ESSEX JUNCTION, VT, March 1, 2024 – GlobalFoundries (Nasdaq: GFS) (GF) CEO Dr. Thomas Caulfield was joined today by Vermont Governor Phill Scott, Senator Peter Welch, U.S. Representative Becca Balint, former Senator Patrick Leahy and other GF and community leaders to celebrate the nearly $130 million in planned direct funding as part of the U.S. CHIPS and Science Act and Vermont state funding that will support the modernization of GF’s longest continuously operated fab and the nation’s first and largest Trusted 200mm facility in Essex Junction.

Last week, GF was proud to announce the U.S. Department of Commerce’s $1.5 billion in planned direct funding for GF, with $125 million of that funding earmarked for modernizing and building out the capacity of GF’s Vermont facility. Governor Scott and the State of Vermont have announced an additional $4.5 million in planned funding to support creating the first U.S. facility capable of high-volume manufacturing of next-generation gallium nitride (GaN) semiconductors for use in electric vehicles, power grids, data centers, 5G and 6G smartphones and other critical technologies.

Modernization efforts will include the adoption of new industry-leading sustainability practices that aim to reduce greenhouse gas emissions and improve wastewater treatment at the facility. These improvements are poised not only to meet but surpass state and federal regulatory requirements, making the fab one of the greenest of its kind.

“GF was proud to welcome Governor Scott, Senator Welch, former Senator Leahy and Congresswoman Balint to our Vermont site today,” said Dr. Caulfield. “Our facility in Vermont has been manufacturing and innovating in the semiconductor industry for the last six decades and these proposed investments to modernize our facility will enable GF to keep delivering cutting-edge solutions for our customers and partners, in an environmentally friendly way, well into the future. Today, on Employee Appreciation Day, we celebrate the achievements and the community spirit of our GF team in Vermont.”

“This investment is incredibly impactful, not just for the state and region, but for our national and economic security,” said Governor Scott. “It’s also a significant recognition of the ingenuity, hard work and dedication of generations of Vermont employees who have made GlobalFoundries and its predecessors in Essex Junction so successful and impactful. This investment would not have been possible without their excellence. I’m excited to see all that comes of it in the years to come.”  

To attract and cultivate a pipeline of semiconductor talent that will be needed in Vermont, GF is creating and investing in numerous initiatives including the company’s recently announced student loan repayment program to help current employees and new recruits pay down student loan debt. GF is also partnering with a broad range of universities and community colleges nationwide, such as the University of Vermont and Vermont State University, to help build a diverse workforce and semiconductor talent pipeline. As part of receiving CHIPS and Science Act funding, 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.

All of GF’s design and construction plans for its modernization in Vermont will reflect GF’s ongoing commitment to sustainable operations and comply with the company’s sustainability goals.

Government officials and academia in Vermont celebrate the news:

“There is no doubt that there is a global shortage in microchips and semiconductors which is making it harder for manufacturers to produce the cars, cellphones, and electronic equipment that we need,” said Sen. Bernie Sanders. “This federal investment will bring valuable support to help this industry succeed in Vermont by supporting innovations in development, manufacturing, and production. It will also create good-paying jobs for hundreds of Vermonters, and bring in apprenticeship programs to teach the next generation. I applaud Senator Leahy, Governor Scott, my fellow Congressional Delegation members, GlobalFoundries, and the Biden-Harris administration for all their work to bring this funding to Vermont. I look forward to seeing all the good it will do for Vermont workers and our communities.”

“Vermont is powered by Gallium Nitride technologies, used in everything from our phones to power grids to electric vehicles. The $125 million federal award made possible by the bipartisan CHIPS and Science Act represents a generational investment in Vermont jobs and U.S.-made chips,” said Senator Welch. “GlobalFoundries and the Fab 9 team have made Vermont a leader in semiconductor innovation and development, and they’ve shown the nation and the world that the Vermont Way works. Their commitment to sustainability and use of carbon-free energy practices are leading the way for other manufacturers. The ripple effect of this exciting development has already begun to spark innovation within the greater community and will be an economic driver for years to come.”

“The historic CHIPS and Science Act unleashed the full potential of domestic semiconductor manufacturing, and Vermont will lead the nation in chips production,” said Rep. Becca Balint. “Thanks to President Biden’s leadership, this transformative investment will lead to the modernization of GlobalFoundries’ longest continuously operated fab, right here in Vermont. Our state will be home to the first U.S. facility capable of high-volume manufacturing of next-generation GaN semiconductors. Vermonters continue to lead our country’s innovation economy, and I am thrilled to celebrate this monumental investment from the Biden administration today.”

