GF Raises the Bar for Sustainability, Efficiency with Expansion in Singapore

by HanBin Lim 

In today’s world, a semiconductor fab’s performance isn’t only measured by wafer output and yields, but also by how efficiently and sustainably it uses natural resources, and how effectively it minimizes the impacts of manufacturing on its neighborhood.

Nowhere are those considerations more important than on the small island nation of Singapore, which is one of the most densely populated nations and has a limited supply of water and other natural resources. GlobalFoundries (GF) has long operated in Singapore, benefitting from the nation’s skilled and dedicated workforce, forward-thinking policies of the government, outstanding universities, and strategic location. Because of these advantages, and thanks to GF Singapore’s world-class team and operational performance, GF is in the midst of a significant expansion on our Singapore campus. We broke ground on the expansion in July 2021, and a year later moved the first production tools into the new building.

The new expansion will be GF’s most advanced semiconductor fab in Singapore, and state-of-the-art environmental performance and sustainable operation have been priorities from the very start of its design process. They are essential, not only because GF is a large, prominent company with diverse stakeholders who expect nothing less than excellent performance, but also because our campus is adjacent to highly populated residential areas. In fact, many of our employees reside nearby in the town of Woodlands.

Among the major design elements that will make this performance possible are innovative water solutions enabling a high level of water recycling and reuse; new abatement technologies that can much more effectively remove greenhouse gases from our exhaust; and the complete replacement of fossil fuel burning boilers with electric heat pumps.

The new building is also solar-ready so that we can reduce the use of fossil fuels in our electricity supply. The necessary cabling, switch rooms, inverters and other required infrastructure have been designed into the facilities, and once production tools have all been installed in the facility, the rooftop solar panels will be put in place and connected.

Reusing and Recycling Water  

Water conservation is a key concern in Singapore, and once complete the Singapore expansion will be GF’s most water-efficient fab. Taking a long-term perspective, the new facility even features the space and flexibility needed to enable future advances in water technology and incorporate these future systems into the operation of the fab.

GF’s water journey in Singapore is more than a decade long and we continue to lessen our facility’s impact on our country’s limited water resources. One way we are doing that is with rainwater-collection systems to capture the rain so that we can use it onsite. While rainwater isn’t potable, it’s suitable for such tasks as flushing toilets and washing floors.

We are also focusing on wastewater treatment, going above and beyond what Singapore regulations require. For example, we have technology and processes that are new to GF’s Singapore fabs, which eliminate certain chemicals from the new fab’s wastewater. This not only reduces our potential impact on downstream water treatment systems, but because we are part of the local community here and want to be a good neighbor to our community.

Treating the Air for Lower Greenhouse Gases 

At the fab expansion, we are installing a new generation of abatement systems which can much more effectively treat the greenhouse gases emitted from our manufacturing operations. This state-of-the-art capability enables our Singapore site to substantially reduce its overall emissions, even as we expand our capacity, in line with GF’s Journey to Zero Carbon goal.

We are also building a thermal oxidizer system to treat volatile organic compounds (VOCs) in the exhaust, reducing the concentration of any VOCs by 90–99.5% and minimizing the impact of the new expansion on neighboring communities.

Electrification and Phasing Out Fossil Fuels 

To further enhance the environmental performance of the new fab is to electrify wherever possible. We are replacing fossil-fuel-burning combustion boilers with electricity-driven heat pumps to heat water for manufacturing operations, and using local on-demand water heaters for other needs. Not only does this eliminate any exhaust smoke emitted into the air, it is also much more energy-efficient, decreasing overall energy demand and providing an avenue for our hot water needs to be rigorously optimized.

The Human Dimension 

As important as all of this work is, it also has a human dimension which transcends the technical details.

The APAC Environmental Team is relatively young for our industry, with an average age of about 30 years old. The way we see it, we aren’t just building a fab to meet today’s needs and requirements, we’re building a fab for the future. This fab is made to beat tomorrow’s challenges and to last beyond the duration of our careers.

So our challenge, or rather our opportunity, is to build this fab not just according to today’s rules, but according to our vision of the future.

HanBin Lim is an Environmental Manager for GF in the APAC region. He has a Bachelor’s in Chemical Engineering from National University of Singapore, and also leads the global Circularity Work Group in SEMI.

GlobalFoundries Announces Conference Call to Review Fourth Quarter and Full-Year 2022 Financial Results

MALTA, N.Y., January 6, 2023 (GLOBE NEWSWIRE) — GlobalFoundries (NASDAQ: GFS) (GF) today announced that it will host a conference call on Tuesday, February 14, 2023, at 8:30 a.m. ET following the release of the company’s fourth quarter and full-year 2022 financial results.

Conference Call and Webcast Information

The company will host a conference call with the financial community on Tuesday, February 14, 2023, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here.

The company’s financial results and a webcast of the conference call will be available on GF’s Investor Relations website at https://investors.gf.com.

About GF

GlobalFoundries Inc. (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.

©GlobalFoundries Inc. GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. 

For further information, please contact:

[email protected]

Looking Back at 2022: Innovation, Differentiation, and Partnership at GF

As 2022 draws to a close, GlobalFoundries® (GF®) concludes its first full year as a publicly traded company. Foundry Files takes a look back at key GF news, announcements and themes from 2022. 

Recognition for ESG and Corporate Responsibility 

Throughout 2022 GF received several awards and ratings for our environmental, sustainability, and governance (ESG) efforts, the latest recognitions of our commitment to corporate responsibility.  

We were honored to receive an Environmental Merit Award from the U.S. Environmental Protection Agency (EPA) for conservation efforts at our facility in Essex Junction, Vermont. In addition, both our Vermont site and our Malta, New York, site received Most Valuable Pollution Prevention awards from the National Pollution Prevention Roundtable. 

