Right Before our Eyes: GF Driving Innovations in Display Technology May 13, 2025 by Ruby Yan IoT End Market Director of Sensing & Display, ID & Security, GlobalFoundries In our fast-paced digital world, display driver technology plays a crucial role in how we interact with devices, from televisions and PC monitors to smartphones and healthcare equipment. As technology continues to advance, the innovations in display and display drivers (DDIC) are transforming our viewing experiences and enhancing the functionality of various applications. For those designing display devices, GF offers a comprehensive long-term roadmap and will be your partner on this journey. We consider display an extremely important market, and whether you’re working in microdisplays or next-generation OLEDs or Mini LEDs, we can help. In this blog, we will explore the latest trends and innovations in display driver technology across different sectors. Television: A New Era of Visual Experience Television technology has advanced significantly, and display drivers are at the heart of this evolution. With the rise of 4K and 8K resolution TVs, display drivers are now capable of handling higher bandwidths to support these ultra-high-definition formats. Innovations such as High Dynamic Range (HDR) and Wide Color Gamut (WCG) require advanced display drivers that can process and render richer colors and deeper contrasts, providing viewers with a more immersive experience. Moreover, the integration of smart technology in TVs has led to the development of display drivers that support advanced features like variable refresh rates and low latency modes, enhancing gaming experiences and streaming quality. As we move towards OLED and MicroLED technologies, display drivers will continue to evolve with enhanced driving architecture including microIC to enable low dimming, ensuring that we can enjoy stunning visuals with minimal power consumption. GF’s 150MCU technology with 5V core and ultra-low mask layer count is the ideal platform to address the microIC needs in both performance and cost competitiveness. Image Source: Sony PC Monitors: Enhancing Productivity and Gaming In the realm of PC monitors, display driver technology has seen significant advancements aimed at improving productivity and gaming experiences. Modern display drivers now support features like G-Sync and FreeSync, which synchronize the refresh rates of the monitor with the graphics card, reducing screen tearing and providing smoother gameplay. Additionally, the rise of ultrawide and multi-monitor setups has necessitated the development of display drivers that can efficiently manage multiple displays, ensuring seamless transitions and consistent color accuracy across screens. Innovations in display technology, such as Mini-LED and Quantum Dot displays, are also pushing the boundaries of what display drivers can achieve, offering users vibrant colors and enhanced contrast ratios. GF is offering a comprehensive solution to serve the IC needs in this market. From middle size OLED monitors with 55HV, to microLED backplane with 22FDX+uLED, GF is leading the foundry effort to enhance PC monitor displays. Image source: Apple Vision Pro Smartphones: The Power of Portability Smartphones have become an integral part of our daily lives, and display driver technology is key to delivering high-quality visuals on these compact devices. With the advent of high-resolution displays, such as Retina and AMOLED screens, display drivers must efficiently manage power consumption while providing stunning visuals. Recent innovations include adaptive refresh rate technology, which adjusts the screen’s refresh rate based on the content being displayed, optimizing battery life without compromising on performance. Furthermore, advancements in touch technology, such as in-display fingerprint sensors and haptic feedback, rely on sophisticated display drivers to create a seamless user experience. GF’s advanced 22FDX+HV platform is addressing the need for the next generation high performance smartphone display, with integrated an edge AI processor, sensor hubs and wireless connectivity. Healthcare: Revolutionizing Patient Care In the healthcare sector, display driver technology is playing a vital role in improving patient care and diagnostics. Medical imaging devices, such as MRI and CT scanners, rely on high-resolution displays to provide clear and accurate images for diagnosis. Innovations in display drivers ensure that these images are rendered with precision, allowing healthcare professionals to make informed decisions. Moreover, telemedicine has gained traction, especially in recent years, and display drivers are essential for delivering high-quality video consultations. The ability to transmit clear visuals in real-time is crucial for effective remote patient monitoring and consultations, making display driver technology a key component in the future of healthcare. GF’s enhanced 40HV technology with increased voltage to 34V is addressing the high-resolution, high-contrast needs in healthcare display. Image source: AG Neovo What’s next? As we continue to embrace new technologies, display driver innovations will remain at the forefront of enhancing our visual experiences across various industries. From televisions and PC monitors to smartphones and healthcare applications, the advancements in display driver technology are paving the way for richer, more immersive interactions. As we look to the future, we can expect even more exciting developments that will redefine how we see and engage with the world around us. For more information on how GF can help you build your advanced display devices, contact me at [email protected] Ruby Yan is a seasoned Business Line Director at GlobalFoundries, where she oversees the Sensing & Display, ID & Security business line. With more than 13 years of experience in the company, she has held various roles and responsibilities including technology development and product management. Ruby established company initiatives in AR/VR/MR and wearables with comprehensive go-to market strategy and is a Master Inventor in GlobalFoundries, boasting an impressive track record with more than 20 patents granted and over 70 peer-reviewed papers published.
