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Applied Materials, Inc. reported results for its first quarter ended Jan. 28, 2024.
- Revenue $6.71 billion, flat year over year
- GAAP operating margin 29.3 percent and non-GAAP operating margin 29.5 percent, up 0.1 points and flat year over year, respectively
- GAAP EPS $2.41 and non-GAAP EPS $2.13, up 19 percent and 5 percent year over year, respectively
- Generated $2.33 billion in cash from operations
Applied generated revenue of $6.71 billion. On a GAAP basis, the company reported gross margin of 47.8 percent, operating income of $1.97 billion or 29.3 percent of net revenue, and earnings per share (EPS) of $2.41. On a non-GAAP basis, the company reported gross margin of 47.9 percent, operating income of $1.98 billion or 29.5 percent of net revenue, and EPS of $2.13.
The recently disclosed change in useful lives of certain property, plant and equipment increased GAAP and non-GAAP EPS by $0.03. The company generated $2.33 billion in cash from operations and distributed $966 million to shareholders including $700 million in share repurchases and $266 million in dividends.
“Applied Materials delivered strong results in the first quarter of fiscal 2024 and has outperformed our markets for the fifth consecutive year,” said Gary Dickerson, President and CEO. “Our leadership positions at key semiconductor inflections support continued outperformance as customers ramp next-generation chip technologies critical to AI and IoT over the next several years.”
Original – Applied Materials
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Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2023. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
Fourth Quarter 2023 Highlights:
- Revenue of $173.9 million, compared with $153.8 million in the same period last year
- GAAP net income of $21.6 million, or $0.37 per diluted share, compared with $128.9 million, or $2.00 per diluted share in the same period last year
- Non-GAAP net income of $29.8 million, or $0.51 per diluted share, compared with $21.9 million, or $0.38 per diluted share in the same period last year
Fiscal Year 2023 Highlights:
- Revenue of $666.4 million, compared with $646.1 million in the same period last year
- GAAP net loss of $30.4 million, or $0.56 loss per diluted share, included a $97.1 million loss related to debt refinancing, compared with net income of $166.9 million, or $2.71 earnings per diluted share in the same period last year
- Non-GAAP net income of $98.3 million, or $1.69 per diluted share, compared with $89.6 million, or $1.57 per diluted share in the same period last year
Original – Veeco Instruments
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Toshiba Electronic Devices & Storage Corporation has launched a newly developed press pack IEGT “ST3000GXH35A” with ratings of 4500 V/3000 A for use in high-voltage converters.
The new product ST3000GXH35A has optimized N buffer layer design, thereby reducing approximately 400 V of turn-off-voltage oscillation peak-value (Vcp) at low current, compared with the Toshiba’s existing product. This helps simplify the snubber circuit.
In addition, the measuring voltage of short-circuit pulse-width has been enhanced to 3400 V in response to applications requiring high voltage. This allows facilitating the short-circuit protection design of converters.
Applications
- DC power transmission
- Static VAR compensator
- Industrial motor controller
Features
- Maximum junction temperature rating: Tj (max)=150 °C
- Approximately 400 V reduction in turn-off voltage oscillation peak-value (Vcp) at low current
- Enhanced 3400 V of short-circuit pulse-width
Original – Toshiba
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Vishay Intertechnology, Inc. introduced a versatile new 30 V n-channel TrenchFET® Gen V power MOSFET that delivers increased power density and enhanced thermal performance for industrial, computer, consumer, and telecom applications.
Featuring source flip technology in the 3.3 mm by 3.3 mm PowerPAK® 1212-F package, the Vishay Siliconix SiSD5300DN provides best in class on-resistance of 0.71 mΩ at 10 V and on-resistance times gate charge — a critical figure of merit (FOM) for MOSFETs used in switching applications — of 42 mΩ*nC.
Occupying the same footprint as the PowerPAK 1212-8S, the device released today offers 18 % lower on-resistance to increase power density, while its source flip technology reduces thermal resistance by 63 °C/W to 56 °C/W. In addition, the SiSD5300DN’s FOM represents a 35 % improvement over previous-generation devices, which translates into reduced conduction and switching losses to save energy in power conversion applications.
PowerPAK1212-F source flip technology reverses the usual proportions of the ground and source pads, extending the area of the ground pad to provide a more efficient thermal dissipation path and thus promoting cooler operation. At the same time, the PowerPAK 1212-F minimizes the extent of the switching area, which helps to reduce the impact of trace noise.
In the PowerPAK 1212-F package specifically, the source pad dimension increases by a factor of 10, from 0.36 mm2 to 4.13 mm2, enabling a commensurate improvement in thermal performance. The PowerPAK1212-F’s center gate design also simplifies parallelization of multiple devices on a single-layer PCB.
