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    Tower Semiconductor Reports 2024 Second Quarter Financial Results

    7/24/24 7:00:31 AM ET
    $TSEM
    Semiconductors
    Technology
    Get the next $TSEM alert in real time by email

    MIGDAL HAEMEK, Israel, July 24, 2024 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ:TSEM, TASE: TSEM))) reports today its results for the second quarter ended June 30, 2024.

    Second Quarter of 2024 Results Overview

    Revenue for the second quarter of 2024 was $351 million as compared to $327 million for the first quarter of 2024.

    Gross profit for the second quarter of 2024 was $87 million as compared to $73 million for the first quarter of 2024.

    Operating profit for the second quarter of 2024 was $55 million and included $6 million restructuring income, net associated with the previously disclosed reorganization and restructure of our Japan operations during 2022, as compared to $34 million in the first quarter of 2024.

    Net profit for the second quarter of 2024 was $53 million, or $0.48 basic and diluted earnings per share and included $3 million restructuring income net impact, as compared to net profit of $45 million, or $0.40 basic and diluted earnings per share for the first quarter of 2024.

    Cash flow generated from operating activities in the second quarter of 2024 was $113 million. Investments in equipment and other fixed assets were $113 million, net and debt payments totaled $10 million.

    In the first quarter of 2024, cash flow generated from operating activities was $110 million, investments in equipment and other fixed assets were $98 million, net and debt payments totaled $8 million.

    Business Outlook

    Tower Semiconductor guides revenue for the third quarter of 2024 to be $370 million, with an upward or downward range of 5%. Mid-range guidance reflects year over year and quarter over quarter growth.

    Mr. Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated: "We are tracking well and remain committed to our stated target of sequential revenue growth throughout 2024, as evidenced by our second quarter performance and third quarter guidance. In addition to the recovery in mobile and growth in our advanced Power platforms, we are experiencing a robust, rapidly expanding demand from both existing and new customers within the optical space. Our strong position in optical transceivers, coupled with multiple years of 1st-tier customer partnership in developing both passive and active Silicon Photonics platforms, have uniquely prepared us to be the leading foundry of choice for data transfer within the exploding AI market. We remain focused on innovation to enhance our market leadership and hence to continue to deliver sustainable growth."

    Teleconference and Webcast

    Tower Semiconductor will host an investor conference call today, Wednesday, July 24, 2024, 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 second quarter of 2024 and its business outlook.

    This call will be webcast and can be accessed via Tower Semiconductor's website at www.towersemi.com or by calling 1-888-281-1167 (U.S. Toll-Free), 03-918-0610 (Israel), +972-3-918-0610 (International). For those who are not available to listen to the live broadcast, the call will be archived on Tower Semiconductor's website for 90 days.

    The Company presents its financial statements in accordance with U.S. 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 as they apply to our Company. These adjusted financial measures are calculated excluding the following: (1) amortization of acquired intangible assets as included in our operating costs and expenses, (2) compensation expenses in respect of equity grants to directors, officers, and employees as included in our operating costs and expenses, (3) 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 (4) 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 may also present the GAAP financial measures, which are most comparable to the adjusted financial measures, 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 Tax 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 in 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 $113 million, $110 million and $75 million for the three months periods ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively) less cash used for investments in property and equipment, net (in the amounts of $113 million, $98 million and $89 million for the three months periods ended June 30, 2024, March 31, 2024 and June 30, 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 two facilities in Israel (150mm and 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 ST as well as has access to a 300mm capacity corridor in Intel's New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACTS:

    Noit Levy | Investor Relations | +972 74 737 7556 | [email protected]

    This press release, including other projections with respect to our business and activities, includes forward-looking statements, which are subject to risks and uncertainties. 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. Potential risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) demand in our customers' end markets, (ii) reliance on acquisition 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 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) effect 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) obtain financing for capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including for 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 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 purchase 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, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) 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 fab3 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 and/or state 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 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 Agrate fab establishment 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 impact 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) issuance of ordinary shares as a result of exercise and/or vesting of any of our employee stock options and/or restricted stock units, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as 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 interruption due to flood, fire, pandemic, earthquake and other natural disasters, the security situation in Israel, global trade "war" and the current war in Israel, including potential inability to continue uninterrupted operations of the Israeli fabs, impact on global supply chain to and from the Israeli fabs, 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 facilities' 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 press release or which may otherwise affect our business is included under the heading "Risk Factors" in Tower's most recent filings on Forms 20-F and 6-K, as were filed with the Securities and Exchange Commission (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.



