• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Tower Semiconductor Reports 2024 Third Quarter Financial Results

    11/13/24 7:00:39 AM ET
    $TSEM
    Semiconductors
    Technology
    Get the next $TSEM alert in real time by email

    2024 Fourth Quarter Revenue Guidance Completes Year of Quarter Over Quarter Growth

    Announces Additional SiPho and SiGe Capacity Build Out, Strategically Serving Expansive Customer Demand

    MIGDAL HAEMEK, Israel, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ:TSEM, TASE: TSEM)) reports today its results for the third quarter ended September 30, 2024.

    Third Quarter of 2024 Results Overview

    Revenue for the third quarter of 2024 was $371 million as compared to $351 million for the second quarter of 2024, representing 6% quarter over quarter growth. Revenue for the third quarter of 2023 was $358 million.

    Gross profit for the third quarter of 2024 was $93 million as compared to $87 million for the second quarter of 2024 and for the third quarter of 2023.

    Operating profit for the third quarter of 2024 was $56 million as compared to $55 million in the second quarter of 2024, which included $6 million restructuring income, net associated with the previously disclosed reorganization and restructure of our Japan operations. Operating profit for the third quarter of 2023 was $362 million and included $314 million, net, from the Intel merger contract termination.

    Net profit for the third quarter of 2024 was $55 million, reflecting 15% net margin, and $0.49 basic and diluted earnings per share, as compared to net profit of $53 million, or $0.48 basic and diluted earnings per share for the second quarter of 2024, which included $3 million Japan operations restructuring income net impact. Net profit for the third quarter of 2023 was $342 million, or $3.10 basic and $3.07 diluted earnings per share and included $290 million, net, from the Intel merger contract termination.

    Cash flow generated from operating activities in the third quarter of 2024 was $125 million. Investments in equipment and other fixed assets were $128 million, net and debt payments totaled $16 million.

    SiPho and SiGe Capacity Expansion Plan

    The company is announcing the execution of a $350 million investment plan to expand SiPho (Silicon Photonics) and SiGe (Silicon Germanium) capacity and capabilities. This plan includes the qualification and ramp-up of 200mm capacity, both in San Antonio and Migdal Haemek, and in its 300mm facility in Uozu, to serve high growth, expansive customer demand.

    Business Outlook

    Tower Semiconductor guides revenue for the fourth quarter of 2024 to be $387 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: "Throughout this year, including our fourth quarter guidance, we have and will deliver quarter-over-quarter revenue growth. This is driven by strong double-digit year-over-year revenue increases across key technology platforms, including our advanced 300mm RF SOI, 65nm Power BCD, and cutting-edge Silicon Photonics and Silicon Germanium offerings. Our unwavering focus on multi-generation innovation, tied to strong and close partnerships with industry leading customers, continues to position us as an essential contributor to the technologies powering the future."

    Ellwanger further added: "With demand for SiGe and SiPho accelerating rapidly, we are investing in multiple factories, increasing our capacity, helping ensure we sustain our foundry leadership in supplying these components, critical to optical transceivers, for the AI-driven data center market."

    Teleconference and Webcast

    Tower Semiconductor will host an investor conference call today, Wednesday, November 13, 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 third quarter 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 operating costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our operating 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 $125 million, $113 million and $402 million for the three months periods ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively (less cash used for investments in property and equipment, net (in the amounts of $128 million, $113 million and $101 million for the three months periods ended September 30, 2024, June 30, 2024 and September 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]

    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 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 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.



    (Financial tables follow)

     
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (dollars in thousands)
     September 30,

