News Archives - Page 2 of 35 - Magnachip Semiconductor

Financial Highlights

Q1 consolidated revenue was $49.1 million, within our guidance range of $46-51 million.
- Q1 standard product business revenue was up 10.6% sequentially.
Q1 consolidated gross profit margin was 18.3%, within our guidance range of 17-20%.
- Q1 standard product business gross profit margin was down 170 basis points sequentially, mostly due to lower Gumi fab utilization driven by the wind-down of Transitional Foundry Services.
Ended Q1 with $29.7 million in long-term borrowing and $171.6 million in cash.
Repurchased approximately $4.1 million or 0.6 million shares during the quarter.

Operational Highlights

Secured a new high-end smartphone OLED DDIC design for a top tier China smartphone OEM.
Secured a new EV automotive OLED DDIC design win for a leading European automaker.
Began operations of our new China entity called Magnachip Technology Company (MTC). Our China headquarters is now up and running.
Started initial ramp in Q1 for our first-generation OLED DDIC chip for China for the after-service market.
Captured our first medium voltage MOSFET automotive design-win for an electric cooling fan with a China-based SUV supplier, as well as an additional automotive power steering related win in Korea.
Began to see initial signs of inventory reductions in the distribution channel for our Power Analog Solutions products.

SEOUL, South Korea–(BUSINESS WIRE)–May 2, 2024– Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the first quarter 2024.

YJ Kim, Magnachip’s Chief Executive Officer, commented, “In Q1 we started the initial revenue ramp for OLED DDICs for the after-service market, and we were awarded two new designs targeted for a leading China smartphone OEM and also for a leading European EV maker. Our Power Analog Solutions (PAS) business revenue grew 12% sequentially driven by smartphones, e-motors, consumer appliances and server power applications, and we now are launching a slate of next-gen power products to help sustain our momentum. We also are encouraged that the power channel inventory showed signs of improvement in the first quarter.”

YJ continued, “Looking forward, we expect sequential revenue growth in Mixed-Signal Solutions (MSS) and PAS to continue in Q2 and we reiterate our prior full-year guidance for double digit growth in both MSS and PAS businesses.”

Q1 2024 Financial Highlights

	In thousands of U.S. dollars, except share data
	GAAP
	Q1 2024		Q4 2023		Q/Q change			Q1 2023		Y/Y change
Consolidated Revenues	49,067		50,822		down	3.5	%	57,005		down	13.9	%
Standard Products Business	45,541		41,182		up	10.6	%	51,514		down	11.6	%
Mixed-Signal Solutions	9,006		8,558		up	5.2	%	12,807		down	29.7	%
Power Analog Solutions	36,535		32,624		up	12.0	%	38,707		down	5.6	%
Transitional Fab 3 foundry services⁽¹⁾	3,526		9,640		down	63.4	%	5,491		down	35.8	%
Consolidated Gross Profit Margin	18.3	%	22.7	%	down	4.4	%pts	21.2	%	down	2.9	%pts
Standard Products Business	21.2	%	22.9	%	down	1.7	%pts	27.6	%	down	6.4	%pts
Mixed-Signal Solutions	44.6	%	41.3	%	up	3.3	%pts	30.2	%	up	14.4	%pts
Power Analog Solutions	15.4	%	18.1	%	down	2.7	%pts	26.7	%	down	11.3	%pts
Operating Loss	(13,459	)	(15,935	)	up	n/a		(21,818	)	up	n/a
Net Loss	(15,417	)	(6,040	)	down	n/a		(21,470	)	up	n/a
Basic Loss per Common Share	(0.40	)	(0.16	)	down	n/a		(0.49	)	up	n/a
Diluted Loss per Common Share	(0.40	)	(0.16	)	down	n/a		(0.49	)	up	n/a

	In thousands of U.S. dollars, except share data
	Non-GAAP⁽²⁾
	Q1 2024		Q4 2023		Q/Q change			Q1 2023		Y/Y change
Adjusted Operating Loss	(12,559	)	(14,095	)	up	n/a		(12,249	)	down	n/a
Adjusted EBITDA	(8,441	)	(9,972	)	up	n/a		(7,873	)	down	n/a
Adjusted Net Loss	(10,884	)	(8,044	)	down	n/a		(10,367	)	down	n/a
Adjusted Loss per Common Share—Diluted	(0.28	)	(0.21	)	down	n/a		(0.24	)	down	n/a

___________
(1)		Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, we provided transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi, Korea, known as “Fab 3” (“Transitional Fab 3 Foundry Services”). The contractual obligation to provide the Transitional Fab 3 Foundry Services ended August 31, 2023, and we are winding down these foundry services and planning to convert portions of the idle capacity to PAS products beginning around the second half of 2024. Because these foundry services during the wind-down period are still provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we will continue to report our revenue from providing these foundry services and related cost of sales within the Transitional Fab 3 Foundry Services line in our consolidated statement of operations until such wind down is completed. Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the standard products business allows investors to better understand the results of our core standard products MSS and PAS businesses.

(2)		Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net loss or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.

Q2 and 2024 Financial Guidance

Beginning in Q1, the Company begins reporting results under its newly organized businesses: MSS (Mixed-Signal Solutions) and PAS (Power Analog Solutions). While actual results may vary, Magnachip currently expects the following:

For Q2 2024:

Consolidated revenue to be in the range of $49 to $54 million, including approximately $1.5 million of Transitional Foundry Services.
- MSS revenue to be in the range of $9.5 to $11.5 million. This compares with MSS equivalent revenue of $9.0 million in Q1 2024 and $12.4 million in Q2 2023
- PAS revenue to be in the range of $38 to $41 million. This compares with PAS equivalent revenue of $36.5 million in Q1 2024 and $39 million in Q2 2023.
Consolidated gross profit margin to be in the range of 17% to 19%.
- MSS gross profit margin to be in the range of 30% to 33%. This compares with MSS equivalent gross profit margin of 44.6% in Q1 2024, which included non-recurring engineering revenue, and 36.4% in Q2 2023.
- PAS gross profit margin to be in the range of 15% to 17%, primarily as a result of the impact of idle capacity from the expected decline in Transitional Foundry Services revenue. This compares with PAS equivalent gross profit margin of 15.4% in Q1 2024 and 23.1% in Q2 2023.

For the full-year 2024, we reiterate our prior guidance:

MSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023.
PAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023.
Consolidated revenue flat-to-up-slightly year-over-year as recovery in MSS and PAS is offset by the phase-out of Transitional Foundry Services.
Consolidated gross profit margin between 17% to 20%, primarily as a result of the impact of idle capacity expected from the phase-out of Transitional Foundry Services. This compares with the consolidated gross profit margin of 22.4% in 2023.

Q1 2024 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, May 2, 2024, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the Company’s website at www.magnachip.com/cn.

