Silicon, software and proprietary radar system design innovation delivers step-change in radar performance enabling industry's lowest solution cost or BOM (Bill of Materials) with smallest footprint indie Semiconductor (NASDAQ:INDI), an automotive solutions innovator, has announced a strategic collaboration with GlobalFoundries (NASDAQ:GFS) (GF) to develop its portfolio of high-performance radar systems-on-chip (SoC). These SoC's - manufactured on GF's 22FDX® platform - will target 77 GHz and 120 GHz radar applications for advanced driver assistance systems (ADAS) and adjacent industrial applications. Automotive radar adoption is being accelerated by global vehicle safety regulation, new c

CAMBRIDGE, Mass. and MALTA, N.Y., Feb. 27, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) and the Massachusetts Institute of Technology (MIT) today announced a new master research agreement to jointly pursue advancements and innovations for enhancing the performance and efficiency of critical semiconductor technologies. The collaboration will be led by MIT's Microsystems Technology Laboratories (MTL) and GF's research and development team, GF Labs. With an initial research focus on AI and other applications, the first projects are expected to leverage GF's differentiated silicon photonics technology, which monolithically integrates RF SOI, CMOS, and optical features on a singl

MALTA, N.Y., Feb. 11, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024. Key Fourth Quarter Financial Highlights Revenue of $1.830 billionGross margin of 24.5% and Non-IFRS gross margin(1) of 25.4%Operating margin of (38.3)% and Non-IFRS operating margin(1) of 15.6%Net loss of $729 million and Non-IFRS net income(1) of $256 millionDiluted loss per share of $1.32 and Non-IFRS diluted earnings per share of $0.46Non-IFRS adjusted EBITDA(1) of $661 millionEnding cash, cash equivalents and marketable securities of $4.2 billionNet cash provided by operating activities of $

MALTA, N.Y., Feb. 05, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) today announced, following a rigorous succession planning process, its Board of Directors has appointed Dr. Thomas Caulfield as Executive Chairman and Tim Breen as Chief Executive Officer. Caulfield succeeds Ahmed Yahia who will step down from the Board and his role as Chairman after more than a decade in the position. Breen, who has been with GF since 2018, and is currently Chief Operating Officer (COO), succeeds Caulfield. In addition, Niels Anderskouv, currently GF's Chief Business Officer, has been appointed GF's President and COO. With a strong foundation in place, this leadership transition positions GF

MALTA, N.Y., Jan. 17, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) today announced plans to create a new center for advanced packaging and testing of U.S.-made essential chips within its New York manufacturing facility. Supported by investments from the State of New York and the U.S. Department of Commerce, the first-of-its-kind center aims to enable semiconductors to be securely manufactured, processed, packaged and tested entirely onshore in the United States to meet the growing demand for GF's silicon photonics and other essential chips needed for critical end markets including AI, automotive, aerospace and defense, and communications. Growth in AI is driving the adoption

MALTA, N.Y., Jan. 08, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, February 11, 2025, at 8:30 a.m. ET following the release of the company's fourth quarter and full-year 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, February 11, 2025, 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 GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (G

MALTA, N.Y. and ARMONK, N.Y., Jan. 02, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) and IBM (NYSE:IBM) today announced that the two companies have reached a settlement in their ongoing lawsuits, resolving all litigation matters, inclusive of breach of contract, trade secrets and intellectual property claims between the two companies. This settlement marks the end of an ongoing legal dispute and allows the companies to explore new opportunities for collaboration in areas of mutual interest. The details of the settlement are confidential and both parties have expressed satisfaction with the outcome. "We are pleased to have reached a positive resolution with IBM, and we look f

ESSEX JUNCTION, Vt., Dec. 04, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) has received an additional $9.5 million in federal funding from the U.S. government to advance the manufacturing of GF's essential gallium nitride (GaN) on silicon semiconductors at its facility in Essex Junction, Vermont. The funding moves GF closer to large-scale production of GaN chips. With the ability to handle high voltages and temperatures, GaN chip technology is essential for enabling higher performance and greater energy efficiency across a range of RF and high-power control applications including automobiles, datacenter, IoT, aerospace and defense. With the award, GF will continue to add new