“The first and largest 200mm semiconductor manufacturing facility of its kind in the U.S., GF’s Vermont fab is a cornerstone of the state’s economy and a key partner for the University of Vermont’s work as a national research university. Through collaborative programs with UVM and other institutions in Vermont, it is a place where so many young people in our region find their future. CHIPS funding will help ensure the commercial viability of this site for years to come and enable GF and UVM to build upon our recent EDA Tech Hub designation to create internships, apprenticeships, workforce development programs, and advanced research initiatives in the Green Mountain State. We applaud this federal investment in GF and the entire Vermont community,” said Kirk Dombrowski, Vice President for Research and Economic Development at UVM.

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. The facility is a DMEA accredited Trusted Foundry and manufactures secure chips in partnership with the U.S. Department of Defense, for use in some of the nation’s most sensitive aerospace and defense systems.

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. 

©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” made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements 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; 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; and global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession. 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. You should not rely upon forward-looking statements as predictions of future events. 

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. Investors are urged to review in detail the risks and uncertainties discussed in our 2022 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission.

Media Contacts:

For VT:
Gina DeRossi
[email protected]

For NY:
Erica McGill
[email protected]

$1.5 billion potential investment will support the expansion of GlobalFoundries New York facility, including construction of a new state-of-the art fab, and the modernization of its Vermont facility, adding secure capacity for essential chip manufacturing for automotive and other key markets

Additional $600 million plus planned in New York State Green CHIPS and other State benefits over the 10-year term of the New York projects

MALTA, N.Y. and ESSEX JUNCTION, VT, February 19, 2024 – The U.S. Department of Commerce today announced $1.5 billion in planned direct funding for GlobalFoundries (Nasdaq: GFS) (GF) as part of the U.S. CHIPS and Science Act. This investment will enable GF to expand and create new manufacturing capacity and capabilities to securely produce more essential chips for automotive, IoT, aerospace, defense, and other vital markets.

New York-headquartered GF, celebrating its 15^th year of operations, is the only U.S.-based pure play foundry with a global manufacturing footprint including facilities in the U.S., Europe, and Singapore. GF is the first semiconductor pure play foundry to receive a major award (over $1.5 billion) from the CHIPS and Science Act, designed to strengthen American semiconductor manufacturing, supply chains and national security. The proposed funding will support three GF projects:

• Expansion of GF’s existing Malta, NY, fab by adding critical technologies already in production in GF’s Singapore and Germany facilities geared towards enabling the U.S. auto industry. As vehicles transition from mechanical to electronic systems, the number of semiconductor chips in each car or truck continues to soar. This expansion is key to ensuring supply chain resilience for the growing demand and to delivering for GF’s automotive customers including General Motors. This will continue to diversify GF’s flagship Malta fab into new technologies and end markets.
• Construction of a new state-of-art fab on the Malta campus to meet expected customer demand for U.S.-made essential chips across a broad range of markets and applications including automotive, aerospace, defense and AI. The new fab, which has already been granted some necessary permitting, will leverage the site’s existing infrastructure and ecosystem, enabling a fast and efficient path from construction to production. The semiconductor market is expected to double over the next decade, and GF’s new fab will be uniquely positioned to capture the feature-rich mature, essential chip segment which is expected to continue to represent more than 60% of the semiconductor market. Construction of this new fab combined with expansion of GF’s existing site is expected to triple the existing capacity of the Malta campus over the next 10+ years. These two projects are expected to increase wafer production to 1 million per year once all phases are complete.
• Modernization of GF’s longest continuously operated fab and the nation’s first and largest Trusted 200mm facility in Essex Junction, Vermont. The project will upgrade existing facilities, expand capacity as well as create the first U.S. facility capable of high-volume manufacturing of next-generation gallium nitride (GaN) semiconductors for use in electric vehicles, power grids, data centers, 5G and 6G smartphones and other critical technologies.

Based on market requirements and demand, GF plans to invest more than $12 billion over the next 10 plus years across its two U.S. sites through public-private partnerships with support from the federal and state governments as well as from its ecosystem partners, including key strategic customers.

In support of the two Malta, New York projects, Governor Hochul today announced $575 million in planned direct funding for New York State Green CHIPS. Also announced was $15 million in planned funding for NYS Workforce Development activities for GlobalFoundries as well as $30 million in planned funding for NYS Infrastructure upgrades and Energy incentives provided by the New York Power Authority (NYPA).

Combined, these investments are expected to create over 1,500 manufacturing jobs and about 9,000 construction jobs over the life of these projects. 

“GF is proud to announce this proposed funding from the Department of Commerce and New York State and appreciates the collaboration of the CHIPS Office and the Empire State Development Corporation throughout this process. These proposed investments, along with the investment tax credit (ITC) for semiconductor manufacturing, are central to the next chapter of the GlobalFoundries story and our industry. They will also play an important role in making the U.S. semiconductor ecosystem more globally competitive and resilient and cements the New York Capital Region as a global semiconductor hub,” said Dr. Thomas Caulfield, president and CEO of GF. “With new onshore capacity and technology on the horizon, as an industry we now need to turn our attention to increasing the demand for U.S.-made chips, and to growing our talented U.S. semiconductor workforce.”

