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Financial Highlights

Q3 consolidated revenue was $66.5 million, at the high-end of guidance range of $61.5-66.5 million.
- Q3 standard product business revenue was up 25.9% sequentially.
Q3 consolidated gross profit margin of 23.3% was in-line with the mid-point of guidance range of 22.5-24.5%.
- Q3 standard product business gross profit margin was 24.4%, up 1.3 percentage points sequentially.
Ended Q3 with cash of $121.1 million; and an additional non-redeemable short-term financial investment of $30 million.
Repurchased approximately 0.5 million shares for aggregate purchase price of $2.5 million during the quarter.

Operational Highlights

Broad-based sequential revenue growth in our PAS business was driven by leaner distribution channels and better-than-typical seasonality. Relative strength was more evident in industrial, computing, and consumer applications. Automotive continues to show strength with additional design wins in Japan and China.
Started initial DDIC production and shipments for a premium smartphone model from a leading China OEM.
Received a purchase order from a second leading China smartphone OEM and commenced shipments in October 2024.
Began sampling our new OLED driver designed with next-generation IP, including sub-pixel rendering (SPR), refined color enhancement, color filter, brightness uniformity control and more than 20% reduction in power consumption than previous generation.
Power IC revenue increased sequentially, driven primarily by demand for LCD TVs and OLED IT in tablets and notebooks.

SEOUL, South Korea–(BUSINESS WIRE)–Oct. 30, 2024– Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the third quarter 2024.

YJ Kim, Magnachip’s CEO, commented, “Our Q3 revenue was at the high-end of guidance driven by broad-based growth in our Standard Product businesses, which is comprised of our MSS and PAS businesses. Standard Product revenue increased 25.9% sequentially and 24% year-over-year. Our discrete Power business benefited from leaner inventory in distribution channels as well as new product designs wins resulting in better-than-seasonal growth. In MSS, the strong sequential growth was due to increased demand for products targeted for China smartphone OEMs, automotive displays, and OLED IT.”

YJ Kim added, “Looking ahead, we expect our Standard Product business revenue in Q4 will modestly decline sequentially, which is better than typical seasonality experienced in past years. We reiterate our full-year guidance for double-digit growth in both MSS and PAS businesses in 2024.”

Q3 2024 Financial Highlights

	In thousands of U.S. dollars, except share data
	GAAP
	Q3 2024		Q2 2024		Q/Q change			Q3 2023		Y/Y change
Consolidated Revenues	66,460		53,171		up	25.0	%	61,245		up	8.5	%
Standard Products Business	64,020		50,835		up	25.9	%	51,619		up	24.0	%
Mixed-Signal Solutions	16,446		11,595		up	41.8	%	10,644		up	54.5	%
Power Analog Solutions	47,574		39,240		up	21.2	%	40,975		up	16.1	%
Transitional Fab 3 foundry services⁽¹⁾	2,440		2,336		up	4.5	%	9,626		down	74.7	%
Consolidated Gross Profit Margin	23.3	%	21.8	%	up	1.5	%pts	23.6	%	down	0.3	%pts
Standard Products Business	24.4	%	23.1	%	up	1.3	%pts	28.7	%	down	4.3	%pts
Mixed-Signal Solutions	38.7	%	34.6	%	up	4.1	%pts	28.8	%	up	9.9	%pts
Power Analog Solutions	19.4	%	19.7	%	down	0.3	%pts	28.6	%	down	9.2	%pts
Operating Loss	(11,003	)	(12,824	)	up	n/a		(9,235	)	down	n/a
Net Loss	(9,617	)	(12,997	)	up	n/a		(5,165	)	down	n/a
Basic Loss per Common Share	(0.26	)	(0.34	)	up	n/a		(0.13	)	down	n/a
Diluted Loss per Common Share	(0.26	)	(0.34	)	up	n/a		(0.13	)	down	n/a

	In thousands of U.S. dollars, except share data
	Non-GAAP⁽²⁾
	Q3 2024		Q2 2024		Q/Q change			Q3 2023		Y/Y change
Adjusted Operating Loss	(9,026	)	(11,608	)	up	n/a		(7,064	)	down	n/a
Adjusted EBITDA	(4,949	)	(7,569	)	up	n/a		(2,735	)	down	n/a
Adjusted Net Loss	(12,797	)	(8,134	)	down	n/a		(1,591	)	down	n/a
Adjusted Loss per Common Share—Diluted	(0.34	)	(0.21	)	down	n/a		(0.04	)	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 have begun to convert portions of the idle capacity to PAS products during 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.