Online registration: https://register.vevent.com/register/BIffb31aff244f4ff99dae99731c4879bf

Safe Harbor for Forward-Looking Statements

Information in this release regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including second quarter and full year 2024 revenue and gross profit margin expectations, future growth and revenue opportunities from new and existing products and customers, the timing and extent of future revenue contributions by our products and businesses, and the impact of market conditions associated with inflation and higher interest rates, geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, sustained military action and conflict in the Red Sea, and trade tensions between the U.S. and China, on Magnachip’s second quarter and full year 2024 and future operating results. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic conditions, including those caused by or related to inflation, potential recessions or other deteriorations, economic instability or civil unrest; the geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, sustained military action and conflict in the Red Sea, and trade tensions between the U.S. and China; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs and impact demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely acceptance of our designs by customers; timely introduction of new products and technologies; our ability to ramp new products into volume production; industry-wide shifts in supply and demand for semiconductor products; overcapacity within the industry or at Magnachip; effective and cost-efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses that can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors; change to or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on March 8, 2024, and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communication, Internet of Things (“IoT”), consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 registered patents and pending applications, and has extensive engineering, design, and manufacturing process expertise. For more information, please visit www.magnachip.com/cn. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share data) (Unaudited)

	Three Months Ended
	March 31,			December 31,			March 31,
	2024			2023			2023
Revenues:
Net sales – standard products business	$	45,541		$	41,182		$	51,514
Net sales – Transitional Fab 3 foundry services		3,526			9,640			5,491
Total revenues		49,067			50,822			57,005
Cost of sales:
Cost of sales – standard products business		35,888			31,754			37,312
Cost of sales – Transitional Fab 3 foundry services		4,211			7,541			7,599
Total cost of sales		40,099			39,295			44,911
Gross profit		8,968			11,527			12,094
Gross profit as a percentage of standard products business net sales		21.2	%		22.9	%		27.6	%
Gross profit as a percentage of total revenues		18.3	%		22.7	%		21.2	%
Operating expenses:
Selling, general and administrative expenses		11,264			12,079			12,165
Research and development expenses		11,163			15,383			13,298
Early termination charges		—			—			8,449
Total operating expenses		22,427			27,462			33,912
Operating loss		(13,459	)		(15,935	)		(21,818	)
Interest income		2,213			2,519			2,842
Interest expense		(238	)		(183	)		(256	)
Foreign currency gain (loss), net		(5,001	)		5,241			(3,430	)
Other income (expense), net		44			(42	)		(35	)
Loss before income tax expense		(16,441	)		(8,400	)		(22,697	)
Income tax benefit		(1,024	)		(2,360	)		(1,227	)
Net loss	$	(15,417	)	$	(6,040	)	$	(21,470	)
Basic loss per common share—	$	(0.40	)	$	(0.16	)	$	(0.49	)
Diluted loss per common share—	$	(0.40	)	$	(0.16	)	$	(0.49	)
Weighted average number of shares—
Basic		38,544,781			38,834,451			43,390,832
Diluted		38,544,781			38,834,451			43,390,832

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share data) (Unaudited)

	March 31, 2024			December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	171,602		$	158,092
Accounts receivable, net		30,288			32,641
Inventories, net		31,479			32,733
Other receivables		5,041			4,295
Prepaid expenses		10,255			7,390
Hedge collateral		1,000			1,000
Other current assets		8,550			9,283
Total current assets		258,215			245,434
Property, plant and equipment, net		92,868			100,122
Operating lease right-of-use assets		4,538			4,639
Intangible assets, net		1,391			1,537
Long-term prepaid expenses		9,297			5,736
Deferred income taxes		47,669			50,836
Other non-current assets		12,186			12,187
Total assets	$	426,164		$	420,491
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	24,619		$	24,443
Other accounts payable		5,650			5,292
Accrued expenses		7,951			10,457
Accrued income taxes		1,622			1,496
Operating lease liabilities		1,884			1,914
Other current liabilities		3,158			3,286
Total current liabilities		44,884			46,888
Long-term borrowing		29,700			—
Accrued severance benefits, net		15,503			16,020
Non-current operating lease liabilities		2,808			2,897
Other non-current liabilities		11,384			10,088
Total liabilities		104,279			75,893
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 57,008,573 shares issued and 38,263,642 outstanding at March 31, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023		569			569
Additional paid-in capital		274,156			273,256
Retained earnings		283,467			298,884
Treasury stock, 18,744,931 shares at March 31, 2024 and 18,118,652 shares at December 31, 2023, respectively		(217,607	)		(213,454	)
Accumulated other comprehensive loss		(18,700	)		(14,657	)
Total stockholders’ equity		321,885			344,598
Total liabilities and stockholders’ equity	$	426,164		$	420,491

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (Unaudited)

	Three Months Ended
	March 31, 2024			March 31, 2023
Cash flows from operating activities
Net loss	$	(15,417	)	$	(21,470	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization		4,099			4,357
Provision for severance benefits		1,405			2,330
Loss on foreign currency, net		10,226			9,082
Provision for inventory reserves		(947	)		1,138
Stock-based compensation		900			1,120
Deferred income tax assets		1,313			(4	)
Other, net		263			241
Changes in operating assets and liabilities
Accounts receivable, net		1,401			2,973
Inventories		801			1,062
Other receivables		(385	)		2,376
Other current assets		331			596
Prepaid expenses		905			860
Accounts payable		563			1,904
Other accounts payable		(5,256	)		(1,424	)
Accrued expenses		(2,045	)		7,600
Accrued income taxes		167			(2,923	)
Other current liabilities		(387	)		(596	)
Other non-current liabilities		(624	)		(169	)
Payment of severance benefits		(884	)		(871	)
Other, net		(401	)		(306	)
Net cash provided by (used in) operating activities		(3,972	)		7,876
Cash flows from investing activities
Proceeds from settlement of hedge collateral		—			1,155
Payment of hedge collateral		—			(1,093	)
Purchase of property, plant and equipment		(668	)		(135	)
Payment for intellectual property registration		(60	)		(74	)
Collection of guarantee deposits		1,133			19
Payment of guarantee deposits		(1,874	)		(3,482	)
Other, net		1			—
Net cash used in investing activities		(1,468	)		(3,610	)
Cash flows from financing activities
Proceeds from long-term borrowing		30,059			—
Proceeds from exercise of stock options		—			9
Acquisition of treasury stock		(4,659	)		(12,264	)
Repayment of financing related to water treatment facility arrangement		(121	)		(126	)
Repayment of principal portion of finance lease liabilities		(35	)		(24	)
Net cash provided by (used in) financing activities		25,244			(12,405	)
Effect of exchange rates on cash and cash equivalents		(6,294	)		(5,253	)
Net increase (decrease) in cash and cash equivalents		13,510			(13,392	)
Cash and cash equivalents
Beginning of the period		158,092			225,477
End of the period	$	171,602		$	212,085

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES RECONCILIATION OF OPERATING LOSS TO ADJUSTED OPERATING LOSS (In thousands of U.S. dollars) (Unaudited)

	Three Months Ended
	March 31,			December 31,			March 31,
	2024			2023			2023
Operating loss	$	(13,459	)	$	(15,935	)	$	(21,818	)
Adjustments:
Equity-based compensation expense		900			1,840			1,120
Early termination charges		—			—			8,449
Adjusted Operating Loss	$	(12,559	)	$	(14,095	)	$	(12,249	)

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

For the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of early termination charges in connection with the voluntary resignation program offered to the employees during the first quarter of 2023.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED NET LOSS (In thousands of U.S. dollars, except share data) (Unaudited)

	Three Months Ended
	March 31,			December 31,			March 31,
	2024			2023			2023
Net loss	$	(15,417	)	$	(6,040	)	$	(21,470	)
Adjustments:
Interest income		(2,213	)		(2,519	)		(2,842	)
Interest expense		238			183			256
Income tax benefit		(1,024	)		(2,360	)		(1,227	)
Depreciation and amortization		4,099			4,101			4,357
EBITDA		(14,317	)		(6,635	)		(20,926	)
Equity-based compensation expense		900			1,840			1,120
Foreign currency loss (gain), net		5,001			(5,241	)		3,430
Derivative valuation loss (gain), net		(25	)		64			54
Early termination charges					—			8,449
Adjusted EBITDA	$	(8,441	)	$	(9,972	)	$	(7,873	)