“Semiconductors are the brain of modern technology. While they are no larger than a fingernail and no thicker than a piece of paper, they are essential to every electronic device that we currently use – from computers and televisions to cars and washing machines. Thanks to our Administration’s CHIPS and Science Act, we are announcing the Department of Commerce’s preliminary agreement with GlobalFoundries, which will award approximately $1.5 billion to expand domestic production of semiconductors, strengthen U.S. supply chains, and create thousands of good paying jobs right here in America,” said Vice President Kamala Harris. “President Biden and I continue to be fully committed to growing our economy and creating opportunity in every part of America. Today’s announcement is another way in which we are delivering on that commitment in New York, Vermont, and communities throughout the country.” 

“Semiconductors are in everything from our cellphones, to refrigerators, to cars, and our most advanced weapons systems, and access to them carries important economic and national security implications. It was the shortages of semiconductors during the COVID-19 pandemic that raised prices for consumers and led to the shutdown of automobile manufacturing sites across the country,” said Secretary of Commerce Gina Raimondo. “Thanks to the CHIPS and Science Act, we’re working to onshore these critical technologies in order to bolster the supply of domestic chips that are essential to manufacturing cars, electronics, and national defense systems in New York, Vermont, and states across the country.”

“I have long said my CHIPS & Science Law would deliver big for New York, and I meant big with a capital ‘B.’ I am proud to announce GlobalFoundries has reached a preliminary agreement for the largest award thus far from the CHIPS program I created for $1.5 billion in grant funding. This will triple production capacity of GlobalFoundries’ already massive campus in Saratoga County, spur billions in public-private investment, and help bring thousands of new good-paying manufacturing and union construction jobs to the Capital Region,” said Senator Schumer. “When I wrote the CHIPS & Science Law, I made sure there was funding especially for the feature-rich, legacy chips that GlobalFoundries produces in Malta and that are essential for America’s auto industry and national defense. We all remember the days of the pandemic when chip shortages sky rocketed car prices and created supply chain issues leading to months-long wait times for cars and electronics, and investments like this are how we can help prevent that from happening again.  Ever since GlobalFoundries’ first Fab 8 broke ground 15 years ago, I knew how significant the company would be for the Capital Region and Upstate NY. Today, the plans for their second chip facility and thousands of new good-paying jobs move forward thanks to the CHIPS & Science Law I fought hard to create.”

“New York State is becoming the best place on earth to build a business,” said Governor Hochul. “Thanks to our pro-business policies, commitment to innovation and best-in-the-nation workforce, green jobs and high-tech manufacturers are flocking to the Empire State. This $11 billion investment from GlobalFoundries is a game changer, and with the partnership of the Biden administration, New York’s congressional delegation, and all of our local stakeholders, the best is yet to come.”

To attract and cultivate a pipeline of semiconductor talent that will be needed in New York and Vermont, GF is creating and investing in numerous initiatives. The company recently announced a new student loan repayment program to help current employees and new recruits pay down student loan debt. The new benefit program is part of the company’s multi-million-dollar investment to strengthen the semiconductor talent workforce by helping to ease the financial burden of higher education and training of the company’s present and future employees. GF is also partnering with a broad range of universities and community colleges nationwide to help build a diverse workforce and semiconductor talent pipeline. As part of receiving CHIPS and Science Act funding, 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.

All of GF’s design and construction plans for its expansions and modernizations in New York and Vermont will reflect GF’s ongoing commitment to sustainable operations and comply with the company’s sustainability goals.

Customers, government officials and academia celebrate the news from the U.S. Department of Commerce and GF:

“We are pleased that GlobalFoundries will be receiving a $1.5 billion investment from the U.S. CHIPS and Science Act,” said Dr. Lisa Su, Chair and CEO of AMD. “GlobalFoundries is a strategic supplier and key enabler of AMD’s high-performance computing products. The planned investment demonstrates the commitment of the U.S. government to strengthen the domestic chip supply chain for economic growth and ensure the long-term competitiveness of the U.S. semiconductor ecosystem.”   

“Semiconductors are critical to today’s vehicles,” said General Motors President Mark Reuss. “GlobalFoundries’ investment in New York both ensures a robust supply of semiconductors in the U.S. to help GM meet demand and supports U.S. leadership in automotive innovation.”

“Lockheed Martin is proud of our strategic partnership with GlobalFoundries to help increase access to domestically produced microelectronics – a true national security imperative,” said Jim Taiclet, chairman, president and CEO of Lockheed Martin. “The Department of Commerce’s announcement led by Secretary Raimondo will enable GlobalFoundries to continue providing essential technology to further strengthen Lockheed Martin’s secure and robust global supply chain. We look forward to the results of this announcement as part of our commitment to delivering cutting-edge 21st Century Security capabilities that advance deterrence and keep our customers ahead of emerging threats.”