    (Financial tables follow)

    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (dollars in thousands)
     June 30, December 31,
      2024  2023
    ASSETS   
    CURRENT ASSETS   
    Cash and cash equivalents$ 265,313 $ 260,664
    Short-term deposits 903,401  790,823
    Marketable securities 65,331  184,960
    Trade accounts receivable 165,161  154,067
    Inventories 276,082  282,688
    Other current assets 35,414  35,956
    Total current assets 1,710,702  1,709,158
    PROPERTY AND EQUIPMENT, NET 1,199,191  1,155,929
    GOODWILL AND OTHER INTANGIBLE ASSETS, NET 11,218  12,115
    OTHER LONG-TERM ASSETS, NET 41,056  41,315
    TOTAL ASSETS$ 2,962,167 $ 2,918,517
    LIABILITIES AND SHAREHOLDERS' EQUITY   
    CURRENT LIABILITIES   
    Short-term debt$ 61,365 $ 58,952
    Trade accounts payable 123,782  139,128
    Deferred revenue and customers' advances 23,988  18,418
    Other current liabilities 81,040  60,340
    Total current liabilities 290,175  276,838
    LONG-TERM DEBT 126,715  172,611
    LONG-TERM CUSTOMERS' ADVANCES 16,118  25,710
    DEFERRED TAX AND OTHER LONG-TERM LIABILITIES  16,446  16,319
    TOTAL LIABILITIES 449,454  491,478
    TOTAL SHAREHOLDERS' EQUITY 2,512,713  2,427,039
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 2,962,167 $ 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
     June 30, March 31, June 30,
      2024   2024  2023 
    REVENUES$ 351,181  $ 327,238 $ 357,191 
    COST OF REVENUES 264,259   254,632  270,674 
    GROSS PROFIT 86,922   72,606  86,517 
    OPERATING COSTS AND EXPENSES:     
    Research and development 18,994   19,951  19,452 
    Marketing, general and administrative 19,050   18,670  17,387 
    Restructuring income, net * (6,270)  --  (851)
      31,774   38,621  35,988 
          
    OPERATING PROFIT 55,148   33,985  50,529 
    FINANCING AND OTHER INCOME, NET 7,710   3,984  3,924 
    PROFIT BEFORE INCOME TAX 62,858   37,969  54,453 
    INCOME TAX BENEFIT (EXPENSE), NET (6,108)  5,078  (5,747)
    NET PROFIT 56,750   43,047  48,706 
    Net loss (income) attributable to non-controlling interest (3,305)  1,587  2,484 
    NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 53,445  $ 44,634 $ 51,190 
    BASIC EARNINGS PER SHARE$ 0.48  $ 0.40 $ 0.46 
    Weighted average number of shares 111,037   110,840  110,088 
    DILUTED EARNINGS PER SHARE$ 0.48  $ 0.40 $ 0.46 
    Weighted average number of shares 111,979   111,627  111,234 
       
    * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.
     
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 53,445  $ 44,634 $ 51,190 
    Stock based compensation 7,781   6,761  6,923 
    Amortization of acquired intangible assets 448   448  491 
    Restructuring income, net ** (2,634)  --  (250)
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 59,040  $ 51,843 $ 58,354 
    ADJUSTED EARNINGS PER SHARE:     
    Basic$ 0.53  $ 0.47 $ 0.53 
    Diluted$ 0.53  $ 0.46 $ 0.52 
     
    ** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes.





    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (dollars and share count in thousands, except per share data)
     Six months ended
     June 30,
      2024   2023 
    REVENUES$ 678,419  $ 712,802 
    COST OF REVENUES 518,891   530,568 
    GROSS PROFIT 159,528   182,234 
    OPERATING COSTS AND EXPENSES:   
    Research and development 38,945   38,783 
    Marketing, general and administrative 37,720   36,016 
    Restructuring income, net * (6,270)  (32,506)
      70,395   42,293 
        
