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STMicroelectronics N.V. (“ST”) reported U.S. GAAP financial results for the third quarter ended September 28, 2024. ST reported third quarter net revenues of $3.25 billion, gross margin of 37.8%, operating margin of 11.7%, and net income of $351 million or $0.37 diluted earnings per share. Jean-Marc Chery, ST President & CEO, commented:
- “Q3 net revenues were in line with the midpoint of our business outlook range. Our revenues, compared to our expectations, were higher in Personal Electronics, declined less in Industrial and were lower in Automotive. Q3 gross margin of 37.8% was broadly in line with the mid-point of our business outlook range.”
- “First nine months net revenues decreased 23.5% year-over-year across all reportable segments, particularly in Microcontrollers, which is impacted by a continuing weakness in the Industrial market. Operating margin was 13.1% and net income was $1.22 billion.”
- “Our fourth quarter business outlook, at the mid-point, is for net revenues of $3.32 billion, decreasing yearover-year by 22.4% and increasing sequentially by 2.2%; gross margin is expected to be about 38%, impacted by about 400 basis points of unused capacity charges.”
- “The midpoint of this outlook translates into full year 2024 revenues of about $13.27 billion, representing a 23.2% year-over-year decrease, in the low-end of the range indicated in the previous quarter, and a gross margin slightly below that provided in such indication.”
- “Based on our current customer order backlog and demand visibility, we anticipate a revenue decline between Q4 2024 and Q1 2025 well above normal seasonality.”
- “We are launching a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon (Agrate and Crolles) and 200mm Silicon Carbide (Catania) and resizing our global cost base. This program should result in strengthening our capability to grow our revenues with an improved operating efficiency resulting in annual cost savings in the high triple-digit million-dollar range exiting 2027.”
Original – STMicroelectronics
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Renesas Electronics Corporation announced consolidated financial results in accordance with IFRS for the nine months ended September 30, 2024.
Summary of Consolidated Financial Results (Note 1)
Summary of Consolidated Financial Results (Non-GAAP basis) (Note 2)
Three months ended September 30, 2024 Nine months ended September 30, 2024 Billion Yen % of Revenue Billion Yen % of Revenue Revenue 345.3 100.0 1,055.9 100.0 Gross profit 192.8 55.9 595.7 56.4 Operating profit 98.4 28.5 322.5 30.5 Profit attributable to owners of parent 86.0 24.9 288.5 27.3 EBITDA (Note 3) 121.4 35.2 388.0 36.7 Summary of Consolidated Financial Results (IFRS basis)
Three months ended September 30, 2024 Nine months ended September 30, 2024 Billion yen % of Revenue Billion yen % of Revenue Revenue 345.3 100.0 1,055.9 100.0 Gross profit 192.2 55.7 590.6 55.9 Operating profit 57.2 16.6 204.8 19.4 Profit attributable to owners of parent 60.6 17.6 200.3 19.0 EBITDA (Note 3) 109.0 31.6 355.3 33.7 Reconciliation of Non-GAAP gross profit to IFRS gross profit and Non-GAAP operating profit to IFRS operating profit
(Billion yen)
Three months ended September 30, 2024 Nine months ended September 30, 2024 Non-GAAP gross profit
Non-GAAP gross margin192.8
55.9%595.7
56.4%Amortization of purchased intangible assets and depreciation of property, plant and equipment (0.2) (0.8) Stock-based compensation (0.8) (2.1) Other reconciliation items in non-recurring
expenses and adjustments (Note 4)0.4 (2.4) IFRS gross profit
IFRS gross margin192.2
55.7%590.6
55.9%Non-GAAP operating profit
Non-GAAP operating margin98.4
28.5%322.5
30.5%Amortization of purchased intangible assets and depreciation of property, plant and equipment (28.7) (85.0) Stock-based compensation (10.0) (24.9) Other reconciliation items in non-recurring expenses and adjustments (Note 4) (2.4) (7.8) IFRS operating profit
IFRS operating margin57.2
16.6%204.8
19.4%Note 1: All figures are rounded to the nearest 100 million yen.
Note 2: Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP (IFRS) figures following a certain set of rules. The Group believes non-GAAP measures provide useful information in understanding and evaluating the Group’s constant business results.
Note 3: Operating profit + Depreciation and amortization.
Note 4: “Other reconciliation items in non-recurring expenses and adjustments” includes the non-recurring items related to acquisitions and other adjustments as well as non-recurring profits or losses the Group believes to be applicable.
Original – Renesas Electronics
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Mitsubishi Electric Corporation announced its consolidated financial results for the second quarter (first half), ended September 30, 2024, of the current fiscal year ending March 31, 2025 (fiscal 2025).
Original – Mitsubishi Electric
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Ideal Power Inc. announced that the Company received orders from a global Tier 1 automotive supplier, a NYSE listed company. This global customer serves many automotive OEMs and is a leading supplier of sensors and electrical protection component solutions for automobile electrification and electric vehicles (EVs). They represent the latest addition to the Company’s customer list of Tier 1 suppliers targeting the EV market.
