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GF Silicon Germanium Technologies: the unsung hero of modern communications
By Arvind Narayanan
Director, RF Product Line
In the late 1980s and the early 90s, from the least expected places on earth in New York and Vermont, a quiet revolution in semiconductors was taking shape. One can’t fault even the nerdiest of all semiconductor enthusiasts for not paying attention because Moore’s law and the shrinking of silicon (Si) CMOS transistors were grabbing all the news and headlines.
A group of engineers quietly rode the innovation wave and put the germanium (Ge) in Si bipolar junction transistors to deliver greatly improved device characteristics resulting in a promise for supreme RF and high-speed analog transistor performance. Their pioneering work using graded-Ge SiGe base transistors set the foundation for the commercial success of SiGe BiCMOS technologies on 8-inch wafers for various RF/Wireless and mmWave communications applications – the kind of success and the broad adoption that is rivalled only by a handful of semiconductor technologies like bulk CMOS, Gallium-Arsenide (GaAs) and RF Silicon-on-Insulator (SOI).
While GF has been at the forefront of SOI technology innovation over the last 15 years, the legacy and the responsibility of being the torchbearer for SiGe BiCMOS technology advancement has been with GF’s (previously, IBM Microelectronics) technology developers and engineers for over four decades. Let’s trace down the history a bit more, relive and see what’s next in the story of SiGe, which the forefathers rightfully called “a story of persistence” [1].
GF SiGe History: A story where the sum of its parts is greater than the whole
“A not so humble beginning”
The first part of any series is usually the one that leaves a lasting impression, and GF’s first commercially successful SiGe technology fits the bill. More than a decade ago, the 0.35um SiGe BiCMOS technology [2] called SiGe5PAe set the stage for the entry of SiGe in the Wi-Fi power amplifier (PA) space just as the smartphone era was kicking off its world domination. This technology helped PA designers deliver the best combination of technical figure-of-merits (FoM) such as high output power, linearity and efficiency at the lowest cost.
As demand for Wi-Fi grew and new Wi-Fi standards pushed for ever more stringent performance requirements, GF continued to deliver improvements on the base platform with various flavors of SiGe5PAXe and SiGe5PA4, including the high-resistivity substrate options that enabled full front-end ICs that integrated RF switches and Low-noise amplifiers (LNA) with a PA. Each flavor pushed the boundaries of Wi-Fi PA performance further by delivering improved PA performance while enhancing PA reliability and ruggedness for advanced WiFi standards. Table-1 shows the key features in GF’s 350nm SiGe BiCMOS technologies enabling the different applications and segments.
What began as a humble endeavor turned out to be a huge commercial success with GF’s 0.35um SiGe technologies delivering seamless Wi-Fi experiences on high-end smartphones and tablets. Today, these technologies continue to dominate the PAs used in Wi-Fi Front-end-modules (FEM) in smartphones and have gained traction in Wireless Infrastructure applications such as PA pre-drivers.
“One giant leap in Space and beyond”
Usually, sequels are rarely better than the original story or series. But there are exceptions, such as GF’s 130nm SiGe technologies which are proof points for enabling several products and applications in both wireless and wired communications space [3] [4]. The high-frequency and high-voltage handling nature of SiGe heterojunction bipolar transistors (HBTs) in these technologies enables diverse applications such as mmWave and SATCOM PAs and LNAs, automotive radars, wireless backhaul and high-speed analog interface drivers. Specifically, GF’s SiGe8WL, SiGe8HP and SiGe8XP technologies pioneered the integration of high performance NPN transistors with high-quality mmWave and distributed passives such as transmission lines and microstrips that enabled the aforementioned applications.
“When conquering space is not enough”
In 2014, GF’s pioneering SiGe innovation led to the introduction of world’s first 90nm SiGe BiCMOS technology in SiGe9HP [5] which was followed with another industry-leading NPN performance enhancement via SiGe9HP+ [6]. Today, both these technologies combine to form one of the most comprehensive and competitive SiGe technologies available in the market. With advanced CMOS integration and a host of features including low-loss metallization and high-voltage LDMOS, the technology enabled state-of-the-art datacenter applications, such as transimpedance amplifiers (TIA) and drivers for high-speed optical communications, and other high-performance analog applications such as high-bandwidth analog to digital converters (ADCs) and terahertz imaging and sensing.
“There is no endgame to revolution”
With the advent of generative AI there is no lack of appetite for higher bandwidth, data rates or longer range for communications. At GF, after four decades of consistent innovation, we are once again ready for the next revolution in SiGe technologies serving the modern communication requirements. Recently, GF published the industry’s highest performing SiGe HBT with 415/600 GHz ft/fmax on a 45nm SOI platform [7] and is actively engaging with early customers on industry’s first-ever high-performance complementary 130nm SiGe BiCMOStechnology in 130CBIC via the Globalshuttle Multi-Project Wafer (MPW) program. The key features of 130CBIC enabling a broad set of applications are shown in Table-4.
Looking into the future, one vector of growth could be increasing the ft/fmax of HBTs further to satisfy the advanced optical transceivers requirements for datacenter optical networks and generative AI applications. However, as GenAI seeps into smartphones, there is a logical need to lower power consumption or increase RF performance (lower-noise and higher gain) at the existing power levels for RF Front-end modules or related components. Also, as broadband internet access continues its march to far reaching corners of the globe, SiGe HBT performance and cost can be optimized for consumer satellite ground terminal applications helping connect the next 4 billion users to the internet.
While CMOS hits the wall on Moore’s Law, the true potential of SiGe can be unlocked further and realized in much larger economies of scale for applications that demand unforgiving RF / high-speed performance and capabilities.
To find out more about how GF’s SiGe technologies can support your next-generation RF and high-performance applications, you can contact us anytime through gf.com.
Arvind Narayanan is the Director of Product Management with the RF Product Line at GlobalFoundries. He owns the SiGe and RF GaN strategic roadmap and manages the related portfolio of products. He has been with GlobalFoundries for over six years in various customer-facing roles.
References:
[1] D. L. Harame, B. S. Meyerson, “The Early History of IBM’s SiGe Mixed Signal Technology,” in IEEE Transactions on Electron Devices, Vol. 48, No. 11, November 2001.
[2] A. Joseph et al., “A 0.35 gm SiGe BiCMOS Technology for Power Amplifier Applications”, IEEE BCTM 2007.
[3] B. A. Orner et al., “A 0.13 µm BiCMOS technology featuring a 200/280 GHz (fT/fmax) SiGe HBT,” in Proc. IEEE Bipolar/BiCMOS Circuits and Technol. Meeting,2003, pp. 203-206
[4] P. Candra et al., “A 130nm sige bicmos technology for mm-wave applications featuring hbt with fT / fMAX of 260/320 ghz,” in IEEE RFIC Symposium, pp. 381–384, 2013
[5] J. J. Pekarik et al., “A 90nm SiGe BiCMOS technology for mm-wave and high-performance analog applications,” 2014 IEEE Bipolar/BiCMOS Circuits and Technology Meeting (BCTM), Coronado, CA, USA, 2014, pp. 92-95
[6] U. S. Raghunathan et al., “Performance Improvements of SiGe HBTs in 90nm BiCMOS Process with fT/fmax of 340/410 GHz,” 2022 IEEE BiCMOS and Compound Semiconductor Integrated Circuits and Technology Symposium (BCICTS), Phoenix, AZ, USA, 2022, pp. 232-235
[7] V. Jain et al., “415/610GHz fT/fMAX SiGe HBTs Integrated in a 45nm PDSOI BiCMOS process”, 2022 IEEE International Electron Devices Meeting (IEDM), pp. 266-268
GlobalFoundries Certifies Ansys Lumerical Photonic Design Tools for GF Fotonix™ Platform
Next-gen GF Fotonix: Redefining Flexibility, Bandwidth Upgrades & Full Turnkey Support
By Kevin Soukup
Senior Vice President, Silicon Photonics Product Line
GlobalFoundries (GF) first introduced our revolutionary GF Fotonix™ platform in 2022 with a focus on optical interconnects. The platform was rated up to 100 gigabits per second per wavelength (100G/λ) via PAM4 signaling. With an extremely fast data rate and up to 10,000x improvement in system error rate, our first-generation GF Fotonix platform was an important step forward in enabling optical chiplets that deliver faster, more efficient data transmission.
