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    Tower Semiconductor Reports 2024 Fourth Quarter and Full Year Financial Results

    2/10/25 7:00:51 AM ET
    $TSEM
    Semiconductors
    Technology
    Get the next $TSEM alert in real time by email

    MIGDAL HAEMEK, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ:TSEM, TASE: TSEM)) reports today its results for the fourth quarter of 2024 and for the year ended December 31, 2024.

    Fourth Quarter of 2024 Results Overview

    Revenues for the fourth quarter of 2024 were $387 million as compared to $371 million for the third quarter of 2024 and $352 million for the fourth quarter of 2023, representing 5% quarter over quarter growth and 10% year over year growth. The Company met its expressed target of sequential quarter over quarter revenue growth within 2024, resulting in 18% growth fourth quarter over first quarter.

    Gross profit for the fourth quarter of 2024 was $87 million, compared to $84 million for the fourth quarter of 2023. During the fourth quarter of 2024, the Company took on for the first time its portion of incremental costs of the greenfield Agrate facility.

    Operating profit for the fourth quarter of 2024 was $46 million as compared to $45 million for the fourth quarter of 2023.

    Net profit for the fourth quarter of 2024 was $55 million, reflecting $0.49 basic and diluted earnings per share. Net profit for the fourth quarter of 2023 was $54 million, or $0.49 basic and $0.48 diluted earnings per share.

    Cash flow generated from operating activities in the fourth quarter of 2024 was $101 million and investments in property and equipment, net were $93 million.

    Full year 2024 Results Overview

    Revenues for the full year of 2024 were $1.44 billion, gross profit was $339 million, operating profit was $191 million. Net profit for the full year of 2024 was $208 million, or $1.87 basic and $1.85 diluted earnings per share. For the full year of 2023, revenues were $1.42 billion, gross profit was $354 million, operating profit was $547 million and included $314 million, net, from the Intel merger contract termination and $33 million of restructuring income, net, from the previously disclosed reorganization and restructure of our Japan operations during 2022. Net profit for the full year of 2023 was $518 million, or $4.70 basic and $4.66 diluted earnings per share and included $290 million, net, due to the merger contract termination payment by Intel and $11 million restructuring income, net.

    Cash flow generated from operating activities for the year ended December 31, 2024, was $449 million. Investments in property and equipment, net for the year ended December 31, 2024, were $432 million and debt payments, net totaled $32 million.

    6" Fab Consolidation Update

    During the fourth quarter of 2024, the lower margin legacy of 150mm flows were discontinued in Fab1, with last Fab outs occurring in January 2025. The forward-looking strategic flows have been transferred into the Fab2 200mm factory. This strategic integration enables the Company to streamline its production processes, enhancing overall efficiency.

    Business Outlook

    Tower Semiconductor guides revenues for the first quarter of 2025 to be $358 million, with an upward or downward range of 5%. First quarter mid-range guidance reflects about 10% year-over-year growth.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:

    "With the close of 2024, we are pleased with our progress, in having brought to market highly differentiated end application advancing platforms, hence strengthening our position for sustainable growth. Our 2025 revenue target is year-over-year growth, with sequential quarter-over-quarter revenue growth, and an acceleration in the second half of the year. This momentum is fueled by increasing production shipments as our previously announced capacity investments progress through the final stages of customer qualifications."

    Ellwanger further added: "Our commitment to customer partnered innovation and streamlined execution continues to drive our ability to meet the growing and evolving needs of our customers in a quickly changing business environment, whilst expanding our available market size and share. We look forward to the year ahead with confidence and enthusiasm."

    Teleconference and Webcast

    Tower Semiconductor will host an investor conference call today, Monday, February 10, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company's financial results for the fourth quarter and full year of 2024 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor's website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures

    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the "SEC") as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $101 million, $125 million and $126 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $449 million and $677 million for the years ended December 31, 2024 and December 31, 2023, respectively (less cash used for investments in property and equipment, net (in the amounts of $93 million, $128 million and $136 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $432 million and $432 million for the years ended December 31, 2024 and December 31, 2023, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor

    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), photonics, and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel's New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:

    Liat Avraham | Investor Relations | +972-4-6506154 | [email protected]

    Forward-Looking Statements

    This release, as well as other statements and reports filed, stated and published in relation to this quarter's results, includes certain "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as "projects", "expects", "may", "targets", "plans", "intends", "committed to", "tracking", or words of similar import, identifies a statement as "forward-looking." Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers' end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab's significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others' intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord's alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease that caused him to request a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well the ability to extend such lease or acquire the real estate and obtain the required local state and/or approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impacts that may be incurred or occur due to reorganization and consolidation of fabrication facilities, including the impact of cessation of operations of our facilities, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company's ordinary shares and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade "war" and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility's operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading "Risk Factors" in the Company's most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.