Q4 and Full-year 2024 Financial Guidance

Beginning in Q1 of 2024, the Company began 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 Q4 2024:

Consolidated revenue to be in the range of $59.0 to $64.0 million, including approximately $2.0 million of Transitional Foundry Services.
- MSS revenue to be in the range of $15 to $17 million, down 2.7% sequentially but up 87% year-over-year at the mid-point. This compares with MSS revenue of $16.4 million in Q3 2024 and MSS equivalent revenue of $8.6 million in Q4 2023.
- PAS revenue to be in the range of $42 to $45 million, down 8.6% sequentially but up 33.3% year-over-year at the mid-point. This compares with PAS revenue of $47.6 million in Q3 2024 and PAS equivalent revenue of $32.6 million in Q4 2023.
Consolidated gross profit margin to be in the range of 21.5% to 23.5%.
- MSS gross profit margin to be in the range of 37.5% to 40.5%. This compares with MSS gross profit margin of 38.7% in Q3 2024 and MSS equivalent gross profit margin of 41.3% in Q4 2023.
- PAS gross profit margin to be in the range of 17% to 19%. This compares with PAS gross profit margin of 19.4% in Q3 2024 and PAS equivalent gross profit margin of 18.1% in Q4 2023.

For the full-year 2024, we currently expect:

MSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023, consistent with what we communicated throughout the year.
PAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023, consistent with what we communicated throughout the year.
Transitional Foundry Services revenue will be wound down by the end of 2024, as expected. We expect any remaining amounts to be immaterial beyond Q4 2024.
Consolidated revenue flattish, as compared to our prior expectation of flattish-to-slightly down.
Consolidated gross profit margin between 21% to 22%, as compared to our prior expectation of 19% to 22%. This compares with the consolidated gross profit margin of 22.4% in 2023.

Q3 2024 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Wednesday, October 30, 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/kr.

Online registration: https://register.vevent.com/register/BId4ac9a385dd74e4f813c5964a3ac6546

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 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 fourth 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 1,050 registered patents and pending applications, and has extensive engineering, design, and manufacturing process expertise. For more information, please visit www.magnachip.com/kr. 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									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Revenues:
Net sales – standard products business	$	64,020		$	50,835		$	51,619		$	160,396		$	154,508
Net sales – transitional Fab 3 foundry services		2,440			2,336			9,626			8,302			24,721
Total revenues		66,460			53,171			61,245			168,698			179,229
Cost of sales:
Cost of sales – standard products business		48,400			39,113			36,829			123,401			112,008
Cost of sales – transitional Fab 3 foundry services		2,599			2,457			9,935			9,267			27,108
Total cost of sales		50,999			41,570			46,764			132,668			139,116
Gross profit		15,461			11,601			14,481			36,030			40,113
Gross profit as a percentage of standard products business net sales		24.4%			23.1%			28.7%			23.1%			27.5%
Gross profit as a percentage of total revenues		23.3%			21.8%			23.6%			21.4%			22.4%
Operating expenses:
Selling, general and administrative expenses		12,091			11,734			12,089			35,089			36,391
Research and development expenses		14,373			12,691			11,627			38,227			36,180
Early termination and other charges		—			—			—			—			9,251
Total operating expenses		26,464			24,425			23,716			73,316			81,822
Operating loss		(11,003	)		(12,824	)		(9,235	)		(37,286	)		(41,709	)
Interest income		2,051			2,228			2,382			6,492			7,916
Interest expense		(574	)		(554	)		(189	)		(1,366	)		(645	)
Foreign currency gain (loss), net		5,066			(3,557	)		(2,583	)		(3,492	)		(4,776	)
Other income (loss), net		(31	)		108			87			121			55
Loss before income tax expense (benefit)		(4,491	)		(14,599	)		(9,538	)		(35,531	)		(39,159	)
Income tax expense (benefit)		5,126			(1,602	)		(4,373	)		2,500			(8,577	)
Net loss	$	(9,617	)	$	(12,997	)	$	(5,165	)	$	(38,031	)	$	(30,582	)
Basic loss per common share—	$	(0.26	)	$	(0.34	)	$	(0.13	)	$	(1.00	)	$	(0.73	)
Diluted loss per common share—	$	(0.26	)	$	(0.34	)	$	(0.13	)	$	(1.00	)	$	(0.73	)
Weighted average number of shares—
Basic		37,468,849			38,174,920			40,145,290			38,060,682			41,747,255
Diluted		37,468,849			38,174,920			40,145,290			38,060,682			41,747,255