These achievements proved successful and have established GF as a leader in the silicon photonics space, but we didn’t stop there. Let’s take a look at some of the latest advancements that we’ve made on our GF Fotonix platform, including increased design flexibility, bandwidth upgrades and full turnkey support with the development of our newly announced Advanced Packaging and Photonics Center.
Extreme flexibility
The GF Fotonix platform has been developed to allow customers the extreme flexibility to address various application and market segment design requirements:
- Process flexibility: The GF Fotonix process can be run as an integrated photonics + RF CMOS flow or a photonics-only flow as required by the customer’s application and system requirements.
- Free Form Designs: The technology allows for free-form passive component design as long as the custom devices meet the design rules. Support for custom photonic device designs is provided natively in the process design kit (PDK) through the support of technology files for the industry’s leading device simulators.
- “Slow and wide” vs. “Fast and narrow”: GF Fotonix offers design flexibility by supporting the implementation of both course wave (CWDM) and dense wave divisional multiplexing (DWDM) to optimize beachfront density (bandwidth density along the edge of the chip). Components needed for wave division multiplexing such as athermal muxs/de-muxs and banks of micro-ring and coupled ring resonators are available in the PDK.
From high-traffic AI data centers to next-generation advanced driver assistance systems, we are continuously working with our customers across all end markets to understand their design requirements and add the features and advancements that will take their chips to the next level.
Doubling the bandwidth
The second generation of GF Fotonix supports 200G/λ, doubling the bandwidth speed from the previous generation to support “fast and narrow” architectures. We’ve also made upgrades to all the active photonic devices such as modulators (micro-ring, Mach Zehnder and Ring Assisted Mach Zehnder), photodiodes and transistors to support monolithic integration. Groundbreaking progress has been made on the yield of modulator banks to support multi-lambda “slow and wide” architectures.
The IOSMF (v-groove based passive fiber couplers) have been upgraded in two meaningful ways. First, a decrease in pitch of the individual v-grooves from 250μm to 127μm will support higher optical beach front density by 2x. Second, we’ve added support for silicon nitride (SiN) spot-size converters to improve the power handling capacity by >4x.
With a view of the co-packaged requirements, we have been working with several vendors on wafer-level and die-level detachable fiber attach solutions. Several demos of these solutions will be showcased at the 2025 Optical Fiber Communications Conference and Exhibition (OFC) in San Francisco this April.
Finally, we have added support for thru-silicon vias (TSV) through the photonic IC (PIC). This feature allows for the 2.5D/3D stacking of the Electrical IC on top of the PIC. These TSVs can be used for high speed signaling, power delivery and heat sinking.
Advanced Packaging and Photonics Center
Earlier this year, GF announced a first-of-its-kind center for advanced packaging and testing at our manufacturing facility in New York. This new center will allow us to process, package and test the chips manufactured in our New York facility entirely onshore in the United States, helping us meet the growing demand for secure supply chains for our essential chips in critical end markets like automotive, communications infrastructure and aerospace and defense.
Through this new center, GF is now able to provide a turnkey solution for our silicon photonics chips, with advanced packaging, assembly and testing services to transform chips into individual packages ready for end-product use. On the IP side, we continue to grow our GlobalSolutions ecosystem with verified and silicon-proven IP solutions from industry experts that can be easily integrated onto GF Fotonix to build your state-of-the-art, custom IC.
To find out more about GF Fotonix and how our silicon photonics process technologies can support your next generation fiber-optic communication designs, we’ll be attending the OFC 2025 on April 1-3 in San Francisco. Join us at booth #3220 to speak with our technical representatives and view samples of packaged ICs built on GF Fotonix. We hope to see you there!
Kevin Soukup is the senior vice president of GF’s silicon photonics product line, leading the company’s silicon photonics business that enables customers to transport enormous volumes of data through high-speed, power-efficient electro-optical systems.
Driving Innovation in Communications and Navigation
By Ashish Shah
Deputy Director, Aerospace and Defense, GlobalFoundries
The aerospace and defense sector is experiencing rapid advancements, driven by the need for more sophisticated and reliable technologies. Within this end-market, a particular passion and focus of mine is Communications, Navigation and Identification, or CNI. GlobalFoundries (GF) radio frequency (RF) and millimeter wave (mmWave) semiconductors continue to be critical for the performance and reliability of these systems, meeting the unique demands of the A&D market. Let me tell you how and why this is the case.
From defense to first responders
Traditionally, radar systems have been used to identify aircraft in both commercial and aerospace and defense arenas. Over the years, there has been a shift towards phased array radar technology. Phased array radars allow for multiple beams to be broadcast and received from the same physical structure—enabling more accurate, power-efficient and cost-effective systems. In addition to tracking multiple signals simultaneously, phased array beams can be electronically steered, or beamformed, providing a larger set of capabilities than previously generations of radars.
Due to this enhanced performance, phased arrays have become the technology of choice for this kind of beamforming. GF chips, with their RF and mmWave capabilities, are key enablers of this technology and helping to drive innovation in the radar space for both defense and commercial customers.
Our chips are also at the forefront of the development of multi-mode, multi-standard radios, which are agile, process very wide frequency ranges and can seamlessly switch between different communication domains, such as 5G and proprietary signals, without needing multiple physical radio designs.
This is crucial for both first responders and defense communications, ensuring reliable two-way connectivity across a range of very different environments. The radio needs to be able to dynamically search the environment and, for example, detect there’s a good 5G signal. It will use that signal while available, but when the 5G signal weakens the radar will then seamlessly switch over to a different signal, or a proprietary signal. This functionality also plays a key role in secure communications.
Power efficient and cost-effective
Our customers can now go from about 100 megahertz to greater than 15 gigahertz of frequency, providing a very wide aperture in the electromagnetic spectrum. This wide frequency capability allows for more efficient and cost-effective solutions, as one hardware design can be used for multiple applications, with the rest of the processing being done in software. This approach reduces the need for multiple frequency-specific designs, making it more power-efficient and cost-effective.
The importance of this application to both first responders and national security is a great example of GF’s dual-use strategy, in which we leverage our technology for both defense and commercial applications. It enables our aerospace defense customers to leverage the economies of scale of GF’s high-volume manufacturing, but with the additional required optimization, performance and security features.
Trusted RF and SiGe solutions
At the heart GF’s driving innovation in CNI is our RF SOI product line, including our 45RFSOI and 45RFE solutions, which provide the higher performance from a frequency response viewpoint. This means the device can operate at the highest frequencies with a minimum amount of power dissipation, compared to other technologies. GF’s silicon-germanium (SiGe) product line, including our 8XP and 9HP platforms, are also playing a key role in CNI. These technologies bring the highest level of RF performance enabling our customers to push the frequency envelope, while ensuring the power budget is as low as possible.