Net loss	$	(15,417	)	$	(6,040	)	$	(21,470	)
Adjustments:
Equity-based compensation expense		900			1,840			1,120
Foreign currency loss (gain), net		5,001			(5,241	)		3,430
Derivative valuation loss (gain), net		(25	)		64			54
Early termination charges		—			—			8,449
Income tax effect on non-GAAP adjustments		(1,343	)		1,333			(1,950	)
Adjusted Net Loss	$	(10,884	)	$	(8,044	)	$	(10,367	)
Adjusted Net Loss per common share—
– Basic	$	(0.28	)	$	(0.21	)	$	(0.24	)
– Diluted	$	(0.28	)	$	(0.21	)	$	(0.24	)
Weighted average number of shares – basic		38,544,781			38,834,451			43,390,832
Weighted average number of shares – diluted		38,544,781			38,834,451			43,390,832

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

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

For the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of early termination charges in connection with the voluntary resignation program offered to the employees during the first quarter of 2023.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240502734057/en/

Steven C. Pelayo, CFA
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

Source: Magnachip Semiconductor Corporation

SEOUL, South Korea–(BUSINESS WIRE)–Apr. 15, 2024– Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the first quarter ended March 31, 2024, on Thursday, May 2, 2024, after the market closes. The Company will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results.

In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event, including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call.

Online registration: https://register.vevent.com/register/BIffb31aff244f4ff99dae99731c4879bf

A live and archived webcast of the conference call and a copy of the earnings release will be accessible from the ‘Investors’ section of the company’s website at www.magnachip.com/cn.

About Magnachip Semiconductor Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20240415079688/en/

Steven C. Pelayo, CFA
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

Source: Magnachip Semiconductor Corporation

SEOUL, South Korea–(BUSINESS WIRE)–Mar. 4, 2024– Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) today announced management’s participation in the 36^th Annual ROTH Conference at The Ritz Carlton, Laguna Niguel in Dana Point on Monday, March 18^th, and Tuesday, March 19^th.

Mr. YJ Kim, Magnachip’s Chief Executive Officer, and Ms. Shinyoung Park, Magnachip’s Chief Financial Officer, will be available for one-on-one meetings with institutional investors during the conference. For more information about the conference or to request a one-on-one meeting, please contact a Roth sales representative.

About Magnachip Semiconductor Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20240304208760/en/

Steven C. Pelayo, CFA
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

Source: Magnachip Semiconductor Corporation

Announces successful design-wins with Smartphone Chinese OEMs

Financial Highlights

Q4 revenue of $50.8 million was near the low-end of our guidance range.
Q4 gross profit margin was 22.7%, near the low-end of our guidance range.
Ended Q4 with no debt and cash of $158.1 million.
Repurchased approximately $8.2 million of stock during the quarter.
Full-year revenue of $230.1 million decreased 31.9% YoY.
Full-year gross profit margin was 22.4%, down 760 bps YoY.

Operational Highlights

Secured 1st design-win and began initial shipment in Q4 for first generation OLED DDIC for after-service market.
Secured 2nd design-win following quarter close with leading Chinese smartphone OEM for spring launch.
Entered into strategic commercial partnership with Chinese watch solution provider to collaborate on OLED smartwatch display market.
Display and Power business separation and entity restructuring completed effective with the start of 2024; New businesses MSS (Mixed-Signal Solutions) and PAS (Power-Analog Solutions)*

SEOUL, South Korea–(BUSINESS WIRE)–Feb. 28, 2024– Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the fourth quarter and full-year 2023.

YJ Kim, Magnachip’s Chief Executive Officer commented, “As we reflect on the past year and look ahead, we’re shaping our future with the transformation of our business. First, we have shifted our Display business to be laser-focused on the burgeoning OLED market in China and our efforts there are already showing promising results. We now have two design-wins and a dedicated team on the ground to help build on this momentum. Additionally, we are working to optimize our Gumi Fab to transition from lower-margin Transitional Foundry Services to higher-margin Power products. Finally, we’ve restructured our company to streamline operations, enhance shareholder value and increase transparency for our investors with the completion of our legal separation of historical Display and Power businesses into MSS and PAS.”

YJ continued, “Looking ahead, for full year 2024, we currently expect double-digit revenue growth in both the newly organized MSS and PAS businesses. We currently expect total consolidated company revenue for full year 2024 to remain relatively flat to slightly up due to the phase-out of Transitional Foundry Services. We also anticipate PAS gross margin to be challenged during the transition period while we convert the Transitional Foundry Services capacity to Power capacity, but we are committed to navigating this period with a clear focus on long-term value creation for shareholders.”
____________
*MSS consists of historical Display and Power IC business, which is operated by Magnachip Mixed-Signal, Ltd., a limited liability company incorporated in Korea. PAS business is operated by Magnachip Semiconductor, Ltd., the existing limited liability company incorporated in Korea.

Q4 and 2023 Financial Highlights

	In thousands of U.S. dollars, except share data
	GAAP
	Q4 2023			Q3 2023			Q/Q change				Q4 2022			Y/Y change
Revenues
Standard Products Business
Display Solutions		5,232			6,404			down	18.3	%		7,556			down	30.8	%
Power Solutions		35,950			45,215			down	20.5	%		46,271			down	22.3	%
Transitional Fab 3 foundry services⁽¹⁾		9,640			9,626			up	0.1	%		7,163			up	34.6	%
Gross Profit Margin		22.7	%		23.6	%		down	0.9	%pts		26.4	%		down	3.7	%pts
Operating Loss		(15,935	)		(9,235	)		down	n/a			(10,117	)		down	n/a
Net Income (Loss)		(6,040	)		(5,165	)		down	n/a			2,971			down	n/a
Basic Earnings (Loss) per Common Share		(0.16	)		(0.13	)		down	n/a			0.07			down	n/a
Diluted Earnings (Loss) per Common Share		(0.16	)		(0.13	)		down	n/a			0.07			down	n/a

	In thousands of U.S. dollars, except share data
	Non-GAAP⁽²⁾
	Q4 2023			Q3 2023			Q/Q change				Q4 2022			Y/Y change
Adjusted Operating Loss		(14,095	)		(7,064	)		down	n/a			(8,567	)		down	n/a
Adjusted EBITDA		(9,972	)		(2,735	)		down	n/a			(4,768	)		down	n/a
Adjusted Net Loss		(8,044	)		(1,591	)		down	n/a			(15,848	)		up	n/a
Adjusted Loss per Common Share—Diluted		(0.21	)		(0.04	)		down	n/a			(0.36	)		up	n/a

	In thousands of U.S dollars, except share data
	GAAP
	2023		2022		Y/Y Change
Revenues
Standard Products Business
Display Solutions	32,134		71,432		down	55.0	%
Power Solutions	163,556		230,464		down	29.0	%
Transitional Fab 3 foundry services⁽¹⁾	34,361		35,762		down	3.9	%
Gross Profit Margin	22.4	%	30.0	%	down	7.6	pts
Operating Loss	(57,644	)	(5,244	)	down	n/a
Net Loss	(36,622	)	(8,036	)	down	n/a
Basic Loss per Common Share	(0.89	)	(0.18	)	down	n/a
Diluted Loss per Common Share	(0.89	)	(0.18	)	down	n/a

		In thousands of U.S dollars, except share data
		Non-GAAP⁽²⁾
		2023		2022		Y/Y Change
Adjusted Operating Income (Loss)	(41,170		)		4,091	down	n/a
Adjusted EBITDA	(24,174		)	19,517		down	n/a
Adjusted Net Income (Loss)	(22,474		)		8,752	down	n/a
Adjusted Earnings (Loss) per Common Share—Diluted	(0.55		)	0.19		down	n/a

___________

(1)		Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, we provided transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi, Korea, known as “Fab 3” (“Transitional Fab 3 Foundry Services”). The contractual obligation to provide the Transitional Fab 3 Foundry Services ended August 31, 2023, and we are planning to wind down these foundry services and convert portions of the idle capacity to PAS products beginning around the second half of 2024. Because these foundry services during the wind-down period are still provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we will continue to report our revenue from providing these foundry services and related cost of sales within the Transitional Fab 3 Foundry Services line in our consolidated statement of operations until such wind down is completed. Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the standard products business allows investors to better understand the results of our core standard products display solutions and power solutions businesses.