GF was also named to Newsweek’s “America’s Most Responsible Companies 2023” list, received a “Low Risk” ESG rating from Morningstar Sustainalytics, and recognized for “Prime” corporate ESG performance by rating agency ISS with a rank in the top 10% of companies in the semiconductor industry. As John Toy, chief of ethics and sustainability at GF, said: 

“We recognize there is still much work to be done. Just as the chips we manufacture are vital to the innovations that are leading to a cleaner, healthier future, we are committed to minimizing our impact on the environment, driving positive change, and creating value through corporate responsibility.” 

Closer Partnership with the U.S. Government 

GF is proud to be a longstanding partner and supplier to the U.S. government, and over the year we saw this relationship continue to deepen. 

In October 2022, GF and U.S. Senator Patrick Leahy announced the award of $30 million in federal funding to advance the development and production of next-generation gallium nitride (GaN) on silicon semiconductors at our manufacturing facility in Essex Junction, Vermont. 

The new award moves GF and its Vermont site closer to the large-scale production of GaN chips, which have a unique ability to handle significant heat and power levels. Thanks to this ability, GaN chips are positioned to enable game-changing performance and efficiency for smartphones, electric vehicles, power grids, and many other applications.  

At the event to announce the funding, Sen. Leahy said: “This funding is an investment in U.S. leadership in improved technology for chips that connect everything around us and power our handheld devices—with GlobalFoundries and Vermonters leading the way.” 

Earlier in the year, GF and the U.S. Department of Defense announced a $117 million agreement for GF to provide a strategic supply of U.S.-made semiconductors critical to national security systems. These chips, to be securely manufactured at GF’s facility in Malta, New York, will be used in some of the nation’s most sensitive defense and aerospace applications. Click here to read more

U.S. CHIPS and Science Act 

Semiconductors made headline news throughout 2022, and a major focal point was the development, progress, and passing of the U.S. CHIPS and Science Act. GF was a vocal supporter of the legislation

On Tuesday, August 9, U.S. President Joe Biden signed the $52+ billion CHIPS and Science of 2022 into law. GF CEO Dr. Thomas Caulfield attended the signing ceremony on behalf of GF. The law will have a profound impact on the U.S. semiconductor industry for years to come. 

In his remarks, President Biden cited GF’s new agreement with Qualcomm to supply an additional $4.2 billion in U.S-made chips, to be manufactured at our facility in Malta, New York. 

The announcement was made a day earlier, coinciding with a CEO summit in Washington co-hosted by GF, Ford, and Applied Materials. The summit brought together CEOs and leaders from across the semiconductor supply chain to discuss U.S. technology leadership, competitiveness, supply chains, national security, and more. Click here to read a Reuters report on the summit. 

Closing out the historic week for U.S. semiconductor manufacturing, GF was proud to join New York Governor Kathy Hochul, Senate Majority Lead Chuck Schumer, Congressman Paul Tonko and others in Albany for the signing of New York’s Green CHIPS legislation. 

Leadership and Partnership in Europe 

In July 2022, GF and STMicroelectronics announced a partnership to create a new, jointly-operated 300mm semiconductor manufacturing facility in Crolles, France, to support the demand for chips from customers in Europe and across the globe. 

GF CEO Dr. Thomas Caulfield and ST CEO Jean-Marc Chery announced the partnership together in Crolles, alongside President of France Emmanuel Macron and other officials. ST and GF will receive significant financial support from the State of France for the new facility, which will be built as an expansion of ST’s existing facility in Crolles and leverage the site’s infrastructure. 

Through the agreement, GF and STMicroelectronics are committed to building manufacturing capacity for chips used in the automotive and industrial markets, as well as Internet of Things and communication infrastructure applications.  

With a focus on our differentiated 22FDX platform, which has shipped more than one billion chips, the new facility in Crolles will expand GF’s presence within Europe’s dynamic technology ecosystem while reinforcing our position as the leading semiconductor foundry in Europe. 

Read the article “Chip Giants to Build Factory in France as Global Supply Race Rolls On” from The Wall Street Journal, as well as news coverage from Financial Times, Agency France-Press, Reuters, and EETimes

First Tool-In at Singapore Expansion 

Moving the first manufacturing tool into a new facility is always an exciting moment for a chipmaker. In June 2022, GF we celebrated the arrival of the first tool at the newest facility on our Singapore campus. 

The milestone was reached only one year after breaking ground on the first phase of our Singapore expansion, and was achieved in partnership Singapore Economic Development Board and co-investments from committed customers. 

In a ceremony at the newly constructed building, GF leaders were joined by Singapore officials, and executives from Lam Research, Exyte, and many other key partners and suppliers. Together they watched as the first tool — a market-leading etch tool made by Lam Research — was moved into GF’s newly commissioned cleanroom. 

The milestone brought GF closer to expanded manufacturing capacity at our Singapore site, and fulfilling global demand in the marketplace for GF-made chips used in automobiles, smartphones, wireless connectivity, internet of things (IoT) devices, and other applications. 

Click here to watch GF CEO Dr. Thomas Caulfield discuss the first tool-in with CNBC, and click here to watch a video of the GF’s Singapore Expansion First Tool-In Event. Read news coverage from The Straits Times here

Building a Culture of Diversity and Inclusion 

GF knows the best ideas come from a diverse team being inclusive, and that our success rests on empowering employees to bring their whole person — with all of their unique talents and distinctive qualities — to our company. 

Throughout 2022, we further leaned into our strategic partnerships with AfroTech, FairyGodboss, Society of Hispanic Engineers, Society of Women Engineers, iRelaunch, and other organizations to create new opportunities and expand outreach in our industry and beyond.  

For example, read this blog article to learn more about the ways GF’s Global Journey Re-Entry Program has provided individuals with an extra layer of support when rejoining the workforce after a voluntary break, such as raising a family, serving in the military, caring for a loved one, pursuing education, or other reasons. 

For further reading on diversity, equity, and inclusion at GF in 2022, check out: 

Connecting the World with GF Connex 

GF continues to lead the way in radio frequency (RF) innovations, and in May 2022 we announced GF Connextm — our feature-rich RF portfolio designed for next-gen wireless connectivity. We’re collaborating with industry leaders like Broadcom, Fujikura, MediaTek, Orca Systems, Skyworks and others to address varied RF needs across a range of applications. 