    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) 
    (dollars in thousands) 
     December 31, December 31, 
     2024 2023 
    ASSETS    
    CURRENT ASSETS    
    Cash and cash equivalents$ 271,894 $ 260,664 
    Short-term deposits946,351 790,823 
    Marketable securities-- 184,960 
    Trade accounts receivable211,932 154,067 
    Inventories268,295 282,688 
    Other current assets61,817 35,956 
    Total current assets1,760,289 1,709,158 
    PROPERTY AND EQUIPMENT, NET1,286,622 1,155,929 
    GOODWILL AND OTHER INTANGIBLE ASSETS, NET10,196 12,115 
    OTHER LONG-TERM ASSETS23,378 41,315 
    TOTAL ASSETS$ 3,080,485 $ 2,918,517 
    LIABILITIES AND SHAREHOLDERS' EQUITY    
    CURRENT LIABILITIES    
    Short-term debt$ 48,376 $ 58,952 
    Trade accounts payable130,624 139,128 
    Deferred revenue and customers' advances21,655 18,418 
    Other current liabilities84,409 60,340 
    Total current liabilities285,064 276,838 
    LONG-TERM DEBT132,437 172,611 
    LONG-TERM CUSTOMERS' ADVANCES7,690 25,710 
    OTHER LONG-TERM LIABILITIES 15,114 16,319 
    TOTAL LIABILITIES440,305 491,478 
    TOTAL SHAREHOLDERS' EQUITY2,640,180 2,427,039 
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 3,080,485 $ 2,918,517 
         





    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 
    (dollars and share count in thousands, except per share data) 
     Three months ended 
     December 31, September 30, December 31, 
     2024 2024 2023 
    REVENUES$ 387,191 $ 370,512 $ 351,711 
    COST OF REVENUES300,338 277,451 267,294 
    GROSS PROFIT86,853 93,061 84,417 
    OPERATING COSTS AND EXPENSES:      
    Research and development20,622 19,867 20,849 
    Marketing, general and administrative19,812 17,432 18,401 
     40,434 37,299 39,250 
           
    OPERATING PROFIT46,419 55,762 45,167 
    FINANCING AND OTHER INCOME, NET8,315 6,104 16,682 
    PROFIT BEFORE INCOME TAX54,734 61,866 61,849 
    INCOME TAX EXPENSE, NET(2,149) (7,026) (10,130) 
    NET PROFIT52,585 54,840 51,719 
    Net loss (profit) attributable to non-controlling interest2,553 (193) 2,128 
    NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 55,138 $ 54,647 $ 53,847 
    BASIC EARNINGS PER SHARE$ 0.49 $ 0.49 $ 0.49 
    Weighted average number of shares111,493 111,237 110,796 
    DILUTED EARNINGS PER SHARE$ 0.49 $ 0.49 $ 0.48 
    Weighted average number of shares112,967 112,474 111,308 
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 55,138 $ 54,647 $ 53,847 
    Stock based compensation10,684 8,611 6,662 
    Amortization of acquired intangible assets574 448 442 
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 66,396 $ 63,706 $ 60,951 
    ADJUSTED EARNINGS PER SHARE:      
    Basic$ 0.60 $ 0.57 $ 0.55 
    Diluted$ 0.59 $ 0.57 $ 0.55 
           





    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 
    (dollars and share count in thousands, except per share data) 
     Year ended 
     December 31, 
     2024 2023 
    REVENUES$ 1,436,122 $ 1,422,680 
    COST OF REVENUES1,096,680 1,069,161 
    GROSS PROFIT339,442 353,519 
    OPERATING COSTS AND EXPENSES:    
    Research and development79,434 79,808 
    Marketing, general and administrative74,964 72,454 
    Restructuring income, net *(6,270) (32,506) 
    Merger-contract termination fee, net **-- (313,501) 
     148,128 (193,745) 
         
    OPERATING PROFIT191,314 547,264 
    FINANCING AND OTHER INCOME, NET26,113 37,578 
    PROFIT BEFORE INCOME TAX217,427 584,842 
    INCOME TAX EXPENSE, NET(10,205) (65,312) 
    NET PROFIT207,222 519,530 
    Net loss (profit) attributable to non-controlling interest642 (1,036) 
    NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 207,864 $ 518,494 
    BASIC EARNINGS PER SHARE$ 1.87 $ 4.70 
    Weighted average number of shares111,153 110,289 
    DILUTED EARNINGS PER SHARE$ 1.85 $ 4.66 
    Weighted average number of shares112,343 111,216 
    * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. 
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost. 
         