The source flip PowerPAK1212-F package of the SiSD5300DN is especially suitable for applications such as secondary rectification, active clamp battery management systems (BMS), buck and BLDC converters, OR-ing FETs, motor drives, and load switches. Typical end products include welding equipment and power tools; servers, edge devices, supercomputers, and tablets; lawnmowers and cleaning robots; and radio base stations.
Original – Vishay Intertechnology
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Navitas Semiconductor marks 10 years of innovation and growth in a broad range of fast-growing markets from ultra-fast mobile charging to AI data centers, renewable energy and EVs.
The name ‘Navitas’ is from the Latin, meaning ‘energy’, ‘zeal’, or ‘get-up-and-go!’, and signifies the company’s passion and rate of innovation to replace legacy silicon power chips and accelerate the transition from fossil fuels to a carbon-neutral, renewable-energy world, enabling and exploiting a $1.3 trillion electrification opportunity.
Commenting on the ten-year milestone, CEO and co-founder Gene Sheridan stated: “From a trailer to a $1B+ IPO in record time and a worldwide presence with a 300-strong, highly-skilled team, we’ve so far delivered over 150 million devices and saved over 200,000 tons of CO2. Growth awards from Deloitte and Forbes highlight our revenue growth, and a long-term guidance to grow many times faster than the market.”
Dan Kinzer, co-founder and COO / CTO added: “From our founding in 2014 as a next-generation power semiconductor pioneer, Navitas has amassed over 250 patents across ‘wide band-gap’ technologies gallium nitride and silicon carbide, as well as patented, enabling high-speed controller and digital isolators. Leading-edge technology, key talent and a passion for innovation are critical factors in Navitas’ success to-date, and a strong foundation for further technology and continued market leadership.”
With each new generation of GaN IC in only 15-18 months, GaN technology milestones during Navitas’ first decade include the launch of the world’s first integrated GaNFast™ power IC; GaNSense™ – the world’s first integrated precision current-sensing GaN chip; GaNSafe™ – the world’s most protected GaN power device for high-reliability systems; and the unveiling of a revolutionary new bi-directional GaN power IC platform with up to 9x smaller chip size than legacy silicon MOSFETs or IGBTs.
For higher voltages and higher power applications, Navitas offers the industry’s broadest range (650-6,500V) of SiC bare die and packaged devices, with best-in-class efficiency, ruggedness and high-frequency operation, based on GeneSiC technology. This assures Navitas’ position as a leading supplier of both SiC and GaN power semiconductors to markets ranging from consumer electronics, AI data centers and electric vehicles to renewable energy and industrial automation.
In 2021 the company went public with a $1B+ IPO on the Nasdaq exchange, and 2023 marked the shipment of over one hundred million GaN shipments. In the same year the company was recognized by Forbes as one of America’s top 50 most successful small companies and was ranked 72nd in the Deloitte Technology Fast 500™ of fast-growing North American companies.
Along the way the business has also offered the industry’s first 20-year warranty for its technologies and become the world’s first semiconductor company to achieve CarbonNeutral®-company certification from the leading experts on carbon-neutrality and climate finance, Climate Impact Partners.
Last year Navitas officially opened its new headquarters in Torrance, Ca. Around 100 highly-skilled Navitas staff are employed in Torrance for all aspects of GaN and SiC design, applications, test, characterization and quality, alongside specialists in finance, marketing and HR.
Navitas will celebrate 10 years of innovation and growth in a series of events during 2024, beginning with the APEC 2024 conference and “GaNFast Blast!” celebration in Long Beach from February 26th.
Original – Navitas Semiconductor
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Infineon Technologies AG detailed its plans to highlight the industry’s broadest range of power electronic devices during the 2024 Applied Power Electronics Conference (APEC), 25–29 February. Infineon’s wide-bandgap solutions offer the highest efficiency and power density, providing a key element to addressing climate change and accelerating decarbonization efforts. The Infineon best-in-class portfolio includes power devices for leading applications on silicon, silicon carbide (SiC) and gallium nitride (GaN) materials.
Infineon’s exhibits will span two booths, #1013 and #1319 (Infineon + GaN Systems), and feature demonstrations of a broad range of applications. Booth #1013 will be organized in six application zones, including:
- USB-C/Charging. See Infineon’s latest AC/DC and DC/DC USB-C PD chargers, along with system power solutions for next-generation applications such as laptops and notebooks.
- Motor controls. The company’s latest BLDC motor drive solutions for tomorrow’s power tools and robotic applications will be on display. Rad hard reaction wheel motor drives for satellites and space applications will also be demonstrated.
- Data centers. Infineon demonstrations will include a complete artificial intelligence (AI) server solution, a digital power hot-swap solution, and a liquid-cooled high-density power supply optimized for next-generation applications. Also see Infineon’s latest high-density dual-phase power modules that reduce the total cost of ownership in generative AI data centers.