GF Connex products are pervasive in daily life. From smartphones that stay connected longer on a single charge, to cellular and satellite communications that deliver more reliable connections. From innovative and power-efficient Internet of Things devices, to more responsive, extended range, high resolution imagery for more powerful and sensitive automotive radars. 

Our GF Connex portfolio exemplifies our feature-rich approach: we work in lockstep with our customers to develop innovative process features that enhance and elevate capabilities for RF communications, efficient conversion and delivery of power, and precision analog for sensing. GF’s laser focus on select end markets means these solutions are differentiated and purpose-built for automotive, smart mobile, IoT, communications infrastructure, and data centers. 

To read more, check out “GlobalFoundries Advances RF Leadership with GF Connex Portfolio and Customer Collaborations” as well as the blog post “Expanding the Possibilities” by GF Chief Business Officer Mike Hogan. 

GF Labs Engaging with Academia 

Semiconductor innovation is essential to the growth and development of technology megatrends that are reshaping the global economy — from the Internet of Things to 5G and 6G wireless, from artificial intelligence (AI) and quantum computing to next-generation vehicles, and beyond. 

In May 2022 we announced our GF Labs program to expand and accelerate the momentum of this innovation. GF Labs leads our company’s research and development efforts and provides the framework for advancing GF’s differentiated technology portfolio in partnership with leading academic, government, and industry collaborators. 

In addition to joining the American Semiconductor Innovation Coalition this summer, GF and Purdue University announced in November 2022 a new strategic partnership to strengthen and expand collaboration on semiconductor research and education, with a focus on joint R&D. 

Through GF’s University Partnership Program, a part of GF Labs, research teams at more than 50 leading universities have unique access to GF and our technologies. Don’t miss “A Look into the Future of Automotive Radar” and “GF Aims for Energy-Efficient Artificial Intelligence” to hear how GF is collaborating with these world-leading academic researchers to advance critical technologies. 

The Future is Bright for GF Fotonix 

Reports show that more than 42 billion devices connected to the Internet of Things are generating around 177 zettabytes of data every year. Energy is consumed as this data moves from devices to data centers and back again. 

In March 2022, GF proudly announced GF Fotonixtm, the next-generation, first-of-its-kind silicon photonics platform that addresses the clear need for innovative solutions to handle the ever-growing volumes of data in a way that is highly reliable, faster, and more energy efficient.  

GF has active design wins with major customers, and a significant share of today’s optical networking modules market. Click here and scroll down a bit to see what our customers and partners are saying about GF Fotonix and our leadership in silicon photonics. 

GF Fotonix monolithically integrates high-performance radio-frequency (RF), digital, and silicon photonics circuits on the same chip, while leveraging the scale, efficiencies and tight process controls of 300 millimeter semiconductor manufacturing at our facility in Malta, New York. 

Read more about the innovative GF Fotonix platform at: 

Resource Conservation and Sustainable Manufacturing 

We recognize climate change is an unprecedented global challenge, and we continue along our Journey to Zero Carbon. As part of GF’s longstanding commitment to environmentally responsible manufacturing and operations, we are constantly looking for new ways to minimize our impact on the environment. 

This spring, GF announced the results of our three-year (2019-2021) resource conservation goals. Using a wide variety of innovative strategies, our team successfully met or exceeded goals for realizing annual savings in electricity use, water use, greenhouse gas (GHG) emission, as well as chemical use and waste generation. 

These annual savings include: 

  • GHG emissions roughly equivalent those from 5,000 U.S. homes in an average year 
  • Electricity roughly equivalent to the amount used by 8,000 U.S. homes in an average year 
  • Enough water to fill 136 Olympic-sized swimming pools.  
  • Chemical use and waste generation roughly equivalent to the weight of a herd of 1,600 elephants 

Read more on the GF blog: GF Surpasses Key Greenhouse Gas Reduction and Water Conservation Goals; GF Achieves Savings in Electricity, Chemical Use, and Waste Generation 

Dr. Thomas Caulfield, President & CEO, GlobalFoundries Joins GSA’s Board of Directors

GlobalFoundries Named to Newsweek’s “America’s Most Responsible Companies 2023” List

MALTA, N.Y., December 7, 2022 — GlobalFoundries (Nasdaq: GFS) (GF), a global leader in feature-rich semiconductor manufacturing, has been named to Newsweek’s list of “America’s Most Responsible Companies 2023.” GF’s inclusion on the list, which was announced today, is the latest recognition of the company’s longstanding commitment to environmentally sustainable manufacturing and corporate responsibility. 

“ESG is a priority for GF, and we are pleased to be recognized by Newsweek on its list of America’s Most Responsible Companies 2023,” said John Toy, chief of ethics and sustainability at GF. “At the same time, we recognize there is still much work to be done. Just as the chips we manufacture are vital to the innovations that are leading to a cleaner, healthier future, we are committed to minimizing our impact on the environment, driving positive change, and creating value through corporate responsibility.” 

America’s Most Responsible Companies 2023 is presented by Newsweek and Statista Inc., and based on available key performance indicators derived from corporate social responsibility reports, sustainability reports, and other reports as well as an independent survey. The key performance indicators focused on company performance in the environmental, social, and corporate governance areas, while the independent survey asked U.S. citizens about their perception of company activities related to corporate social responsibility. The final list recognizes the top 500 most responsible companies in the United States, spanning 14 industries.  

GF’s ESG efforts were also recently evaluated by Morningstar Sustainalytics, which recognized GF with a “Low Risk” rating and ranked the company 15th among the 329 rated companies in the semiconductors industry group. Additionally, in April 2022, rating agency ISS recognized GF for a “Prime” corporate ESG performance and ranked it among the top 10% of companies in the semiconductor industry.  

Learn more about ESG and corporate responsibility at GF at: https://gf.com/about-us/corporate-responsibility 

About GF 

GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. 

©GlobalFoundries Inc. GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. 

Forward-looking Information 

This 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 require by law. 