The Company is meeting regularly with this Tier 1 auto supplier and educating them on the benefits of B-TRAN™ in EV applications. As a result of these ongoing discussions, the customer placed orders for numerous discrete B-TRAN™ devices, a SymCool® power module, a solid-state circuit breaker evaluation board and a driver. This customer is interested in using B-TRAN™ for solid-state EV contactor applications.
“We are pleased to see another global Tier 1 automotive supplier securing B-TRAN™ products as part of their desire to bring lower cost, more efficient semiconductor solutions to their numerous automotive OEM customers. We are also working to advance other Tier 1 auto suppliers in our sales pipeline to orders and then to custom development agreements and/or design wins,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. “Overall, we are leveraging our success with Stellantis to attract and engage other auto OEMs as well as the Tier 1 auto suppliers that provide sub-systems to these global automakers.”
Contactors serve as cutoff switches for high voltage applications in EVs. They play a critical role in isolating the battery, inverter, and onboard charger to ensure safety when the vehicle is off or being serviced. In a collision, power must be shut off from downstream systems to prevent further complications or damage. Contactors are bidirectional and there are typically 4 to 6 high-power contactors in every EV. The high-power EV contactor market is forecasted to grow to over $3.7 billion in 2025 and the Company believes that, over time, solid-state contactors will potentially displace electromechanical contactors in half or more of this market.
Solid-state contactors provide several benefits over electromechanical contactors. They act much faster, thereby eliminating arcing and improving safety, and are more reliable as they do not include physical contacts subject to wear. In addition, they provide programmable settings for trip and current limits as well as built-in safety diagnostics. Solid-state contactors are also expected to cost less than electromechanical contactors in EV applications.
Original – Ideal Power
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Navitas Semiconductor will showcase its latest innovations at the 2024 China Power Electronics and Energy Conversion Conference and the 27th Annual Academic Conference and Exhibition of the China Power Supply Society (CPEEC & CPSSC 2024), held in Xi’an from November 8th – 11th, 2024.
At ‘Planet Navitas’ (Booth 3-011), visitors can discover the AI Power Roadmap, which showcases the world’s first 8.5 kW OCP AI data center power supply implementing GaNSafe and Gen-3 Fast SiC MOSFETs, alongside the highest power density 4.5 kW AI data center power supply on the planet. Navitas also developed the ‘IntelliWeave’ patented digital control combined with high-power GaNSafe™ and Gen 3-Fast SiC MOSFETs, optimized for AI data center power supplies, enabling PFC peak efficiencies to 99.3% and reducing power losses by 30% compared to existing solutions.
Additionally, industry-leading solutions include a 6.6kW 2-in-1 EV on-board charger (OBC) utilizing a hybrid GaNSafe and GeneSiC design and fast-charging solutions for consumer electronics with the latest GaNSlim family.
The new GaNSlim family offers a highly integrated GaN solution with autonomous EMI control and loss-less sensing that enables the industry’s fastest, smallest, and most efficient solution in an optimized DPAK-4L package, ideal for mobile, consumer, and home appliance applications up to 500 W.
Enabled by over 20 years of SiC innovation leadership, GeneSiC technology leads on performance with the Gen-3 Fast SiC MOSFETs with ‘trench-assisted planar’ technology. This proprietary technology provides world-leading performance over temperature, delivering cool-running, fast-switching, and superior robustness to support up to 3x more powerful AI data centers and faster charging EVs.
As China’s premier power electronics event, CPSSC gathers industry leaders, researchers, and enterprises to explore breakthrough technologies shaping the future of power electronics. This year’s focus is on high-efficiency, high-power density solutions. “CPSSC is a key platform to showcase Navitas’ role in advancing power electronics,” said Charles Zha, VP & GM of Navitas China. “Our GaNSafe, GaNSlim, and Gen-3 Fast SiC technologies highlight our commitment to enabling higher efficiency, faster charging, and more powerful applications, aligning with CPSSC’s vision of powering the future.”
Navitas will also present technical papers and host industrial sessions, sharing insights into GaN and SiC technologies and their real-world applications.
Navitas’ CPSSC 2024 Program Highlights:
- November 10
- Paper Presentation:
Research on Parasitic False Turn-On Behaviour of SiC MOSFETs with 0V Turn-Off Gate Voltage
13:20-13:40 | Xiangyang Zhou, Bin Li, Xiucheng Huang, Jason Zhang - Industrial Session:
Bi-Directional GaN for Improving Efficiency in Micro-Inverters
14:30-15:00 | Simon Qin, Sr. Staff Application Engineer
- November 11
- Technical Presentation:
Achieving 99.4% Efficiency in GaN-based Interleaving CrM TTP PFC
08:30-09:00 | Wenhao Yu, Sr. Application Engineer - Technology Showcase:
GaNSlim IC: Redefining Efficiency in Cost-Effective Power Supplies
10:20-10:50 | Ye Hu, Technical Marketing Manager - Industry Insights:
Opportunities and Challenges of Single-Stage Converters for On-Board Chargers
13:00-13:30 | Justin Zhu, Sr. Technical Marketing Manager
Original – Navitas Semiconductor
