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    Magnachip Reports Results for Second Quarter 2025

    7/31/25 4:05:00 PM ET
    $MX
    Semiconductors
    Technology
    Get the next $MX alert in real time by email

    Q2 Results Summary

    • Consolidated revenue from continuing operations (which includes Power Analog Solutions ("PAS") and Power IC ("PIC") businesses) increased 8.1% year-over-year to $47.6 million and was above the mid-point of our guidance range of $45.0 to $49.0 million.
    • Consolidated gross profit margin from continuing operations of 20.4% was within our guidance range of 19.5% to 21.5%.
    • Repurchased approximately 0.7 million shares for an aggregate purchase price of $2.3 million.

    Q2 2025 Highlights

    • Q2 was the fifth consecutive quarter of year-over-year growth from continuing operations primarily driven by Power Analog Solutions (PAS) growth in communications and computing applications, as well as strength in Power IC products.
    • PAS revenue from the communication applications market increased 46.7% year-over-year, representing 20% of PAS revenue, while computing applications market revenue grew 45.1% year-over year and represented 8% of PAS revenue.
    • Power IC (PIC) business increased 11.1% year-over-year in Q2 driven by strength for both TV-LED and OLED power ICs.
    • Launched 28 new-generation PAS products in the first half of 2025.
    • Had 71 design-wins in Q2, up 61% from the 44 wins achieved in the year ago quarter. The design-wins include both our new generation Gen 6 Super Junction products and low-voltage Gen 8 MOSFETs, as well as our prior generation medium-voltage and Super Junction products.

    Magnachip Semiconductor Corporation (NYSE:MX) ("Magnachip" or the "Company") today announced financial results for the second quarter 2025.

    Y.J. Kim, Magnachip's CEO said, "In Q2, Magnachip delivered our fifth consecutive quarter of year-over-year revenue growth from continuing operations, driven primarily by strong performances in our communications and computing applications businesses. The quarter also benefited from some pull-in activity by customers, which contributed to the overall strength of the results. In industrial applications, we continued to see solid demand across key end markets, including e-motors, LED lighting, and 5G battery management systems."

    Mr. Kim added, "Looking to the back half of the year, we face an uncertain environment due to tariffs and pricing pressures on older-generation products, particularly in China. As a result, we currently anticipate a softer second half of the year relative to our prior expectations, and we now forecast 2025 revenue from continuing operations to be flattish as compared to our prior outlook for mid-to-high single-digit growth."

    Mr. Kim added, "While headwinds are impacting our near-term outlook, we are being proactive and decisive by taking structural actions to optimize operational efficiency and we are accelerating the development of a full array of a new generation of feature-rich power products which we expect will command higher prices and margins to drive future growth and profitability. We remain firmly committed to our 3-3-3 strategy of achieving $300 million in revenue with 30% gross margin, although the exact timing will depend largely upon various macroeconomic factors."

    Q2 2025 Financial Highlights

     

    In thousands of U.S. dollars, except share data

     

     

    GAAP(1)

     

     

     

    Q2 2025

     

    Q1 2025

     

     

    Q/Q change

     

     

    Q2 2024(1)

     

     

    Y/Y change

     

    Consolidated Revenues

     

    47,622

     

    44,722

     

    up

     

    6.5

    %

     

    46,400

     

    up

     

    2.6

    %

    Power solutions business

     

    47,622

     

     

     

    44,722

     

     

     

    up

     

     

     

    6.5

    %

     

     

    44,064

     

     

     

    up

     

     

     

    8.1

    %

    Power Analog Solutions

     

    42,261

     

     

     

    39,857

     

     

     

    up

     

     

     

    6.0

    %

     

     

    39,240

     

     

     

    up

     

     

     

    7.7

    %

    Power IC

     

    5,361

     

     

     

    4,865

     

     

     

    up

     

     

     

    10.2

    %

     

     

    4,824

     

     

     

    up

     

     

     

    11.1

    %

    Transitional Fab 3 foundry services(2)

     

    —

     

     

     

    —

     

     