Media Contacts: 

Michael Mullaney
[email protected] 

Purdue University and GlobalFoundries Partner to Strengthen Research and Development, Semiconductor Education

Multifaceted collaboration to include joint R&D programs in partnership with Purdue students and faculty 

WEST LAFAYETTE, Ind., and MALTA, N.Y., November 23, 2022 — Purdue University, a public university with leading semiconductor workforce development and R&D programs, and GlobalFoundries (Nasdaq: GFS) (GF), a global leader in feature-rich semiconductor manufacturing, today announced a new strategic partnership to strengthen and expand collaboration on semiconductor research and education. 

The announcement was made following a virtual signing ceremony this week with Dr. Mung Chiang, president-elect and executive vice president of Purdue University, and Dr. Thomas Caulfield, president and CEO of GF. The agreement outlines collaboration opportunities between GF and Purdue on joint research and development projects as well as educational opportunities. 

“Purdue launched the semiconductor degrees program (SDP) earlier in 2022, continued to grow world leading research in semiconductors, and welcomed multiple companies to our new Discovery Park District. We are excited to partner with GlobalFoundries to crystalize our offerings into programs relevant to the foundation of digital economy,” Chiang said. “We are intensifying our efforts not only to scale-up the talent pipeline, but also to create the depth of innovation expertise needed to advance U.S. leadership in semiconductors.” 

“Today’s announcement underscores the widespread appreciation of how GF’s feature-rich chips enable many of the devices and technologies humanity relies on every day, and ever-growing recognition of the strategic importance of semiconductors to global supply chains and economic security,” Caulfield said. “To accelerate this forward momentum, GF is proud to partner with Purdue on jointly advancing semiconductor research and development, working together with Purdue’s talented faculty and students.” 

For GF, the partnership with Purdue will be overseen by GF Labs, which leads the company’s research and development efforts to advance GF’s differentiated technology portfolio in partnership with leading academic, government, and industry collaborators. 

Earlier this year, Purdue launched the first large-scale comprehensive semiconductor degrees program in the United States, with a set of innovative, interdisciplinary degrees and credentials in semiconductors and microelectronics. GF Chief Technology Officer Gregg Bartlett is an inaugural member of Purdue’s Semiconductor Degrees Leadership Board, which advises on the program and its curriculum. The area is among the critical topics under Purdue’s Next Moves, strategic initiatives that advance the university’s competitive advantage. 

About Purdue University Purdue University is a top public research institution developing practical solutions to today’s toughest challenges. Ranked in each of the last five years as one of the 10 Most Innovative universities in the United States by U.S. News & World Report, Purdue delivers world-changing research and out-of-this-world discovery. Committed to hands-on and online, real-world learning, Purdue offers a transformative education to all. Committed to affordability and accessibility, Purdue has frozen tuition and most fees at 2012-13 levels, enabling more students than ever to graduate debt-free. See how Purdue never stops in the persistent pursuit of the next giant leap at https://stories.purdue.edu 

About GF 

GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. 

©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. Or its subsidiaries. All other trademarks are the property of their respective owners. 

Forward-looking Information 

This 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 require by law. 

Media Contacts: 

GlobalFoundries 

Michael Mullaney
[email protected] 

Purdue University 

Brian Huchel 
[email protected]

GlobalFoundries Appoints New Head of Global Supply Chain

MALTA, N.Y., November 21, 2022 – GlobalFoundries (Nasdaq: GFS) (GF), a global leader in feature-rich semiconductor manufacturing, today announced the appointment of Ashlie Wallace as Senior Vice President of Global Supply Chain, effective November 28, 2022. In this role, Ms. Wallace will spearhead GF’s global supply chain operations including logistics, supply planning, sourcing, and procurement to drive operational efficiency that will support the company’s continued growth. 

“Ashlie’s deep expertise in supply chain management will continue to ensure GF is at the forefront of our industry in navigating the current environment and short-term supply chain challenges while we build for the future,” said David Reeder, CFO of GF. “I’m looking forward to her leadership as we continue to maximize the full potential of our global manufacturing footprint that is increasingly critical to our long-term value creation.” 

With more than 15 years of experience in technology procurement and supply chain management, Ms. Wallace was most recently Vice President of Services Supply Chain and Global Logistics for Cisco, responsible for global logistics operations and the service supply chain. Prior to Cisco, Ms. Wallace served in various leadership positions at Dell Technologies including Vice President of Global Server Procurement and Vice President of Global Inventory Management. 

Ms. Wallace earned her Master of Business Administration from University of California, Los Angeles and received a Bachelor of Arts in International Studies from Texas State University. 

About GF 

GlobalFoundries (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. 

©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. Or its subsidiaries. All other trademarks are the property of their respective owners. 

Forward-looking Information 

This 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 require by law. 

Media Contact: 

Erica McGill
[email protected] 
+1-518-795-5240

GF Collaborates with Fabrinet on Fiber-Attach Capability for Silicon Photonics Platform

In March 2022, GlobalFoundries announced GF FotonixTM a new platform that monolithically integrates high-performance RF, digital CMOS and silicon photonics (SiPH) circuits on the same chip, while leveraging the scale, efficiencies and tight process controls of 300 millimeter silicon manufacturing. 

GF has qualified this innovative technology to meet the demands of today and tomorrow’s most urgent, complex and difficult challenges in areas such as data center interconnect, optical networking, photonic computing, fiber-to-the-home (FTTH), and co-packaged optics. What’s the next step to getting silicon photonics into the hands of manufacturers and ultimately customers? 

Creating an end-to-end ecosystem for silicon photonics is critical to expanding GF’s photonics technologies in the market. GF is working with industry leaders in packaging, EDA tools and other critical categories for its silicon photonics portfolio, helping to create this end-to-end ecosystem enabling its customers to develop and build innovative chips. 

One such industry collaborator is Fabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, automotive components, medical devices, industrial lasers and sensors. Fabrinet has combined GF expertise to enable high fiber count, passively aligned fiber arrays for light input and output from our silicon photonics die. This development leverages Fabrinet’s existing proven manufacturing expertise in optical components and assemblies, and co-packaged optics that eliminates the need for transceivers by packaging silicon switch circuitry with optics in the module or package. 