Up to $1.5 billion from CHIPS and Science Act to support GF's New York expansion plans and Vermont facility modernization Additional $550 million from New York State confirmed MALTA, N.Y., Nov. 20, 2024 (GLOBE NEWSWIRE) --  GlobalFoundries (NASDAQ:GFS) (GF) and the U.S. Department of Commerce have announced an award of up to $1.5 billion in direct funding to GF through the CHIPS and Science Act. The award follows the previously signed preliminary memorandum of terms announced in February 2024 and will enable GF to expand its essential chip manufacturing and technology development in the U.S., strengthening supply chains and supporting customers across a range

MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the third quarter ended September 30, 2024. Key Third Quarter Financial Highlights Revenue of $1.739 billionGross margin of 23.8% and Non-IFRS gross margin(1) of 24.7%Operating margin of 10.6% and Non-IFRS operating margin(1) of 13.6%Net income of $178 million and Non-IFRS net income(1) of $229 millionNon-IFRS adjusted EBITDA(1) of $627 millionCash, cash equivalents and marketable securities of $4.3 billionYear to date net cash provided by operating activities of $1,265 million and Non-IFRS adjusted free cash flow(1) of $779 million "In the third quarte

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Needham upgraded GlobalFoundries from Hold to Buy and set a new price target of $50.00

UBS initiated coverage of GlobalFoundries with a rating of Neutral and set a new price target of $47.00

Morgan Stanley downgraded GlobalFoundries from Overweight to Equal-Weight and set a new price target of $43.00 from $53.00 previously

TD Cowen reiterated coverage of GlobalFoundries with a rating of Buy and set a new price target of $55.00 from $65.00 previously

Jefferies initiated coverage of GlobalFoundries with a rating of Buy and set a new price target of $62.00 from $67.00 previously

Evercore ISI initiated coverage of GlobalFoundries with a rating of Outperform and set a new price target of $71.00

Cantor Fitzgerald downgraded GlobalFoundries from Overweight to Neutral and set a new price target of $55.00 from $70.00 previously

Susquehanna downgraded GlobalFoundries from Positive to Neutral and set a new price target of $48.00

Citigroup downgraded GlobalFoundries from Buy to Neutral and set a new price target of $56.00 from $70.00 previously

JP Morgan downgraded GlobalFoundries from Overweight to Neutral and set a new price target of $56.00 from $65.00 previously

MALTA, N.Y., July 01, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) today announced that it has acquired Tagore Technology's proprietary and production proven Power Gallium Nitride (GaN) IP portfolio, a high-power density solution designed to push the boundaries of efficiency and performance in a wide range of power applications in automotive, internet of things (IoT) and artificial intelligence (AI) datacenter. As the digital world continues to evolve with technologies like Generative AI, GaN stands out as a pivotal solution for sustainable and efficient power management particularly in datacenters. Today's announcement reinforces GF's commitment to large-scale manufacturing

MALTA, N.Y., May 09, 2023 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) today announced the appointment of two new senior executives to its leadership team. Tim Stone has been appointed as the new Chief Financial Officer (CFO), taking over for David Reeder who will leave the company after transitioning to Stone over the coming months, and Niels Anderskouv will join as the new Chief Business Officer (CBO). As CFO, Mr. Stone will build on the strong foundation laid by current CFO, David Reeder, and will focus on accelerating GF's financial performance. Mr. Stone brings a world-class finance pedigree to GF including more than 20 years building Amazon's global business in senior finan

MALTA, N.Y., Nov. 21, 2022 /PRNewswire/ -- 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 fore

Experienced HR executive joins GF leadership team MALTA, N.Y., Aug. 25, 2022 /PRNewswire/ -- GlobalFoundries (NASDAQ:GFS) (GF), a global leader in feature-rich semiconductor manufacturing, today announced the appointment of Pradheepa Raman as Chief People Officer. The appointment is effective September 12, 2022.  An experienced human resources executive with demonstrated success in driving positive change to the employee experience and building organizational resiliency through skills development, Raman will be responsible for leading all aspects of GF's worldwide human resour

MALTA, N.Y., March 3, 2022 /PRNewswire/ -- GlobalFoundries Inc. (NASDAQ:GFS) (GF) today announced the appointment of Bobby Yerramilli-Rao as an independent director of the company's board of directors. Dr. Yerramilli-Rao is currently chief strategy officer and corporate vice president of corporate strategy at Microsoft, where he is responsible for developing and driving growth-oriented strategies. Dr. Yerramilli-Rao's appointment is effective immediately and expands the GF board to 11 directors, including five independent directors. He will be a member of the Strategy & Techno