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 207,864 $ 518,494 
    Stock based compensation33,837 27,931 
    Amortization of acquired intangible assets1,918 1,923 
    Restructuring income, net ***(2,634) (11,224) 
    Merger-contract termination fee, net ****-- (289,988) 
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 240,985 $ 247,136 
    ADJUSTED EARNINGS PER SHARE:    
    Basic$ 2.17 $ 2.24 
    Diluted$ 2.15 $ 2.22 
    *** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax.
    **** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax.





    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED) 
    (dollars in thousands) 
     Three months ended 
     December 31, September 30, December 31, 
     2024 2024 2023 
    CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD$ 270,979 $ 265,313 $ 314,816 
    Net cash provided by operating activities100,816 124,743 126,098 
    Investments in property and equipment, net(93,396) (127,624) (136,426) 
    Debt received (repaid), net2,795 (16,402) (8,950) 
    Effect of Japanese Yen exchange rate change over cash balance(4,972) 5,537 2,101 
    Proceeds from (investment in) deposits, marketable securities and other assets, net(4,328) 19,412 (36,975) 
    CASH AND CASH EQUIVALENTS - END OF PERIOD$ 271,894 $ 270,979 $ 260,664 
     Year ended   
     December 31, December 31,   
     2024 2023   
    CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD$ 260,664 $ 340,759   
    Net cash provided by operating activities448,682 676,561*  
    Investments in property and equipment, net(431,653) (432,184)   
    Debt repaid, net(32,455) (32,346)   
    Proceeds from investment in subsidiary-- 1,932   
    Effect of Japanese Yen exchange rate change over cash balance(4,758) (5,395)   
    Proceeds from (investment in) deposits, marketable securities and other assets, net31,414 (288,663)   
    CASH AND CASH EQUIVALENTS - END OF PERIOD$ 271,894 $ 260,664   
    * Merger-contract termination fee received from Intel during 2023, net of associated cost, in the amount of $313,501 
    was included within the net cash provided by operating activities for the year ended December 31, 2023. 





     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 
    (dollars in thousands) 
     Year ended 
     December 31, December 31, 
     2024 2023 
    CASH FLOWS - OPERATING ACTIVITIES    
    Net profit for the period$ 207,222 $ 519,530 
    Adjustments to reconcile net profit for the period    
    to net cash provided by operating activities:    
    Income and expense items not involving cash flows:    
    Depreciation and amortization *266,279 258,021 
    Effect of exchange rate differences and fair value adjustment133 (1,632) 
    Other expense (income), net24,721 (7,047) 
    Changes in assets and liabilities:    
    Trade accounts receivable(60,169) (3,160) 
    Other current assets(33,992) (9,541) 
    Inventories4,778 8,682 
    Trade accounts payable35,784 (8,254) 
    Deferred revenue and customers' advances (14,783) (35,676) 
    Other current liabilities22,021 (70,163) 
    Other long-term liabilities(3,312) 25,801 
    Net cash provided by operating activities448,682 676,561**
    CASH FLOWS - INVESTING ACTIVITIES    
    Investments in property and equipment, net(431,653) (432,184) 
    Proceeds from (investments in) deposits, marketable securities and other assets, net31,414 (288,663) 
    Net cash used in investing activities(400,239) (720,847) 
    CASH FLOWS - FINANCING ACTIVITIES    
    Debt repaid, net(32,455) (32,346) 
    Proceeds from investment in subsidiary-- 1,932 
    Net cash used in financing activities(32,455) (30,414) 
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE(4,758) (5,395) 
         
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS11,230 (80,095) 
    CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD260,664 340,759 
    CASH AND CASH EQUIVALENTS - END OF PERIOD$ 271,894 $ 260,664 
    * Includes amortization of acquired intangible assets and stock based compensation in the amounts of $35,755  
    and $29,854 for the years ended December 31, 2024, and December 31, 2023, respectively.   
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost, in the amount
    of $313,501 was included within the net cash provided by operating activities for the year ended December 31, 2023.
         







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    DatePrice TargetRatingAnalyst
    2/3/2025Outperform
    Wedbush
    5/10/2024$36.00 → $55.00Neutral → Positive
    Susquehanna
    2/29/2024$36.00Neutral
    Susquehanna
    10/25/2023$35.00Buy
    The Benchmark Company
    8/17/2023$53.00 → $38.00Hold → Buy
    Craig Hallum
    2/15/2022$45.00Buy → Hold
    Needham
    12/8/2021$42.00 → $46.00Buy
    Jefferies
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    • SEC Form SC 13G filed by Tower Semiconductor Ltd.