“Qualcomm welcomes today’s announcement from the U.S. Department of Commerce CHIPS office regarding funding for GlobalFoundries expansion of their U.S. chip making operations. GlobalFoundries’ commitment to providing additional chip production capacity that allows us to continue pushing the boundaries of the innovation for 5G, Automotive and IoT applications. We are pleased to partner with a company that shares our vision for a more resilient global supply chain for chip production,” said Dr. Roawen Chen, Chief Supply Chain and Operations Officer, Qualcomm Technologies, Inc.

“GlobalFoundries has been a national leader in semiconductor and chips innovation, putting Vermont at the forefront of this emerging technology. This is a well-deserved recognition of GlobalFoundries’ commitment to bolstering the on-shore growth of U.S.-made chips,” said Sen. Peter Welch. “This investment, made possible by the CHIPS and Science Act and the White House and Secretary Raimondo’s commitment to competitiveness and security, will create jobs while making our supply chains more resilient. Even more impressive, this new site will see its commitment to sustainability through with a plan to use carbon-free neutral energy practices —leading in innovation and in action.”

“This is huge news for Vermont and the region,” said Governor Phil Scott. “The CHIPS Act funding will help encourage innovation and expansion of this vital sector in our state and across the country. I’m proud of the work my team has done with GF and others to assist and I want to thank the Biden Administration and our congressional delegation for their continued partnership.”

“Today’s announcement is nothing short of a gamechanger for Saratoga County and the greater Capital Region. It is proof positive that our Investing in America agenda not only bolsters national security and global economic competitiveness, it can create thousands of good paying jobs right here at home. I look forward to working closely with GlobalFoundries and local, state and federal partners to make these historic plans a reality,” said Congressman Paul Tonko.  

“We extend our congratulations to GlobalFoundries for achieving this important milestone that will ignite regional economic growth while reinforcing the vital collaboration between Hudson Valley Community College and GF. Since 2021, through a first-of-its kind U.S. Registered Apprenticeship program, HVCC has been assisting GF in expanding its technical workforce by providing top-notch education and training to apprentices. Additional funding from CHIPS will enable us to expand our role as a critical partner in developing a highly skilled workforce for the semiconductor industry through our partnership with GlobalFoundries,” said Dr. Roger Ramsammy, president of Hudson Valley Community College.

“We congratulate GlobalFoundries on this crucial milestone. Federal investment in GF’s New York manufacturing capabilities will spur regional economic development and build upon the company’s longstanding and highly positive impact on the Capital region, and its investments here. This funding will further strengthen the vital partnership between SUNY and GF, allowing more SUNY students to gain experiential learning through apprenticeships and internships, and making New York the national model for education and workforce development in the semiconductor industry,”said State University of New York Chancellor John B. King, Jr.

“The first and largest 200mm semiconductor manufacturing facility of its kind in the U.S., GF’s Vermont fab is a cornerstone of the state’s economy and a key partner for the University of Vermont’s work as a national research university. Through collaborative programs with UVM and other institutions in Vermont, it is a place where so many young people in our region find their future. CHIPS funding will help ensure the commercial viability of this site for years to come and enable GF and UVM to build upon our recent EDA Tech Hub designation to create internships, apprenticeships, workforce development programs, and advanced research initiatives in the Green Mountain State. We applaud this federal investment in GF and the entire Vermont community,” said Kirk Dombrowski, Vice President for Research and Economic Development at UVM.

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. 

©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” made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements 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; 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; and global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession. 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. You should not rely upon forward-looking statements as predictions of future events. 

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. Investors are urged to review in detail the risks and uncertainties discussed in our 2022 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission.

Media Contacts:

For NY:
Erica McGill
[email protected]

For VT:
Gina DeRossi
[email protected]

MALTA, N.Y., Feb. 13, 2024 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2023.

Key Fourth Quarter Financial Highlights

• Revenue of $1.854 billion.
• Gross margin of 28.3% and adjusted gross margin⁽¹⁾ of 29.0%.
• Operating margin of 16.3% and adjusted operating margin⁽¹⁾ of 20.7%.
• Net income of $278 million and adjusted net income⁽¹⁾ of $356 million.
• Adjusted EBITDA⁽¹⁾ of $773 million.
• Cash, cash equivalents and marketable securities of $3.9 billion.

Key Full Year 2023 Financial Highlights

• Revenue of $7.4 billion.
• Gross margin of 28.4% and adjusted gross margin⁽¹⁾ of 29.1%.
• Net income of $1.0 billion and adjusted EBITDA⁽¹⁾ of $2.8 billion

“In the fourth quarter, GF’s dedicated teams across the world delivered financial results that exceeded the mid-point of the guidance ranges we provided in our November earnings release,” said Dr. Thomas Caulfield, president and CEO of GF. “We continue to position GF to drive foundry innovation and differentiation across essential end-markets and we are especially proud of our Automotive end market revenue growth, with over $1 billion of revenue in 2023. It also gives me great pleasure to welcome John Hollister to GF, as our new CFO. I look forward to partnering with John as we focus on our business priorities through 2024 and beyond.”