(2)		Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income (loss) or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.

Q1 and 2024 Financial Guidance

Beginning in Q1, the Company will begin reporting results under its newly organized businesses: MSS (Mixed-Signal Solutions) and PAS (Power-Analog Solutions). While actual results may vary, Magnachip currently expects the following:

For Q1 2024:

Consolidated revenue to be in the range of $46 to $51 million, including approximately $3 million of Transitional Foundry Services.
- MSS revenue to be in the range of $8 to $10 million. This compares with MSS equivalent revenue of $8.6 million in Q4 2023.
- PAS revenue to be in the range of $35 to $38 million. This compares with PAS equivalent revenue of $32.6 million in Q4 2023.
Consolidated gross profit margin to be in the range of 17% to 20%.
- MSS gross profit margin to be in the range of 40% to 43%, which includes the positive impact of expected one-time non-recurring engineering revenue. This compares with MSS equivalent gross profit margin of 41.3% in Q4 2023, which also included one-time non-recurring engineering revenue.
- PAS gross profit margin to be in the range of 15% to 18% due primarily to the expected decline in Transitional Foundry Services revenue. This compares with PAS equivalent gross profit margin of 18.0% in Q4 2023.

For the full-year 2024:

MSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023.
PAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023.
Consolidated revenue flat-to-up-slightly year-over-year as recovery in MSS and PAS is offset by the phase-out of Transitional Foundry Services.
Consolidated gross profit margin between 17% to 20% due to idle capacity expected from the phase-out of Transitional Foundry Services. This compares with the consolidated gross profit margin of 22.4% in 2023.

Q4 2023 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Wednesday, February 28, 2024, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the Company’s website at www.magnachip.com/cn.

Online registration: https://register.vevent.com/register/BI736feb7bc081454c8d811cbbeb6b92dc

Safe Harbor for Forward-Looking Statements

Information in this release regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including first quarter and full year 2024 revenue and gross profit margin expectations, future growth and revenue opportunities from new and existing products and customers, the timing and extent of future revenue contributions by our products and businesses, and the impact of market conditions associated with inflation and higher interest rates, remaining effects from the COVID-19 pandemic, geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, sustained military action and conflict in the Red Sea, and trade tensions between the U.S. and China, on Magnachip’s first quarter and full year 2024 and future operating results. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic conditions, including those caused by or related to inflation, potential recessions or other deteriorations, economic instability or civil unrest; remaining effects from the COVID-19 pandemic, the geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, sustained military action and conflict in the Red Sea, and trade tensions between the U.S. and China; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs and impact demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely acceptance of our designs by customers; timely introduction of new products and technologies; our ability to ramp new products into volume production; industry-wide shifts in supply and demand for semiconductor products; overcapacity within the industry or at Magnachip; effective and cost-efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses that can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors; change to or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the remaining effects of the COVID-19 pandemic; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on February 22, 2023, and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

About Magnachip Semiconductor

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share data)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Revenues:
Net sales – standard products business	$	41,182		$	51,619		$	53,827		$	195,690		$	301,896
Net sales – transitional Fab 3 foundry services		9,640			9,626			7,163			34,361			35,762
Total revenues		50,822			61,245			60,990			230,051			337,658
Cost of sales:
Cost of sales – standard products business		31,754			36,829			37,150			143,762			202,347
Cost of sales – transitional Fab 3 foundry services		7,541			9,935			7,742			34,649			34,047
Total cost of sales		39,295			46,764			44,892			178,411			236,394
Gross profit		11,527			14,481			16,098			51,640			101,264
Gross profit as a percentage of standard products business net sales		22.9	%		28.7	%		31.0	%		26.5	%		33.0	%
Gross profit as a percentage of total revenues		22.7	%		23.6	%		26.4	%		22.4	%		30.0	%
Operating expenses:
Selling, general and administrative expenses		12,079			12,089			12,562			48,470			50,872
Research and development expenses		15,383			11,627			13,653			51,563			52,338
Early termination and other charges, net		—			—			—			9,251			3,298
Total operating expenses		27,462			23,716			26,215			109,284			106,508
Operating loss		(15,935	)		(9,235	)		(10,117	)		(57,644	)		(5,244	)
Interest income		2,519			2,382			2,420			10,435			5,980
Interest expense		(183	)		(189	)		(269	)		(828	)		(1,157	)
Foreign currency gain (loss), net		5,241			(2,583	)		17,492			465			(3,019	)
Other income (loss), net		(42	)		87			(42	)		13			561
Loss before income tax expense (benefit)		(8,400	)		(9,538	)		9,484			(47,559	)		(2,879	)
Income tax expense (benefit)		(2,360	)		(4,373	)		6,513			(10,937	)		5,157
Net income (loss)	$	(6,040	)	$	(5,165	)	$	2,971		$	(36,622	)	$	(8,036	)
Basic earnings (loss) per common share—	$	(0.16	)	$	(0.13	)	$	0.07		$	(0.89	)	$	(0.18	)
Diluted earnings (loss) per common share—	$	(0.16	)	$	(0.13	)	$	0.07		$	(0.89	)	$	(0.18	)
Weighted average number of shares—
Basic		38,834,451			40,145,290			44,054,275			41,013,069			44,850,791
Diluted		38,834,451			40,145,290			44,731,683			41,013,069			44,850,791

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
(Unaudited)

	December 31, 2023				December 31, 2022
Assets
Current assets
Cash and cash equivalents		$	158,092			$	225,477
Accounts receivable, net			32,641				35,380
Inventories, net			32,733				39,883
Other receivables			4,295				7,847
Prepaid expenses			7,390				10,560
Hedge collateral			1,000				2,940
Other current assets			9,283				15,766
Total current assets			245,434				337,853
Property, plant and equipment, net			100,122				110,747
Operating lease right-of-use assets			4,639				5,265
Intangible assets, net			1,537				1,930
Long-term prepaid expenses			5,736				10,939
Deferred income taxes			50,836				38,324
Other non-current assets			12,187				11,587
Total assets		$	420,491			$	516,645
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$	24,443			$	17,998
Other accounts payable			5,292				9,702
Accrued expenses			10,457				9,688
Accrued income taxes			1,496				3,154
Operating lease liabilities			1,914				1,397
Other current liabilities			3,286				5,306
Total current liabilities			46,888				47,245
Accrued severance benefits, net			16,020				23,121
Non-current operating lease liabilities			2,897				4,091
Other non-current liabilities			10,088				14,035
Total liabilities			75,893				88,492
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023 and 56,432,449 shares issued and 43,824,575 outstanding at December 31, 2022			569				564
Additional paid-in capital			273,256				266,058
Retained earnings			298,884				335,506
Treasury stock, 18,118,652 shares at December 31, 2023 and 12,607,874 shares at December 31, 2022, respectively			(213,454	)			(161,422	)
Accumulated other comprehensive loss			(14,657	)			(12,553	)
Total stockholders’ equity			344,598				428,153
Total liabilities and stockholders’ equity		$	420,491			$	516,645