Along with optimized performance and power efficiency, our customers are also concerned with security. GF’s manufacturing facilities in New York and Vermont have Trusted Foundry accreditation and manufacture secure chips in partnership with the U.S. government. As a Trusted Foundry, with decades of experience, GF has incredibly stringent processes, equipment and oversight in place to accept classified information and manufacture classified chips in a way that ensures they are secure and uncompromised.
And with our newly announced Advanced Packaging and Photonics Center, this capability will be expanded to post-fab services. The first of-its-kind center will offer full turnkey advanced packaging, bump, assembly and testing for aerospace and defense customers under our Trusted Foundry accreditation, allowing chips used in sensitive national security systems to never leave the U.S. during production.
Connect with me
At GF, we are committed to leading this charge by providing the most advanced solutions that meet the unique demands of the A&D market. The essential chips we make are optimized for mission-critical performance and reliability, and securely manufactured at our accredited Trusted facilities in New York and Vermont.
There are so many exciting advancements in this space. I invite you to visit GF’s booth at GOMACTech 2025, on March 17-20 in Pasadena, Calif., to connect with me and our team to learn more about GF’s innovative solutions and how we can support your A&D needs. For more information, please contact me at ashish.shah@globalfoundries.com. Together, we can drive the future of aerospace and defense semiconductors.
Ashish Shah is a deputy director of aerospace and Defense at GlobalFoundries. His focus in the aerospace and defense end market is on RF and mmWave technologies enabling next generation communications, navigation, and radar platforms.
The Unsung Hero of Technology: Celebrating Pi in Semiconductors
By Viswas Purohit
Principal Engineer, Process Engineering, GlobalFoundries
As we commemorate Pi Day (3.14) today, it’s not just an occasion to revel in mathematical wonder; it’s a moment to acknowledge the profound influence of the constant Pi (π) in driving technological progress, particularly in the semiconductor and chip fabrication industry. This industry, foundational to the digital age, leans heavily on Pi for precision, efficiency, and innovation. Some examples of Pi in the semiconductor industry are below.
1. Circuit Design and Optimization: In the field of circuit design, Pi is critical for calculating the electrical characteristics that determine a chip’s functionality. For instance, the formula for the impedance Z of an inductor is Z = 2πfL, where f is the frequency and L is the inductance. Designers use Pi to ensure that chips can operate at the desired frequencies, which are essential for applications ranging from basic computing tasks to complex data processing in servers, with frequencies often exceeding several gigahertz.
2. Photolithography Precision: Photolithography, the process of etching circuit patterns onto silicon, depends on Pi for calculating the exposure times and pattern dimensions with extreme accuracy. The resolution R of a photolithographic process can be estimated by R = kλ/NA, where λ is the wavelength of the light used, NA is the numerical aperture of the lens, and k is a process-dependent constant. Pi comes into play in determining the NA, which involves the refractive index and the sine of the maximum angle of the light entering the lens, showcasing how Pi governs the precision achievable in etching circuits that are mere nanometers in width.
3. Wave Dynamics and Signal Processing: Pi is integral to the analysis of electromagnetic wave propagation in chips, crucial for ensuring efficient data communication. The equation λ = c/f, where c is the speed of light and λ is the wavelength, involves Pi in calculating the wavelength for RF components, which operate in the GHz range. This precision is vital for chips in smartphones and IoT devices, where accurate signal processing and transmission are key to performance and reliability.
4. Thermal Management Solutions: Heat dissipation is a critical concern in chip design, with Pi playing a role in the formulas for calculating heat transfer and dissipation. For instance, the equation for the thermal resistance R_thermal of a cylindrical heat sink is R_thermal = ln(ro/ri)/2πkL, where ro and ri are the outer and inner radii, k is the thermal conductivity, and L is the length of the cylinder. Pi’s presence in these calculations helps engineers design chips that can efficiently manage the heat generated, ensuring stability and performance even under intense computing loads.
5. Quality Control and Testing Algorithms: In quality control, Pi is used to develop algorithms that analyze the chip’s surface and circuit patterns for defects. For example, algorithms calculating the area of irregular shapes on the chip surface to detect deviations from expected patterns employ Pi in their calculations. This precision allows for the early detection of defects in chips that may contain billions of transistors, ensuring high reliability in devices ranging from consumer electronics to critical infrastructure systems.
Concluding Thoughts: Pi Day and Semiconductor Fabrication
On Pi Day, as we celebrate this mathematical constant, it’s clear that Pi’s role extends beyond abstract mathematics into the tangible realm of semiconductor technology, where it underpins every step of the chip fabrication process. From designing circuits that power our daily-use gadgets to ensuring the reliability and efficiency of complex computing systems, Pi’s applications in semiconductor fabrication are a testament to its fundamental importance in the technological advancements that define our modern world.
Thus, Pi Day is not just a celebration of a mathematical constant; it’s a recognition of the symbiosis between mathematics, science, and technology. It highlights how Pi, a number known for its infinite sequence, delivers finite, tangible benefits to society by driving the innovations at the heart of the digital age.
Viswas Purohit is a principal engineer in process engineering at GF’s Malta, NY facility.
Empowering your Embedded AI with 22FDX+
By Anand Rangarajan
Director, End Markets, GlobalFoundries
I’ll admit it: Enterprise AI is an edge-of-your-seat thriller that has rightfully garnered everybody’s attention — including mine. However, here at GlobalFoundries (GF), we’ve been watching a silent AI revolution in the embedded space that is affecting all its end markets, from the edge to the end point.
Just like enterprise AI, embedded AI is doing a horizontal sweep across all applications where developers are trying to meaningfully add AI. They are keeping faster latency and data/asset protection, strong selling points for embedded AI, as an anchor while scaling AI model complexity to fit within power, performance and memory envelope of the application use case.
GF’s Ultra Low Power CMOS product families are a great building block for designing your next generation Embedded AI applications.
At the edge, embedded systems are looking for high performance processing to run more complex AI models. Our 12LP+ FinFET platform is ideal for these applications, providing best-in-class power, performance and area (PPA) to pack more power into a smaller chip with enhanced efficiency.
As applications operate away from edge and closer or at the endpoint, there is a greater need for SoCs (System on a Chip) that maximize performance without sacrificing power efficiency. This is where our customers have been successfully using 22FDX®, our fully depleted silicon-on-insulator (SOI) process technology that delivers FinFET-class performance and energy efficiency in a planar technology.
From smart home security to wearable fitness and medical devices, our 22FDX platform has been successfully utilized in a wide range of always-on, battery-operated devices that rely on responsive and reliable wireless connectivity and extreme power efficiency. Today, GF continues to push the envelope of performance and efficiency forward with the 22FDX+ platform, our latest generation FD-SOI process technology in volume production that is purpose-built for today’s demanding applications.
Here’s what sets the 22FDX+ platform apart for embedded AI applications:
- Adaptive Body Biasing (ABB), a feature developed from a successful collaboration with our ecosystem partners at Synopsys, Racyics and Dolphin Semiconductor, dynamically adjusts transistor threshold voltage to keep the application fit within the power envelope or to incrementally add more compute power as need. ABB supports lower nominal voltage (Vnom) at 0.4v, reducing total power (mW/MHz) by 30% compared to current Vnom at 0.5v.
- New logic-based bitcell memory supports voltage ranges from 0.4v to 0.9v with a single rail offering up to 30% power savings and 1.8-2x performance improvement over foundry bitcell memories which are typically limited to 0.65v on a single rail and need dual rail solution to get to lower voltage. Enabling performance improvement with power efficiency, such as more inferences/second for same watt of power, takes 22FDX+ devices to the next level of vision applications*.