Using silicon photonics samples from GF and sharing its process technology expertise, Fabrinet has now demonstrated fiber-attach capabilities for the 90 nm silicon photonics process. This showcases the full manufacturability and viability of the GF Fotonix technology. 

The two companies are also collaborating to bring fiber-attach to GF’s 45 nm platform technologies, including GF Fotonix silicon photonics wafers, and anticipates those being fully tested and qualified by end of 2022. 

Wafers with fiber-attach developed by Fabrinet with GF support will be fully qualified to the Telcordia industry standard by end of 2022. 

Why is this collaboration to enable fiber-attach significant? silicon photonics has been heralded as a major breakthrough in silicon chip production. The process of getting highly advanced chips from production into products is extremely complex. This process starts with availability of the silicon, and relies on an ecosystem that provides EDA tools, design kits, software, packaging innovations, testing tools and other elements to result in a complete silicon solution. 

As chips based on silicon photonics start to become available in volume later this year, the industry is expecting to see significant uptake in applications that include: 

  • High-performance computing 
  • Optical quantum computing 
  • Artificial intelligence 
  • Telecommunications 
  • Networking 
  • Virtual and augmented reality 
  • Defense and aerospace 

Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and testing. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the United States of America, the People’s Republic of China, Israel and the United Kingdom. For more information visit: www.fabrinet.com. 

GF is growing its silicon photonics ecosystem and will be reporting here on this and other silicon photonics developments to accelerate time-to-market for customers. Watch for news around laser-attach, stacking chips and enabling on-chip copper connectivity and more.

Making Electronics-Photonics Integration a Reality

Researchers at University of California, Santa Barbara push the limits with GF Fotonix™

by Gary Dagastine 

In previous posts, we’ve profiled some of the collaborations GlobalFoundries (GF) conducts with leading academic researchers through its University Partnership Program (UPP). These collaborations are important because they lead to proof points and reference designs for new applications of GF’s differentiated technologies. They complement the work of GF’s internal research and development teams. 

The recently introduced GF Fotonix™ platform benefits from academic research in many ways, as we’ll learn later in this blog post. GF Fotonix integrates high-performance CMOS, radio frequency (RF) and photonic components monolithically on the same chip and has the potential to disrupt many existing technologies. 

With GF Fotonix, customers can create innovative electro-optical solutions while taking advantage of the scale and efficiency of GF’s 300mm silicon manufacturing processes, enabling innovative packaging solutions, and the design tools needed for first-pass success. 

New electro-optical solutions are urgently needed because data volumes are increasing exponentially, driven by society’s digital transformation. Electronics-based solutions alone can’t keep up with the needs for more capacity, speed and energy efficiency in data centers and in the overall communications infrastructure. Photonic, or light-based, solutions offer many advantages, but getting electrons and photons to work in a highly integrated, reliable and cost-effective fashion has been difficult. 

Ted Letavic, Ph.D.

No longer. “GF Fotonix is a very large step in systems integration, because for the first time millimeter-wave (mmWave) circuits and digital systems are integrated with photonic building blocks on the same piece of silicon. This opens up many new system and product alternatives, initially to develop next-generation optical interconnects for data centers, eventually leading to the disaggregation of the datacenter,” said Ted Letavic, GF Corporate Fellow, who leads GF’s Silicon Photonics Technology Solutions team and provides innovation and technical leadership to GF Labs

“As you can imagine, getting 300 GHz-class control electronics and photonic elements to play well together has been a difficult challenge,” he said. GF’s integration efforts have been aided by the real-world testing and benchmarking work performed by Professors James Buckwalter and Clint Schow at the University of California, Santa Barbara (UCSB), among others. 

Free-Form Design in Silicon 

Beyond its usefulness for next-generation optical interconnects, Letavic said that GF Fotonix incorporates novel photonic elements which will lead to the design of new photonic solutions directly in silicon. 

“A different set of our university partners is exploring the use of mathematically driven design techniques to increase photonic performance and to open up entirely new applications,” Letavic said. “These techniques are variously called inverse design, optical transform design or subwavelength design. Essentially, you decide how light needs to travel in your photonic system to perform a needed function, then you create a series of mathematical expressions – similar to back propagation in neural networks – which solve for a set of physical coordinates which are mapped to a physical shape in silicon that delivers the desired performance.” 

GF and its university partners have made good progress in proving the accuracy of structures built using this approach. “In fact, we’ve gotten to the point where we’re beginning to optimize our process design kits (PDKs) and other design tools to implement these ‘inverse’ techniques into our design flow.” 

“It’s really an entirely new way to think about how to design things in silicon, challenging traditional photonic design at its core,” Letavic said. “It moves us toward what we’re calling free-form design, where you can design any structures that you desire and as long as it complies with our ground rules, we can build it. It’s a game-changer that will open up our customers’ creative floodgates, and it’s cost-effective, too, because we don’t have to change our foundry flow.”  

GF is working with still other university partners to explore entirely new photonic frontiers, such as photonic computing, photonic quantum computing, and biomedical applications. “These research teams are conducting studies to answer blue-sky questions like, ‘What are the elements needed to enable photonic quantum computing in silicon?’ ‘What would a COVID-19 sensor look like if it were photonic-based? We are collaborating to understand how to use GF technologies to address these new frontiers,” he said. 

Longstanding Academic Partners 

The University of California, Santa Barbara is a hotbed of research in RF and mixed-signal technologies, and nobody better exemplifies that focus than two of GF’s partners there, Professors James Buckwalter and Clint Schow. Each has a long-standing relationship with GF, and they are partners on certain GF-related projects as well. 

Professor James Buckwalter, Ph.D. 

Buckwalter, an IEEE Fellow, researches high-frequency devices at the intersection of RF, mmWave and photonics, for front-end interfaces, signal processing and mmWave communications at 140/220 GHz. Among the technologies he has used for many years are GF’s FD-SOI (GF FDX™) and SiGe processes. “I’ve graduated more than 30 Masters and Ph.D. students over my career, all of whom have used GF’s technologies, and they take that knowledge with them to their employers,” he said. 