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)

	Three Months Ended			Year Ended
	December 31, 2023			December 31, 2023			December 31, 2022
Cash flows from operating activities
Net loss	$	(6,040	)	$	(36,622	)	$	(8,036	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization		4,101			16,684			15,000
Provision for severance benefits		(25	)		5,333			6,289
Loss (gain) on foreign currency, net		(11,159	)		3,373			19,729
Provision for inventory reserves		850			3,885			9,574
Stock-based compensation		1,840			7,223			6,037
Deferred income taxes		(13,493	)		(13,405	)		278
Other, net		165			757			664
Changes in operating assets and liabilities
Accounts receivable, net		8,318			1,909			10,276
Inventories		(1,265	)		2,370			(12,626	)
Other receivables		(1,146	)		3,847			18,146
Prepaid expenses		3,155			8,808			8,923
Other current assets		15,992			8,048			(13,073	)
Accounts payable		1,086			7,152			(16,325	)
Other accounts payable		(2,196	)		(8,934	)		(9,410	)
Accrued expenses		(126	)		493			(7,228	)
Accrued income taxes		1,445			(1,569	)		(8,400	)
Deferred revenue		782			85			(1,261	)
Other current liabilities		(65	)		(109	)		(645	)
Other non-current liabilities		41			(238	)		749
Contributions to severance insurance deposit accounts		(4,278	)		(5,101	)		(7,899	)
Payment of severance benefits		(799	)		(6,982	)		(6,012	)
Other, net		(3	)		(21	)		415
Net cash provided by (used in) operating activities		(2,820	)		(3,014	)		5,165
Cash flows from investing activities
Proceeds from settlement of hedge collateral		2,334			5,669			15,232
Payment of hedge collateral		(600	)		(3,754	)		(15,282	)
Proceeds from disposal of property, plant and equipment		—			—			550
Purchase of property, plant and equipment		(4,675	)		(6,955	)		(23,394	)
Payment for intellectual property registration		(33	)		(263	)		(390	)
Collection of guarantee deposits		—			4,984			737
Payment of guarantee deposits		(62	)		(7,338	)		(2,381	)
Net cash used in investing activities		(3,036	)		(7,657	)		(24,928	)
Cash flows from financing activities
Proceeds from exercise of stock options		—			27			1,786
Acquisition of treasury stock		(8,695	)		(51,782	)		(13,960	)
Repayment of financing related to water treatment facility arrangement		(122	)		(493	)		(500	)
Others		(22	)		(91	)		(70	)
Net cash used in financing activities		(8,839	)		(52,339	)		(12,744	)
Effect of exchange rates on cash and cash equivalents		6,143			(4,375	)		(21,563	)
Net decrease in cash and cash equivalents		(8,552	)		(67,385	)		(54,070	)
Cash and cash equivalents
Beginning of the period		166,644			225,477			279,547
End of the period	$	158,092		$	158,092		$	225,477

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF OPERATING LOSS TO ADJUSTED OPERATING INCOME (LOSS)
(In thousands of U.S. dollars)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023				December 31, 2022
Operating loss	$	(15,935	)	$	(9,235	)	$	(10,117	)		$	(57,644	)	$	(5,244	)
Adjustments:
Equity-based compensation expense		1,840			2,171			1,550				7,223			6,037
Early termination and other charges, net		—			—			—				9,251			3,298
Adjusted Operating Income (Loss)	$	(14,095	)	$	(7,064	)	$	(8,567	)		$	(41,170	)	$	4,091

We present Adjusted Operating Income (Loss) as a supplemental measure of our performance. We define Adjusted Operating Income (Loss) for the periods indicated as operating loss adjusted to exclude (i) Equity-based compensation expense and (ii) Early termination and other charges, net.

For the year ended December 31, 2023, Early termination and other charges includes $8,449 thousand of termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023 and $802 thousand of one-time employee incentives.

For the year ended December 31, 2022, Early termination and other charges, net includes $2,821 thousand of one-time employee incentives and professional service fees and expenses of $1,014 thousand, incurred in connection with certain strategic evaluations, both of which were offset in part by a $537 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)
(In thousands of U.S. dollars, except share data)
(Unaudited)

	Three Months Ended									Year Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Net Income (Loss)	$	(6,040	)	$	(5,165	)	$	2,971		$	(36,622	)	$	(8,036	)
Adjustments:
Interest income		(2,519	)		(2,382	)		(2,420	)		(10,435	)		(5,980	)
Interest expense		183			189			269			828			1,157
Income tax expense (benefit)		(2,360	)		(4,373	)		6,513			(10,937	)		5,157
Depreciation and amortization		4,101			4,081			3,775			16,684			15,000
EBITDA		(6,635	)		(7,650	)		11,108			(40,482	)		7,298
Equity-based compensation expense		1,840			2,171			1,550			7,223			6,037
Foreign currency loss (gain), net		(5,241	)		2,583			(17,492	)		(465	)		3,019
Derivative valuation loss (gain), net		64			161			66			299			(135	)
Early termination and other charges, net		—			—			—			9,251			3,298
Adjusted EBITDA	$	(9,972	)	$	(2,735	)	$	(4,768	)	$	(24,174	)	$	19,517
Net Income (Loss)	$	(6,040	)	$	(5,165	)	$	2,971		$	(36,622	)	$	(8,036	)
Adjustments:
Equity-based compensation expense		1,840			2,171			1,550			7,223			6,037
Foreign currency loss (gain), net		(5,241	)		2,583			(17,492	)		(465	)		3,019
Derivative valuation loss (gain), net		64			161			66			299			(135	)
Early termination and other charges, net		—			—			—			9,251			3,298
Income tax effect on non-GAAP adjustments		1,333			(1,341	)		(2,943	)		(2,160	)		4,569
Adjusted Net Income (Loss)	$	(8,044	)	$	(1,591	)	$	(15,848	)	$	(22,474	)	$	8,752
Adjusted Net Income (Loss) per common share—
– Basic	$	(0.21	)	$	(0.04	)	$	(0.36	)	$	(0.55	)	$	0.20
– Diluted	$	(0.21	)	$	(0.04	)	$	(0.36	)	$	(0.55	)	$	0.19
Weighted average number of shares – basic		38,834,451			40,145,290			44,054,275			41,013,069			44,850,791
Weighted average number of shares – diluted		38,834,451			40,145,290			44,054,275			41,013,069			45,795,559

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

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

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Steven Pelayo
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

Source: Magnachip Semiconductor Corporation

SEOUL, South Korea, Feb. 7, 2024 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the fourth quarter ended December 31, 2023, on Wednesday, February 28, 2024, after the market closes. The Company will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results.

Online registration: https://register.vevent.com/register/BI736feb7bc081454c8d811cbbeb6b92dc

A live and archived webcast of the conference call and a copy of the earnings release will be accessible from the ‘Investors’ section of the company’s website at https://www.magnachip.com/cn.