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

	September 30, 2024				December 31, 2023
Assets
Current assets
Cash and cash equivalents		$	121,095			$	158,092
Short-term financial instruments			30,000				—
Accounts receivable, net			28,693				32,641
Inventories, net			36,127				32,733
Other receivables			5,301				4,295
Prepaid expenses			11,614				7,390
Hedge collateral			1,000				1,000
Other current assets			8,208				9,283
Total current assets			242,038				245,434
Property, plant and equipment, net			92,383				100,122
Operating lease right-of-use assets			3,810				4,639
Intangible assets, net			1,353				1,537
Long-term prepaid expenses			615				5,736
Deferred income taxes			46,643				50,836
Other non-current assets			24,513				12,187
Total assets		$	411,355			$	420,491
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$	24,644			$	24,443
Other accounts payable			11,768				5,292
Accrued expenses			9,133				10,457
Accrued income taxes			32				1,496
Operating lease liabilities			1,754				1,914
Other current liabilities			3,005				3,286
Total current liabilities			50,336				46,888
Long-term borrowing			30,312				—
Accrued severance benefits, net			17,347				16,020
Non-current operating lease liabilities			2,191				2,897
Other non-current liabilities			11,596				10,088
Total liabilities			111,782				75,893
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 57,032,206 shares issued and 37,292,044 outstanding at September 30, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023			569				569
Additional paid-in capital			277,306				273,256
Retained earnings			260,853				298,884
Treasury stock, 19,740,162 shares at September 30, 2024 and 18,118,652 shares at December 31, 2023, respectively			(222,503	)			(213,454	)
Accumulated other comprehensive loss			(16,652	)			(14,657	)
Total stockholders’ equity			299,573				344,598
Total liabilities and stockholders’ equity		$	411,355			$	420,491

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, 2024			September 30, 2024			September 30, 2023
Cash flows from operating activities
Net loss	$	(9,617	)	$	(38,031	)	$	(30,582	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		4,056			12,171			12,583
Provision for severance benefits		1,582			4,552			5,358
Loss (gain) on foreign currency, net		(10,708	)		6,140			14,532
Provision for inventory reserves		(591	)		(1,615	)		3,035
Stock-based compensation		1,977			4,093			5,383
Deferred income taxes		(47	)		3,111			88
Others, net		126			552			592
Changes in operating assets and liabilities
Accounts receivable, net		3,795			3,560			(6,409	)
Inventories		1,084			(2,365	)		3,635
Other receivables		(1,631	)		(1,030	)		4,993
Prepaid expenses		1,818			5,645			5,653
Other current assets		4,086			1,155			(7,944	)
Accounts payable		(1,325	)		619			6,066
Other accounts payable		(3,521	)		(10,197	)		(6,738	)
Accrued expenses		(912	)		(1,339	)		619
Accrued income taxes		(1,442	)		(1,459	)		(3,014	)
Other current liabilities		(693	)		(240	)		(741	)
Other non-current liabilities		(99	)		(345	)		(279	)
Payment of severance benefits		(527	)		(1,889	)		(6,183	)
Others, net		(316	)		(1,077	)		(841	)
Net cash used in operating activities		(12,905	)		(17,989	)		(194	)
Cash flows from investing activities
Proceeds from settlement of hedge collateral		627			627			3,335
Payment of hedge collateral		—			(612	)		(3,154	)
Purchase of property, plant and equipment		(2,609	)		(4,175	)		(2,280	)
Payment for intellectual property registration		(85	)		(263	)		(230	)
Collection of guarantee deposits		15			1,153			4,984
Payment of guarantee deposits		(180	)		(2,090	)		(7,276	)
Increase in short-term financial instruments		—			(30,000	)		—
Others, net		(37	)		(37	)		—
Net cash used in investing activities		(2,269	)		(35,397	)		(4,621	)
Cash flows from financing activities
Proceeds from long-term borrowing		—			30,059			—
Proceeds from exercise of stock options		—			—			27
Acquisition of treasury stock		(2,648	)		(9,507	)		(43,087	)
Repayment of financing related to water treatment facility arrangement		(119	)		(357	)		(371	)
Repayment of principal portion of finance lease liabilities		(35	)		(104	)		(69	)
Net cash provided by (used in) financing activities		(2,802	)		20,091			(43,500	)
Effect of exchange rates on cash and cash equivalents		6,604			(3,702	)		(10,518	)
Net decrease in cash and cash equivalents		(11,372	)		(36,997	)		(58,833	)
Cash and cash equivalents
Beginning of the period		132,467			158,092			225,477
End of the period	$	121,095		$	121,095		$	166,644

