MALTA, N.Y., Nov. 30, 2021 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced financial results for the third quarter ended September 30, 2021.
Key Third Quarter Financial Highlights
- Revenue of $1.7 billion, up 5% sequentially, reflecting ongoing demand for our differentiated technologies
- Record gross margins of 17.6% and adjusted gross margins of 18%.
- Record adjusted EBITDA margins of 30% which grew 84% year-over-year demonstrating continued progress to our target operating model.
- Cash flows from operations of $1.1 billion.
“The third quarter marked the ongoing acceleration of our strategy to lead in the pervasive semiconductor market and demonstrated continued progress towards our target financial model,” said Tom Caulfield, CEO of GF. “Our revenue growth was primarily driven by higher wafer output and continued improvement in mix as our differentiated solutions become a larger portion of our total business. We expect continued revenue and profit growth in the fourth quarter. We are also excited to begin our journey as a public company. Our IPO in October was an outcome of more than a decade of dedication and commitment of our more than 15,000 employees to build an at-scale global semiconductor manufacturer with strong technological differentiation.”
Summary Quarterly Results (in millions USD, except per share amounts) 1
| Year-over-year | Sequential | |||||||||||||||
| Q3'20 | Q2'21 | Q3'21 | Q3'20 vs Q3'21 | Q2'21 vs Q3'21 | ||||||||||||
| Revenue | $ 1,091 | $ 1,620 | $ 1,700 | $ 609 | 56 % | $ 80 | 5 % | |||||||||
| Gross profit (loss) | ($ 134 ) | $ 231 | $ 300 | $ 434 | 325 % | $ 69 | 30 % | |||||||||
| Adjusted gross profit (loss) | ($ 134 ) | $ 267 | $ 306 | $ 440 | 329 % | $ 39 | 15 % | |||||||||
| Adjusted gross margin | (12 %) | 16 % | 18 % | +3029bps | +155bps | |||||||||||
| Operating profit (loss) | ($ 350 ) | ($ 103 ) | $ 52 | $ 402 | 115 % | $ 155 | 150 % | |||||||||
| Adjusted operating profit (loss) | ($ 350 ) | $ 41 | $ 81 | $ 431 | 123 % | $ 40 | 98 % | |||||||||
| Adjusted operating margin | (32 %) | 3 % | 5 % | +3684bps | +224bps | |||||||||||
| Net income (loss) | ($ 293 ) | ($ 174 ) | $ 5 | $ 299 | 102 % | $ 179 | 103 % | |||||||||
| Adjusted net income (loss) | ($ 293 ) | ($ 30 ) | $ 34 | $ 328 | 112 % | $ 64 | 213 % | |||||||||
| Adjusted net income (loss) margin | (27 %) | (2 %) | 2 % | +2891bps | +386bps | |||||||||||
| Basic and diluted earnings per share (EPS) | ($ 0.58 ) | ($ 0.35 ) | $ 0.01 | $ 0.59 | 102 % | $ 0.36 | 103 % | |||||||||
| Adjusted EPS | ($ 0.58 ) | ($ 0.06 ) | $ 0.07 | $ 0.65 | 112 % | $ 0.13 | 217 % | |||||||||
| Adjusted EBITDA | $ 275 | $ 466 | $ 505 | $ 230 | 84 % | $ 39 | 8 % | |||||||||
| Adjusted EBITDA margin | 25 % | 29 % | 30 % | +450bps | +96bps | |||||||||||
| Cash from operations | $ 267 | $ 434 | $ 1,109 | $ 842 | 315 % | $ 675 | 156 % | |||||||||
| Wafer shipments (300MM Equivalent) | 478 | 595 | 609 | 131 | 27 % | 14 | 2 % | |||||||||
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