      SC 13G - TOWER SEMICONDUCTOR LTD (0000928876) (Subject)

      12/9/24 9:15:24 AM ET
      $TSEM
      Semiconductors
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    • Amendment: SEC Form SC 13G/A filed by Tower Semiconductor Ltd.

      SC 13G/A - TOWER SEMICONDUCTOR LTD (0000928876) (Subject)

      11/14/24 6:15:07 AM ET
      $TSEM
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    • Amendment: SEC Form SC 13G/A filed by Tower Semiconductor Ltd.

      SC 13G/A - TOWER SEMICONDUCTOR LTD (0000928876) (Subject)

      10/15/24 12:47:43 PM ET
      $TSEM
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    • Tower Semiconductor to Attend the 22nd Annual Craig-Hallum Institutional Investor Conference and the 53rd Annual TD Cowen Technology, Media & Telecom Conference

      MIGDAL HAEMEK, Israel, May 08, 2025 – Tower Semiconductor (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, will participate in the 22nd Annual Craig-Hallum Institutional Investor Conference in Minneapolis on Wednesday, May 28 and in the 53rd Annual TD Cowen Technology, Media & Telecom Conference in New York on Thursday, May 29. There will be an opportunity for investors to meet one-on-one with company representatives. Interested investors should contact the conference organizers or email the investor relations team at [email protected]. About Tower Semiconductor Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog sem

      5/8/25 8:30:00 AM ET
      $TSEM
      Semiconductors
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    • AEye Appoints Doron Simon to its Board of Directors

      AEye, Inc. (NASDAQ:LIDR), a global leader in adaptive, high-performance lidar solutions, announced it has appointed Doron Simon to its Board of Directors effective April 29, 2025. Mr. Simon's appointment is the result of the Company's commitment to the thoughtful and continuous refreshment of its Board to best meet the evolving needs of AEye. Mr. Simon, age 59, brings deep experience in strategic consulting and M&A advisory services as the Founder of DSimonSays Inc., Managing Director at Stanton Park Capital, and a Partner at Transformation Equity Partners. His advisory work focuses on scaling technology firms to profitability through organic and non-organic growth. Prior to being an advis

      5/1/25 7:00:00 PM ET
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    • Tower Semiconductor Announces First Quarter 2025 Financial Results and Conference Call

      MIGDAL HAEMEK, Israel – April 23, 2025 – Tower Semiconductor (NASDAQ/ TASE: TSEM), the leading foundry of high value analog semiconductor solutions, will issue its first quarter 2025 earnings release on Wednesday, May 14, 2025. The Company will hold a conference call to discuss its first quarter 2025 financial results and second quarter 2025 guidance on Wednesday, May 14, 2025, at 10:00 a.m. Eastern Time (09:00 a.m. Central, 08:00 a.m. Mountain, 07:00 a.m. Pacific and 05:00 p.m. Israel time). The call will be webcast and available through the Investor Relations section of Tower Semiconductor's website at https://ir.towersemi.com/, where the pre-registration form required for dial-in partici

      4/23/25 6:00:00 AM ET
      $TSEM
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    • Tower Semiconductor Announces First Quarter 2025 Financial Results and Conference Call

      MIGDAL HAEMEK, Israel – April 23, 2025 – Tower Semiconductor (NASDAQ/ TASE: TSEM), the leading foundry of high value analog semiconductor solutions, will issue its first quarter 2025 earnings release on Wednesday, May 14, 2025. The Company will hold a conference call to discuss its first quarter 2025 financial results and second quarter 2025 guidance on Wednesday, May 14, 2025, at 10:00 a.m. Eastern Time (09:00 a.m. Central, 08:00 a.m. Mountain, 07:00 a.m. Pacific and 05:00 p.m. Israel time). The call will be webcast and available through the Investor Relations section of Tower Semiconductor's website at https://ir.towersemi.com/, where the pre-registration form required for dial-in partici

      4/23/25 6:00:00 AM ET
      $TSEM
      Semiconductors
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    • Tower Semiconductor Reports 2024 Fourth Quarter and Full Year Financial Results

      MIGDAL HAEMEK, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ:TSEM, TASE: TSEM)) reports today its results for the fourth quarter of 2024 and for the year ended December 31, 2024. Fourth Quarter of 2024 Results OverviewRevenues for the fourth quarter of 2024 were $387 million as compared to $371 million for the third quarter of 2024 and $352 million for the fourth quarter of 2023, representing 5% quarter over quarter growth and 10% year over year growth. The Company met its expressed target of sequential quarter over quarter revenue growth within 2024, resulting in 18% growth fourth quarter over first quarter. Gross profit for the fourth quarter of 2024 was $87