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

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Operating loss	$	(11,003	)	$	(12,824	)	$	(9,235	)	$	(37,286	)	$	(41,709	)
Adjustments:
Equity-based compensation expense		1,977			1,216			2,171			4,093			5,383
Early termination and other charges		—			—			—			—			9,251
Adjusted Operating Income Loss	$	(9,026	)	$	(11,608	)	$	(7,064	)	$	(33,193	)	$	(27,075	)

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 and other charges.

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. During the same period, we also recorded $802 thousand of one-time employee incentives.

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									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Net loss	$	(9,617	)	$	(12,997	)	$	(5,165	)	$	(38,031	)	$	(30,582	)
Adjustments:
Interest income		(2,051	)		(2,228	)		(2,382	)		(6,492	)		(7,916	)
Interest expense		574			554			189			1,366			645
Income tax expense (benefit)		5,126			(1,602	)		(4,373	)		2,500			(8,577	)
Depreciation and amortization		4,056			4,016			4,081			12,171			12,583
EBITDA		(1,912	)		(12,257	)		(7,650	)		(28,486	)		(33,847	)
Equity-based compensation expense		1,977			1,216			2,171			4,093			5,383
Foreign currency loss (gain), net		(5,066	)		3,557			2,583			3,492			4,776
Derivative valuation loss (gain), net		52			(85	)		161			(58	)		235
Early termination and other charges		—			—			—			—			9,251
Adjusted EBITDA	$	(4,949	)	$	(7,569	)	$	(2,735	)	$	(20,959	)	$	(14,202	)
Net loss	$	(9,617	)	$	(12,997	)	$	(5,165	)	$	(38,031	)	$	(30,582	)
Adjustments:
Equity-based compensation expense		1,977			1,216			2,171			4,093			5,383
Foreign currency loss (gain), net		(5,066	)		3,557			2,583			3,492			4,776
Derivative valuation loss (gain), net		52			(85	)		161			(58	)		235
Early termination and other charges		—			—			—			—			9,251
Income tax effect on non-GAAP adjustments		(143	)		175			(1,341	)		(1,311	)		(3,493	)
Adjusted Net Loss	$	(12,797	)	$	(8,134	)	$	(1,591	)	$	(31,815	)	$	(14,430	)
Adjusted Net Loss per common share—
– Basic	$	(0.34	)	$	(0.21	)	$	(0.04	)	$	(0.84	)	$	(0.35	)
– Diluted	$	(0.34	)	$	(0.21	)	$	(0.04	)	$	(0.84	)	$	(0.35	)
Weighted average number of shares – basic		37,468,849			38,174,920			40,145,290			38,060,682			41,747,255
Weighted average number of shares – diluted		37,468,849			38,174,920			40,145,290			38,060,682			41,747,255

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 and other charges. EBITDA for the periods indicated is defined as net loss before interest income, interest expense, income tax expense (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 and other charges and (v) Income tax effect on non-GAAP adjustments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241030615593/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)–Oct. 9, 2024– Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the third quarter ended September 30, 2024, on Wednesday, October 30, 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/BId4ac9a385dd74e4f813c5964a3ac6546

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/kr.