     December 31,

     2024

     2023

    ASSETS     
    CURRENT ASSETS     
    Cash and cash equivalents$ 270,979  $ 260,664 
    Short-term deposits893,899  790,823 
    Marketable securities40,137  184,960 
    Trade accounts receivable195,794  154,067 
    Inventories272,377  282,688 
    Other current assets41,104  35,956 
    Total current assets1,714,290  1,709,158 
    PROPERTY AND EQUIPMENT, NET1,295,243  1,155,929 
    GOODWILL AND OTHER INTANGIBLE ASSETS, NET10,770  12,115 
    OTHER LONG-TERM ASSETS, NET39,526  41,315 
    TOTAL ASSETS$ 3,059,829  $ 2,918,517 
    LIABILITIES AND SHAREHOLDERS' EQUITY     
    CURRENT LIABILITIES     
    Short-term debt$ 61,694  $ 58,952 
    Trade accounts payable129,703  139,128 
    Deferred revenue and customers' advances27,935  18,418 
    Other current liabilities75,239  60,340 
    Total current liabilities294,571  276,838 
    LONG-TERM DEBT131,614  172,611 
    LONG-TERM CUSTOMERS' ADVANCES10,122  25,710 
    DEFERRED TAX AND OTHER LONG-TERM LIABILITIES15,862  16,319 
    TOTAL LIABILITIES452,169  491,478 
    TOTAL SHAREHOLDERS' EQUITY2,607,660  2,427,039 
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 3,059,829  $ 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   
     September 30, June 30, September 30,
     2024 2024 2023
    REVENUES$ 370,512  $ 351,181  $ 358,167 
    COST OF REVENUES277,451  264,259  271,299 
    GROSS PROFIT93,061  86,922  86,868 
    OPERATING COSTS AND EXPENSES:        
    Research and development19,867  18,994  20,176 
    Marketing, general and administrative17,432  19,050  18,037 
    Restructuring income, net *--  (6,270) -- 
    Merger-contract termination fee, net **--  --  (313,501)
     37,299  31,774  (275,288)
             
    OPERATING PROFIT55,762  55,148  362,156 
    FINANCING AND OTHER INCOME, NET6,104  7,710  9,975 
    PROFIT BEFORE INCOME TAX61,866  62,858  372,131 
    INCOME TAX EXPENSE, NET(7,026) (6,108) (34,394)
    NET PROFIT54,840  56,750  337,737 
    Net loss (income) attributable to non-controlling interest(193) (3,305) 4,318 
    NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 54,647  $ 53,445  $ 342,055 
    BASIC EARNINGS PER SHARE$ 0.49  $ 0.48  $ 3.10 
    Weighted average number of shares111,237  111,037  110,302 
    DILUTED EARNINGS PER SHARE$ 0.49  $ 0.48  $ 3.07 
    Weighted average number of shares112,474  111,979  111,242 
              
    * 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$ 54,647  $ 53,445  $ 342,055 
    Stock based compensation8,611  7,781  7,898 
    Amortization of acquired intangible assets448  448  491 
    Restructuring income, net ***--  (2,634) -- 
    Merger-contract termination fee, net ****--  --  (289,988)
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 63,706  $ 59,040  $ 60,456 
    ADJUSTED EARNINGS PER SHARE:        
    Basic$ 0.57  $ 0.53  $ 0.55 
    Diluted$ 0.57  $ 0.53  $ 0.54 
        
    *** 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
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (dollars and share count in thousands, except per share data)
       
     Nine months ended
     September 30,
     2024 2023
    REVENUES$ 1,048,931  $ 1,070,969 
    COST OF REVENUES796,342  801,867 
    GROSS PROFIT252,589  269,102 
    OPERATING COSTS AND EXPENSES:     
    Research and development58,812  58,959 
    Marketing, general and administrative55,152  54,053 
    Restructuring income, net *(6,270) (32,506)
    Merger-contract termination fee, net **--  (313,501)
     107,694  (232,995)
          
    OPERATING PROFIT144,895  502,097 
    FINANCING AND OTHER INCOME, NET17,798  20,896 
    PROFIT BEFORE INCOME TAX162,693  522,993 
    INCOME TAX EXPENSE, NET(8,056) (55,182)
    NET PROFIT154,637  467,811 
    Net income attributable to non-controlling interest(1,911) (3,164)
    NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 152,726  $ 464,647 
    BASIC EARNINGS PER SHARE$ 1.38  $ 4.22 
    Weighted average number of shares111,039  110,118 
    DILUTED EARNINGS PER SHARE$ 1.36  $ 4.18 
    Weighted average number of shares112,135  111,184 
           
    * 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$ 152,726  $ 464,647 
    Stock based compensation23,153  21,269 
    Amortization of acquired intangible assets1,344  1,481 
    Restructuring income, net ***(2,634) (11,224)
    Merger-contract termination fee, net ****--  (289,988)
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY$ 174,589  $ 186,185 
    ADJUSTED EARNINGS PER SHARE:     
    Basic$ 1.57  $ 1.69 
    Diluted$ 1.56  $ 1.67 
           