     

    n/a

     

     

     

    —

     

     

    2,336

     

     

     

    n/a

     

     

     

    —

    Consolidated Gross Profit Margin

     

    20.4

    %

     

    20.9

    %

     

    down

     

    0.5

    %pts

     

    21.1

    %

     

    down

     

    0.7

    %pts

    Power solutions business

     

    20.4

    %

     

     

    20.9

    %

     

     

    down

     

     

     

    0.5

    %pts

     

     

    22.5

    %

     

     

    down

     

     

     

    2.1

    %pts

    Power Analog Solutions

     

    18.2

    %

     

     

    17.8

    %

     

     

    up

     

     

     

    0.4

    %pts

     

     

    19.7

    %

     

     

    down

     

     

     

    1.5

    %pts

    Power IC

     

    37.4

    %

     

     

    46.5

    %

     

     

    down

     

     

     

    9.1

    %pts

     

     

    45.5

    %

     

     

    down

     

     

     

    8.1

    %pts

    Transitional Fab 3 foundry services(2)

     

    —

     

     

     

    —

     

     

     

    n/a

     

     

     

    —

     

     

     

    (5.2)

    %

     

     

    n/a

     

     

     

    —

     

    Operating Loss

     

    (7,438

    )

     

     

    (6,288

    )

     

     

    down

     

     

     

    n/a

     

     

     

    (5,723

    )

     

     

    down

     

     

     

    n/a

     

    Income (Loss) from continuing operations

     

    8,486

     

     

     

    (5,082

    )

     

     

    up

     

     

     

    n/a

     

     

     

    (2,208

    )

     

     

    up

     

     

     

    n/a

     

    Basic Earnings (Loss) per Common Share

     

    0.24

     

     

     

    (0.14

    )

     

     

    up

     

     

     

    n/a

     

     

     

    (0.06

    )

     

     

    up

     

     

     

    n/a

     

    Diluted Earnings (Loss) per Common Share

     

    0.23

     

     

     

    (0.14

    )

     

     

    up

     

     

     

    n/a

     

     

     

    (0.06

    )

     

     

    up

     

     

     

    n/a

     

     

     

     

    In thousands of U.S. dollars, except share data

     

     

     

    Non-GAAP(1)(3)

     

     

     

    Q2 2025

     

    Q1 2025

     

     

    Q/Q change

     

     

    Q2 2024(1)

     

     

    Y/Y change

     

    Adjusted Operating Loss

     

    (5,616

    )

     

     

    (5,420

    )

     

     

    down

     

     

     

    n/a

     

     

     

    (4,670

    )

     

     

    down

     

     

     

    n/a

     

    Adjusted EBITDA

     

    (2,093

    )

     

     

    (2,073

    )

     

     

    down

     

     

     

    n/a

     

     

     

    (992

    )

     

     

    down

     

     

     

    n/a

     

    Adjusted Income (Loss)

     

    (2,708

    )

     

     

    (3,815

    )

     

     

    up

     

     

     

    n/a

     

     

     

    2,560

     

     

     

    down

     

     

     

    n/a

     

    Adjusted Income (Loss) per Common Share—Diluted

     

    (0.08

    )

     

     

    (0.10

    )

     

     

    up

     

     

     

    n/a

     

     

     

    0.07

     

     

     

    down

     

     

     

    n/a

     

     
    1. GAAP and non-GAAP metrics summarized herein do not include any amounts relating to the Display business, which has been classified as discontinued operations from Q1 2025, and we have reclassified certain prior year amounts to conform to the current year's presentation.
    2. Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, we provided transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi, Korea, known as "Fab 3" ("Transitional Fab 3 Foundry Services"). The contractual obligation to provide the Transitional Fab 3 Foundry Services ended August 31, 2023, and we had wound down these foundry services by the end of 2024. Because these foundry services during the wind-down period had still been provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we continued to report our revenue from providing these foundry services and related cost of sales within the Transitional Fab 3 Foundry Services line in our consolidated statement of operations until such wind down was completed. Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the Power solutions business allows investors to better understand the results of our core PAS and Power IC businesses.
    3. Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net loss or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of historical GAAP results to non-GAAP results is included in this press release.