Schow, meanwhile, has more of a photonics background. An IEEE and OSA Fellow, he worked at IBM twice, where he gained deep familiarity with technologies that are now part of GF’s portfolio, such as the 90WG silicon photonics platform and SiGe BiCMOS. He also worked for a tunable laser startup in Santa Barbara, which gave him the desire to teach at UCSB. “I’ve been a believer in GF’s technologies forever,” he said. 

Greater than the sum of its parts 

Buckwalter said that in their research, they don’t look at photonic devices and electronic circuits as two separate things, but rather as elements in a toolbox that can be put together in various ways to solve problems, and GF Fotonix helps them advance that approach. 

Professor Clint Schow, Ph.D. 

“We’ve been driving toward this co-design where we break apart the photonic elements and incorporate them, for example, as small segments inside of electronic amplifiers,” he said. “We don’t treat them as separate entities, we just break everything apart, mix them up and put them back together again. Ultimately, I think in five or 10 years this hybridization of photonic and electronic elements is how design will be done in the high-frequency realm. It’s bringing two things together to get something that’s greater than the sum of the parts.” 

Schow said GF’s design manuals are a great help in this regard. “They’ve always been fantastic, and help us so much in figuring out what the ground rules are so that we can explore within those guidelines. They’ve helped us build things like custom heaters, which might sound like low-tech devices but are key to tuning circuits, as well as custom phase-shifters to optimize performance. From the standpoint of understanding the physical design space as we pursue hybrid designs, it’s been a great experience,” he said. 

Low-power coherent optical communications 

A good example of their hybrid approach is a project the two are conducting which involves broadband waveform generation and detection for the use of coherent optics in data centers. Coherent optics technology is seen as a way to dramatically increase the amount of data light can carry through a fiberoptic cable in a data center, by modulating (i.e., changing) the amplitude and phase of the light, and by transmitting it across two different polarizations.

It involves digital signal processing at both the transmitter and receiver, and the researchers are using GF Fotonix for this work. “While coherent optics is already used in long-haul data transmission, that requires a lot of energy. What we’re trying to do is to make it low-powered enough to be used in short-reach communications links in data centers, to improve networking architectures,” Schow said. 

“But building complete coherent link subsystems is really difficult. On the electronics side you need very efficient high-swing drivers integrated with photonic modulators to generate signaling waveforms, and then on the receiver side, you need a full photonic hybrid to separate the waveforms and to interface with high speed electronics,” he said. “So, there are very highly integrated circuits on both sides; very highly integrated photonic integrated circuits in the middle which must be designed to work with the receiver/transmitter subsystems; and they must also function as the full link which brings everything together. 

“This forces us as faculty advisors, and also our students, to have a broad view. I think it produces students who are well-equipped to go out there and make a big difference in the industry, and of course, all of them will be familiar with the GF technologies that make it possible,” Schow said. 

Looking forward 

Buckwalter said that silicon photonics integrated with mmWave electronics will play an increasingly important role in many areas going forward. One is the relentless march of mmWave wireless communications to frequencies of 200 GHz-300 GHz and above. 

“There’s a gulf between the upper reaches of the mmWave spectrum and the wavelengths of infrared and visible light. Silicon photonics is going to play a very important role here because the losses become so great at these frequencies that there will need to be some combination of photonics and electronics as a low-loss way to send information,” he said.

“And while there are going to be a lot of interesting applications for mmWave-enabled photonics, it will work the other way around, too, with photonics enabling mmWave. For example, for the cellular networks of the future we’re going to need to show higher and higher dynamic range over extremely wide bandwidths, and electronics alone can’t ever meet those challenges,” Buckwalter said. 

Schow said the integration of electronics and photonics is inevitable, whether it is a hybrid type of integration where things are positioned close to one another and densely packaged together, or a monolithic approach. 

“The incumbent way of doing things never wants to die. But I think we’re seeing that play out right now,” he said. 

GlobalFoundries Reports Third Quarter 2022 Financial Results

Record Revenue, Gross Profit, and Net Income

MALTA, N.Y., November 8, 2022 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the third quarter ended September 30, 2022.

Key Third Quarter Financial Highlights

  • Record revenue of $2.1 billion, up 22% year-over-year.
  • Record gross margin of 29.4% and adjusted gross margin of 29.9%.
  • Record operating margin of 17.2% and adjusted operating margin of 18.8%.
  • Record net income of $336 million and adjusted net income of $368 million.
  • Record adjusted EBITDA of $793 million.
  • Cash, cash equivalents and marketable securities of $3.5 billion.

“In the third quarter, the GF team continued to execute on its commitments to customers and shareholders despite ongoing macroeconomic and geopolitical challenges,” said CEO Dr. Thomas Caulfield. “300mm-equivalent wafer shipments of 637 thousand was a record for GF, an increase of 5% year-over-year. Our revenue grew 22% year-over-year, and we delivered record gross, operating, and net profits, making significant progress towards our long-term financial model. We remain on track to deliver a strong year of growth and profitability.”

Recent Business Highlights:

  • GF qualified a proprietary automotive eNVM product for one of the largest automotive MCU suppliers in the industry. The qualification allows GF to ship this product from both the Dresden and Singapore facilities, establishing a high-volume, secure supply chain for the automotive industry.
     
  • U.S. Senator Patrick Leahy and GF announced the award of $30 million in federal funding to advance the development and production of next-generation gallium nitride (GaN) on silicon semiconductors at GF’s facility in Essex Junction, VT.
     
  • GF announced that the company has been added to the Philadelphia Stock Exchange Semiconductor Index (SOX) effective Monday, September 19, 2022.