Recent Business Highlights

• GF and Infineon announced a new multi-year agreement on the supply of Infineon’s leading 40nm automotive safety controller as well as power management and connectivity solutions through 2030.
   
• GF was awarded $35 million in federal funding to accelerate the manufacturing of GF’s differentiated gallium nitride (GaN) on silicon semiconductors at its facility in Essex Junction, Vermont. This funding brings GF closer to large-scale production of GaN chips, which are unique in their ability to handle high voltages and temperatures.
   
• For the second year in a row, GF has earned a place on Newsweek’s esteemed list of “America’s Most Responsible Companies,” underscoring the company’s longstanding commitment to ESG and environmentally sustainable manufacturing practices.

⁽¹⁾Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted EBITDA and any related margins are all Non-IFRS measures. See “Unaudited 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.

 

 

Unaudited Summary Quarterly Results (in millions USD, except per share amounts and wafer shipments)
														Year-over-year						Sequential
		Q4’23				Q3’23				Q4’22				Q4’23 vs Q4’22						Q4’23 vs Q3’23
Net revenue		$	1,854			$	1,852			$	2,101			$	(247	)	(12	)%		$	2		—	%
Gross profit			525				529				622			$	(97	)	(16	)%		$	(4	)	(1	)%
Gross margin			28.3	%			28.6	%			29.6	%					(130)bps						(30)bps
Adjusted gross profit(1)		$	537			$	541			$	633			$	(96	)	(15	)%		$	(4	)	(1	)%
Adjusted gross margin(1)			29.0	%			29.2	%			30.1	%					(110)bps						(20)bps
Operating profit		$	303			$	261			$	288			$	15		5	%		$	42		16	%
Operating margin			16.3	%			14.1	%			13.7	%					+260bps						+220bps
Adjusted operating profit(1)		$	383			$	322			$	425			$	(42	)	(10	)%		$	61		19	%
Adjusted operating margin(1)			20.7	%			17.4	%			20.2	%					+50bps						+330bps
Net income		$	278			$	249			$	668			$	(390	)	(58	)%		$	29		12	%
Net income margin			15.0	%			13.4	%			31.8	%					(1,680)bps						+160bps
Adjusted net income(1)(2)		$	356			$	308			$	800			$	(444	)	(56	)%		$	48		16	%
Adjusted net income margin(1)			19.2	%			16.6	%			38.1	%					(1,890)bps						+260bps
Diluted earnings per share (“EPS”)		$	0.50			$	0.45			$	1.21			$	(0.71	)	(59	)%		$	0.05		11	%
Adjusted diluted EPS(1)		$	0.64			$	0.55			$	1.44			$	(0.80	)	(56	)%		$	0.09		16	%
Adjusted EBITDA(1)		$	773			$	667			$	821			$	(48	)	(6	)%		$	106		16	%
Adjusted EBITDA margin(1)			41.7	%			36.0	%			39.1	%					+260bps						+570bps
Cash from operations		$	684			$	416			$	491			$	193		39	%		$	268		64	%
Wafer shipments (300mm equivalent) (in thousands)			552				575				580				(28	)	(5	)%			(23	)	(4	)%
(1) Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted diluted EPS, adjusted EBITDA, and any related margins are all Non-IFRS measures. See “Unaudited 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 metrics are useful.
(2) Beginning in Q4 2022, the Company revised its definition of adjusted net income to include an adjustment for restructuring charges and the associated tax impact. The change was made due to a restructuring undertaken in Q4 2022. The Company believes the revised definition provides management and investors with more useful information to evaluate the operations of our business. Adjusted net income is now defined as net income adjusted for share-based compensation, restructuring charges and the associated tax impact.

 

 