Pradheepa Raman named CHRO of the Year May 8, 2025 GlobalFoundries’ Chief People Officer and team honored for transformative leadership On May 1 at the CHRO of the Year Awards, GF Chief People Officer Pradheepa Raman was recognized for her outstanding efforts in revolutionizing the semiconductor industry. Awarded by HRO Today, the 2025 Leader of Distinction, Large Market award is a testament to the collective dedication and hard work of the entire GF team. Best-in-class benefits Since Raman took the reins at GF two years ago, her team has revolutionized the approach to talent management, focusing on creating a culture that prioritizes the wellbeing of its people. One of the most impactful initiatives has been the Student Loan Repayment Program, a pioneering effort in the semiconductor industry. This program offers U.S.-based employees a tax-free benefit of up to $28,500, helping them alleviate student debt and empowering them to invest in their futures. In less than a year, 237 employees have enrolled, with the program already repaying over $100,000 in loans. Participants have reported newfound financial freedom, allowing them to focus on family planning, home buying, or retirement. The team’s efforts have also led to other exceptional policies and benefits, like 20 weeks of paid parental leave and childcare credit. The holistic approach to employee wellbeing and career development has reshaped GF’s identity as a people-centric organization. Employee engagement through ERGs With Pradheepa’s leadership, GF has recommitted to a culture of inclusivity. Her team’s dedication to inclusivity and employee engagement is evident through GF’s ten Employee Resource Groups (ERGs) and 22 chapters across the globe. Open to all employees, these groups are vital– they build community, boost engagement and ensure everyone feels seen and heard. In fact, 26% of GF employees are members. Notably, GF’s Early Tenure Professionals (ETP) ERG launched in Austin, TX, India, Germany and Singapore over the last two years and provide an instant community for new college and university graduates upon hire. Our inclusive culture is built and sustained by our more than 13,000 global team members. Building a strong talent pipeline Recognizing the importance of a sustainable talent pipeline, GF’s team has spearheaded partnerships with institutions like Hudson Valley Community College, resulting in a $1 million donation to enhance workforce training and apprenticeship programs. Initiatives such as the Global Journey Re-Entry Program and the semiconductor industry’s first U.S. Registered Apprenticeship program have broadened the candidate pool, increased retention and advancement and ensured that employees from diverse backgrounds have opportunities to grow and succeed. Congratulations to Pradheepa and the entire GlobalFoundries team on this well-deserved recognition. Their collective efforts and dedication to fostering a supportive and thriving workplace culture have truly set a new standard in the industry. The award was announced at the 2025 HRO Today Forum, which annually brings together HR leaders, practitioners, technology experts, and innovators who are building the workforces and setting the policies that will be the future of North American and global business.
GlobalFoundries Reports First Quarter 2025 Financial Results May 6, 2025 MALTA, N.Y., May 06, 2025 (GLOBE NEWSWIRE) — GLOBALFOUNDRIES Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the first quarter ended March 31, 2025. Key First Quarter Financial Highlights Revenue of $1.585 billion Gross margin of 22.4% and Non-IFRS gross margin(1) of 23.9% Operating margin of 9.5% and Non-IFRS operating margin(1) of 13.4% Net income of $211 million and Non-IFRS net income(1) of $189 million Diluted earnings per share of $0.38 and Non-IFRS diluted earnings per share(1) of $0.34 Non-IFRS adjusted EBITDA(1) of $558 million Ending cash, cash equivalents and marketable securities of $3.7 billion Net cash provided by operating activities of $331 million and Non-IFRS adjusted free cash flow(1) of $165 million “In the first quarter, the GF team delivered strong financial results at the high end of the Non-IFRS guidance ranges for revenue, gross margin, and earnings per share,” said Tim Breen, CEO of GF. “A testament to our solid execution, operational excellence, and robust design wins, our Automotive, Communications Infrastructure and Datacenter, and Home and Industrial IoT end markets grew year over year in the first quarter. From autonomous vehicles to satellite communications to optical networking, GF continues to build momentum in critical applications with robust growth prospects.” Recent Business Highlights GF and indie Semiconductor announced a strategic partnership to develop high-performance radar systems-on-chip (SoC). Built on GF’s automotive-qualified 22FDX® platform, these solutions will target 77 