    Q3 and Full-year 2025 Financial Guidance

    While actual results may vary, Magnachip currently expects the following:

    For Q3 2025:

    • Consolidated revenue from continuing operations (which includes Power Analog Solutions and Power IC businesses) to be in the range of $44 to $48 million, down 3.5% sequentially and down 13.2% year-over-year at the mid-point on an equivalent basis due to pull-ins in Q2 from the second half of the year as well as competitive pricing pressure on its older generation products. This compares with equivalent revenue of $47.6 million in Q2 2025 and $53.0 million in Q3 2024.
    • Consolidated gross profit margin from continuing operations to be in the range of 18.5% to 20.5%. This compares with equivalent gross profit margin of 20.4% in Q2 2025 and 22.0% in Q3 2024.

    For the full-year 2025:

    • Consolidated revenue from continuing operations is now expected to be flattish as compared to our previous forecast of mid-to-high single digit growth year-over-year, due to a challenging macroeconomic environment related to tariff uncertainty and pricing pressure on older generation products in China. This compares with equivalent revenue of $185.8 million in 2024.
    • Consolidated gross profit margin from continuing operations between 19% to 20%, as compared to our previous forecast of 19.5% to 21.5%. The equivalent gross profit margin was 21.5% in 2024.

    Q2 2025 Earnings Conference Call

    Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, July 31, 2025, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors' section of the Company's website at www.magnachip.com.

    Online registration: https://register-conf.media-server.com/register/BIb2356d591003457bb5c262089f689a13

    Safe Harbor for Forward-Looking Statements

    Information in this press release regarding Magnachip's forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including third quarter and full year 2025 revenue and gross profit margin expectations, future growth and revenue opportunities from new and existing products and customers, the timing and extent of future revenue contributions by our products and businesses, and the impact of market conditions associated with inflation and higher interest rates, geopolitical conflicts including between Russia-Ukraine and between Israel-Hamas and Iran, sustained military action and conflict in the Red Sea, and global macroeconomic conditions resulting from trade and tariff actions instituted between the U.S. and other countries on Magnachip's future operating results and financial performance. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic conditions, including those caused by or related to recent trade and tariff actions announced by the U.S. globally and the related retaliatory tariffs and disruptions in supply chains and global trade as a result thereof, inflation, potential recessions or other deteriorations, economic instability or civil unrest; geopolitical conflicts, including between Russia-Ukraine and between Israel-Hamas and Iran and sustained military action and conflict in the Red Sea; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs and impact demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely acceptance of our designs by customers; timely introduction of new products and technologies; our ability to ramp new products into volume production; industry-wide shifts in supply and demand for semiconductor products; overcapacity within the industry or at Magnachip; effective and cost-efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses that can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors; change to or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip's products; and other risks detailed from time to time in Magnachip's filings with the U.S. Securities and Exchange Commission (the "SEC"), including our Form 10-K filed on March 14, 2025, and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

    About Magnachip Semiconductor

    Magnachip is a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for various applications, including industrial, automotive, communication, consumer and computing. The Company provides a broad range of standard products to customers worldwide. Magnachip, with about 45 years of operating history, owns a portfolio of approximately 1,000 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip's website is not a part of, and is not incorporated into, this release.

    MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands of U.S. dollars, except share data)

    (Unaudited)

     

    Three Months Ended

    Six Months Ended

     

    June 30,

    2025

    March 31,

    2025

    June 30,

    2024(1)

    June 30,

    2025

    June 30,

    2024(1)

    Revenues:

     

     

     

     

     

    Net sales – Power solutions business

    $ 47,622

    $ 44,722

    $ 44,064

    $ 92,344

    $ 83,976

    Net sales – Transitional Fab 3 foundry services

    —

    —

    2,336

    —

    5,862

    Total revenues

    47,622

    44,722

    46,400

    92,344

    89,838

    Cost of sales:

     

     

     

     

     

    Cost of sales – Power solutions business

    37,910

    35,360

    34,157

    73,270

    67,025

    Cost of sales – Transitional Fab 3 foundry services

    —

    —

    2,457

    —

    6,668

    Total cost of sales

    37,910

    35,360

    36,614

    73,270

    73,693

    Gross profit

    9,712

    9,362

    9,786

    19,074

    16,145

    Gross profit as a percentage of Power solutions business net sales

    20.4%

    20.9%

    22.5%

    20.7%

    20.2%

    Gross profit as a percentage of total revenues

    20.4%

    20.9%

    21.1%

    20.7%

    18.0%

    Operating expenses:

     

     

     

     

     

    Selling, general and administrative expenses

    9,321

    9,714

    9,735

    19,035

    19,275

    Research and development expenses

    6,983

    5,936

    5,774

    12,919

    11,984

    Other charges

    846

    —

    —

    846

    —

    Total operating expenses

    17,150

    15,650

    15,509

    32,800

    31,259

    Operating loss

    (7,438)

    (6,288)

    (5,723)

    (13,726)

    (15,114)

    Interest income

    1,324

    1,545

    2,134

    2,869

    4,275

    Interest expense

    (402)

    (449)

    (487)

    (851)

    (672)

    Foreign currency gain (loss), net

    10,810

    (405)

    (3,625)

    10,405

    (8,613)

    Other income

    56

    114

    108

    170

    152

    Income (Loss) from continuing operations before income tax benefit, net

    4,350

    (5,483)

    (7,593)

    (1,133)

    (19,972)

    Income tax benefit, net

    (4,136)

    (401)

    (5,385)

    (4,537)

    (3,480)

    Income (Loss) from continuing operations

    8,486

    (5,082)

    (2,208)

    3,404

    (16,492)

    Loss from discontinued operations, net of tax

    (8,163)

    (3,796)

    (10,789)

    (11,959)

    (11,922)

    Net income (loss)

    $ 323

    $ (8,878)

    $ (12,997)

    $ (8,555)

    $ (28,414)

    Basic earnings (loss) per common share—

     

     

     

     

     

    Continuing operations

    $ 0.24

    $ (0.14)

    $ (0.06 )

    $ 0.09

    $ (0.43)

    Discontinuing operations

    (0.23 )

    (0.10)

    (0.28 )

    (0.32)

    (0.31)

    Total

    $ 0.01

    $ (0.24)

    $ (0.34 )

    $ (0.23)

    $ (0.74)

    Diluted earnings (loss) per common share—

     

     

     

     

     

    Continuing operations

    $ 0.23

    $ (0.14)

    $ (0.06 )

    $ 0.09

    $ (0.43)

    Discontinuing operations

    (0.22 )

    (0.10)

    (0.28 )

    (0.32)

    (0.31)

    Total

    $ 0.01

    $ (0.24)

    $ (0.34 )

    $ (0.23)

    $ (0.74)

    Weighted average number of shares—

     

     

     

     

     

    Basic

    36,083,703

    36,887,841

    38,174,920

    36,483,551

    38,359,851

    Diluted

    36,768,647

    36,887,841

    38,174,920

    37,209,622

    38,359,851

     
    1. We have reclassified prior period financial information to conform to the current year presentation that reflects the classification of the Display business as discontinued operations from Q1 2025.

       

    MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (In thousands of U.S. dollars, except share data)

    (Unaudited)

     

     

     

     

     

     

     

     

    June 30,

    2025

     

    December 31,

    2024

    Assets

     

     

     

     

     

    Current assets

     

     

     

     

     

    Cash and cash equivalents

     

    $ 113,326

     

     

    $ 138,610

     

    Accounts receivable, net

     

    28,784

     

     

    28,402

     

    Inventories, net

     

    37,571

     

     

    30,535

     

    Other receivables

     

    8,329

     

     

    4,444

     

    Prepaid expenses

     

    6,518

     

     

    10,379

     

    Hedge collateral

     

    —

     

     

    2,080

     