- Electric vehicles (EVs). See Infineon’s latest 50 kW and 22 kW EV chargers, along with SiC- and GaN-based on-board charging solutions, and the company’s latest Hybrid PAK-based inverter for next-generation EVs.
- Renewables & energy storage. Highlighting critical energy applications, this demonstration area will feature the company’s latest solar DC/DC maximizers, along with DC-to-AC inverters, a bi-directional PFC/inverter, and DC-to-DC converters.
- Industrial control. The company’s growing portfolio of solid-state relays and circuit breakers used to replace electromechanical switches will be highlighted.
Infineon’s second booth (#1319) will showcase the company’s expanded portfolio of GaN solutions, such as class D audio amplifiers, data center power supplies, and consumer reference designs. In addition to exhibits in booths #1013 and #1319, Infineon will play a significant role as a contributor to the conference program, participating in more than 30 industry and technical sessions.
Original – Infineon Technologies
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Cambridge GaN Devices (CGD), the fabless, clean-tech semiconductor company that develops energy-efficient GaN-based power devices that make greener electronics possible, will be present at the upcoming APEC 2024, IEEE Applied Power Electronics Conference and Exposition. In addition to having its largest ever booth at the show, the company will contribute with a number of papers including an analysis of how GaN can play a part in supporting the exponential growth in power demanded by datacentres as the use of Artificial Intelligence (AI) proliferates.
GIORGIA LONGOBARDI | CHIEF EXECUTIVE OFFICER, CGD:
“With datacentres now demanding 100kW per rack and predicting even more in the very near future, power system designers are looking to employ GaN devices in new architectures. At CGD we are addressing this challenge with new devices and reference designs which we will be discussing at APEC, along with many other applications where GaN can play a huge role in enabling sustainable electronics solutions that are more efficient, have high performance and are more compact.”
CGD will present three papers at APEC:
- Tuesday 27th February, 15.00-15.30 – ‘How ICeGaN™ technology can address the datacentre challenges that digitalisation brings’, with Andrea Bricconi, Chief Commercial Officer, CGD and Peter Di Maso, VP of Business Development (Americas) CGD.
- Wednesday 28th February, 09.10-09.30 – ‘Evaluation of GaN HEMT dv/dt Immunity and dv/dt induced false turn-on energy loss’, with Nirmana Perera, Application Engineer, CGD.
- Thursday 29th February, 09:45 – 10:10: ‘Monolithic integration addresses the design challenges of GaN Power devices’, with Di Chen, Director of Business Development & Technical Marketing, CGD.
On booth 1553, CGD will present a range of demos designed to showcase industry’s first easy-to-use and scalable 650 V GaN HEMT family. ICeGaN™ H2 single-chip eMode HEMTs can be driven like a MOSFET, without the need for special gate drivers, complex and lossy driving circuits, negative voltage supply requirements or additional clamping components.
Addressing the increase in power required by server and industrial applications, CGD will show a 350 W PFC/LLC reference design using ICeGaN (650 V, 55 mΩ, H2 series). With a board power density of 23 W/in3, the bridgeless CrM Totem Pole PFC plus half-bridge LLC design has a peak efficiency of 95%, (93% average) and a no-load power consumption of 150 mW.
ANDREA BRICCONI | CHIEF COMMERCIAL OFFICER, CGD:
“GaN is now accepted as a reliable and proven technology that is able to deliver high efficiency and power density simultaneously. Datacentres, with their insatiable need for power, are an obvious application for GaN, but there are many other consumer, industrial and automotive applications where GaN can also demonstrate the ability to be a disruptive technology. CGD has delivered industry’s most easy-to-use GaN technology – ICeGaN – and we are keen to share our ideas with the audience at APEC.”
Original – Cambridge GaN Devices
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Micro Commercial Components unveiled 1700V SiC MOSFET – SICW400N170A-BP. Designed to elevate power conversion in a range of applications, this MOSFET features ultra-low on-resistance of only 400mΩ and high blocking voltage capability. SICW400N170A-BP SiC MOSFET enables high-speed switching while ensuring minimal conduction losses — essential requirements for optimizing frequency-dependent systems.
A standard, yet durable TO-247AB package delivers effective operation at a gate-source voltage of 20V with superior thermal stability and an operating junction temperature of +175°C.
This unwavering reliability in harsh conditions only adds to the component’s appeal and versatility for various high-voltage applications, including EV charging stations and renewable energy systems.
Features & Benefits:
- High blocking voltage capability (1700V)
- Ultra-low on-resistance (400mΩ) enhances efficiency
- Low capacitance enables faster switching
- Excellent thermal stability
- High operating junction temperature (to +175°C)
- Standard TO-247AB package
Original – Micro Commercial Components
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Micro Commercial Components introduced its latest high-performance component — 1200V SiC N-channel MOSFET. With an impressively low on-resistance of just 28mΩ at a gate-source voltage of 18V, SICW028N120A4-BP is engineered to deliver in demanding high-power applications.