Unaudited Summary Annual Results (in millions USD, except per share amounts and wafer shipments)
										Year-over-year
		FY2023				FY2022				FY23 vs FY22
Net revenue		$	7,392			$	8,108			$	(716	)	(9	)%
Gross profit		$	2,101			$	2,239			$	(138	)	(6	)%
Gross margin			28.4	%			27.6	%					+80bps
Adjusted gross profit(1)		$	2,149			$	2,303			$	(154	)	(7	)%
Adjusted gross margin(1)			29.1	%			28.4	%					+70bps
Operating profit		$	1,129			$	1,167			$	(38	)	(3	)%
Operating margin			15.3	%			14.4	%					+90bps
Adjusted operating profit(1)		$	1,369			$	1,443			$	(74	)	(5	)%
Adjusted operating margin(1)			18.5	%			17.8	%					+70bps
Net income(2)		$	1,018			$	1,446			$	(428	)	(30	)%
Net income margin			13.8	%			17.8	%					(400)bps
Adjusted net income(1)(2)(3)		$	1,251			$	1,717			$	(466	)	(27	)%
Adjusted net income margin(1)			16.9	%			21.2	%					(430)bps
Diluted EPS		$	1.83			$	2.62			$	(0.79	)	(30	)%
Adjusted diluted EPS(1)		$	2.24			$	3.11			$	(0.87	)	(28	)%
Adjusted EBITDA(1)(4)		$	2,763			$	3,088			$	(325	)	(11	)%
Adjusted EBITDA margin(1)			37.4	%			38.1	%					(70)bps
Cash from operations		$	2,125			$	2,624			$	(499	)	(19	)%
Wafer shipments (300mm equivalent) (in thousands)			2,211				2,472				(261	)	(11	)%
(1) Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted diluted EPS, and adjusted EBITDA, and any related margins are all Non-IFRS measures. See “Unaudited Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful.
(2) Includes the gain on sale of our East Fishkill business in December 2022.
(3) Beginning in Q4 2022, the Company revised its definition of adjusted net income to include an adjustment for restructuring charges and the associated tax impact. The change was made due to a restructuring undertaken in Q4 2022. The Company believes the revised definition provides management and investors with more useful information to evaluate the operations of our business. Adjusted net income is now defined as net income adjusted for share-based compensation, restructuring charges and the associated tax impact.
(4) Beginning in Q3 2022, the Company revised its definition of adjusted EBITDA to include an adjustment for finance income. The change was made due to the Company making an investment during Q2 2022 of approximately $1.0 billion in marketable securities. The Company believes the revised definition provides management and investors more useful information to evaluate the operations of our business. Adjusted EBITDA is now defined as net income, adjusted for the impact of finance expense, finance income, income tax expense, depreciation and amortization, share-based compensation, divestiture gains and associated expenses, restructuring charges, labor optimization initiatives and litigation settlement.

 

 

Summary of First Quarter 2024 Guidance (unaudited in millions USD, except per share amounts)(1)
	IFRS			Share-based compensation		Non-IFRS Adjusted(2)
Net revenue	$1,500 – $1,540			—		—
Gross profit	$329 – $371			$14 – $16		$345 – $385
Gross margin(3) (mid-point)	23.0%					24.0%
Operating profit	$60 – $130			$50 – $60		$120 – $180
Operating margin(3) (mid-point)	6.3%					9.9%
Net income	$40 – $106			$50 – $60		$100 – $156
Net income margin(3) (mid-point)	4.8%					8.4%
Diluted EPS	$0.07 – $0.19					$0.18 – $0.28
(1)The Guidance provided above 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 currently available.
(2)Adjusted gross profit, adjusted operating profit, adjusted net income, and adjusted diluted EPS are Non-IFRS metrics and, for purposes of the Guidance only, are defined as gross profit, operating profit, net income, and EPS before share-based compensation, respectively. Adjusted operating expense is calculated by subtracting adjusted operating profit from adjusted gross profit.
(3)Adjusted margins are Non-IFRS metrics and for purposes of the Guidance only, are defined as adjusted gross profit, adjusted operating profit and adjusted net income, each divided by net revenue (using the definitions of adjusted gross profit, adjusted operating profit, and adjusted net income, in footnote (2) above, as appropriate).

 

 

Unaudited Consolidated Statements of Operations
		Three Months Ended								Year Ended
(in millions USD, except for per share amounts)		December 31, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Net revenue		$	1,854			$	2,101			$	7,392			$	8,108
Cost of revenue			1,329				1,479				5,291				5,869
Gross profit		$	525			$	622			$	2,101			$	2,239
Operating expenses:
Research and development			105				110				428				482
Selling, general and administrative(1)			87				130				473				496
Restructuring charges			30				94				71				94
Total operating expenses		$	222			$	334			$	972			$	1,072
Operating profit		$	303			$	288			$	1,129			$	1,167
Finance income (expense), net			8				(2	)			12				(60	)
Other income (expense)			(12	)			(13	)			(57	)			22
Gain on sale of a business(2)			—				403				—				403
Income tax expense			(21	)			(8	)			(66	)			(86	)
Net income		$	278			$	668			$	1,018			$	1,446
Attributable to:
Shareholders of GlobalFoundries			277				668				1,020				1,448
Non-controlling interest			1				—				(2	)			(2	)
EPS:
Basic		$	0.50			$	1.22			$	1.85			$	2.69
Diluted		$	0.50			$	1.21			$	1.83			$	2.62
Shares used in EPS calculation:
Basic			553				546				552				539
Diluted			557				554				556				552
(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.
(2) Includes the gain on sale of our East Fishkill business in December 2022.