About Magnachip Semiconductor Corporation

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit https://www.magnachip.com/cn. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

CONTACTS:

Steven Pelayo
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-announce-fourth-quarter-2023-financial-results-on-february-28-2024-302045450.html

SOURCE Magnachip Semiconductor Corporation

SEOUL, South Korea, Jan. 3, 2024 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) today announced management’s participation in the 26th Annual Needham Growth Conference at the Lotte New York Palace Hotel in New York City on Wednesday, January 17^th, and Thursday, January 18^th.

About Magnachip Semiconductor Corporation

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com/cn. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

CONTACT:

Yujia Zhai
The Blueshirt Group
Tel. (860) 214-0809
Yujia@blueshirtgroup.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-participate-in-the-26th-annual-needham-growth-conference-302024420.html

SOURCE Magnachip Semiconductor Corporatio

– 新款 30V MXT LV MOSFET 采用先进的沟槽 MOSFET 技术开发，确保为电动助力转向系统提供可靠的电源供给

韩国首尔，2023 年 12 月 18 日 – Magnachip Semiconductor Corporation（以下简称“美格纳”）（NYSE：MX）当日宣布，公司已开始全面量产其新款 30V MXT LV 金属氧化物半导体场效应晶体管 (MOSFET)*，此款产品适用于电动助力转向 (EPS) 系统的电子控制单元 (ECU)。本 MOSFET 产品已用于一家全球性汽车制造商生产的汽车中。

美格纳的新款 30V MXT LV MOSFET

新款 30V MXT LV MOSFET 为 EPS 提供可靠的电源，帮助车辆通过电动机进行方向控制。本产品还符合严格的 AEC-Q101 标准，保证工作结温宽幅范围于 -55°C 到 175°C 内。

新产品在厚栅极氧化物中融入了先进的沟槽 MOSFET 结构，能够提供低阻抗和出色的开关特性。这些特点降低了应用中的开关噪音，提高了系统性能和电源效率。此外，通过应用 3.3 毫米 x 3.3 毫米的 PDFN 33 封装，降低了产品尺寸，使 ECU 有了灵活的设计选择。

“美格纳面向 EPS 的新款紧凑型和高度可靠的 MOSFET 展示了我们出色的技术能力，”美格纳首席执行官 YJ Kim 说。“我们将利用创新性的电源解决方案和严格的质量控制程序积极拓展汽车行业市场。”

* MXT LV MOSFET（美格纳极限沟槽低压 MOSFET）：美格纳的 12~40V 沟槽 MOSFET 前沿产品组合。

相关链接

电源解决方案 > MXT MOSFETs > 30V

关于美格纳半导体

美格纳是模拟和混合信号半导体平台解决方案的设计与制造企业，方案适用于通信、物联网、消费类电子产品、工业和汽车应用等诸多领域。公司为全球客户提供广泛的标准产品。美格纳的经营历史已超过 40 年，并拥有1,100 项已注册专利和正在申请的专利，具备丰富的工程、设计和制造工艺技术经验。欲了解更多详情，请访问 www.magnachip.com/cn。美格纳网站上的信息未包含在本新闻稿中。

CONTACTS:

美国（投资者）:
Yujia Zhai
The Bueshirt Group
Tel. +1-860-214-0809
Investor.relations@maganachip.com

美国媒体/行业分析师:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com

韩国/亚洲媒体:
金旼娥
公共关系高级经理
Tel. +82-2-6903-3211
pr@maganachip.com

Revenue of $61.2 million was in-line with guidance.
Gross profit margin of 23.6% increased 140 basis points from Q2, mainly driven by higher fab utilization.
GAAP diluted loss per share was $0.13.
Non-GAAP diluted loss per share was $0.04.
Completed $5.4 million of stock buybacks during Q3.
Ended Q3 with a solid balance sheet with $166.6 million cash and no debt.
The internal separation of our Display and Power businesses is expected to be completed and be effective on January 1^st, 2024.

SEOUL, South Korea, Nov. 2, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the third quarter 2023.YJ Kim, Magnachip’s Chief Executive Officer commented, “Our Q3 results were in-line with our guidance. In our Display business, we have completed the qualification of two DDI chips at our new tier 1 panel maker and are going through the qualification process with two smartphone makers. We are now working on additional Driver ICs that cover broader segments of the smartphone market to include mass market smartphones in addition to the premium models. Despite near-term market challenges, our outlook for long-term growth remains positive. Our confidence is driven by our strong belief that our display products offer distinct competitive advantages that position us well for success in the rapidly growing OLED market in Asia.”

YJ continued, “In our Power business, our product portfolio is getting stronger as we continue to focus on rolling out next-generation power products to maintain our momentum of design-in/wins. Looking ahead, amid heightened global geopolitical and macroeconomic uncertainty, we expect demand to remain soft, driven by normal Q4 seasonality and inventory correction in industrial end markets.”

Q3 2023 Financial Highlights

	In thousands of U.S. dollars, except share data
	GAAP
	Q3 2023			Q2 2023			Q/Q change				Q3 2022			Y/Y change
Revenues
Standard Products Business
Display Solutions		6,404			9,657			down	33.7	%		6,355			up	0.8	%
Power Solutions		45,215			41,718			up	8.4	%		56,416			down	19.9	%
Transitional Fab 3 foundry services⁽¹⁾		9,626			9,604			up	0.2	%		8,428			up	14.2	%
Gross Profit Margin		23.6	%		22.2	%		up	1.4	%pts		24.2	%		down	0.6	%pts
Operating Loss		(9,235)			(10,656)			up	n/a			(10,008)			up	n/a
Net Loss		(5,165)			(3,947)			down	n/a			(17,195)			up	n/a
Basic Loss per Common Share		(0.13)			(0.09)			down	n/a			(0.38)			up	n/a
Diluted Loss per Common Share		(0.13)			(0.09)			down	n/a			(0.38)			up	n/a

	In thousands of U.S. dollars, except share data
	Non-GAAP⁽²⁾
	Q3 2023			Q2 2023			Q/Q change				Q3 2022			Y/Y change
Adjusted Operating Loss		(7,064)			(7,762)			up	n/a			(6,646)			down	n/a
Adjusted EBITDA		(2,735)			(3,594)			up	n/a			(2,995)			up	n/a
Adjusted Net Income (Loss)		(1,591)			(2,472)			up	n/a			1,097			down	n/a
Adjusted Earnings (Loss) per Common Share—Diluted		(0.04)			(0.06)			up	n/a			0.02			down	n/a

___________
(1)	Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, we provided transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi, Korea, known as “Fab 3” (“Transitional Fab 3 Foundry Services”). The contractual obligation to provide the Transitional Fab 3 Foundry Services ended August 31, 2023, and we are planning to wind down these foundry services and convert portions of the idle capacity to Power Solutions standard products beginning around the second half of 2024. Because these foundry services during the wind-down period are still provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we will continue to report our revenue from providing these foundry services and related cost of sales within the Transitional Fab 3 Foundry Services line in our consolidated statement of operations until such wind down is completed. Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the standard products business allows investors to better understand the results of our core standard products display solutions and power solutions businesses.
(2)	Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income (loss) or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.

Q4 2023 Financial Guidance
Amid heightened global geopolitical and macroeconomic uncertainty, we expect Power demand to soften driven by normal Q4 seasonality and inventory correction in industrial end markets.

While actual results may vary, Magnachip currently expects the following for Q4 2023:

Revenue to be in the range of $50 million to $55 million, including approximately $8 million of Transitional Fab 3 Foundry Services.
Gross profit margin to be in the range of 22.5% to 24.5%.