GHz and 120 GHz radar applications to enable safety-critical advanced driver assistance systems with low cost, small footprint, and efficient power consumption. Ayar Labs announced that the industry’s first Universal Chiplet Interconnect Express (UCIe) optical interconnect chiplet will utilize GF’s monolithic photonics platform. GF’s technology uniquely enables Ayar Lab’s solution to enhance AI infrastructure performance by driving high-speed data over long distances, while reducing latency and power consumption. In April, Bosch announced at Auto Shanghai the launch of its next generation single chip radar sensor, which reliably, precisely, and quickly detects objects for assisted and automated driving. As previously announced, GF continues its partnership with Bosch, enabling this high-performance, high-efficiency automotive radar technology with GF’s 22FDX platform. (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. GLOBALFOUNDRIES Inc. Summary Quarterly Results (Unaudited, in millions, except per share amounts and wafer shipments) Year-over-year Sequential Q1’25 Q4’24 Q1’24 Q1’25 vs Q1’24 Q1’25 vs Q4’24 Net revenue $ 1,585 $ 1,830 $ 1,549 $ 36 2 % $ (245 ) (13 )% Gross profit $ 355 $ 449 $ 393 $ (38 ) (10 )% $ (94 ) (21 )% Gross margin 22.4 % 24.5 % 25.4 % (300)bps (210)bps Non-IFRS gross profit(1) $ 379 $ 464 $ 405 $ (26 ) (6 )% $ (85 ) (18 )% Non-IFRS gross margin(1) 23.9 % 25.4 % 26.1 % (220)bps (150)bps Operating profit (loss) $ 151 $ (701 ) $ 147 $ 4 3 % $ 852 122 % Operating (loss) margin 9.5 % (38.3 )% 9.5 % 0bps +4,780bps Non-IFRS operating profit(1) $ 213 $ 285 $ 187 $ 26 14 % $ (72 ) (25 )% Non-IFRS operating margin(1) 13.4 % 15.6 % 12.1 % +130bps (220)bps Net income (loss) $ 211 $ (729 ) $ 134 $ 77 57 % $ 940 129 % Net income (loss) margin 13.3 % (39.8 )% 8.7 % +460bps +5,310bps Non-IFRS net income(1) $ 189 $ 256 $ 174 $ 15 9 % $ (67 ) (26 )% Non-IFRS net income margin(1) 11.9 % 14.0 % 11.2 % +70bps (210)bps Diluted earnings (loss) per share (“EPS”) $ 0.38 $ (1.32 ) $ 0.24 $ 0.14 58 % $ 1.70 129 % Non-IFRS diluted EPS(1) $ 0.34 $ 0.46 $ 0.31 $ 0.03 10 % $ (0.12 ) (26 )% Non-IFRS adjusted EBITDA(1) $ 558 $ 661 $ 577 $ (19 ) (3 )% $ (103 ) (16 )% Non-IFRS adjusted EBITDA margin(1) 35.2 % 36.1 % 37.2 % (200)bps (90)bps Cash from operating activities $ 331 $ 457 $ 488 $ (157 ) (32 )% $ (126 ) (28 )% Wafer shipments (300mm equivalent) (in thousands) 543 595 463 80 17 % (52 ) (9 )% (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. GLOBALFOUNDRIES Inc. Summary of Second Quarter 2025 Guidance(1) (Unaudited, in millions, except per share amounts) IFRS Share-based compensation(3) Non-IFRS(2) Net revenue $1,675 ± $25 Gross margin(2) 24.1% ± 100bps ~90bps 25.0% ± 100bps Operating expenses $222 ± $10 ~$37 $185 ± $10 Operating margin(2) 10.8% ± 180bps ~320bps 14.0% ± 180bps Diluted EPS(2)(4) $0.27 ± $0.06 ~$0.09 $0.36 ± $0.05 Fully Diluted Share Count ~560 (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 available as of the date of this release. (2) Non-IFRS gross margin, Non-IFRS operating margin, Non-IFRS operating expenses and Non-IFRS diluted EPS are Non-IFRS measures and, for purposes of the Guidance only, are defined as gross profit as a percent of revenue, operating profit as a percent of revenue, operating expenses and diluted EPS, all before share-based compensation, respectively. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful. (3) We expect share-based compensation of $15 million and $37 million in cost of revenue and operating expenses, respectively. The Non-IFRS margin impacts are calculated by dividing share-based compensation by net revenue, and the Non-IFRS diluted EPS impact is calculated by dividing share-based compensation by the fully diluted share count. (4) Included in diluted EPS is net interest income (expense) and other income (expense) which we estimate will be between $3 million and $11 million for the second quarter 2025. Also included in diluted EPS is income tax expense which we estimate will be between $33 million and $47 million for the second quarter 2025. GLOBALFOUNDRIES Inc. Consolidated Statements of Operations (Unaudited, in millions, except for per share amounts) Three Months Ended March 31, 2025 March 31, 2024 Net revenue $ 1,585 $ 1,549 Cost of revenue 1,230 1,156 Gross profit $ 355 $ 393 Operating expenses: Research and development 127 124 Selling, general and administrative 77 122 Total operating expenses $ 204 $ 246 Operating profit $ 151 $ 147 Finance income (expense), net 14 10 Other income (expense) 30 (2 ) Income tax (expense) benefit 16 (21 ) Net income $ 211 $ 134 Attributable to: Shareholders of GLOBALFOUNDRIES Inc. 210 133 Non-controlling interest 1 1 EPS: Basic $ 0.38 $ 0.24 Diluted $ 0.38 $ 0.24 Shares used in EPS calculation: Basic 554 555 Diluted 557 558 GLOBALFOUNDRIES Inc. Condensed Consolidated Statements of Financial Position (Unaudited, in