    *** 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

     September 30,

     June 30,

     September 30,

     2024

     2024

     2023

    CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD$265,313  $260,497  $318,195 
    Net cash provided by operating activities *124,743  113,085  402,242 
    Investments in property and equipment, net(127,624) (112,615) (101,080)
    Debt received (repaid), net(16,402) (10,439) 15,493 
    Effect of Japanese Yen exchange rate change over cash balance5,537  (2,658) (1,537)
    Deposits and marketable securities, net19,412  17,443  (318,497)
    CASH AND CASH EQUIVALENTS - END OF PERIOD$270,979  $265,313  $314,816 
             
    * Merger-contract termination fee received from Intel during the third quarter of 2023, net of cost, in the amount of $313,501 was included within the net cash provided by operating activities for the three months ended September 30, 2023.

             

     

     
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
     Three months ended
     September 30, June 30, September 30,
     2024 2024 2023
    CASH FLOWS - OPERATING ACTIVITIES        
    Net profit for the period$54,840  $56,750  $337,737 
    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 *65,348  65,567  66,877 
    Effect of exchange rate differences and fair value adjustment(425) 625  3,044 
    Other expense (income), net6,289  --  (21)
    Changes in assets and liabilities:        
    Trade accounts receivable(27,486) (7,227) 12,529 
    Other assets12,785  3,141  (4,099)
    Inventories14,093  17,744  22,477 
    Trade accounts payable4,646  (19,741) (58,107)
    Deferred revenue and customers' advances(2,049) (2,091) 419 
    Other current liabilities(2,178) 274  (3,885)
    Other long-term liabilities(1,120) (1,957) 25,271 
    Net cash provided by operating activities **124,743  113,085  402,242 
    CASH FLOWS - INVESTING ACTIVITIES        
    Investments in property and equipment, net(127,624) (112,615) (101,080)
    Deposits and marketable securities, net19,412  17,443  (318,497)
    Net cash used in investing activities(108,212) (95,172) (419,577)
    CASH FLOWS - FINANCING ACTIVITIES        
    Debt received (repaid), net(16,402) (10,439) 15,493 
    Net cash provided by (used in) financing activities(16,402) (10,439) 15,493 
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE5,537  (2,658) (1,537)
             
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS5,666  4,816  (3,379)
    CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD265,313  260,497  318,195 
    CASH AND CASH EQUIVALENTS - END OF PERIOD$270,979  $265,313  $314,816 
               
    * Includes amortization of acquired intangible assets and stock based compensation in the amounts of $9,059, $8,229 and $8,389 for the 3 months periods ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of cost, in the amount of $313,501 was included within the net cash provided by operating activities for the three months ended September 30, 2023.
             


    Primary Logo

    Get the next $TSEM alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $TSEM

    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
    More analyst ratings

    $TSEM
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • 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
      Technology
    • 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
      $LIDR
      $NICE
      $TSEM
      $ULY
      Auto Parts:O.E.M.
      Consumer Discretionary
      Computer Software: Prepackaged Software
      Technology
    • 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
      Technology

    $TSEM
    SEC Filings

    See more
    • 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
      Semiconductors
      Technology
    • 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
      Semiconductors
      Technology
    • 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

    $TSEM
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • 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
      Technology
    • 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
      Technology
    • 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
      Semiconductors
      Technology

    $TSEM
    Financials

    Live finance-specific insights

    See more
    • 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
      Technology
    • 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
      Technology
    • 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
      $TSEM
      Semiconductors
      Technology

    $TSEM
    Leadership Updates

    Live Leadership Updates

    See more
    • 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
      $LIDR
      $NICE
      $TSEM
      $ULY
      Auto Parts:O.E.M.
      Consumer Discretionary
      Computer Software: Prepackaged Software
      Technology
    • 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
      $PLTK
      $SEDG
      $TSEM
      $VMI
      EDP Services
      Technology
      Semiconductors
      Metal Fabrications
    • 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

    $TSEM
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • 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
      Technology
    • 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
      Semiconductors
      Technology