Q3 2023 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, November 2, 2023, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the Company’s website at www.magnachip.com/cn.

Online registration: https://register.vevent.com/register/BI9578e24ef24a498a8d8ee6536b08edc6

Safe Harbor for Forward-Looking Statements
Information in this release regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including fourth quarter 2023 revenue and gross profit margin expectations, and the impact of market conditions associated with inflation and higher interest rates, remaining effects from the COVID-19 pandemic, geopolitical conflicts between Russia- Ukraine and between Israel-Hamas, escalated trade tensions between the U.S. and China and continuing supply constraints on Magnachip’s fourth quarter 2023 and future operating results. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic conditions, including those caused by or related to inflation, potential recessions or other deteriorations, economic instability or civil unrest; remaining effects from the COVID-19 pandemic, the geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, and escalated trade tensions between the U.S. and China; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs and impact demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely acceptance of our designs by customers; timely introduction of new products and technologies; our ability to ramp new products into volume production; industry-wide shifts in supply and demand for semiconductor products; overcapacity within the industry or at Magnachip; effective and cost-efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses that can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors; change to or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the remaining effects of the COVID-19 pandemic; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on February 22, 2023, and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

About Magnachip Semiconductor
Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 registered patents and pending applications, and has extensive engineering, design, and manufacturing process expertise. For more information, please visit www.magnachip.com/cn. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

CONTACT:
Yujia Zhai
The Blueshirt Group
Tel. (860) 214-0809
Yujia@blueshirtgroup.com

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share data) (Unaudited)

	Three Months Ended			Nine Months Ended
	September 30, 2023	June 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022
Revenues:
Net sales – standard products business	$ 51,619	$ 51,375	$ 62,771	$ 154,508	$ 248,069
Net sales – transitional Fab 3 foundry services	9,626	9,604	8,428	24,721	28,599

Total revenues	61,245	60,979	71,199	179,229	276,668
Cost of sales:
Cost of sales – standard products business	36,829	37,867	45,497	112,008	165,197
Cost of sales – transitional Fab 3 foundry services	9,935	9,574	8,477	27,108	26,305

Total cost of sales	46,764	47,441	53,974	139,116	191,502

Gross profit	14,481	13,538	17,225	40,113	85,166
Gross profit as a percentage of standard products business net sales	28.7 %	26.3 %	27.5 %	27.5 %	33.4 %
Gross profit as a percentage of total revenues	23.6 %	22.2 %	24.2 %	22.4 %	30.8 %
Operating expenses:
Selling, general and administrative expenses	12,089	12,137	11,411	36,391	38,310
Research and development expenses	11,627	11,255	13,321	36,180	38,685
Early termination and other charges, net	—	802	2,501	9,251	3,298

Total operating expenses	23,716	24,194	27,233	81,822	80,293

Operating income (loss)	(9,235)	(10,656)	(10,008)	(41,709)	4,873
Interest income	2,382	2,692	1,784	7,916	3,560
Interest expense	(189)	(200)	(278)	(645)	(888)
Foreign currency gain (loss), net	(2,583)	1,237	(12,809)	(4,776)	(20,511)
Other income, net	87	3	174	55	603

Loss before income tax expense	(9,538)	(6,924)	(21,137)	(39,159)	(12,363)
Income tax benefit	(4,373)	(2,977)	(3,942)	(8,577)	(1,356)

Net loss	$ (5,165)	$ (3,947)	$ (17,195)	$ (30,582)	$ (11,007)

Basic loss per common share—	$ (0.13)	$ (0.09)	$ (0.38)	$ (0.73)	$ (0.24)
Diluted loss per common share—	$ (0.13)	$ (0.09)	$ (0.38)	$ (0.73)	$ (0.24)
Weighted average number of shares—
Basic	40,145,290	41,741,310	44,865,266	41,747,255	45,119,214
Diluted	40,145,290	41,741,310	44,865,266	41,747,255	45,119,214

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share data) (Unaudited)

	September 30, 2023		December 31, 2022
Assets
Current assets
Cash and cash equivalents		$ 166,644		$ 225,477
Accounts receivable, net		41,119		35,380
Inventories, net		30,836		39,883
Other receivables		2,799		7,847
Prepaid expenses		9,095		10,560
Hedge collateral		2,680		2,940
Other current assets		24,572		15,766
Total current assets		277,745		337,853
Property, plant and equipment, net		96,141		110,747
Operating lease right-of-use assets		4,725		5,265
Intangible assets, net		1,583		1,930
Long-term prepaid expenses		6,124		10,939
Deferred income taxes		36,358		38,324
Other non-current assets		11,622		11,587
Total assets		$ 434,298		$ 516,645
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$ 23,446		$ 17,998
Other accounts payable		8,025		9,702
Accrued expenses		9,668		9,688
Accrued income taxes		48		3,154
Operating lease liabilities		1,735		1,397
Other current liabilities		4,495		5,306
Total current liabilities		47,417		47,245
Accrued severance benefits, net		20,160		23,121
Non-current operating lease liabilities		3,167		4,091
Other non-current liabilities		9,862		14,035
Total liabilities		80,606		88,492
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,655,377 shares issued and 39,667,995 outstanding at September 30, 2023 and 56,432,449 shares issued and 43,824,575 outstanding at December 31, 2022		566		564
Additional paid-in capital		271,419		266,058
Retained earnings		304,924		335,506
Treasury stock, 16,987,382 shares at September 30, 2023 and 12,607,874 shares at December 31, 2022, respectively		(204,645)		(161,422)
Accumulated other comprehensive loss		(18,572)		(12,553)
Total stockholders’ equity		353,692		428,153
Total liabilities and stockholders’ equity		$ 434,298		$ 516,645

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (Unaudited)

	Three Months Ended	Nine Months Ended
	September 30, 2023	September 30, 2023	September 30, 2022
Cash flows from operating activities
Net loss	$ (5,165)	$ (30,582)	$ (11,007)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	4,081	12,583	11,225
Provision for severance benefits	1,267	5,358	5,163
Loss on foreign currency, net	5,415	14,532	66,335
Provision for inventory reserves	1,914	3,035	7,730
Stock-based compensation	2,171	5,383	4,487
Other, net	230	680	631
Changes in operating assets and liabilities
Accounts receivable, net	(6,067)	(6,409)	7,805
Inventories	(1,276)	3,635	(13,208)
Other receivables	586	4,993	17,115
Other current assets	(2,686)	(2,291)	(14,117)
Accounts payable	3,186	6,066	(14,792)
Other accounts payable	(250)	(6,738)	(6,215)
Accrued expenses	(485)	619	5,866
Accrued income taxes	(42)	(3,014)	(11,483)
Other current liabilities	(270)	(741)	(1,583)
Other non-current liabilities	(65)	(279)	523
Payment of severance benefits	(455)	(6,183)	(4,181)
Other, net	(354)	(841)	(50)

Net cash provided by (used in) operating activities	1,735	(194)	50,244
Cash flows from investing activities
Proceeds from settlement of hedge collateral	—	3,335	2,805
Payment of hedge collateral	(568)	(3,154)	(15,282)
Purchase of property, plant and equipment	(762)	(2,280)	(11,812)
Payment for intellectual property registration	(67)	(230)	(301)
Collection of guarantee deposits	3,539	4,984	242
Payment of guarantee deposits	(369)	(7,276)	(2,075)
Other	—	—	550