millions) March 31, 2025 December 31, 2024 Assets: Cash and cash equivalents $ 1,596 $ 2,192 Marketable securities 1,281 1,194 Receivables, prepayments and other 1,415 1,406 Inventories 1,813 1,624 Current assets $ 6,105 $ 6,416 Property, plant and equipment, net $ 7,626 $ 7,762 Marketable securities 820 839 Right-of-use assets 499 498 Deferred tax assets 250 188 Other assets 1,179 1,096 Non-current assets $ 10,374 $ 10,383 Total assets $ 16,479 $ 16,799 Liabilities and equity: Current portion of long-term debt $ 57 $ 753 Other current liabilities 2,371 2,291 Current liabilities $ 2,428 $ 3,044 Non-current portion of long-term debt $ 1,071 $ 1,053 Non-current portion of lease obligations 426 424 Other liabilities 1,450 1,454 Non-current liabilities $ 2,947 $ 2,931 Total liabilities $ 5,375 $ 5,975 Shareholders’ equity: Common stock / additional paid-in capital $ 24,057 $ 24,025 Accumulated deficit (13,056 ) (13,266 ) Accumulated other comprehensive income 53 17 Non-controlling interest 50 48 Total liabilities and equity $ 16,479 $ 16,799 GLOBALFOUNDRIES Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in millions) Three Months Ended March 31, 2025 March 31, 2024 Operating Activities: Net income $ 211 $ 134 Depreciation and amortization 352 392 Finance (income) expense, net and other 9 6 Net change in working capital (144 ) (97 ) Other non-cash operating activities (97 ) 53 Net cash provided by operating activities $ 331 $ 488 Investing Activities: Purchases of property, plant and equipment and intangible assets $ (166 ) $ (227 ) Acquisition of joint venture interest, net of cash acquired (19 ) — Net purchases of marketable securities (61 ) (371 ) Other investing activities 35 (2 ) Net cash used in investing activities $ (211 ) $ (600 ) Financing Activities: Proceeds from issuance of equity instruments $ 16 $ 23 Proceeds (repayment) of debt, net (733 ) (50 ) Net cash used in financing activities $ (717 ) $ (27 ) Effect of exchange rate changes 1 (1 ) Net change in cash and cash equivalents $ (596 ) $ (140 ) Cash and cash equivalents at the beginning of the period 2,192 2,387 Cash and cash equivalents at the end of the period $ 1,596 $ 2,247 GLOBALFOUNDRIES Inc. Reconciliation of IFRS to Non-IFRS (Unaudited, in millions, except for per share amounts) Three Months Ended March 31, 2025 Gross profit Selling, General & Administrative Research & Development Operating profit Other Income (Expense) Income tax (expense) benefit Net income Diluted EPS As Reported $ 355 $ 77 $ 127 $ 151 $ 30 $ 16 $ 211 $ 0.38 IFRS margins(1) 22.4 % 9.5 % 13.3 % Share-based compensation 13 (20 ) (7 ) 40 — (2 ) 38 0.07 Structural optimization(2) 11 (5 ) (5 ) 21 — (3 ) 18 0.03 Amortization of acquired intangibles and other acquisition related charges — — (1 ) 1 (31 ) 6 (24 ) (0.04 ) Revaluation of equity investments — — — — (6 ) — (6 ) (0.01 ) Tax matters(3) — — — — — (48 ) (48 ) (0.09 ) Non-IFRS measures(1) $ 379 $ 52 $ 114 $ 213 $ (7 ) $ (31 ) $ 189 $ 0.34 Non-IFRS margins(1) 23.9 % 13.4 % 11.9 % Three Months Ended December 31, 2024 Gross profit Selling, General & Administrative Research & Development Operating profit Other Income (Expense) Income tax (expense) benefit Net income Diluted EPS As Reported $ 449 $ 93 $ 121 $ (701 ) $ (1 ) $ (42 ) $ (729 ) $ (1.32 ) IFRS margins(1) 24.5 % (38.3 )% (39.8 )% Share-based compensation 15 (22 ) (8 ) 45 — — 45 0.09 Structural optimization(2) — (2 ) (1 ) 3 — (1 ) 2 0.01 Amortization of acquired intangibles and other acquisition related charges — — (2 ) 2 — — 2 — Impairment of long-lived assets — — — 935 — — 935 1.68 Restructuring charges — — — 1 — — 1 — Non-IFRS measures(1) $ 464 $ 69 $ 110 $ 285 $ (1 ) $ (43 ) $ 256 $ 0.46 Non-IFRS margins(1) 25.4 % 15.6 % 14.0 % Three Months Ended March 31, 2024 Gross profit Selling, General & Administrative Research & Development Operating profit Other Income (Expense) Income tax (expense) benefit Net income Diluted EPS As Reported $ 393 $ 122 $ 124 $ 147 $ (2 ) $ (21 ) $ 134 $ 0.24 IFRS margins(1) 25.4 % 9.5 % 8.7 % Share based compensation 12 (21 ) (7 ) 40 — — 40 0.07 Non-IFRS measures(1) $ 405 $ 101 $ 117 $ 187 $ (2 ) $ (21 ) $ 174 $ 0.31 Non-IFRS margins(1) 26.1 % 12.1 % 11.2 % (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 and manufacturing footprint alignment. (3) Comprised of net deferred tax asset recognition and foreign exchange rate impact. GLOBALFOUNDRIES Inc. Reconciliation of IFRS to Non-IFRS Non-IFRS Adjusted Free Cash Flow(1) (Unaudited, in millions) Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Net cash provided by operating activities $ 331 $ 457 $ 488 Less: Purchases of property, plant and equipment and intangible assets (166 ) (135 ) (227 ) Add: Proceeds from government grants — 6 — Non-IFRS adjusted free cash flow(1) $ 165 $ 328 $ 261 (1) See “Financial Measures (Non-IFRS)” for further discussion on this Non-IFRS measure and why we believe it is