    Other current assets

     

    4,926

     

     

    4,779

     

    Total current assets

     

    199,454

     

     

    219,229

     

    Property, plant and equipment, net

     

    94,262

     

     

    81,463

     

    Operating lease right-of-use assets

     

    2,958

     

     

    3,107

     

    Intangible assets, net

     

    500

     

     

    507

     

    Long-term prepaid expenses

     

    255

     

     

    165

     

    Deferred income taxes

     

    57,298

     

     

    52,889

     

    Other non-current assets

     

    15,804

     

     

    21,956

     

    Total assets

     

    $ 370,531

     

     

    $ 379,316

     

    Liabilities and Stockholders' Equity

     

     

     

     

     

    Current liabilities

     

     

     

     

     

    Accounts payable

     

    $ 19,448

     

     

    $ 21,642

     

    Other accounts payable

     

    11,900

     

     

    10,764

     

    Accrued expenses

     

    8,429

     

     

    8,648

     

    Accrued income taxes

     

    84

     

     

    56

     

    Operating lease liabilities

     

    1,572

     

     

    1,393

     

    Other current liabilities

     

    1,483

     

     

    3,765

     

    Total current liabilities

     

    42,916

     

     

    46,268

     

    Long-term borrowings

     

    36,508

     

     

    27,211

     

    Accrued severance benefits, net

     

    14,248

     

     

    17,094

     

    Non-current operating lease liabilities

     

    1,382

     

     

    1,823

     

    Other non-current liabilities

     

    5,315

     

     

    10,123

     

    Total liabilities

     

    100,369

     

     

    102,519

     

    Commitments and contingencies

     

     

     

     

     

    Stockholders' equity

     

     

     

     

     

    Common stock, $0.01 par value, 150,000,000 shares authorized, 57,581,275 shares issued and 35,954,038 outstanding at June 30, 2025 and 57,498,507 shares issued and 36,912,118 outstanding at December 31, 2024

     

    575

     

     

    574

     

    Additional paid-in capital

     

    280,853

     

     

    279,423

     

    Retained earnings

     

    236,021

     

     

    244,576

     

    Treasury stock, 21,627,237 shares at June 30, 2025 and 20,586,389 shares at December 31, 2024, respectively

     

    (229,381)

     

     

    (225,883)

     

    Accumulated other comprehensive loss

     

    (17,906)

     

     

    (21,893)

     

    Total stockholders' equity

     

    270,162

     

     

    276,797

     

    Total liabilities and stockholders' equity

     

    $ 370,531

     

     

    $ 379,316

     

    MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands of U.S. dollars)

    (Unaudited)

     

    Three Months

    Ended

    Six Months

    Ended

     

     

    June 30,

    2025

    June 30,

    2025

    June 30,

    2024

     

    Cash flows from operating activities

     

     

     

     

    Net income (loss)

    $ 323

    $ (8,555)

    $ (28,414)

     

    Adjustments to reconcile net income (loss) to net cash used in operating activities

     

     

     

     

    Depreciation and amortization

    3,388

    6,661

    8,115

     

    Provision for severance benefits

    661

    2,175

    2,970

     

    Loss (gain) on foreign currency, net

    (18,050)

    (18,085)

    16,848

     

    Provision (reversal) for inventory reserves

    (363)

    845

    (1,024)

     

    Stock-based compensation

    462

    1,492

    2,116

     

    Impairment charges

    7,362

    7,362

    —

     

    Deferred income tax assets

    (234)

    (649)

    3,158

     

    Others, net

    251

    476

    426

     

    Changes in operating assets and liabilities

     

     

     

     

    Accounts receivable, net

    (5,235)

    (4,600)

    (235)

     

    Inventories

    (1,720)

    (4,979)

    (3,449)

     

    Other receivables

    (5,024)

    (5,835)

    601

     

    Prepaid expenses

    3,388

    4,621

    3,827

     

    Other current assets

    (295)

    675

    (2,931)

     

    Accounts payable

    17

    2,559

    1,944

     