MALTA, N.Y., Feb. 11, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024. Key Fourth Quarter Financial Highlights Revenue of $1.830 billionGross margin of 24.5% and Non-IFRS gross margin(1) of 25.4%Operating margin of (38.3)% and Non-IFRS operating margin(1) of 15.6%Net loss of $729 million and Non-IFRS net income(1) of $256 millionDiluted loss per share of $1.32 and Non-IFRS diluted earnings per share of $0.46Non-IFRS adjusted EBITDA(1) of $661 millionEnding cash, cash equivalents and marketable securities of $4.2 billionNet cash provided by operating activities of $

MALTA, N.Y., Feb. 05, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) today announced, following a rigorous succession planning process, its Board of Directors has appointed Dr. Thomas Caulfield as Executive Chairman and Tim Breen as Chief Executive Officer. Caulfield succeeds Ahmed Yahia who will step down from the Board and his role as Chairman after more than a decade in the position. Breen, who has been with GF since 2018, and is currently Chief Operating Officer (COO), succeeds Caulfield. In addition, Niels Anderskouv, currently GF's Chief Business Officer, has been appointed GF's President and COO. With a strong foundation in place, this leadership transition positions GF

MALTA, N.Y., Jan. 08, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, February 11, 2025, at 8:30 a.m. ET following the release of the company's fourth quarter and full-year 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, February 11, 2025, 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 GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (G

MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the third quarter ended September 30, 2024. Key Third Quarter Financial Highlights Revenue of $1.739 billionGross margin of 23.8% and Non-IFRS gross margin(1) of 24.7%Operating margin of 10.6% and Non-IFRS operating margin(1) of 13.6%Net income of $178 million and Non-IFRS net income(1) of $229 millionNon-IFRS adjusted EBITDA(1) of $627 millionCash, cash equivalents and marketable securities of $4.3 billionYear to date net cash provided by operating activities of $1,265 million and Non-IFRS adjusted free cash flow(1) of $779 million "In the third quarte

MALTA, N.Y., Oct. 07, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, November 5, 2024, at 8:30 a.m. ET following the release of the company's third quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, November 5, 2024, 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 GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (GF) is o

MALTA, N.Y., Aug. 06, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the second quarter ended June 30, 2024. Key Second Quarter Financial Highlights Revenue of $1.632 billionGross margin of 24.2% and Non-IFRS gross margin(1) of 25.2%Operating margin of 9.5% and Non-IFRS operating margin(1) of 13.0%Net income of $155 million and Non-IFRS net income(1) of $211 millionNon-IFRS Adjusted EBITDA(1) of $610 millionCash, cash equivalents and marketable securities of $4.1 billionYear to date net cash provided by operating activities of $890 million and Non-IFRS adjusted free cash flow of $563 million "In the sec

MALTA, N.Y., July 08, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, August 6, 2024, at 8:30 a.m. ET following the release of the company's second quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, August 6, 2024, 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 GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (GF) is one

MALTA, N.Y., May 07, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the first quarter ended March 31, 2024. Key First Quarter Financial Highlights Revenue of $1.549 billionGross margin of 25.4% and Non-IFRS gross margin(1) of 26.1%Operating margin of 9.5% and Non-IFRS operating margin(1) of 12.1%Net income of $134 million and Non-IFRS net income(1) of $174 millionNon-IFRS EBITDA(1) of $577 millionCash, cash equivalents and marketable securities of $4.2 billion "In the first quarter, GF's dedicated teams across the world delivered financial results that exceeded the high end of the guidance ranges we provided in our Febru

MALTA, N.Y., April 05, 2024 (GLOBE NEWSWIRE) --  GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, May 7, 2024, at 8:30 a.m. ET following the release of the company's first quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, May 7, 2024, 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 GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (GF) is one of the world's

MALTA, N.Y., Feb. 13, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2023. Key Fourth Quarter Financial Highlights Revenue of $1.854 billion.Gross margin of 28.3% and adjusted gross margin(1) of 29.0%.Operating margin of 16.3% and adjusted operating margin(1) of 20.7%.Net income of $278 million and adjusted net income(1) of $356 million.Adjusted EBITDA(1) of $773 million.Cash, cash equivalents and marketable securities of $3.9 billion. Key Full Year 2023 Financial Highlights Revenue of $7.4 billion.Gross margin of 28.4% and adjusted gross margin(1) of 29.1%.Net inco