GlobalFoundries Reports 36% Revenue Growth in FY2021
February 9, 2022 | GlobalFoundriesEstimated reading time: 1 minute
GlobalFoundries Inc. (GF) has announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2021.
Key Fourth Quarter Financial Highlights
- Record revenue of $1.85 billion, up 9% sequentially.
- Record gross margin of 20.8% and adjusted gross margin of 21.5%.
- Record operating margin of 5% and adjusted operating margin of 8%.
- Net income margin of 2% and adjusted EBITDA margin of 32%.
- Cash and cash equivalents of $2.9 billion.
Key Full Year 2021 Financial Highlights
- Revenue of $6.6 billion, up 36% year-over-year.
- Record gross margin of 15% and adjusted gross margin of 16%.
- Net income margin of -4% and adjusted EBITDA margin of 28%.
“2021 was an outstanding year for GF, during which we drove an acceleration of our business plan by capitalizing on the demand for pervasive semiconductor solutions and the vital role we play in the semiconductor supply chain,” said Tom Caulfield, CEO of GF. “Our revenue grew 36% year-over-year, and we made significant progress towards our long-term financial profit model. The year was also marked by a growing number of long-term partnership agreements, with 30 customers committing more than $3.2 billion toward the continued expansion of our global manufacturing footprint to support strong demand. We are executing well, and believe we are on track to deliver another year of strong growth in revenue and profitability in 2022.”
Major 2021 Accomplishments and Key Fourth Quarter Business Highlights:
- In 2021, GF entered into 30 significant long-term customer agreements that provide assurance to our customers and provide revenue visibility to GF.
- In 2021, GF broke ground on a new fab on its Singapore campus, expanded capacity in Fab 1 (Dresden) by over 25%, and announced expansion plans for its most advanced manufacturing facility in upstate New York.
- GF set a "Journey to Zero Carbon" goal to reduce greenhouse gas emissions by 25% while expanding global manufacturing capacity.
- On October 28, 2021, GF began trading on Nasdaq Stock Market under the ticker "GFS."
- In the fourth quarter, GF announced an extension of its wafer supply agreement with AMD, increasing the number of chips GF will supply, as well as extending the terms of the agreement to secure supply through 2025.
- In the fourth quarter, BMW signed a direct supply assurance agreement with high-tech microchip developer INOVA Semiconductors and GF to secure long-term semiconductor supplies.
- In the fourth quarter, GF and Ford announced a non-binding strategic collaboration to advance semiconductor manufacturing and technology development within the US, aiming to boost chip supplies for Ford and the US auto industry.
Suggested Items
SEMI Applauds U.S. Chips Act Award for Samsung Electronics Facilities to Strengthen Domestic Semiconductor Supply Chain
04/17/2024 | SEMISEMI, the industry association serving the global electronics design and manufacturing supply chain, applauded the United States Department of Commerce’s announcement of a Preliminary Memorandum of Terms for an award under the CHIPS and Science Act to support the expansion of Samsung Electronics’ presence in Texas and the company’s development and production of leading-edge chips.
Ark Electronics Expands Global Manufacturing Factory Network in North America and Europe
04/17/2024 | PRNewswireElectronic Manufacturing Company Ark Electronics recently announced the expansion of its Global Factory Network with the addition of Electronics Manufacturing Service (EMS) capabilities in Mexico and Europe.
SIA Applauds CHIPS Act Incentives for Samsung Manufacturing Projects in Texas
04/16/2024 | SIAThe Semiconductor Industry Association (SIA) released the following statement from SIA President and CEO John Neuffer applauding semiconductor manufacturing incentives announced by the U.S. Department of Commerce and Samsung.
Report Reveals ‘True Impact’ of Manufacturing is Nearly a Quarter of UK GDP
04/15/2024 | Manufacturing Technologies AssociationManufacturing is having a far greater impact on the UK economy than first thought according to a major new report released today.
Design Community Town Hall Review
04/11/2024 | Kelly Dack, CID+, EPTACThe Design Community Town Hall took place on the afternoon of April 10, 2024. I was fortunate to attend this event, which marked an opportunity for members of some newly found design groups to get together and exchange ideas. Peter Tranitz, senior director of solutions for IPC, opened the session with a slide presentation introducing these new groups and members within the solutions department.