    Other accounts payable

    (2,350)

    (4,972)

    (6,676)

     

    Accrued expenses

    (1,911)

    (2,022)

    (427)

     

    Accrued income taxes

    28

    22

    (17)

     

    Other current liabilities

    355

    (546)

    453

     

    Other non-current liabilities

    (346)

    8

    (246)

     

    Payment of severance benefits

    (9,518)

    (9,843)

    (1,362)

     

    Others, net

    3,679

    3,389

    (761)

     

    Net cash used in operating activities

    (25,132)

    (29,801)

    (5,084)

     

    Cash flows from investing activities

     

     

     

     

    Proceeds from settlement of hedge collateral

    2,237

    2,237

    —

     

    Payment of hedge collateral

    —

    —

    (612)

     

    Purchase of property, plant and equipment

    (11,875)

    (12,083)

    (1,566)

     

    Payment for intellectual property registration

    (22)

    (85)

    (178)

     

    Collection of guarantee deposits

    2,315

    2,336

    1,138

     

    Payment of guarantee deposits

    (158)

    (297)

    (1,910)

     

    Purchase of short-term financial instruments

    —

    —

    (30,000)

     

    Others, net

    180

    180

    0

     

    Net cash used in investing activities

    (7,323)

    (7,712)

    (33,128 )

     

    Cash flows from financing activities

     

     

     

     

    Proceeds from long-term borrowings

    6,964

    6,964

    30,059

     

    Acquisition of treasury stock

    (2,714)

    (4,020 )

    (6,859)

     

    Repayment of financing related to water treatment facility arrangement

    (114)

    (225)

    (238)

     

    Repayment of principal portion of finance lease liabilities

    (42)

    (80)

    (69)

     

    Net cash provided by financing activities

    4,094

    2,639

    22,893

     

    Effect of exchange rates on cash and cash equivalents

    9,033

    9,590

    (10,306)

     

    Net decrease in cash and cash equivalents

    (19,328)

    (25,284)

    (25,625)

     

    Cash and cash equivalents

     

     

     

     

    Beginning of the period

    132,654

    138,610

    158,092

     

    End of the period

    $ 113,326

    $ 113,326

    $ 132,467

     

     

    MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

    RECONCILIATION OF OPERATING LOSS FROM CONTINUING OPERATIONS TO ADJUSTED OPERATING LOSS FROM CONTINUING OPERATIONS

    (In thousands of U.S. dollars)

    (Unaudited)

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

    2025

    March 31,

    2025

    June 30,

    2024(1)

    June 30,

    2025

    June 30,

    2024(1)

     

    Operating loss– continuing operations

     

    $

    (7,438

    )

     

    $

    (6,288

    )

     

    $

    (5,723

    )

     

    $

    (13,726

    )

     

    $

    (15,114

    )

    Adjustments:

     

     

     

     

     

    Equity-based compensation expense

     

     

    976

     

     

     

    868

     

     

    1,053

     

     

     

    1,844

     

     

     

    1,881

     

    Other charges

     

     

    846

     

     

     

    —

     

     

    —

     

     

     

    846

     

     

     

    —

     

    Adjusted Operating Loss– continuing operations

     

    $

    (5,616

    )

     

    $

    (5,420

    )

     

    $

    (4,670

    )

     

    $

    (11,036

    )

     

    $

    (13,233

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    1. We have reclassified prior period financial information to conform to the current year presentation that reflects the classification of the Display business as discontinued operations from Q1 2025.

    We present Adjusted Operating Loss from continuing operations as a supplemental measure of our performance. We define Adjusted Operating Loss from continuing operations for the periods indicated as operating loss from continuing operations adjusted to exclude (i) Equity-based compensation expense and (ii) Other charges.

    For the three and six months ended June 30, 2025, we recorded $496 thousand of one-time employee incentives and $350 thousand of certain executive separation benefit related accruals.

    MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

    RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS AND ADJUSTED INCOME (LOSS) FROM

    CONTINUING OPERATIONS

    (In thousands of U.S. dollars, except share data)

    (Unaudited)

     

     

    Three Months Ended

     

     

    Six Months Ended

     

    June 30,

    2025

    March 31,

    2025

    June 30,

    2024(1)

     

    June 30,

    2025

    June 30,

    2024(1)

    Income (Loss) from continuing operations

    $ 8,486

    $ (5,082)

    $ (2,208)

     

    $ 3,404

    $ (16,492)

    Adjustments:

     

     

     

     

     

     

    Interest income

    (1,324)

    (1,545)

    (2,134)

     

    (2,869)

    (4,275)

    Interest expense

    402

    449

    487

     

    851

    672

    Income tax benefit, net

    (4,136)

    (401)

    (5,385)

     

    (4,537)

    (3,480)

    Depreciation and amortization

    3,387

    3,262

    3,655

     

    6,649

    7,396

    EBITDA – continuing operations

    6,815

    (3,317)

    (5,585)

     

    3,498

    (16,179)

    Equity-based compensation expense

    976

    868

    1,053

     

    1,844

    1,881

    Foreign currency loss (gain), net

    (10,810)

    405

    3,625

     

    (10,405)

    8,613

    Derivative valuation loss (gain), net

    80

    (29)

    (85)

     

    51

    (110)

    Other charges

    846

    —

    —

     

    846

    —

    Adjusted EBITDA – continuing operations

    $ (2,093)

    $ (2,073)

    $ (992)

     

    $ (4,166)

    $ (5,795)

    Income (Loss) from continuing operations

    $ 8,486

    $ (5,082)

    $ (2,208)

     

    $ 3,404

    $ (16,492)

    Adjustments:

     

     

     

     

     

     

    Equity-based compensation expense

    976

    868

    1,053

     

    1,844

    1,881

    Foreign currency loss (gain), net

    (10,810)

    405

    3,625

     

    (10,405)

    8,613

    Derivative valuation loss (gain), net

    80

    (29)

    (85)

     

    51

    (110)

    Other charges

    846

    —

    —

     

    846

    —

    Income tax effect on non-GAAP adjustments

    (2,286)

    23

    175

     

    (2,263)

    (1,168)

    Adjusted Income (Loss) – continuing operations

    $ (2,708)

    $ (3,815)

    $ 2,560

     

    $ (6,523)

    $ (7,276)

    Adjusted Income (Loss) – continuing operations per common share—

     

     

     

     

     

     

    - Basic

    $ (0.08)

    $ (0.10)

    $ 0.07

     

    $ (0.18)

    $ (0.19)

    - Diluted

    $ (0.08)

    $ (0.10)

    $ 0.07

     

    $ (0.18)

    $ (0.19)

    Weighted average number of shares – basic

    36,083,703

    36,887,841

    38,174,920

     

    36,483,551

    38,359,851

    Weighted average number of shares – diluted

    36,083,703

    36,887,841

    38,529,789

     

    36,483,551

    38,359,851

     
    1. We have reclassified prior period financial information to conform to the current year presentation that reflects the classification of the Display business as discontinued operations from Q1 2025.

    We present Adjusted EBITDA from continuing operations and Adjusted Income (Loss) from continuing operations as supplemental measures of our performance. We define Adjusted EBITDA from continuing operations for the periods indicated as EBITDA – continuing operations (as defined below), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net and (iv) Other charges. EBITDA – continuing operations for the periods indicated is defined as income (loss) from continuing operations before interest income, interest expense, income tax benefit, net and depreciation and amortization.

    We prepare Adjusted Income (Loss) from continuing operations by adjusting income (loss) from continuing operations to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Income (Loss) from continuing operations is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Income (Loss) from continuing operations for the periods as net income (loss), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Other charges and (v) Income tax effect on non-GAAP adjustments.

    For the three and six months ended June 30, 2025, we recorded $496 thousand of one-time employee incentives and $350 thousand of certain executive separation benefit related accruals.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250731595720/en/

    Steven C. Pelayo, CFA

    The Blueshirt Group

    Tel. +1 (360) 808-5154

    [email protected]

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