Unaudited Summary Quarterly Results (in millions USD, except per share amounts and wafer shipments)1

                Year-over-year   Sequential
    Q3’22   Q2’22   Q3’21   Q3’22 vs Q3’21   Q3’22 vs Q2’22
                         
Net revenue   $ 2,074     $ 1,993     $ 1,700     $ 374   22  %   $ 81   4  %
                         
Gross profit     610     $ 538     $ 300     $ 310   103  %   $ 72   13  %
Gross margin     29.4  %     27.0  %     17.6  %     +1,180bps     +240bps
                         
Adjusted gross profit(1)   $ 621     $ 559     $ 306     $ 315   103  %   $ 62   11  %
Adjusted gross margin     29.9  %     28.0  %     18.0  %     +1,190bps     +190bps
                         
Operating profit   $ 357     $ 297     $ 52     $ 305   587 %   $ 60   20  %
Operating margin     17.2  %     14.9  %     3.1  %     +1,410bps     +230bps
                         
Adjusted operating profit(1)   $ 389     $ 350     $ 81     $ 308   380  %   $ 39   11  %
Adjusted operating margin     18.8  %     17.6  %     4.8  %     +1,400bps     +120bps
                         
Net income   $ 336     $ 264     $ 5     $ 331   6,620  %   $ 72   27  %
Net income margin     16.2  %     13.2  %     0.3  %     +1,590bps     +300bps
                         
Adjusted net income(1)   $ 368     $ 317     $ 34     $ 334   982  %   $ 51   16  %
Adjusted net income margin     17.7  %     15.9  %     2.0  %     +1,570bps     +180bps
                         
Diluted earnings per share (“EPS”)   $ 0.61     $ 0.48     $ 0.01     $ 0.60   6,000  %   $ 0.13   27  %
                         
Adjusted diluted earnings per share(1)   $ 0.67     $ 0.58     $ 0.07     $ 0.60   857  %   $ 0.09   16  %
                         
Adjusted EBITDA(1)(2)   $ 793     $ 784     $ 505     $ 288   57  %   $ 9   1  %
Adjusted EBITDA margin     38.2  %     39.3  %     29.7  %     +850bps     (110)bps
                         
Cash from operations   $ 679     $ 609     $ 1,109     $ (430 ) (39 )%   $ 70   11  %
                         
Wafer shipments (300mm equivalent) (in thousands)     637       630       609       28   5  %     7   1  %
                         

(1) Adjusted gross profit, adjusted operating profit, adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA are adjusted non-IFRS metrics; please see the reconciliation of IFRS to adjusted non-IFRS metrics in the section “Unaudited Reconciliation of IFRS to Adjusted non-IFRS” below.

(2) Beginning in Q3 2022, the Company has revised its definition of adjusted EBITDA to include an adjustment for finance income. The change was made due to the Company making an investment during Q2 2022 of approximately $1 billion in marketable securities. The Company believes the revised definition provides management and investors more useful information to evaluate the operations of our business. Adjusted EBITDA is now defined as net income (loss), adjusted for the impact of finance expense, finance income, income tax expense, depreciation, amortization, share based compensation expense, transaction gains and associated expenses, restructuring charges and litigation settlement.


Summary of Fourth Quarter 2022 Outlook (unaudited in millions USD, except per share amounts)(3)

  IFRS   Share-based compensation   Non-IFRS Adjusted
Net revenue $2,050 – $2,100      
Gross Profit $580 – $619   $11 – $15   $595 – $630
Gross Margin (mid-point) 28.9 %       29.5 %
Operating Profit $323 – $390   $30 – $42   $365 – $420
Operating Margin (mid-point) 17.2 %       18.9 %
Gain on sale (EFK transaction)(4) $350 – $400       $350 – $400
Net Income(5) $645 – $770   $30 – $42   $687 – $800
Net Income Margin (mid-point) 34.1 %       35.8 %
Diluted EPS $1.16 – $1.39       $1.24 – $1.44
Adjusted EBITDA(6) NA       $770 – $840
Adj. EBITDA Margin (mid-point)         38.8 %

(3) The guidance provided above contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The guidance includes management’s beliefs and assumptions and is based on information currently available. GF has not provided a reconciliation of its Fourth Fiscal Quarter outlook for adjusted Non-IFRS EBITDA and related Margin because estimates of all of the reconciling items cannot be provided without unreasonable efforts. Certain factors that are materially significant to GF’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

(4) Estimated gain on sale of East Fishkill (“EFK”) facility in December 2022.

(5) Includes one-time estimated gain on sale of EFK facility in December 2022.

(6) Reflects change to adjusted EBITDA definition discussed in more detail elsewhere in this release.


Unaudited Consolidated Statements of Operations

    Three Months Ended
(in millions USD, except for per share amounts)   September 30, 2022   September 30, 2021
         
Net revenue   $ 2,074     $ 1,700  
Cost of revenue     1,464       1,400  
Gross profit   $ 610     $ 300  
Operating expenses:        
Research and development   $ 124     $ 114  
Sales, marketing, general and administrative     129       134  
Total operating expenses   $ 253     $ 248  
Operating profit     357       52  
Finance expense, net   $ (11 )   $ (27 )
Other income     9       2  
Income tax expense     (19 )     (22 )
Net income   $ 336     $ 5  
Attributable to:        
Shareholders of GlobalFoundries   $ 337     $ 6  
Non-controlling interest   $ (1 )   $ (1 )
Earnings per share :        
Basic   $ 0.62     $ 0.01  
Diluted   $ 0.61     $ 0.01  
Shares used in earnings per share calculation        
Basic     543       500  
Diluted     553       512  