 

 

Unaudited Consolidated Statements of Financial Position
(in millions USD)		December 31, 2023				December 31, 2022
Assets:
Cash and cash equivalents		$	2,387			$	2,352
Receivables, prepayments and other			1,420				1,487
Marketable securities			1,033				622
Inventories			1,487				1,339
Current assets		$	6,327			$	5,800
Deferred tax assets		$	241			$	292
Property, plant, and equipment, net			10,164				10,596
Marketable securities			468				372
Other assets			844				781
Non-current assets		$	11,717			$	12,041
Total assets		$	18,044			$	17,841
Liabilities and equity:
Current portion of long-term debt		$	571			$	223
Other current liabilities			2,528				3,136
Current liabilities		$	3,099			$	3,359
Non-current portion of long-term debt		$	1,801			$	2,288
Other liabilities			1,993				2,234
Non-current liabilities		$	3,794			$	4,522
Shareholders’ equity:
Common stock/additional paid-in capital		$	24,038			$	23,842
Accumulated deficit			(13,001	)			(14,021	)
Accumulated other comprehensive income			67				92
Non-controlling interest			47				47
Total liabilities and equity		$	18,044			$	17,841

 

 

Unaudited Consolidated Statements of Cash Flows
		Three Months Ended								Year Ended
(in millions USD)		December 31, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Cash flows from operating activities:
Net income		$	278			$	668			$	1,018			$	1,446
Depreciation and amortization			402				409				1,451				1,623
Gain on the sale of a business(1)			—				(403	)			—				(403	)
Finance (income) expense, net and other(2)			(21	)			(3	)			(21	)			1
Deferred income taxes			8				30				50				82
Other non-cash operating activities			41				16				134				50
Net change in working capital			(24	)			(226	)			(507	)			(175	)
Net cash provided by operating activities		$	684			$	491			$	2,125			$	2,624
Cash flows from investing activities:
Purchases of property, plant, equipment, and intangible assets		$	(228	)		$	(991	)		$	(1,804	)		$	(3,059	)
Other investing activities			133				(60	)			(78	)			(999	)
Net cash used in investing activities		$	(95	)		$	(1,051	)		$	(1,882	)		$	(4,058	)
Cash flows from financing activities:
Proceeds from issuance of equity instruments and other		$	1			$	12			$	47			$	168
Proceeds (repayment) of debt, net			(88	)			255				(259	)			581
Other financing activities			—				93				—				93
Net cash (used in) provided by financing activities		$	(87	)		$	360			$	(212	)		$	842
Effect of exchange rate changes			5				11				4				5
Net change in cash and cash equivalents		$	507			$	(189	)		$	35			$	(587	)
Cash and cash equivalents at the beginning of the period			1,880				2,541				2,352				2,939
Cash and cash equivalents at the end of the period		$	2,387			$	2,352			$	2,387			$	2,352
(1)Includes the gain on sale of our East Fishkill business in December 2022.
(2)Finance (income) expense, net and other has been adjusted to include interest and taxes paid that were previously included in “Other non-cash operating activities.” Prior period amounts have been adjusted accordingly.

 

 