- 22FDX+ offers ultra-low leakage (ULL) SRAM retention leakage down to 0.35pA/cell (with source bias), about 5x lower than a 12nm process.
- An “always on” block designed with 22 FDX+ offers up to 50% lower leakage compared to other technologies. Lowering the active power is crucial in extending as much life as possible in battery-powered applications, especially asset tracking.
- 22 FDX+ offers a wide variety of library options (ULP, HP, ULL) supporting operating voltages (VDD) ranging from 0.4 to 0.9V and a variety of memory IPS.
To find out more about how 22FDX+ and our Ultra Low Power CMOS process technologies can support your next generation Embedded AI devices, you can contact us anytime through gf.com.
*On Logic mem cells, GF is working on achieving excellent power performance without area impact.
indie Semiconductor and GlobalFoundries Announce Strategic Collaboration to Accelerate Automotive Radar Adoption
Silicon, software and proprietary radar system design innovation delivers step-change in radar performance enabling industry’s lowest solution cost or BOM (Bill of Materials) with smallest footprint
ALISO VIEJO, Calif, March 4, 2025 – indie Semiconductor (Nasdaq: INDI), an automotive solutions innovator, has announced a strategic collaboration with GlobalFoundries (Nasdaq: GFS) (GF) to develop its portfolio of high-performance radar systems-on-chip (SoC). These SoC’s – manufactured on GF’s 22FDX® platform – will target 77 GHz and 120 GHz radar applications for advanced driver assistance systems (ADAS) and adjacent industrial applications. Automotive radar adoption is being accelerated by global vehicle safety regulation, new car assessment programs, and consumer demand for convenience features. As a result, new vehicles will feature at least four radar sensors, and this is expected to double in next-generation platforms to meet the growing use cases.
indie’s 77 GHz SoCs are used in systems for both longer-range detection to monitor surroundings and detect obstacles, enabling use cases including forward collision warning (FCW), automatic emergency braking (AEB), and shorter-range applications such as blind spot detection (BSD), cross-traffic alert and automated parking. The 77 GHz radar solution is at the advanced design-in stage with a Tier 1 customer, supporting multiple automotive OEMs.
The 120 GHz solutions will target in-cabin applications requiring higher resolution and precision over shorter ranges, such as occupant monitoring and detection of vital signs such as heartbeat and respiration. indie’s 120 GHz SoC supports antenna-in-package designs, enabling smaller systems to be developed without compromising performance, cost or in-cabin aesthetics. First customer samples of the 120 GHz solution are already available. For both product lines, the key challenges to overcome for Tier 1 integrators and OEMs were to deliver high performance without compromising hardware, software and system integration for the lowest total cost of ownership. indie has solved these challenges, delivering class-leading performance while driving a step change in solution cost and footprint relative to competing solutions, making this key safety technology more affordable and ubiquitous in mass-market vehicles.
The design innovation and functional integration of analog, digital, RF, power management and memory functions in indie’s radar solutions are enabled by GF’s automotive-qualified 22nm fully depleted silicon-on-insulator (SOI) process technology. For automotive ADAS and processing applications that rely on responsive, always-on wireless connectivity, GF’s 22FDX platform offers FinFET-class performance and energy efficiency in a planar technology with state-of-the-art PPA (Power, Performance, Area) and RF performance.
“indie has been working closely with GlobalFoundries for several years, and this strategic collaboration for our high-performance radar portfolio builds on the success of an established relationship,” said Michael Wittmann chief operating officer at indie. “Our goal is to keep our customers at the forefront of technology in the increasingly competitive automotive sector, and the combination of indie’s design innovation and the foundry’s manufacturing leadership will enable safety-critical radar-based ADAS technologies to be deployed cost-effectively across automotive and industrial mobility applications.”
“Our strategic collaboration with indie is bringing exciting and innovative product solutions to the automotive and industrial mobility markets,” said Ed Kaste, senior vice president of GF’s ultra-low power CMOS product line. “As GF continues to invest in capacity and technology differentiation in our 22FDX platform and build on this partnership for indie’s next-generation solutions, customers will mutually benefit from GF’s purpose-built, automotive-grade technologies and indie’s best in class radar design innovation, ultimately delivering the highest-integrated silicon solutions that drive down the total system cost and power consumption for faster and ubiquitous market deployment.”
About indie
Headquartered in Aliso Viejo, CA, indie is empowering the automotive revolution with next generation semiconductors, photonics and software platforms. We focus on developing innovative, high-performance and energy-efficient technology for ADAS, in-cabin user experience and electrification applications. Our mixed-signal SoCs enable edge sensors spanning Radar, LiDAR, Ultrasound, and Computer Vision, while our embedded system control, power management and interfacing solutions transform the in-cabin experience and accelerate increasingly automated and electrified vehicles. As a global innovator, we are an approved vendor to Tier 1 partners and our solutions can be found in marquee automotive OEMs worldwide.
Please visit us at www.indie.inc to learn more.
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 global team delivers results with an unyielding focus on security, longevity, and sustainability.
For more information, visit www.gf.com.
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This communication contains “forward-looking statements” (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning indie Semiconductor such as the features, functionality, performance, availability, development, timing and expected benefits of indie Semiconductor products and technology, including its system basis safety solution. Such statements include, but are not limited to, statements regarding our future business and financial performance and prospects, and other statements identified by words such as “will likely result,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “project,” “outlook,” “should,” “could,” “may” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results included in such forward-looking statements. In addition to the factors previously disclosed in our Annual Report on Form 10-K for the year ended December
31, 2024, which was filed with the Securities and Exchange Commission on February 28, 2025 and in our other public reports filed with the SEC (including those identified under “Risk Factors” therein), the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: macroeconomic conditions, including inflation, rising interest rates and volatility in the credit and financial markets; the impacts of the ongoing conflicts in Ukraine and the Middle East; our reliance on contract manufacturing and outsourced supply chain and the availability of semiconductors and manufacturing capacity; competitive products and pricing pressures; our ability to win competitive bid selection processes and achieve additional design wins; the impact of recent acquisitions made and any other acquisitions we may make, including our ability to successfully integrate acquired businesses and risks that the anticipated benefits of any acquisitions may not be fully realized or take longer to realize than expected; our ability to develop, market and gain acceptance for new and enhanced products and expand into new technologies and markets; trade restrictions and trade tensions; our ability to build, staff and integrate new design, testing, sales and marketing facilities throughout the world; and political and economic instability in our target markets. All forward looking statements in this press release are expressly qualified in their entirety by the foregoing cautionary statements.
Investors are cautioned not to place undue reliance on the forward-looking statements in this press release, which information set forth herein speaks only as of the date hereof. We do not undertake, and we expressly disclaim, any intention or obligation to update any forward-looking statements made in this announcement or in our other public filings, whether as a result of new information, future events or otherwise, except as required by law.
Media Contact
indie
media@indiesemi.com
GF
Stephanie Gonzalez, Corporate Communications
stephanie.gonzalez@gf.com
GlobalFoundries and MIT Collaborate to Advance Research and Innovation on Essential Chips for AI
Expanded collaboration includes joint research on GF’s leading semiconductor platforms
CAMBRIDGE, Mass. and MALTA, N.Y., February 27, 2025 — GlobalFoundries (Nasdaq: GFS) (GF) and the Massachusetts Institute of Technology (MIT) today announced a new master research agreement to jointly pursue advancements and innovations for enhancing the performance and efficiency of critical semiconductor technologies. The collaboration will be led by MIT’s Microsystems Technology Laboratories (MTL) and GF’s research and development team, GF Labs.