About Magnachip Semiconductor Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20241009041152/en/

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

Source: Magnachip Semiconductor Corporation

Financial Highlights

Q2 consolidated revenue was $53.2 million, above the mid-point of guidance range of $49-54 million.
- Q2 standard product business revenue was up 11.6% sequentially.
Q2 consolidated gross profit margin was 21.8%, above the upper end of guidance range of 17-19%.
- Q2 standard product business gross profit margin was 23.1%, up nearly two percentage points sequentially.
Ended Q2 with cash of $132.5 million; and also have an additional short-term financial investment of $30 million.
Repurchased approximately 0.5 million shares for aggregate purchase price of $2.3 million during the quarter.

Operational Highlights

Held formal opening ceremony in China for newly formed subsidiary, Magnachip Technology Company, Ltd. (MTC).
Secured a purchase commitment for OLED driver targeted for a premium smartphone OEM; mass production and revenue currently expected to begin by year-end.
Delivered samples of our next-generation OLED driver to a panel supplier for a leading Chinese smartphone OEM’s winter 2024 model, now in the final design validation phase.
Taped out a new OLED driver designed with next-generation IP including sub-pixel rendering (SPR), refined color enhancement, color filter, brightness uniformity control and more than 20% reduction in power consumption than previous generation.
Sampled our first OLED smartwatch DDIC in Q2 following a Q1 tape-out, demonstrating our expansion into new, adjacent markets.
Power IC revenue increased sequentially, driven primarily by demand for LCD TVs and OLED IT monitors.
Sequential revenue growth in PAS segment was driven by industrial, communication and consumer applications. Automotive rebounded with new design wins in Japan and China.
Launched new 75A/1200V IGBT for a design opportunity in solar applications; expected to begin mass production in the second half of the year.

SEOUL, South Korea–(BUSINESS WIRE)–Jul. 31, 2024– Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the second quarter 2024.

YJ Kim, Magnachip’s CEO, commented, “Our Q2 revenue was above the mid-point of guidance and gross margin was better than expected. Revenue in our Standard Products Business, which is comprised of our MSS and PAS businesses, increased sequentially by double digits in Q2. We benefited from a recovery in our Power business, increased demand for OLED drivers for China smartphones and European autos, and an upturn in Power IC demand for OLED IT panels and LED TVs.”

YJ Kim added, “Looking ahead, we currently expect Standard Product Business revenue will increase sequentially once again in Q3, driven by leaner distribution channels in Power, as well as seasonality, and an increase in OLED and Power IC businesses.”

Q2 2024 Financial Highlights

	In thousands of U.S. dollars, except share data
	GAAP
	Q2 2024		Q1 2024		Q/Q change			Q2 2023		Y/Y change
Consolidated Revenues	53,171		49,067		up	8.4	%	60,979		down	12.8	%
Standard Products Business	50,835		45,541		up	11.6	%	51,375		down	1.1	%
Mixed-Signal Solutions	11,595		9,006		up	28.7	%	12,357		down	6.2	%
Power Analog Solutions	39,240		36,535		up	7.4	%	39,018		up	0.6	%
Transitional Fab 3 foundry services⁽¹⁾	2,336		3,526		down	33.7	%	9,604		down	75.7	%
Consolidated Gross Profit Margin	21.8	%	18.3	%	up	3.5	%pts	22.2	%	down	0.4	%pts
Standard Products Business	23.1	%	21.2	%	up	1.9	%pts	26.3	%	down	3.2	%pts
Mixed-Signal Solutions	34.6	%	44.6	%	down	10.0	%pts	36.4	%	down	1.8	%pts
Power Analog Solutions	19.7	%	15.4	%	up	4.3	%pts	23.1	%	down	3.4	%pts
Operating Loss	(12,824	)	(13,459	)	up	n/a		(10,656	)	down	n/a
Net Loss	(12,997	)	(15,417	)	up	n/a		(3,947	)	down	n/a
Basic Loss per Common Share	(0.34	)	(0.40	)	up	n/a		(0.09	)	down	n/a
Diluted Loss per Common Share	(0.34	)	(0.40	)	up	n/a		(0.09	)	down	n/a

	In thousands of U.S. dollars, except share data
	Non-GAAP⁽²⁾
	Q2 2024		Q1 2024		Q/Q change			Q2 2023		Y/Y change
Adjusted Operating Loss	(11,608	)	(12,559	)	up	n/a		(7,762	)	down	n/a
Adjusted EBITDA	(7,569	)	(8,441	)	up	n/a		(3,594	)	down	n/a
Adjusted Net Loss	(8,134	)	(10,884	)	up	n/a		(2,472	)	down	n/a
Adjusted Loss per Common Share—Diluted	(0.21	)	(0.28	)	up	n/a		(0.06	)	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.