useful. Reconciliation of IFRS to Non-IFRS Non-IFRS Adjusted EBITDA(1) (Unaudited, in millions) Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Net revenue $ 1,585 $ 1,830 $ 1,549 Net income (loss) 211 (729 ) 134 Net income (loss) margin 13.3 % (39.8 )% 8.7 % Depreciation and amortization 352 378 392 Finance expense 25 34 37 Finance income (39 ) (49 ) (47 ) Income tax expense (benefit) (16 ) 42 21 Share-based compensation 40 45 40 Restructuring charges — 1 — Impairment of long-lived assets — 935 — Structural optimization 21 3 — Revaluation of equity investments (6 ) — — Other acquisition related charges (30 ) 1 — Non-IFRS adjusted EBITDA(1) $ 558 $ 661 $ 577 Non-IFRS adjusted EBITDA margin(1) 35.2 % 36.1 % 37.2 % (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 other income (expense), Non-IFRS income tax benefit (expense), Non-IFRS diluted earnings per share (“EPS”), Non-IFRS adjusted EBITDA, Non-IFRS adjusted free cash flow and any related margins. We define each of Non-IFRS gross profit, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS operating profit, Non-IFRS other income (expense), Non-IFRS income tax benefit (expense) and Non-IFRS net income as gross profit, selling, general and administrative, research and development, operating profit, other income (expense), income tax benefit (expense), 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, revaluation of equity investments, restructuring charges, tax matters, 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; revaluation of equity investments, structural optimization and acquisition related charges. We define each of 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. 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, May 6, 2025 at 8:30 a.m. U.S. Eastern Time (ET) to review the first quarter 2025 results in detail. Interested parties may join the scheduled conference call by registering at https://edge.media-server.com/mmc/p/jgpem5gd/. 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 and Third Party Data 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; political developments following the change in the U.S. administration; the imposition of trade controls, tariffs and counter-tariffs between the United States and its trade partners; 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; the expected benefits of our announced partnerships may fail to materialize; 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 2024 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission (SEC). Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov. For further information, please contact: Investor Relations [email protected]
Enabling the next generation of smart glasses April 30, 2025 By Anjana Govil Sr. Director, Smart Mobile Devices, GlobalFoundries Smart glasses were a hot topic at CES 2025 and are being touted as the next big category in wearables. Counterpoint Research estimates global smart glasses shipments to increase significantly, from under 3 million units shipped in 2024 to nearly 45 million units shipped annually by 2030. In the past year, the smart glasses industry has transformed with sleek, lightweight designs and a variety of features easily controlled by voice commands as well as integrated micro-displays. The evolution of smart glasses Initial smart glasses technologies had limited appeal with consumers. Enabling only audio and camera capabilities that come standard on modern smartphones, these gadgets were seen as a niche play with few additional use cases. With the convergence of artificial intelligence (AI) and advancements in micro-display capabilities that can be integrated into smart glasses, their appeal has drastically increased. These advancements address needs that do not have elegant solutions today. From general consumer use cases like real time translation and navigation to more specific uses like summarizing notes in a meeting or tracking key health parameters for athletes, these next generation of AI-enabled smart glasses are unlocking new frontiers and applications that consumers may not have imagined. As technology further evolves, several vendors believe that full Augmented Reality (AR) glasses could be the next personal computer, offering a mobile and personalized way to work, connect and entertain. Though the journey to mainstream full AR glasses is still further away, smart glasses are making an indelible mark in the wearable device market. Real estate and power challenges Nearly 3 billion people across the world use glasses, and most are accustomed to very light weight frames (< 35 grams) that can be worn comfortably throughout the day. This constraint has created significant real estate challenges and power consumption limitations for all functional additions to smart glasses such as cameras, displays, and batteries. These challenges have spurred the adoption of new micro-display technologies that