With an initial research focus on AI and other applications, the first projects are expected to leverage GF’s differentiated silicon photonics technology, which monolithically integrates RF SOI, CMOS and optical features on a single chip to realize power efficiencies for datacenters, and GF’s 22FDX® platform, which delivers ultra-low power consumption for intelligent devices at the edge.
“The collaboration between MIT MTL and GF exemplifies the power of academia-industry cooperation in tackling the most pressing challenges in semiconductor research,” said Tomás Palacios, MTL Director and Clarence J. LeBel Professor of Electrical Engineering and Computer Science. Palacios will serve as the MIT faculty lead for this research initiative.
“By bringing together MIT’s world-renowned capabilities with GF’s leading semiconductor platforms, we are positioned to drive significant research advancements in GF’s essential chip technologies for AI,” said Gregg Bartlett, chief technology officer at GF. “This collaboration underscores our commitment to innovation and highlights our dedication to developing the next generation of talent in the semiconductor industry. Together, we will research transformative solutions in the industry.”
“Integrated circuit technologies are the core driving a broad spectrum of applications ranging from mobile computing and communication devices to automotive, energy, and cloud computing,” said Anantha P. Chandrakasan, dean of MIT’s School of Engineering, chief innovation and strategy officer, and the Vannevar Bush Professor of Electrical Engineering and Computer Science. “This collaboration allows MIT’s exceptional research community to leverage GlobalFoundries’s wide range of industry domain experts and advanced process technologies to drive exciting innovations in microelectronics across domains—while preparing our students to take on leading roles in the workforce of the future.”
The new master research agreement was formalized at a signing ceremony on campus at MIT. It builds upon GF’s successful past and ongoing engagements with the university. GF serves on MTL’s Microsystems Industrial Group (MIG), which brings together industry and academia to engage in research. MIT faculty are active participants in GF’s University Partnership Program focused on joint semiconductor research and prototyping. Additionally, GF and MIT collaborate on several workforce development initiatives, including through the Northeast Microelectronics Coalition, a U.S. Department of Defense Microelectronics Commons Hub.
About MTL
The Microsystems Technology Laboratories (MTL) at MIT is a premier research facility driving advancements in microelectronics, nanotechnology, and semiconductor technology. MTL provides state-of-the-art infrastructure for interdisciplinary research and innovation, fostering collaborations between academia, industry, and government. With a focus on enabling transformative solutions, MTL supports a broad range of research, from foundational science to advanced applications in AI, communications, and beyond. For more information, visit mtl.mit.edu.
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 Contacts:
MIT | Meghan Melvin | mbrowncu@mit.edu
GlobalFoundries | Michael Mullaney michael.mullaney@gf.com
GlobalFoundries Reports Fourth Quarter 2024 and Fiscal Year 2024 Financial Results
MALTA, N.Y., Feb. 11, 2025 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024.
Key Fourth Quarter Financial Highlights
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Revenue of $1.830 billion
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Gross margin of 24.5% and Non-IFRS gross margin(1) of 25.4%
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Operating margin of (38.3)% and Non-IFRS operating margin(1) of 15.6%
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Net loss of $729 million and Non-IFRS net income(1) of $256 million
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Diluted loss per share of $1.32 and Non-IFRS diluted earnings per share of $0.46
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Non-IFRS adjusted EBITDA(1) of $661 million
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Ending cash, cash equivalents and marketable securities of $4.2 billion
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Net cash provided by operating activities of $457 million and Non-IFRS adjusted free cash flow(1) of $328 million
Key Full Year 2024 Financial Highlights
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Revenue of $6.750 billion
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Gross margin of 24.5% and Non-IFRS gross margin(1) of 25.3%
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Net loss of $262 million and Non-IFRS net income(1) $870 million
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Diluted loss per share of $0.48 and Non-IFRS diluted earnings per share of $1.56
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Non-IFRS adjusted EBITDA(1) of $2.475 billion
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Year to date net cash provided by operating activities of $1.722 billion and Non-IFRS adjusted free cash flow(1) of $1.107 billion
“In the fourth quarter, the GF team delivered solid financial results that exceeded the Non-IFRS midpoint of the guidance ranges we provided in our November earnings release,” said Dr. Thomas Caulfield, President and CEO of GF. “2024 presented a unique set of challenges for our industry, but thanks to our focus on operational excellence, we generated over $1 billion of Non-IFRS adjusted free cash flow(1). As we look to 2025, we are encouraged by our strong design win momentum across our end markets and product portfolio as we position GF for a growth year.”
In the fourth quarter 2024, GF recorded a $935 million impairment charge on the long-lived assets relating to legacy investments in production capacity at its facility in Malta, New York. GF undertook this action pursuant to the diversification of its long-term manufacturing technology platform roadmap in Malta, which is consistent with the Company’s previously communicated technology transfer strategy needed to meet expected long-term customer demand. Since such impairment is not expected to be a recurring event, the Company believes this additional adjustment to Non-IFRS(1) metrics better enables management and investors to make more meaningful comparisons of fourth quarter 2024 results against prior periods.
Recent Business Highlights
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GF announced a first-of-its-kind center for advanced packaging and test capabilities, to be developed at its Malta, New York facility. Supported by grants from New York State and the U.S. Department of Commerce, GF’s Advanced Packaging and Photonics Center will help meet the growing demand for U.S.-made essential chips used in AI, automotive, aerospace and defense, and communications applications.
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IDEMIA and GF announced a partnership to deliver next-generation smart card technology with improved data retention, low read latency and enhanced power efficiency – saving customers cost and time. This multi-year collaboration will be 100% manufactured and tested in Europe on GF’s 28ESF3 platform, ensuring trusted providence.
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Lightmatter announced that it will use GF’s Fotonix™ fabrication platform to develop the industry’s most robust and scalable AI interconnect solution. By integrating electronics and photonics into a single CMOS wafer, GF’s unique solution will enable the speed and efficiency needed for future AI data centers.