Q3 and Full-year 2024 Financial Guidance

Beginning in Q1, the Company began 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 Q3 2024:

Consolidated revenue to be in the range of $61.5 to $66.5 million, including approximately $1.5 million of Transitional Foundry Services.
- MSS revenue to be in the range of $14.5 to $16.5 million, up 33.7% sequentially and 46.2% year-over-year at the mid-point. This compares with MSS equivalent revenue of $11.6 million in Q2 2024 and $10.6 million in Q3 2023.
- PAS revenue to be in the range of $45.5 to $48.5 million, up 19.8% sequentially and 14.6% year-over-year at the mid-point. This compares with PAS equivalent revenue of $39.2 million in Q2 2024 and $41.0 million in Q3 2023.
Consolidated gross profit margin to be in the range of 22.5% to 24.5%.
- MSS gross profit margin to be in the range of 36.5% to 39.5%. This compares with MSS equivalent gross profit margin of 34.6% in Q2 2024 and 28.8% in Q3 2023.
- PAS gross profit margin to be in the range of 18.5% to 20.5%. This compares with PAS equivalent gross profit margin of 19.7% in Q2 2024 and 28.6% in Q3 2023.

For the full-year 2024, we currently expect:

MSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023, consistent with what we communicated at the beginning of the year.
PAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023, consistent with what we communicated at the beginning of the year.
Transitional Foundry Services revenue will decline in 2024, as expected. We expect this revenue to phase out by the end of the year.
Consolidated revenue flattish-to-slightly down, compared to prior expectation of flat-to-up-slightly year-over-year.
Consolidated gross profit margin between 19% to 22%, above our prior expectation of 17% to 20%. This compares with the consolidated gross profit margin of 22.4% in 2023.

Q2 2024 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Wednesday, July 31, 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/kr.

Online registration: https://register.vevent.com/register/BId7d466aa72124a439fec483c2b65d307

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

	Three Months Ended									Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Revenues:
Net sales – standard products business	$	50,835		$	45,541		$	51,375		$	96,376		$	102,889
Net sales – transitional Fab 3 foundry services		2,336			3,526			9,604			5,862			15,095
Total revenues		53,171			49,067			60,979			102,238			117,984
Cost of sales:
Cost of sales – standard products business		39,113			35,888			37,867			75,001			75,179
Cost of sales – transitional Fab 3 foundry services		2,457			4,211			9,574			6,668			17,173
Total cost of sales		41,570			40,099			47,441			81,669			92,352
Gross profit		11,601			8,968			13,538			20,569			25,632
Gross profit as a percentage of standard products business net sales		23.1	%		21.2	%		26.3	%		22.2	%		26.9	%
Gross profit as a percentage of total revenues		21.8	%		18.3	%		22.2	%		20.1	%		21.7	%
Operating expenses:
Selling, general and administrative expenses		11,734			11,264			12,137			22,998			24,302
Research and development expenses		12,691			11,163			11,255			23,854			24,553
Early termination and other charges		—			—			802			—			9,251
Total operating expenses		24,425			22,427			24,194			46,852			58,106
Operating loss		(12,824	)		(13,459	)		(10,656	)		(26,283	)		(32,474	)
Interest income		2,228			2,213			2,692			4,441			5,534
Interest expense		(554	)		(238	)		(200	)		(792	)		(456	)
Foreign currency gain (loss), net		(3,557	)		(5,001	)		1,237			(8,558	)		(2,193	)
Other income (loss), net		108			44			3			152			(32	)
Loss before income tax benefit		(14,599	)		(16,441	)		(6,924	)		(31,040	)		(29,621	)
Income tax benefit		(1,602	)		(1,024	)		(2,977	)		(2,626	)		(4,204	)
Net loss	$	(12,997	)	$	(15,417	)	$	(3,947	)	$	(28,414	)	$	(25,417	)
Basic loss per common share—	$	(0.34	)		(0.40	)	$	(0.09	)	$	(0.74	)	$	(0.60	)
Diluted loss per common share—	$	(0.34	)		(0.40	)	$	(0.09	)	$	(0.74	)	$	(0.60	)
Weighted average number of shares—
Basic		38,174,920			38,544,781			41,741,310			38,359,851			42,561,514
Diluted		38,174,920			38,544,781			41,741,310			38,359,851			42,561,514