can meet the space and power figures of merit (FOMs) while providing the brightness needed to enable displays in ambient light. This innovation in display technology is crucial for the advancement of smart glasses. Innovation in displays addressing these challenges A lot of incumbent display technologies struggle to fight against sunlight and those that do are relatively power hungry like Liquid Crystal on Silicon (LCOS) based displays. Innovation in micro-displays like microLEDs have enabled extremely bright displays (>1 Mnits) at the ultra-low power consumption needed for AI glasses with extremely small footprints. MicroLEDs are self – emissive, so only the pixels that light up consume power. This is helpful in smart glasses where you are displaying contextual information that needs only limited field to view (FOV) to ~ 20-30 degrees and doesn’t require all pixels to light up. Over time, as technology evolves and becomes more efficient, we expect these limited FOV glasses to evolve into full AR displays (large FOV > 70 degrees). MicroLED construction and GF solutions – 28SLPe and 22FDX+ MicroLED displays are typically constructed with 2 wafers: a front plane based on GaN LEDs and a CMOS backplane to help drive the LEDs. Let’s delve deeper into how GF’s differentiated technologies are enabling these advancements. GF offers 28SLPe and 22FDX platforms offer key features to enable very compact, ultra-low power CMOS backplane designs: GF’s 28SLPe and 22FDX+ platforms enable in-pixel drivers with 1.8V and 3.3V devices. Both platforms offer dense SRAM bit cells enabling 6-10-bit color depth in 2 – 4um pixels, enabling customers to optimize their design for pixel pitch, resolution and color depth to cater to different performance/price segments of the market. 22FDX+ helps minimize both active power and leakage power with low-voltage SRAM and the inherently low leakage in the FD-SOI transistor. GF offers innovative, custom pixel cell designs to meet the growing density requirements for microLEDs. Lastly, GF enables superior device matching performance to minimize brightness variation across the pixel array. MicroLED manufacturing also involves stringent requirements on wafer bow, warpage, roughness and planarity to enable various bonding approaches that customers use. GF is partnering closely with our customers to help support their requirements for their specific bonding approaches including supporting different wafer surface finishes. We are also enabling a roadmap with TSVs to enable interconnections and reduce solution size. GF’s front end of Line (FEOL) capability, metallization stacks and back end of Line (BEOL) solutions optimized for microLEDs have led to partnerships with several leading vendors to enable the next generation of micro displays with 28SLPe and 22FDX. Looking ahead, the future possibilities for smart, AI-enabled glasses are vast and exciting. Future Possibilities We expect future smart glasses to offer enhanced AR experiences, better battery life, and more intuitive interfaces. Longer term, this is just a step in the journey towards spatial computing where full AR glasses can be used with large visual real estate, entertainment and more. We expect these advancements to complement today’s computing experience by facilitating tasks done on PCs, tablets and smartphones. As we envision the future of spatial computing with full AR glasses, GF is committed to serving display applications across all existing and new markets. This includes LCD and OLED displays as well as next generation micro displays across consumer, automotive and industrial applications where GF has a history of continued investment and innovation: OLED DDIC / TDDI for smartphones, smartwatches – GF has a broad portfolio of solutions for display driver integrated circuits (DDICs) and touch and display driver integration (TDDI) with our 28HV, 40HV and 55HV platforms. GF is also developing our 22FDX+HV platform to address power concerns for next generation mobile devices and automotive applications. TCON for display drivers, including AI-enabled displays with integrated sensor functions – GF offers multiple solutions for timing controllers with our 22FDX, 28SLPe, and 40LP process technologies that are purpose-built for high performance compute. MicroLED backplane for automotive HUD – GF offers 28SLPe and 22FDX+ that are auto qualified and enabled with customized features for dense, low power microLED heads up displays (HUD). The possibilities are truly endless. Following our success with developing essential chip technologies for modern smartphones, cars and more, GF is well positioned to address the growing role smart glasses and AR glasses will take in reshaping how we interact with our world. For more information on how GF can help you build your next generation smart glasses or advanced display devices, you can contact us anytime through gf.com.