Unaudited Reconciliation of IFRS to Non-IFRS
		Three Months Ended												Year Ended
(in millions USD, except for per share amounts)		December 31, 2023				September 30, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Net Revenue		$	1,854			$	1,852			$	2,101			$	7,392			$	8,108
Gross profit		$	525			$	529			$	622			$	2,101			$	2,239
Gross profit margin			28.3	%			28.6	%			29.6	%			28.4	%			27.6	%
Share-based compensation		$	12			$	12			$	11			$	48			$	64
Adjusted gross profit(1)		$	537			$	541			$	633			$	2,149			$	2,303
Adjusted gross margin(1)			29.0	%			29.2	%			30.1	%			29.1	%			28.4	%
Selling, general and administrative(2)		$	87			$	143			$	130			$	473			$	496
Share-based compensation		$	30			$	25			$	25			$	96			$	91
Adjusted selling, general and administrative(1)		$	57			$	118			$	105			$	377			$	405
Research and development		$	105			$	108			$	110			$	428			$	482
Share-based compensation		$	8			$	7			$	7			$	25			$	27
Adjusted research and development(1)		$	97			$	101			$	103			$	403			$	455
Operating profit		$	303			$	261			$	288			$	1,129			$	1,167
Operating profit margin			16.3	%			14.1	%			13.7	%			15.3	%			14.4	%
Share-based compensation		$	50			$	44			$	43			$	169			$	182
Restructuring charges(3)		$	30			$	17			$	94			$	71			$	94
Adjusted operating profit(1)		$	383			$	322			$	425			$	1,369			$	1,443
Adjusted operating profit margin(1)			20.7	%			17.4	%			20.2	%			18.5	%			17.8	%
Net income		$	278			$	249			$	668			$	1,018			$	1,446
Net income margin			15.0	%			13.4	%			31.8	%			13.8	%			17.8	%
Share-based compensation		$	50			$	44			$	43			$	169			$	182
Restructuring charges(3)		$	30			$	17			$	94			$	71			$	94
Income tax effect(4)		$	(2	)		$	(2	)		$	(5	)		$	(7	)		$	(5	)
Adjusted net income(1)(5)		$	356			$	308			$	800			$	1,251			$	1,717
Adjusted net income margin(1)			19.2	%			16.6	%			38.1	%			16.9	%			21.2	%
Diluted EPS		$	0.50			$	0.45			$	1.21			$	1.83			$	2.62
Share-based compensation		$	0.09			$	0.08			$	0.07			$	0.30			$	0.33
Restructuring charges(3)		$	0.05			$	0.03			$	0.17			$	0.13			$	0.17
Income tax effect(4)		$	—			$	(0.01	)		$	(0.01	)		$	(0.02	)		$	(0.01	)
Diluted shares outstanding			557				556				554				556				552
Adjusted diluted EPS(1)		$	0.64			$	0.55			$	1.44			$	2.24			$	3.11
Net cash provided by operating activities		$	684			$	416							$	2,125
Less: Purchase of property, plant and equipment and intangible assets		$	228			$	323							$	1,804
Free cash flow(1)		$	456			$	93							$	321
(1)Adjusted gross profit, adjusted selling, general and administrative, adjusted research and development, adjusted operating profit, adjusted operating expense (calculated by subtracting adjusted operating profit from adjusted gross profit), adjusted net income, adjusted diluted EPS, free cash flow 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) Includes $3.1 million of share-based compensation in Q4 2022.
(4) Relates to restructuring charges.
(5) Reflects change to adjusted net income definition discussed in more detail elsewhere in this release.

 

 

Unaudited Reconciliation of Net Income to Adjusted EBITDA
		Three Months Ended												Year Ended
(in millions USD)		December 31, 2023				September 30, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Net income for the period		$	278			$	249			$	668			$	1,018			$	1,446
Depreciation and amortization			402				366				409				1,451				1,623
Finance expense			35				37				28				137				111
Finance income			(43	)			(40	)			(26	)			(149	)			(51	)
Income tax expense (benefit)			21				(6	)			8				66				86
Share-based compensation			50				44				43				169				182
Restructuring charges(1)			30				17				94				71				94
Divestiture gains and associated expenses, legal settlements and transaction expenses (2)			—				—				(403	)			—				(403	)
Adjusted EBITDA(1)(3)(4)(5)(6)		$	773			$	667			$	821			$	2,763			$	3,088
Adjusted EBITDA margin(1)(3)(4)(5)(6)			41.7	%			36.0	%			39.1	%			37.4	%			38.1	%
(1) Includes $3.1 million of share-based compensation in Q4 2022.
(2) Activity for the year ended December 31, 2022, relates to the gain on the sale of our East Fishkill business.
(3)Reflects change to adjusted EBITDA definition discussed in more detail elsewhere in this release
(4)Includes interest income of $1.0 million in Q1 2022 and $7.0 million in Q2 2022. Had these numbers been included, our adjusted EBITDA and adjusted EBITDA margin would have been $697 million and 35.9% for Q1 2022 and $777 million and 39.0% for Q2 2022, respectively.
(5)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.
(6) For the periods presented above, there were no labor optimization expenses.

 

Financial Measures (Non-IFRS)

In addition to the financial information presented in accordance with IFRS, this press release includes the following Non-IFRS metrics: adjusted gross profit, adjusted operating profit, adjusted operating expense, adjusted net income, adjusted selling, general and administrative, adjusted research and development, adjusted diluted earnings per share (“EPS”), adjusted EBITDA, free cash flow and any related margins. We define each of adjusted gross profit, adjusted selling, general and administrative and adjusted research and development as each respective IFRS measure adjusted for share-based compensation. We define adjusted operating profit as operating profit adjusted for share-based compensation and restructuring charges. We define adjusted operating expense as adjusted gross profit minus adjusted operating profit. We define adjusted net income as net income adjusted for share-based compensation, restructuring charges and the associated tax impact. We define adjusted diluted EPS as adjusted net income divided by the diluted shares outstanding. We define free cash flow as cash flow provided by (used in) operating activities less purchases of property, plant and equipment and intangible assets. We define 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 adjusted gross margin as adjusted gross profit divided by revenue. We define adjusted operating margin as adjusted operating profit divided by net revenue. We define adjusted EBITDA margin as 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 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 “Unaudited Reconciliation of IFRS to Non-IFRS” table above.

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, February 13, 2024 at 8:30 a.m. U.S. Eastern Time (ET) to review the fourth quarter 2023 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BI596916ecbc7f44b8949ef404dff8de42.

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; 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; and global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession. 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 2022 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission. 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]