Housed in a TO-247-4 package, this MOSFET works well with the popular D2PAK 4-pin footprint and includes a Kelvin source pin for significant reduction in switching losses and a boost in energy efficiency.
A high operating junction temperature of up to +175°C and excellent thermal stability ensure this new SiC MOSFET will revolutionize power management in a diverse range of industrial and commercial devices that must perform in harsh conditions.
Features & Benefits:
- 1200V blocking voltage capability
- 28mΩ low on-resistance
- Kelvin source pin for enhanced switching
- Avalanche ruggedness for durability
- Excellent thermal stability
- High operating junction temperature range (+175°C)
- D2PAK-compatible 4-pin TO-247-4 package
Original – Micro Commercial Components
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Siltronic AG has published its forecast for the financial year 2024 in an ad-hoc announcement. Due to the weakness in demand, as a result of elevated customer inventories and the associated further postponement of delivery volumes, the Executive Board expects sales for the current financial year to be in the region of the previous year.
The first six months of the financial year 2024 are likely to be affected most by the postponement of delivery volumes, meaning that sales for this reporting period are expected to be at the level of H2 2023. The forecast is based on a Euro/US Dollar exchange rate of 1.10. On a positive note, average selling prices are expected to remain stable.
The EBITDA margin, before ramp costs, will also be in the region of the previous year. Due to the commissioning of our new state-of-the-art 300 mm fab in Singapore, the margin will be reduced by up to three percentage points compared to the previous year. Ramp costs primarily comprise energy, material and labor costs.
“Our strategic growth targets until 2028 remain unchanged. In the short-term, however, the continuing weakness in demand will weigh on the development in the financial year 2024. In addition, the expected ramp costs for our new 300 mm fab in Singapore will become noticeable. With the increase in production volume over the next few years, the fab will contribute significantly to the profitable growth of Siltronic. Therefore, we stick to our medium-term ambition and expect sales to grow to more than EUR 2.2 billion and an EBITDA margin in the high 30’s until 2028,” commented Dr. Michael Heckmeier, CEO of Siltronic AG.
The Executive Board expects a noticeable reduction in energy and material costs (before ramp costs) in 2024 compared to the previous year. However, the positive effect will roughly be compensated by rising labor tariffs and the lower currency hedging result compared to the previous year. The high level of capital expenditure in recent years will almost double depreciation and amortization compared to the previous year. As a result, the EBIT will be significantly lower than in the previous year.
As already announced, capital expenditure will be more than halved compared to the previous year’s record level of EUR 1,316 million. Therefore, the company expects a significant improvement in net cash flow, although it will still remain significantly negative.
Growth targets until 2028 remain unchanged
As communicated in November 2023, significant sales growth to more than EUR 2.2 billion and an improvement of the EBITDA margin to the high 30’s are expected until 2028. This confidence is driven by the increasing relevance of global megatrends such as artificial intelligence, digitalization and electromobility and will lead to a sharp rise in demand for semiconductors and therefore also for wafers. The increase in Group profitability will be primarily driven by expected volume growth and higher cost efficiency, which will be significantly above the expected inflation-related cost increases.
Future use of funds with focus on growth, innovation and debt reduction –
Dividend proposal of EUR 1.20 for 2023 due to persistent weakness in demandSiltronic will use the cash flows generated as a result of the above mentioned targets primarily for further organic growth, strengthening its innovative power and reducing debt. The latter had increased noticeably due to the high level of capital expenditure in the recent past. Nevertheless, Siltronic shareholders will continue to participate in the company’s success through a dividend. In view of the current difficult market situation, the Executive Board will propose to the Annual General Meeting on May 13, 2024 the payment of a dividend of EUR 1.20 per share for the financial year 2023 and thus a payout ratio of around 20 percent of the Group profit attributable to Siltronic shareholders.
“As a company in a capital-intensive and cyclical industry, we know how important a solid balance sheet policy and a forward-looking liquidity management are. That is why we will put an even stronger focus on our costs and capex this year. In view of the upcoming refinancing needs, we are convinced that our dividend proposal of EUR 1.20 represents an appropriate balance between capital discipline on the one hand and dividend continuity for our shareholders on the other,” explains Claudia Schmitt, CFO of Siltronic AG.
Despite this noticeable reduction compared to the previous year, Siltronic confirms its dividend policy for the future, according to which around 40 percent of the Group profit determined in accordance with IFRS principles, attributable to the shareholders of Siltronic AG, will be distributed. The upper limit remains unchanged at EUR 3.00 per dividend-bearing share.
Original – Siltronic