(1) See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
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GlobalFoundries Inc. Summary Quarterly Results (Unaudited, in millions, except per share amounts and wafer shipments) |
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| Year-over-year | Sequential | |||||||||||||||||||||||
| Q4’24 | Q3’24 | Q4’23 | Q4’24 vs Q4’23 | Q4’24 vs Q3’24 | ||||||||||||||||||||
| Net revenue | $ | 1,830 | $ | 1,739 | $ | 1,854 | $ | (24 | ) | (1 | )% | $ | 91 | 5 | % | |||||||||
| Gross profit | $ | 449 | $ | 414 | $ | 525 | $ | (76 | ) | (14 | )% | $ | 35 | 8 | % | |||||||||
| Gross margin | 24.5 | % | 23.8 | % | 28.3 | % | (380)bps | +70bps | ||||||||||||||||
| Non-IFRS gross profit(1) | $ | 464 | $ | 429 | $ | 537 | $ | (73 | ) | (14 | )% | $ | 35 | 8 | % | |||||||||
| Non-IFRS gross margin(1) | 25.4 | % | 24.7 | % | 29.0 | % | (360)bps | +70bps | ||||||||||||||||
| Operating profit (loss) | $ | (701 | ) | $ | 185 | $ | 303 | $ | (1,004 | ) | (331 | )% | $ | (886 | ) | (479 | )% | |||||||
| Operating margin | (38.3 | )% | 10.6 | % | 16.3 | % | (5,460)bps | (4,890)bps | ||||||||||||||||
| Non-IFRS operating profit(1) | $ | 285 | $ | 236 | $ | 383 | $ | (98 | ) | (26 | )% | $ | 49 | 21 | % | |||||||||
| Non-IFRS operating margin(1) | 15.6 | % | 13.6 | % | 20.7 | % | (510)bps | +200bps | ||||||||||||||||
| Net income (loss) | $ | (729 | ) | $ | 178 | $ | 278 | $ | (1,007 | ) | (362 | )% | $ | (907 | ) | (510 | )% | |||||||
| Net income (loss) margin | (39.8 | )% | 10.2 | % | 15.0 | % | (5,480)bps | (5,000)bps | ||||||||||||||||
| Non-IFRS net income(1) | $ | 256 | $ | 229 | $ | 356 | $ | (100 | ) | (28 | )% | $ | 27 | 12 | % | |||||||||
| Non-IFRS net income margin(1) | 14.0 | % | 13.2 | % | 19.2 | % | (520)bps | +80bps | ||||||||||||||||
| Diluted earnings (loss) per share (“EPS”) | $ | (1.32 | ) | $ | 0.32 | $ | 0.50 | $ | (1.82 | ) | (364 | )% | $ | (1.64 | ) | (513 | )% | |||||||
| Non-IFRS diluted EPS(1) | $ | 0.46 | $ | 0.41 | $ | 0.64 | $ | (0.18 | ) | (28 | )% | $ | 0.05 | 12 | % | |||||||||
| Non-IFRS adjusted EBITDA(1) | $ | 661 | $ | 627 | $ | 773 | $ | (112 | ) | (14 | )% | $ | 34 | 5 | % | |||||||||
| Non-IFRS adjusted EBITDA margin(1) | 36.1 | % | 36.1 | % | 41.7 | % | (560)bps | 0bps | ||||||||||||||||
| Cash from operating activities | $ | 457 | $ | 375 | $ | 684 | $ | (227 | ) | (33 | )% | $ | 82 | 22 | % | |||||||||
|
Wafer shipments (300mm equivalent) (in thousands) |
595 | 549 | 552 | 43 | 8 | % | 46 | 8 | % | |||||||||||||||
(1) See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
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GlobalFoundries Inc. Summary Annual Results (Unaudited, in millions, except per share amounts and wafer shipments) |
||||||||||||||
| Year-over-year | ||||||||||||||
| FY2024 | FY2023 | FY2024 vs FY2023 | ||||||||||||
| Net revenue | $ | 6,750 | $ | 7,392 | $ | (642 | ) | (9 | )% | |||||
| Gross profit | $ | 1,651 | $ | 2,101 | $ | (450 | ) | (21 | )% | |||||
| Gross margin | 24.5 | % | 28.4 | % | (390)bps | |||||||||
| Non-IFRS gross profit(1) | $ | 1,709 | $ | 2,149 | $ | (440 | ) | (20 | )% | |||||
| Non-IFRS gross margin(1) | 25.3 | % | 29.1 | % | (380)bps | |||||||||
| Operating profit (loss) | $ | (214 | ) | $ | 1,129 | $ | (1,343 | ) | (119 | )% | ||||
| Operating margin | (3.2 | )% | 15.3 | % | (1,850)bps | |||||||||
| Non-IFRS operating profit(1) | $ | 920 | $ | 1,369 | $ | (449 | ) | (33 | )% | |||||
| Non-IFRS operating margin(1) | 13.6 | % | 18.5 | % | (490)bps | |||||||||
| Net income (loss) | $ | (262 | ) | $ | 1,018 | $ | (1,280 | ) | (126 | )% | ||||
| Net income (loss) margin | (3.9 | )% | 13.8 | % | (1,770)bps | |||||||||
| Non-IFRS net income(1) | $ | 870 | $ | 1,251 | $ | (381 | ) | (30 | )% | |||||
| Non-IFRS net income margin(1) | 12.9 | % | 16.9 | % | (400)bps | |||||||||
| Diluted EPS | $ | (0.48 | ) | $ | 1.83 | $ | (2.31 | ) | (126 | )% | ||||
| Non-IFRS diluted EPS(1) | $ | 1.56 | $ | 2.24 | $ | (0.68 | ) | (30 | )% | |||||
| Non-IFRS adjusted EBITDA(1) | $ | 2,475 | $ | 2,763 | $ | (288 | ) | (10 | )% | |||||
| Non-IFRS adjusted EBITDA margin(1) | 36.7 | % | 37.4 | % | (70)bps | |||||||||
| Cash from operating activities | $ | 1,722 | $ | 2,125 | $ | (403 | ) | (19 | )% | |||||
| Wafer shipments (300mm equivalent) (in thousands) | 2,124 | 2,211 | (87 | ) | (4 | )% | ||||||||
(1) See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
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GlobalFoundries Inc. Summary of First Quarter 2025 Guidance (Unaudited, in millions, except per share amounts)(1) |
|||||
| IFRS | Share-based compensation | Non-IFRS (2) | |||
| Net revenue | $1,550 – $1,600 | ||||
| Gross profit | $325 – $370 | $14 – $16 | $341 – $384 | ||
| Gross margin(3) (mid-point) | 22.1% | 23.0% | |||
| Operating profit | $94 – $167 | $47 – $57 | $151 – $214 | ||
| Operating margin(3) (mid-point) | 8.3% | 11.6% | |||
| Net income (4) | $78 – $142 | $47 – $57 | $135 – $189 | ||
| Net income margin(3) (mid-point) | 7.0% | 10.3% | |||
| Diluted EPS | $0.14 – $0.26 | $0.24 – $0.34 | |||
(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. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
(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). See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
(4) Included in net income is net interest income and other income and expense which we estimate will be between $0 and $8 million for the first quarter 2025. Also included in net income is income tax expense which we estimate will be between $16 million and $33 million for the first quarter 2025.