Unaudited Consolidated Statements of Financial Position

(in millions USD)   September 30, 2022   December 31, 2021
         
Assets:        
Cash and cash equivalents   $ 2,541     $ 2,939  
Receivables, prepayments and other     1,169       1,231  
Marketable securities     567        
Inventories     1,342       1,121  
Current assets   $ 5,619     $ 5,291  
Deferred tax assets   $ 302     $ 353  
Property, plant, and equipment, net     10,218       8,713  
Marketable securities     365        
Other assets     704       671  
Noncurrent assets   $ 11,589     $ 9,737  
Total assets   $ 17,208     $ 15,028  
Liabilities and equity:        
Current portion of long-term debt   $ 244     $ 297  
Other current liabilities     3,628       2,866  
Current liabilities   $ 3,872     $ 3,163  
Noncurrent portion of long-term debt   $ 1,972     $ 1,716  
Other liabilities     2,283       2,116  
Noncurrent liabilities   $ 4,255     $ 3,832  
Shareholders’ equity:        
Common stock/additional paid-in capital   $ 23,777     $ 23,498  
Accumulated deficit     (14,689 )     (15,469 )
Accumulated other comprehensive (loss)     (48 )     (54 )
Non-controlling interest     41       58  
Total liabilities and equity   $ 17,208     $ 15,028  


Unaudited Consolidated Statements of Cash Flows

  Three Months Ended
(in millions USD) September 30, 2022   September 30, 2021
       
Cash flows from operating activities:      
Net income $ 336     $ 5  
Depreciation and amortization   395       415  
Finance expense, net and other(1)   6       27  
Deferred income taxes   11       20  
Other non-cash operating activities   (32 )     2  
Net change in working capital   (37 )     640  
Net cash provided by operating activities $ 679     $ 1,109  
       
Cash flows from investing activities:      
Purchases of property, plant, equipment, and intangible assets $ (613 )   $ (392 )
Other investing activities   (151 )     30  
Net cash used in investing activities $ (764 )   $ (362 )
       
Cash flows from financing activities:      
Repayments of shareholder loan $     $ (442 )
Proceeds (repayment) of debt, net   95       (87 )
Other financing activities   62       4  
Net cash provided by (used in) financing activities $ 157     $ (525 )
Effect of exchange rate changes $ (5 )   $ (8 )
Net change in cash and cash equivalents $ 67     $ 214  
Cash and cash equivalents at the beginning of the period $ 2,474       805  
Cash and cash equivalents at the end of the period $ 2,541     $ 1,019  
       
       
(1Finance expense, net and other has been adjusted to include interest and taxes paid that were previously included in “Other non-cash operating activities.” Prior period amounts have been adjusted accordingly.


Unaudited Reconciliation of IFRS to Adjusted Non-IFRS

    Three Months Ended
(in millions USD)   September 30, 2022   June 30, 2022   September 30, 2021
             
Gross profit   $ 610     $ 538     $ 300  
Gross profit margin     29.4  %     27.0  %     17.6  %
Share based compensation   $ 11     $ 21     $ 6  
Adjusted gross profit   $ 621     $ 559     $ 306  
Adjusted gross margin     29.9  %     28.0  %     18.0  %
             
Operating profit   $ 357     $ 297     $ 52  
Operating profit margin     17.2  %     14.9 %     3.1  %
Share based compensation   $ 32     $ 53     $ 29  
Adjusted operating profit   $ 389     $ 350     $ 81  
Adjusted operating profit margin     18.8  %     17.6  %     4.8  %
             
Net income   $ 336     $ 264     $ 5  
Net income margin     16.2  %     13.2  %     0.3  %
Share based compensation   $ 32     $ 53     $ 29  
Adjusted net income   $ 368     $ 317     $ 34  
Adjusted net income margin     17.7  %     15.9  %     2.0  %
             
Diluted earnings per share   $ 0.61     $ 0.48     $ 0.01  
Share based compensation   $ 0.06     $ 0.10     $ 0.06  
Adjusted diluted earnings per share   $ 0.67     $ 0.58     $ 0.07  


Unaudited Reconciliation of Net Income to Adjusted EBITDA

    Three Months Ended
(in millions USD)   September 30, 2022   June 30, 2022   September 30, 2021
             
Net income for the period   $ 336     $ 264     $ 5  
Depreciation and amortization   $ 395     $ 411     $ 415  
Finance expense   $ 28     $ 26     $ 28  
Finance income   $ (17 )   NA   NA
Income tax expense   $ 19     $ 30     $ 22  
Share based compensation   $ 32     $ 53     $ 29  
Restructuring and corporate severance programs   $     $     $ 2  
(Gains) on transactions, legal settlements and transaction expenses   $     $     $ 4  
Adjusted EBITDA(1)   $ 793     $ 784     $ 505  
Adjusted EBITDA margins     38.2  %     39.3  %     29.7  %

(1Reflects change to adjusted EBITDA definition discussed in more detail elsewhere in this release.


Adjusted Financial Measures (Non-IFRS)

In addition to the financial information presented in accordance with IFRS, this press release includes the following adjusted non-IFRS metrics: adjusted gross profit, adjusted operating profit, adjusted net income (loss), adjusted diluted earnings (loss) per share and adjusted EBITDA. We define adjusted gross profit as gross profit adjusted for share-based compensation expense. We define adjusted operating profit as profit from operations adjusted for share-based compensation expense. We define adjusted net income (loss) as net income (loss) adjusted for share-based compensation expense. We define adjusted diluted EPS as adjusted net income (loss) divided by the dilutive shares. We define adjusted EBITDA as net income (loss), adjusted for the impact of finance expense, finance income, income tax expense, depreciation, amortization, share-based compensation expense, transaction gains and associated expenses, restructuring charges and litigation settlements.

We believe that in addition to our results determined in accordance with IFRS, these adjusted non-IFRS measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. These adjusted 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. For further information regarding these non-IFRS measures, please refer to “Unaudited Reconciliation of IFRS to Adjusted Non-IFRS” table above.

Adjusted 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 adjusted non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as a comparative measure.

Conference Call and Webcast Information

GF will host a conference call with the financial community on Tuesday, November 8, 2022 at 8:30 a.m. U.S. Eastern Time (ET) to review the Third Quarter 2022 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BI4e00c8c0b4a74f61af4bcda1515f2ea0

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 the COVID-19 pandemic and supply chain disruptions due to the Russia/Ukraine conflict and actions taken in response to such events; the market for our products may develop more slowly than expected or than it has in the past; 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 damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; and global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them.

Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events, or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2021 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission. Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov.

For further information, please contact:

Investor Relations
[email protected]