      2/10/25 7:00:51 AM ET
      $TSEM
      Semiconductors
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    • Tower Semiconductor Announces Fourth Quarter and Fiscal Year 2024 Financial Results and Conference Call

      MIGDAL HAEMEK, Israel – January 21, 2025 – Tower Semiconductor (NASDAQ/ TASE: TSEM), the leading foundry of high value analog semiconductor solutions, will issue its fourth quarter and fiscal year 2024 earnings release on Monday, February 10, 2025. The Company will hold a conference call to discuss its fourth quarter and fiscal year 2024 financial results and first quarter 2025 guidance on Monday, February 10, 2025, at 10:00 a.m. Eastern Time (09:00 a.m. Central, 08:00 a.m. Mountain, 07:00 a.m. Pacific and 05:00 p.m. Israel time). The call will be webcast and available through the Investor Relations section of Tower Semiconductor's website at https://ir.towersemi.com/, where the pre-registr

      1/21/25 6:00:00 AM ET
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    • Wedbush initiated coverage on Tower Semi

      Wedbush initiated coverage of Tower Semi with a rating of Outperform

      2/3/25 9:12:23 AM ET
      $TSEM
      Semiconductors
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    • Tower Semi upgraded by Susquehanna with a new price target

      Susquehanna upgraded Tower Semi from Neutral to Positive and set a new price target of $55.00 from $36.00 previously

      5/10/24 7:56:47 AM ET
      $TSEM
      Semiconductors
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    • Susquehanna initiated coverage on Tower Semi with a new price target

      Susquehanna initiated coverage of Tower Semi with a rating of Neutral and set a new price target of $36.00

      2/29/24 6:39:37 AM ET
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    • SEC Form 6-K filed by Tower Semiconductor Ltd.

      6-K - TOWER SEMICONDUCTOR LTD (0000928876) (Filer)

      5/8/25 8:30:16 AM ET
      $TSEM
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    • SEC Form 6-K filed by Tower Semiconductor Ltd.

      6-K - TOWER SEMICONDUCTOR LTD (0000928876) (Filer)

      5/7/25 8:17:39 AM ET
      $TSEM
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    • SEC Form 20-F filed by Tower Semiconductor Ltd.

      20-F - TOWER SEMICONDUCTOR LTD (0000928876) (Filer)

      4/30/25 4:00:55 PM ET
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    • AEye Appoints Doron Simon to its Board of Directors

      AEye, Inc. (NASDAQ:LIDR), a global leader in adaptive, high-performance lidar solutions, announced it has appointed Doron Simon to its Board of Directors effective April 29, 2025. Mr. Simon's appointment is the result of the Company's commitment to the thoughtful and continuous refreshment of its Board to best meet the evolving needs of AEye. Mr. Simon, age 59, brings deep experience in strategic consulting and M&A advisory services as the Founder of DSimonSays Inc., Managing Director at Stanton Park Capital, and a Partner at Transformation Equity Partners. His advisory work focuses on scaling technology firms to profitability through organic and non-organic growth. Prior to being an advis

      5/1/25 7:00:00 PM ET
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    • SolarEdge Appoints New Director to Its Board

      SolarEdge Technologies, Inc. ("SolarEdge" or the "Company") (NASDAQ:SEDG), a global leader in smart energy technology, announced today the appointment of Ms. Dana Gross as a member of its Board of Directors, effective July 5, 2023. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230707196174/en/Dana Gross (Photo: Business Wire) Dana Gross joins SolarEdge as a well-seasoned board member. She will serve on the Board's Audit Committee and qualifies as an Audit Committee financial expert. Ms. Gross currently serves on the board of directors of Tower Semiconductors Ltd. (NASDAQ:TSEM) and Playtika Holding Inc. (NASDAQ:PLTK). Since 2022

      7/7/23 7:00:00 AM ET
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    • Start-Up Nation Central appoints Avi Hasson as new CEO

      TEL AVIV, Israel, July 16, 2021 /PRNewswire/ -- Start-Up Nation Central, the independent not-for-profit organization connecting global corporations, investors, and governments to the Israeli tech innovation ecosystem, today announced the appointment of Avi Hasson as its next Chief Executive Officer. Hasson's career spans executive leadership roles in the business, technology, and not-for-profit sectors. He served as Chief Scientist at Israel's Ministry of Economy and Industry, and as Founding Chairman of the Israel Innovation Authority (IIA), the government entity tasked with

      7/16/21 3:00:00 AM ET
      $TSEM
      Semiconductors
      Technology