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GlobalFoundries Inc. Consolidated Statements of Operations (Unaudited, in millions, except for per share amounts) |
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| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
| Net revenue | $ | 1,830 | $ | 1,854 | $ | 6,750 | $ | 7,392 | ||||||||
| Cost of revenue | 1,381 | 1,329 | 5,099 | 5,291 | ||||||||||||
| Gross profit | $ | 449 | $ | 525 | $ | 1,651 | $ | 2,101 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 121 | 105 | 496 | 428 | ||||||||||||
| Selling, general and administrative | 93 | 87 | 427 | 473 | ||||||||||||
| Restructuring charges | 1 | 30 | 7 | 71 | ||||||||||||
| Impairment of long-lived assets | 935 | — | 935 | — | ||||||||||||
| Total operating expenses | $ | 1,150 | $ | 222 | $ | 1,865 | $ | 972 | ||||||||
| Operating profit (loss) | $ | (701 | ) | $ | 303 | $ | (214 | ) | $ | 1,129 | ||||||
| Finance income (expense), net | 15 | 8 | 56 | 12 | ||||||||||||
| Other income (expense) | (1 | ) | (12 | ) | (12 | ) | (57 | ) | ||||||||
| Income tax expense | (42 | ) | (21 | ) | (92 | ) | (66 | ) | ||||||||
| Net income (loss) | $ | (729 | ) | $ | 278 | $ | (262 | ) | $ | 1,018 | ||||||
| Attributable to: | ||||||||||||||||
| Shareholders of GlobalFoundries | (730 | ) | 277 | (265 | ) | 1,020 | ||||||||||
| Non-controlling interest | 1 | 1 | 3 | (2 | ) | |||||||||||
| EPS: | ||||||||||||||||
| Basic | $ | (1.32 | ) | $ | 0.50 | $ | (0.48 | ) | $ | 1.85 | ||||||
| Diluted | $ | (1.32 | ) | $ | 0.50 | $ | (0.48 | ) | $ | 1.83 | ||||||
| Shares used in EPS calculation: | ||||||||||||||||
| Basic | 553 | 553 | 553 | 552 | ||||||||||||
| Diluted | 553 | 557 | 553 | 556 | ||||||||||||
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GlobalFoundries Inc. Condensed Consolidated Statements of Financial Position (Unaudited, in millions) |
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| December 31, 2024 | December 31, 2023 | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 2,192 | $ | 2,387 | ||||
| Marketable securities | 1,194 | 1,033 | ||||||
| Receivables, prepayments and other | 1,406 | 1,420 | ||||||
| Inventories | 1,624 | 1,487 | ||||||
| Current assets | $ | 6,416 | $ | 6,327 | ||||
| Deferred tax assets | $ | 188 | $ | 241 | ||||
| Property, plant and equipment, net | 7,762 | 9,829 | ||||||
| Right-of-use assets | 498 | 335 | ||||||
| Marketable securities | 839 | 468 | ||||||
| Other assets | 1,096 | 844 | ||||||
| Non-current assets | $ | 10,383 | $ | 11,717 | ||||
| Total assets | $ | 16,799 | $ | 18,044 | ||||
| Liabilities and equity: | ||||||||
| Current portion of long-term debt | $ | 753 | $ | 571 | ||||
| Other current liabilities | 2,291 | 2,528 | ||||||
| Current liabilities | $ | 3,044 | $ | 3,099 | ||||
| Non-current portion of long-term debt | $ | 1,053 | $ | 1,801 | ||||
| Non-current portion of lease obligations | 424 | 350 | ||||||
| Other liabilities | 1,454 | 1,643 | ||||||
| Non-current liabilities | $ | 2,931 | $ | 3,794 | ||||
| Total liabilities | $ | 5,975 | $ | 6,893 | ||||
| Shareholders’ equity: | ||||||||
| Common stock / additional paid-in capital | $ | 24,025 | $ | 24,038 | ||||
| Accumulated deficit | (13,266 | ) | (13,001 | ) | ||||
| Accumulated other comprehensive income | 17 | 67 | ||||||
| Non-controlling interest | 48 | 47 | ||||||
| Total liabilities and equity | $ | 16,799 | $ | 18,044 | ||||
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GlobalFoundries Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in millions) |
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| Three Months Ended | Year Ended | |||||||||||||||
|
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
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| Operating Activities: | ||||||||||||||||
| Net income (loss) | $ | (729 | ) | $ | 278 | $ | (262 | ) | $ | 1,018 | ||||||
| Depreciation and amortization | 378 | 402 | 1,568 | 1,451 | ||||||||||||
| Finance (income) expense, net and other | (28 | ) | (21 | ) | (38 | ) | (21 | ) | ||||||||
| Impairment of long-lived assets | 935 | — | 935 | — | ||||||||||||
| Other non-cash operating activities | (8 | ) | 49 | 138 | 184 | |||||||||||
| Net change in working capital | (91 | ) | (24 | ) | (619 | ) | (507 | ) | ||||||||
| Net cash provided by operating activities | $ | 457 | $ | 684 | $ | 1,722 | $ | 2,125 | ||||||||
| Investing Activities: | ||||||||||||||||
| Purchases of property, plant and equipment and intangible assets | $ | (135 | ) | $ | (228 | ) | $ | (625 | ) | $ | (1,804 | ) | ||||
| Acquisitions, net of cash acquired | — | — | (69 | ) | — | |||||||||||
| Net purchases of marketable securities | 14 | 4 | (496 | ) | 474 | |||||||||||
| Other investing activities | 29 | 129 | 65 | (552 | ) | |||||||||||
| Net cash used in investing activities | $ | (92 | ) | $ | (95 | ) | $ | (1,125 | ) | $ | (1,882 | ) | ||||
| Financing Activities: | ||||||||||||||||
| Proceeds from issuance of equity instruments and other | $ | — | $ | 1 | $ | 21 | $ | 47 | ||||||||
| Purchases of treasury stock | — | — | (200 | ) | — | |||||||||||
| Proceeds (repayment) of debt, net | (452 | ) | (88 | ) | (606 | ) | (259 | ) | ||||||||
| Net cash used in financing activities | $ | (452 | ) | $ | (87 | ) | $ | (785 | ) | $ | (212 | ) | ||||
| Effect of exchange rate changes | (7 | ) | 5 | (7 | ) | 4 | ||||||||||
| Net change in cash and cash equivalents | $ | (94 | ) | $ | 507 | $ | (195 | ) | $ | 35 | ||||||
| Cash and cash equivalents at the beginning of the period | 2,286 | 1,880 | 2,387 | 2,352 | ||||||||||||
| Cash and cash equivalents at the end of the period | $ | 2,192 | $ | 2,387 | $ | 2,192 | $ | 2,387 | ||||||||
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GlobalFoundries Inc. Reconciliation of IFRS to Non-IFRS (Unaudited, in millions, except for per share amounts) |
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| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Net Revenue | $ | 1,830 | $ | 1,739 | $ | 1,854 | $ | 6,750 | $ | 7,392 | ||||||||||
| Gross profit | $ | 449 | $ | 414 | $ | 525 | $ | 1,651 | $ | 2,101 | ||||||||||
| Gross margin | 24.5 | % | 23.8 | % | 28.3 | % | 24.5 | % | 28.4 | % | ||||||||||
| Share-based compensation | 15 | 15 | 12 | 58 | 48 | |||||||||||||||
| Non-IFRS gross profit(1) | $ | 464 | $ | 429 | $ | 537 | $ | 1,709 | $ | 2,149 | ||||||||||
| Non-IFRS gross margin(1) | 25.4 | % | 24.7 | % | 29.0 | % | 25.3 | % | 29.1 | % | ||||||||||
| Selling, general and administrative | $ | 93 | $ | 98 | $ | 87 | $ | 427 | $ | 473 | ||||||||||
| Share-based compensation | 22 | 27 | 30 | 98 | 96 | |||||||||||||||
| Structural optimization(2) | 2 | — | — | 2 | — | |||||||||||||||
| Non-IFRS selling, general and administrative(1) | $ | 69 | $ | 71 | $ | 57 | $ | 327 | $ | 377 | ||||||||||
| Research and development | $ | 121 | $ | 130 | $ | 105 | $ | 496 | $ | 428 | ||||||||||
| Share-based compensation | 8 | 8 | 8 | 31 | 25 | |||||||||||||||
| Structural optimization(2) | 1 | — | — | 1 | — | |||||||||||||||
| Amortization of acquired intangibles and other acquisition related charges | 2 | — | — | 2 | — | |||||||||||||||
| Non-IFRS research and development(1) | $ | 110 | $ | 122 | $ | 97 | $ | 462 | $ | 403 | ||||||||||
| Operating profit (loss) | $ | (701 | ) | $ | 185 | $ | 303 | $ | (214 | ) | $ | 1,129 | ||||||||
| Operating margin | (38.3 | )% | 10.6 | % | 16.3 | % | (3.2 | )% | 15.3 | % | ||||||||||
| Share-based compensation | 45 | 50 | 50 | 187 | 169 | |||||||||||||||
| Structural optimization(2) | 3 | — | — | 3 | — | |||||||||||||||
| Amortization of acquired intangibles and other acquisition related charges | 2 | — | — | 2 | — | |||||||||||||||