Net cash provided by (used in) investing activities	1,773	(4,621)	(25,873)
Cash flows from financing activities
Proceeds from exercise of stock options	—	27	1,786
Acquisition of treasury stock	(6,247)	(43,087)	(5,065)
Repayment of financing related to water treatment facility arrangement	(123)	(371)	(381)
Repayment of principal portion of finance lease liabilities	(23)	(69)	(50)

Net cash used in financing activities	(6,393)	(43,500)	(3,710)
Effect of exchange rates on cash and cash equivalents	(3,425)	(10,518)	(49,377)

Net decrease in cash and cash equivalents	(6,310 )	(58,833)	(28,716)
Cash and cash equivalents
Beginning of the period	172,954	225,477	279,547

End of the period	$ 166,644	$ 166,644	$ 250,831

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) (In thousands of U.S. dollars) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2023		June 30, 2023		September 30, 2022			September 30, 2023		September 30, 2022
Operating income (loss)	$	(9,235)	$	(10,656)	$	(10,008)		$	(41,709)	$	4,873
Adjustments:
Equity-based compensation expense		2,171		2,092		861			5,383		4,487
Early termination and other charges, net		—		802		2,501			9,251		3,298

Adjusted Operating Income (Loss)	$	(7,064)	$	(7,762)	$	(6,646)		$	(27,075)	$	12,658

We present Adjusted Operating Income (Loss) as a supplemental measure of our performance. We define Adjusted Operating Income (Loss) for the periods indicated as operating income (loss) adjusted to exclude (i) Equity-based compensation expense and (ii) Early termination and other charges, net.

For the nine months ended September 30, 2023, we recorded in our consolidated statement of operations $8,449 thousand of termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023. For the three months ended June 30, 2023 and nine months ended September 30, 2023, we recorded $802 thousand of one-time employee incentives, in each period.

For the three and nine months ended September 30, 2022, Early termination and other charges, net includes $2,821 thousand of one-time employee incentives, in each period, and professional service fees and expenses of $217 thousand and $1,014 thousand, respectively, incurred in connection with certain strategic evaluations, both of which were offset in part by a $537 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS) (In thousands of U.S. dollars, except share data) (Unaudited)

	Three Months Ended			Nine Months Ended
	September 30, 2023	June 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022
Net loss	$ (5,165)	$ (3,947)	$ (17,195)	$ (30,582)	$ (11,007)
Adjustments:
Interest income	(2,382)	(2,692)	(1,784)	(7,916)	(3,560)
Interest expense	189	200	278	645	888
Income tax benefit	(4,373)	(2,977)	(3,942)	(8,577)	(1,356)
Depreciation and amortization	4,081	4,145	3,623	12,583	11,225

EBITDA	(7,650)	(5,271)	(19,020 )	(33,847)	(3,810)
Equity-based compensation expense	2,171	2,092	861	5,383	4,487
Foreign currency loss (gain), net	2,583	(1,237)	12,809	4,776	20,511
Derivative valuation loss (gain), net	161	20	(146)	235	(201)
Early termination and other charges, net	—	802	2,501	9,251	3,298

Adjusted EBITDA	$ (2,735)	$ (3,594)	$ (2,995)	$ (14,202)	$ 24,285

Net loss	$ (5,165)	$ (3,947)	$ (17,195)	$ (30,582)	$ (11,007)
Adjustments:
Equity-based compensation expense	2,171	2,092	861	5,383	4,487
Foreign currency loss (gain), net	2,583	(1,237)	12,809	4,776	20,511
Derivative valuation loss (gain), net	161	20	(146)	235	(201)
Early termination and other charges, net	—	802	2,501	9,251	3,298
Income tax effect on non-GAAP adjustments	(1,341)	(202)	2,267	(3,493)	7,512

Adjusted Net Income (Loss)	$ (1,591)	$ (2,472)	$ 1,097	$ (14,430)	$ 24,600

Adjusted Net Income (Loss) per common share—
– Basic	$ (0.04)	$ (0.06)	$ 0.02	$ (0.35)	$ 0.55
– Diluted	$ (0.04)	$ (0.06)	$ 0.02	$ (0.35)	$ 0.53
Weighted average number of shares – basic	40,145,290	41,741,310	44,865,266	41,747,255	45,119,214
Weighted average number of shares – diluted	40,145,290	41,741,310	45,747,255	41,747,255	46,134,231

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

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

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SOURCE Magnachip Semiconductor Corporation

SEOUL, South Korea, Oct. 20, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the third quarter ended September 30, 2023, on Thursday, November 2, 2023, after the market closes. The Company will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results.

Magnachip Semiconductor

In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call.

Online registration: https://register.vevent.com/register/BI9578e24ef24a498a8d8ee6536b08edc6

A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the company’s website at www.magnachip.com.

About Magnachip Semiconductor Corporation

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com/cn. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

CONTACTS:

Yujia Zhai
The Blueshirt Group
Tel. (860) 214-0809
Yujia@blueshirtgroup.com

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SOURCE Magnachip Semiconductor Corporation

– 美格纳通过增加采用 D²PAK-7L 和 PDFN56 封装的新款 150V MXT MV MOSFET，扩展了其第 8 代 MXT MV MOSFET 产品组合

韩国首尔，2023 年 10 月 10 日 – Magnachip Semiconductor Corporation（以下简称“美格纳”或“公司”）（NYSE：MX）当日宣布，公司发布了利用其第 8 代沟槽 MOSFET 技术的两款新 150V *MXT MV 金属氧化物半导体场效应晶体管 (MOSFET) 。

要降低高功率设备的功耗和确保稳定性，能效至关重要。这些新发布的第 8 代 150V MXT MV MOSFET（MDES15N056PTRH、MDU150N113PTVRH）基于美格纳的前沿沟槽 MOSFET 技术而开发。特别是，与前一代相比，MDES15N056PTRH 的 R_DS(on)（MOSFET 在通态运行期间漏极与源极之间的电阻值）降低了 22%，因此增强了应用的能效。

通过改进晶胞和封装设计，MDES15N056PTRH 和 MDU150N113PTVRH 的品质因素（FOM：R_DS(on)x Qg）与前一代相比分别提高了 23% 和 39%。而且，通过采用贴片封装，例如 D²PAK-7L (TO-263-7L) 和 PDFN56，减小了 MOSFET 的尺寸，可实现对各种应用进行灵活设计，这些应用包括电机控制器、电池管理系统 (BMS)、家用太阳能逆变器和工业电源等。

“在去年推出五款第 8 代 200V 和 150V MOSFET 后，现在我们很高兴地再推出两款采用新封装的 150V MXT MV MOSFET 产品，”美格纳首席执行官 YJ Kim 说。“美格纳将继续扩展其高效 MXT MOSFET 产品组合，包括即将发布的基于 180 纳米微结构技术的新款产品。”

*MXT MV MOSFET（美格纳极限沟槽中压 MOSFET）：美格纳的 40~200V 沟槽 MOSFET 前沿产品组合。

相关链接

电源解决方案 > MXT MOSFETs > 150V

关于美格纳半导体

CONTACTS:

美国（投资者）:
Yujia Zhai
The Bueshirt Group
Tel. +1-860-214-0809
Investor.relations@maganachip.com

美国媒体/行业分析师:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com

韩国/亚洲媒体:
金旼娥
公共关系高级经理
Tel. +82-2-6903-3211
pr@maganachip.com

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美格纳发布第 8 代新款 150V MXT MV MOSFET