    OPERATING PROFIT 89,133   139,941 
    FINANCING AND OTHER INCOME, NET 11,694   10,921 
    PROFIT BEFORE INCOME TAX 100,827   150,862 
    INCOME TAX EXPENSE, NET (1,030)  (20,788)
    NET PROFIT 99,797   130,074 
    Net income attributable to non-controlling interest (1,718)  (7,482)
    NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 98,079  $ 122,592 
        
        
        
        
    BASIC EARNINGS PER SHARE$ 0.88  $ 1.11 
    Weighted average number of shares 110,938   110,025 
    DILUTED EARNINGS PER SHARE$ 0.88  $ 1.10 
    Weighted average number of shares 111,964   111,153 
     
    * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.
     
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 98,079  $ 122,592 
    Stock based compensation 14,542   13,371 
    Amortization of acquired intangible assets 896   990 
    Restructuring income, net ** (2,634)  (11,224)
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 110,883  $ 125,729 
    ADJUSTED EARNINGS PER SHARE:   
    Basic$ 1.00  $ 1.14 
    Diluted$ 0.99  $ 1.13 
     
    ** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes.
        



    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
    (dollars in thousands)
     Three months ended
     June 30, March 31, June 30,
      2024   2024   2023 
    CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD$ 260,497  $ 260,664  $ 304,934 
    Net cash provided by operating activities 113,085   110,038   75,494 
    Investments in property and equipment, net (112,615)  (98,018)  (89,433)
    Debt repayment (10,439)  (8,409)  (10,093)
    Effect of Japanese Yen exchange rate change over cash balance (2,658)  (2,665)  (5,322)
    Deposits and marketable securities, net 17,443   (1,113)  42,615 
    CASH AND CASH EQUIVALENTS - END OF PERIOD$ 265,313  $ 260,497  $ 318,195 
          



    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
     Three months ended
     June 30, March 31, June 30,
      2024   2024   2023 
    CASH FLOWS - OPERATING ACTIVITIES     
    Net profit for the period$ 56,750  $ 43,047  $ 48,706 
    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 * 65,567   59,544   63,579 
    Effect of exchange rate differences and fair value adjustment 625   227   3,102 
    Other expense (income), net --   5,993   (149)
    Changes in assets and liabilities:     
    Trade accounts receivable (7,227)  (6,716)  (21,241)
    Other assets 3,141   (13,454)  2,114 
    Inventories 17,744   (23,703)  16,315 
    Trade accounts payable (19,741)  32,559   (24,712)
    Deferred revenue and customers' advances  (2,091)  (1,931)  (10,723)
    Other current liabilities 274   16,868   (5,479)
    Other long-term liabilities (1,957)  (2,396)  3,982 
    Net cash provided by operating activities 113,085   110,038   75,494 
    CASH FLOWS - INVESTING ACTIVITIES     
    Investments in property and equipment, net (112,615)  (98,018)  (89,433)
    Deposits and marketable securities, net 17,443   (1,113)  42,615 
    Net cash used in investing activities (95,172)  (99,131)  (46,818)
    CASH FLOWS - FINANCING ACTIVITIES     
    Debt repayment (10,439)  (8,409)  (10,093)
    Net cash used in financing activities (10,439)  (8,409)  (10,093)
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE (2,658)  (2,665)  (5,322)
          
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,816   (167)  13,261 
    CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 260,497   260,664   304,934 
    CASH AND CASH EQUIVALENTS - END OF PERIOD$ 265,313  $ 260,497  $ 318,195 
     
    * Includes amortization of acquired intangible assets and stock based compensation in the amounts of $8,229, $7,209 and $7,414 for the 3 months periods ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively.
          


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      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
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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
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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
      $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

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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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      Semiconductors
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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
      Technology
    • 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
      Semiconductors
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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
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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
      $TSEM
      Semiconductors
      Technology