is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them. Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2023 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission (SEC). Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov. For further information, please contact: Investor Relations[email protected]