GlobalFoundries’ Jean Blunt Receives 2025 MAKE Award for Manufacturing Excellence April 29, 2025 Blunt honored by the Manufacturing Institute as one of 130 national recipients ESSEX JUNCTION, VT, April 29, 2025 – Last week, the Manufacturing Institute (MI)—the workforce development and education partner of the National Association of Manufacturers—honored Jean Blunt from GlobalFoundries (Nasdaq: GFS) (GF) at their annual MAKE Awards. Blunt, director of manufacturing operations at GF Vermont, has been named a 2025 Honoree for her exemplary leadership in manufacturing, science, technology, engineering and production. She is one of 130 recipients recognized with this prestigious honor. Over the past 35 years, Jean Blunt has made significant contributions to the semiconductor industry. As the director of manufacturing operations at GF Vermont for the past five years, Jean has built a production-control team that increased quality output by 40 percent. She then took on the management of the 600-employee manufacturing organization, introduced the first mobile robot to production and achieved the highest operator productivity and manufacturing quality performance at the site. Jean is also dedicated to coaching and mentoring emerging leaders and has served as the executive sponsor for the Community Engagement Team at GF Vermont. Under her leadership, participation in employee engagement has notably increased, with volunteer hours up by 300 percent and total attendance at events rising by 60 percent last year. “I feel powerful when I help others grow in their careers, use my passion to build a positive workplace culture and make a meaningful impact in the community,” said Blunt. “It is truly an honor to receive MI’s Honoree Award, and I am grateful for the opportunity to further support the manufacturing workforce.” These prestigious annual awards recognize employees who have excelled in their careers and showcase leadership across all levels of the manufacturing industry, from the factory floor to the C-suite. “I am thrilled to congratulate Jean on her MAKE Honoree Award! She is an exceptional and innovative leader who leads by example and consistently makes a positive impact at GF and throughout Vermont, both in business and community engagement,” said Ken McAvey, general manager, GF Vermont. “Along her 35-year career, Jean has built strong relationships, improved the workplace for her teammates and encouraged lifelong careers in manufacturing. Her unwavering dedication to her employees, team, community and business outcomes are the driving forces behind their success. We are deeply grateful to have Jean’s outstanding service and leadership and look forward to her future achievements at GF.” The MI MAKE Awards gala, held in Washington, D.C., honored 100 industry leaders (“Honorees”) and 30 rising stars (“Emerging Leaders”) who were nominated by their companies and recognized for their innovation, dedication, contributions and good counsel. The evening highlighted the story of each Honoree and Emerging Leader, including their leadership and accomplishments in manufacturing. Honorees were further rewarded with access to a two-day leadership development conference in Washington, D.C., in the days leading up to the evening awards gala. GF’s facility in Essex Junction, Vermont, near Burlington, was among the first major 200 mm semiconductor manufacturing sites in the world. Today, around 1,800 GF employees work at the site. Built on GF’s differentiated technologies, these GF-made chips are used in smartphones, automobiles, and communications infrastructure applications around the world. About 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. About the Manufacturing Institute The Manufacturing Institute (MI) builds and strengthens the manufacturing workforce of today and tomorrow. Through implementing groundbreaking programs, convening industry leaders and conducting innovative research, the MI furthers individual opportunity, community prosperity and a more competitive manufacturing industry. As the 501(c)3 nonprofit workforce development and education affiliate of the National Association of Manufacturers, the MI is a trusted adviser to manufacturers, equipping them with solutions to address the toughest workforce issues. For more information on the MI, please visit www.themanufacturinginstitute.org. Media Contact: Gina DeRossi518-491-5965[email protected]
Earth Week 2025: GF Delivering Sustainability for our Planet and our Customers April 25, 2025 By John Compani Senior Member of the Technical Staff for Corporate EHS and Sustainability, GlobalFoundries Every year, GlobalFoundries (GF) experts develop and implement new projects to enhance the sustainable operations of the company’s advanced manufacturing sites across the globe. With a mix of innovation, clever engineering and incremental improvements, the teams enable important resource savings to further decrease GF’s impact on the environment and deliver on our sustainability commitments to our customers. There is no better time to share these accomplishments than in the midst of GF’s third annual Earth Week, which has the theme of “ONEGF, one planet, protect it together”. GF recognizes climate change is an unprecedented global challenge, and below are some of the ways we are taking meaningful action. Reducing greenhouse gas emissions This week GF announced an accelerated and more ambitious goal for reducing our total greenhouse gas emissions by 42% from 2021-2030, even as the company continues to expand its global semiconductor manufacturing capacity and capabilities. Read about this exciting news here. GF is on track to meet this more ambitious 42% reduction goal, which will be accomplished through a comprehensive mix of energy efficiency improvements, state-of-the-art emissions controls, expanded use of alternative chemistries, and use of lower-carbon power across all our fabs. In 2024, GF completed projects at our fabs with reoccurring