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

	June 30, 2024			December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	132,467		$	158,092
Short-term financial instruments		30,000			—
Accounts receivable, net		31,175			32,641
Inventories, net		34,783			32,733
Other receivables		3,977			4,295
Prepaid expenses		8,548			7,390
Hedge collateral		1,600			1,000
Other current assets		11,653			9,283
Total current assets		254,203			245,434
Property, plant and equipment, net		88,330			100,122
Operating lease right-of-use assets		4,181			4,639
Intangible assets, net		1,320			1,537
Long-term prepaid expenses		8,085			5,736
Deferred income taxes		44,578			50,836
Other non-current assets		11,998			12,187
Total assets	$	412,695		$	420,491
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	25,575		$	24,443
Other accounts payable		8,383			5,292
Accrued expenses		9,199			10,457
Accrued income taxes		1,422			1,496
Operating lease liabilities		1,805			1,914
Other current liabilities		4,168			3,286
Total current liabilities		50,552			46,888
Long-term borrowing		28,794			—
Accrued severance benefits, net		15,759			16,020
Non-current operating lease liabilities		2,514			2,897
Other non-current liabilities		9,228			10,088
Total liabilities		106,847			75,893
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 57,015,569 shares issued and 37,799,482 outstanding at June 30, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023		569			569
Additional paid-in capital		275,329			273,256
Retained earnings		270,470			298,884
Treasury stock, 19,216,087 shares at June 30, 2024 and 18,118,652 shares at December 31, 2023, respectively		(219,949	)		(213,454	)
Accumulated other comprehensive loss		(20,571	)		(14,657	)
Total stockholders’ equity		305,848			344,598
Total liabilities and stockholders’ equity	$	412,695		$	420,491

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

	Three Months Ended			Six Months Ended
	June 30, 2024			June 30, 2024			June 30, 2023
Cash flows from operating activities
Net loss	$	(12,997	)	$	(28,414	)	$	(25,417	)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization		4,016			8,115			8,502
Provision for severance benefits		1,565			2,970			4,091
Loss on foreign currency, net		6,622			16,848			9,117
Provision for inventory reserves		(77	)		(1,024	)		1,121
Stock-based compensation		1,216			2,116			3,212
Deferred income tax assets		1.845			3,158			27
Other, net		163			426			423
Changes in operating assets and liabilities
Accounts receivable, net		(1,636	)		(235	)		(342	)
Inventories		(4,250	)		(3,449	)		4,911
Other receivables		986			601			4,407
Prepaid expenses		2,922			3,827			4,073
Other current assets		(3,262	)		(2,931	)		(3,678	)
Accounts payable		1,381			1,944			2,880
Other accounts payable		(1,420	)		(6,676	)		(6,488	)
Accrued expenses		1,618			(427	)		1,104
Accrued income taxes		(184	)		(17	)		(2,972	)
Other current liabilities		840			453			(471	)
Other non-current liabilities		378			(246	)		(214	)
Payment of severance benefits		(478	)		(1,362	)		(5,728	)
Other, net		(360	)		(761	)		(487	)
Net cash used in operating activities		(1,112	)		(5,084	)		(1,929	)
Cash flows from investing activities
Proceeds from settlement of hedge collateral		—			—			3,335
Payment of hedge collateral		(612	)		(612	)		(2,586	)
Purchase of property, plant and equipment		(898	)		(1,566	)		(1,518	)
Payment for intellectual property registration		(118	)		(178	)		(163	)
Collection of guarantee deposits		5			1,138			1,445
Payment of guarantee deposits		(36	)		(1,910	)		(6,907	)
Increase in short-term financial instruments		(30,000	)		(30,000	)		—
Other, net		(1	)		0			—
Net cash used in investing activities		(31,660	)		(33,128	)		(6,394	)
Cash flows from financing activities
Proceeds from long-term borrowings		—			30,059			—
Proceeds from exercise of stock options		—			—			27
Acquisition of treasury stock		(2,200	)		(6,859	)		(36,840	)
Repayment of financing related to water treatment facility arrangement		(117	)		(238	)		(248	)
Repayment of principal portion of finance lease liabilities		(34	)		(69	)		(46	)
Net cash provided by (used in) financing activities		(2,351	)		22,893			(37,107	)
Effect of exchange rates on cash and cash equivalents		(4,012	)		(10,306	)		(7,093	)
Net decrease in cash and cash equivalents		(39,135	)		(25,625	)		(52,523	)
Cash and cash equivalents
Beginning of the period		171,602			158,092			225,477
End of the period	$	132,467		$	132,467		$	172,954