| Impairment of long-lived assets | 935 | — | — | 935 | — | |||||||||||||||
| Restructuring charges | 1 | 1 | 30 | 7 | 71 | |||||||||||||||
| Non-IFRS operating profit(1) | $ | 285 | $ | 236 | $ | 383 | $ | 920 | $ | 1,369 | ||||||||||
| Non-IFRS operating margin(1) | 15.6 | % | 13.6 | % | 20.7 | % | 13.6 | % | 18.5 | % | ||||||||||
| Net income (loss) | $ | (729 | ) | $ | 178 | $ | 278 | $ | (262 | ) | $ | 1,018 | ||||||||
| Net income (loss) margin | (39.8 | )% | 10.2 | % | 15.0 | % | (3.9 | )% | 13.8 | % | ||||||||||
| Share-based compensation | 45 | 50 | 50 | 187 | 169 | |||||||||||||||
| Structural optimization(2) | 3 | — | — | 3 | — | |||||||||||||||
| Amortization of acquired intangibles and other acquisition related charges | 2 | — | — | 2 | — | |||||||||||||||
| Impairment of long-lived assets | 935 | — | — | 935 | — | |||||||||||||||
| Restructuring charges | 1 | 1 | 30 | 7 | 71 | |||||||||||||||
| Income tax effect(2) | (1 | ) | — | (2 | ) | (2 | ) | (7 | ) | |||||||||||
| Non-IFRS net income(1) | $ | 256 | $ | 229 | $ | 356 | $ | 870 | $ | 1,251 | ||||||||||
| Non-IFRS net income margin(1) | 14.0 | % | 13.2 | % | 19.2 | % | 12.9 | % | 16.9 | % | ||||||||||
| Diluted earnings (loss) per share | $ | (1.32 | ) | $ | 0.32 | $ | 0.50 | $ | (0.48 | ) | $ | 1.83 | ||||||||
| Share-based compensation | 0.09 | 0.09 | 0.09 | 0.34 | 0.30 | |||||||||||||||
| Structural optimization(2) | 0.01 | — | — | 0.01 | — | |||||||||||||||
| Amortization of acquired intangibles and other acquisition related charges | — | — | — | — | — | |||||||||||||||
| Impairment of long-lived assets | 1.68 | — | — | 1.68 | — | |||||||||||||||
| Restructuring charges | — | — | 0.05 | 0.01 | 0.13 | |||||||||||||||
| Income tax effect(3) | — | — | — | — | (0.02 | ) | ||||||||||||||
| Diluted shares outstanding | 556 | 555 | 557 | 556 | 556 | |||||||||||||||
| Non-IFRS diluted EPS(1) | $ | 0.46 | $ | 0.41 | $ | 0.64 | $ | 1.56 | $ | 2.24 | ||||||||||
(1) See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
(2)Structural optimization represents costs associated with employee workforce reduction.
(3) Relates to restructuring charges, structural optimization and amortization of acquired intangibles and other acquisition related charges.
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GlobalFoundries Inc. Reconciliation of IFRS to Non-IFRS Non-IFRS Adjusted Free Cash Flow(1) (Unaudited, in millions) |
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| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
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| Net cash provided by operating activities | $ | 457 | $ | 375 | $ | 684 | $ | 1,722 | $ | 2,125 | ||||||||||
| Less: Purchases of property, plant and equipment and intangible assets | (135 | ) | (162 | ) | (228 | ) | (625 | ) | (1,804 | ) | ||||||||||
| Add: Proceeds from government grants(2) | 6 | 3 | — | 10 | — | |||||||||||||||
| Non-IFRS adjusted free cash flow(1) | $ | 328 | $ | 216 | $ | 456 | $ | 1,107 | $ | 321 | ||||||||||
(1) See “Financial Measures (Non-IFRS)” for further discussion on this Non-IFRS measure and why we believe it is 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.
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Reconciliation of IFRS to Non-IFRS Non-IFRS Adjusted EBITDA (Unaudited, in millions) |
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| Three Months Ended | Year Ended | |||||||||||||||||||
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December 31, 2024 |
September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Net revenue | $ | 1,830 | $ | 1,739 | $ | 1,854 | $ | 6,750 | $ | 7,392 | ||||||||||
| Net income (loss) for the period | (729 | ) | 178 | 278 | (262 | ) | 1,018 | |||||||||||||
| Net income (loss) margin | (39.8 | )% | 10.2 | % | 15.0 | % | (3.9 | )% | 13.8 | % | ||||||||||
| Depreciation and amortization | 378 | 396 | 402 | 1,568 | 1,451 | |||||||||||||||
| Finance expense | 34 | 37 | 35 | 145 | 137 | |||||||||||||||
| Finance income | (49 | ) | (52 | ) | (43 | ) | (201 | ) | (149 | ) | ||||||||||
| Income tax expense (benefit) | 42 | 17 | 21 | 92 | 66 | |||||||||||||||
| Share-based compensation | 45 | 50 | 50 | 187 | 169 | |||||||||||||||
| Restructuring charges | 1 | 1 | 30 | 7 | 71 | |||||||||||||||
| Impairment of long-lived assets | 935 | — | — | 935 | — | |||||||||||||||
| Structural optimization | 3 | — | — | 3 | — | |||||||||||||||
| Other acquisition related charges | 1 | — | — | 1 | — | |||||||||||||||
| Non-IFRS adjusted EBITDA(1) | $ | 661 | $ | 627 | $ | 773 | $ | 2,475 | $ | 2,763 | ||||||||||
| Non-IFRS adjusted EBITDA margin(1) | 36.1 | % | 36.1 | % | 41.7 | % | 36.7 | % | 37.4 | % | ||||||||||
(1) See “Financial Measures (Non-IFRS)” for further discussion on this Non-IFRS measure and why we believe it is useful.
GlobalFoundries Inc.
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 financial 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 Non-IFRS gross profit, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS operating profit and Non-IFRS net income as gross profit, selling, general and administrative, research and development, operating profit and net income, respectively, adjusted for share-based compensation, structural optimization, amortization of acquired intangibles and other acquisition related charges, impairment of long-lived assets, restructuring charges and any associated income tax effects. We define Non-IFRS operating expense as Non-IFRS gross profit minus Non-IFRS operating profit. 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, impairment of long-lived assets, structural optimization and acquisition related charges. We define Non-IFRS gross margin, Non-IFRS operating margin, Non-IFRS net income margin and Non-IFRS adjusted EBITDA margin as Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income and Non-IFRS adjusted EBITDA, respectively, divided by net revenue. Any adjustments described above that are zero for a given period are excluded from the “Reconciliation of IFRS to Non-IFRS” table. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.
In the fourth quarter 2024, GF recorded a $935 million impairment charge on the long-lived assets relating to legacy investments in production capacity at its facility in Malta, New York. GF undertook this action pursuant to the diversification of its long-term manufacturing technology platform roadmap in Malta, which is consistent with the Company’s previously communicated technology transfer strategy needed to meet expected long-term customer demand. Since such impairment is not expected to be a recurring event, the Company believes this additional adjustment to Non-IFRS metrics better enables management and investors to make more meaningful comparisons of fourth quarter 2024 results against prior periods.
We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial 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.
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 comparative measures.
Conference Call and Webcast Information
GF will host a conference call with the financial community on Tuesday, February 11, 2025 at 8:30 a.m. U.S. Eastern Time (ET) to review the fourth quarter and full year 2024 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BIe37b8e7058dd4737aeed44b03d7f527d.
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 continuation of conflicts in Ukraine and Israel; domestic political developments following the change in the U.S. 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 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
ir@gf.com