benefits of approximately 100,000 MTCO2e, which is equivalent to the amount of carbon sequestered by 30,000 acres of mature forest in one year. Saving water Semiconductor manufacturing requires large amounts of water. Despite our fabs not being located in high water stress geographies, GF takes water conservation seriously and we continue to drive new ways of reducing, recycling and reusing water at our facilities. More than 42% of GF’s total water use in 2024 was covered by reused or recycled water. In 2024 alone, our completed water conservation projects led to an annual savings of more than 224,000 m³ (59 million gallons) of water – about the amount used by 540 average U.S. households in one year. These new water-saving projects were related to identifying and seizing opportunities to reuse and recycle at various points throughout our chip manufacturing processes. Using less electricity Semiconductor manufacturing is an energy-intensive process. Not only do electricity conservation projects save money, but they can also reduce the GHG emissions generated as a byproduct of producing that electricity. In 2024, GF’s sustainability and efficiency initiatives resulted in annual savings of 33 million kilowatt-hours (kWh) of electricity – enough to power over 3,000 average U.S. households. These efforts led to both significant energy cost savings for GF as well as lower indirect GHG emissions. These savings were achieved through numerous projects across our global fabs, including efficiency improvements to our chilled water systems and HVAC optimization Managing chemicals and waste Across all of our manufacturing sites, GF has rigorous chemical review and pollution prevention programs in place to identify opportunities to reduce or eliminate chemical use and waste generation. For 2024, teams completed a variety of projects for a combined reduction of nearly 900 metric tons of hazardous waste and chemical use, equating to about $8 million in annual savings for our company. These projects include innovative new processes and systems, new efficiencies, and novel ways of reusing or recycling materials in our lithography, cleans, and other manufacturing tools. Keep an eye out for even more details on the above as well as many other resource conservation projects in GF’s forthcoming 2025 Sustainability Report, to be published in June. John Compani is a Senior Member of Technical Staff with GF’s Corporate EHS & Sustainability Team. He is based in Malta, New York, with focus on GF’s Environmental Performance, Resource Conservation and Sustainability efforts.
GlobalFoundries Accelerates GHG Reductions Commitments with Near Term Science-Based Target April 22, 2025 To further align with industry sustainability goals, GF will accelerate commitment to reduce GHG emissions 42% by 2030 and seek SBTi validation MALTA, N.Y., April 22, 2025 — GlobalFoundries (Nasdaq: GFS) (GF) today announced it will accelerate its near-term greenhouse gas (GHG) emission reduction goals, enhancing the company’s commitment to sustainable operations and further supporting the sustainability leadership of partners including Apple and Infineon Technologies AG. GF’s revised targets will be set in line with Science Based Target Initiative (SBTi) standards. GF is updating its Journey to Zero Carbon pledge with the accelerated commitment to reduce total GHG emissions by 42% from 2021 to 2030, up from the previous target of 25%, even as the company continues to expand its global semiconductor manufacturing capacity. GF is on track to meet this more ambitious 42% reduction goal, which will be accomplished through a comprehensive mix of energy efficiency improvements, state-of-the-art emissions controls, expanded use of alternative chemistries, and use of lower-carbon power across its fabs in the U.S., Germany and Singapore. As part of this pledge, GF has committed to set its GHG emission reduction target in alignment with SBTi, widely considered the gold standard for science-based carbon reduction targets. “Addressing today’s sustainability challenges is no small task, and GF has a strong track record of advancing responsible manufacturing and helping our customers achieve their sustainability goals,” said Niels Anderskouv, chief business officer and incoming president and chief operating officer at GF. “The essential chips we manufacture are in countless technologies and devices around the world. Our commitment to SBTi, and its vigilant framework for meaningful greenhouse gas emissions reductions, is both the right thing to do and another way for GF to be an environmentally responsible partner to our customers and communities.” In partnering with Apple, GF is enhancing the sustainability of its semiconductor manufacturing operations and further reducing fluorinated GHG emissions, which have global warming potential thousands of times greater than that of CO2. GF has also been partnering with Infineon to set and meet more ambitious GHG reduction targets, in alignment with Infineon’s SBTi plans to address climate change across its entire value chain. As GF works with SBTi on its near-term GHG emission reduction target, the company remains committed to its previously stated goals of achieving net-zero GHG emissions and 100% carbon-neutral power by 2050. Net-zero is a widely recognized global objective aimed at reducing emissions and supporting long-term environmental sustainability. Read more about sustainability at GF: https://gf.com/about-us/corporate-responsibility 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. ©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. Forward-looking Information This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. Media Contact: Michael Mullaney [email protected]
Thalia joins GlobalFoundries’ GlobalSolutions Ecosystem to advance IP reuse and design migration April 17, 2025
Equal1 successfully validates a commercial CMOS process utilizing GlobalFoundries’ technology April 16, 2025