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

	Three Months Ended									Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Operating loss	$	(12,824	)	$	(13,459	)	$	(10,656	)	$	(26,283	)	$	(32,474	)
Adjustments:
Equity-based compensation expense		1,216			900			2,092			2,116			3,212
Early termination and other charges		—			—			802			—			9,251
Adjusted Operating Income Loss	$	(11,608	)	$	(12,559	)	$	(7,762	)	$	(24,167	)	$	(20,011	)

For the six months ended June 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 and six months ended June 30, 2023, we recorded $802 thousand of one-time employee incentives.

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									Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Net loss	$	(12,997	)	$	(15,417	)	$	(3,947	)	$	(28,414	)	$	(25,417	)
Adjustments:
Interest income		(2,228	)		(2,213	)		(2,692	)		(4,441	)		(5,534	)
Interest expense		554			238			200			792			456
Income tax benefit		(1,602	)		(1,024	)		(2,977	)		(2,626	)		(4,204	)
Depreciation and amortization		4,016			4,099			4,145			8,115			8,502
EBITDA		(12,257	)		(14,317	)		(5,271	)		(26,574	)		(26,197	)
Equity-based compensation expense		1,216			900			2,092			2,116			3,212
Foreign currency loss (gain), net		3,557			5,001			(1,237	)		8,558			2,193
Derivative valuation loss (gain), net		(85	)		(25	)		20			(110	)		74
Early termination and other charges		—			—			802			—			9,251
Adjusted EBITDA	$	(7,569	)	$	(8,441	)	$	(3,594	)	$	(16,010	)	$	(11,467	)
Net loss	$	(12,997	)	$	(15,417	)	$	(3,947	)	$	(28,414	)	$	(25,417	)
Adjustments:
Equity-based compensation expense		1,216			900			2,092			2,116			3,212
Foreign currency loss (gain), net		3,557			5,001			(1,237	)		8,558			2,193
Derivative valuation loss (gain), net		(85	)		(25	)		20			(110	)		74
Early termination and other charges		—			—			802			—			9,251
Income tax effect on non-GAAP adjustments		175			(1,343	)		(202	)		(1,168	)		(2,152	)
Adjusted Net Loss	$	(8,134	)	$	(10,884	)	$	(2,472	)	$	(19,018	)	$	(12,839	)
Adjusted Net Loss per common share—
– Basic	$	(0.21	)	$	(0.28	)	$	(0.06	)	$	(0.50	)	$	(0.30	)
– Diluted	$	(0.21	)	$	(0.28	)	$	(0.06	)	$	(0.50	)	$	(0.30	)
Weighted average number of shares – basic		38,174,920			38,544,781			41,741,310			38,359,851			42,561,514
Weighted average number of shares – diluted		38,174,920			38,544,781			41,741,310			38,359,851			42,561,514

View source version on businesswire.com: https://www.businesswire.com/news/home/20240731545229/en/

Steven C. Pelayo, CFA
The Blueshirt Group
Tel. +1 (360) 808-5154
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Source: Magnachip Semiconductor Corporation

SEOUL, South Korea–(BUSINESS WIRE)–Jul. 10, 2024– Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the second quarter ended June 30, 2024, on Wednesday, July 31, 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/BId7d466aa72124a439fec483c2b65d307

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/kr.

About Magnachip Semiconductor Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20240710768242/en/

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

Source: Magnachip Semiconductor Corporation

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/kr.

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/kr. 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.

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/kr.

About Magnachip Semiconductor Corporation

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/kr. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

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

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/kr. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

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/kr.

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 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/kr. 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									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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240228959831/en/

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/kr.

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/kr. 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/kr. 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

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