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Axcelis Technologies, Inc. announced financial results for the fourth quarter and full year ended December 31, 2024.
For the full year 2024, the Company reported revenue of $1.02 billion, compared with $1.13 billion for the full year 2023. Systems revenue for the year was $782.6 million, compared to $883.6 million in 2023. Operating profit was $210.8 million in 2024, compared to $265.8 million in 2023. Net income for the year was $201 million with diluted earnings per share of $6.15, compared to net income of $246.3 million and diluted earnings per share of $7.43 in 2023. Gross margin for the year was 44.7%, compared to 43.5% in 2023.
The Company reported fourth quarter revenue of $252.4 million, compared to $256.6 million for the third quarter of 2024. Gross margin for the quarter was 46.0%, compared to 42.9% in the third quarter. Operating profit for the quarter was $54.5 million, compared to $46.9 million for the third quarter. Net income for the quarter was $50 million, or $1.54 per diluted share, compared to $48.6 million, or $1.49 per diluted share in the third quarter.
President and CEO Russell Low commented, “Axcelis exited the year on a strong note, with fourth quarter revenue and profitability exceeding our expectations. As we look ahead to 2025, we anticipate a near term cyclical digestion period, as customers absorb the robust investments they’ve made into mature node capacity over the past few years – particularly in China. We are focused on capturing the long-term growth opportunities that lie ahead by investing in product innovation, managing our costs, and working closely with customers on their technology roadmaps – all of which will put us in an even stronger position for the next upturn.”
Executive Vice President and Chief Financial Officer Jamie Coogan said, “We are pleased with our financial execution in 2024. Despite a decline in revenue, we were able to deliver higher gross margins, generate solid free cash flow, return capital to shareholders via buyback, and exit the year with a stronger balance sheet that allows us to invest during this cyclical digestion period and drive long term value creation.”
For the first quarter ending March 31, 2025, Axcelis expects revenues of approximately $185 million, and earnings per diluted share of approximately $0.38.
Original – Axcelis Technologies
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Efficient Power Conversion Corporation (EPC) announced the release of the 4th edition of its groundbreaking textbook, GaN Power Devices for Efficient Power Conversion.
This latest edition reflects the rapid advancements in GaN technology and its transformative impact across various industries, including renewable energy, electric vehicles, data centers, robotics, and space applications. Co-authored by EPC CEO Dr. Alex Lidow and a team of GaN experts, the textbook remains an indispensable resource for engineers, students, and industry innovators looking to stay at the forefront of power electronics.
What’s New in the 4th Edition
- Expanded coverage on the integration of GaN into new applications such as AI servers, autonomous systems, and eMobility
- Updates on design techniques that maximize GaN’s superior efficiency, power density, and thermal performance
- Comprehensive insights into GaN ICs and their role in simplifying complex designs and improving system reliability
- A dedicated section on the latest advancements in GaN reliability and manufacturability
- Real-world application examples, case studies, and practical design tips for engineers.
“Since its inception, this textbook has guided engineers and innovators adopting GaN,” said Dr. Alex Lidow, CEO and co-author. “The 4th edition deepens understanding of GaN’s capabilities and empowers readers to unlock its full potential.”
This edition underscores EPC’s commitment to educating the power electronics community and supporting the adoption of GaN as the go-to technology for efficient power conversion. The textbook is available for purchase through Wiley.
Availability and Additional Resources
The 4th edition of GaN Power Devices for Efficient Power Conversion is available now. For additional resources, including evaluation boards, design support tools, and application notes, visit epc-co.com.
Original – Efficient Power Conversion
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SemiQ Inc has announced the QSiC 1200V MOSFET, a third-generation SiC device that shrinks the die size while improving switching speeds and efficiency.
The device is 20% smaller versus QSiC’s second-generation SiC MOSFETs and has been developed to increase performance and cut switching losses in high-voltage applications. SemiQ is targeting a diverse range of markets including EV‑charging stations, solar inverters, industrial power supplies and induction heating.
It will be on display for the first time at the Applied Power Electronics Conference (APEC), on March 16-20, 2025.
In addition to having a drain-to-source voltage (VDS) of 1200 V, the MOSFET reduces total switching losses to 1646 µJ and has a low on-resistance (RDS,on) of 16.1 mΩ. It is available as a bare die or in a four-pin TO-247 4L discrete package measuring 31.4 x 16.1 x 4.8 mm, which includes a reliable body diode and a driver-source pin for gate driving.
High-quality Known Good Die (KGD) testing has been conducted using UV tape and Tape & Reels, with all parts undergoing testing and verification at voltages exceeding 1400V, as well as being avalanche tested to 800 mJ. Reliability is further improved through the device’s 100% wafer-level gate oxide burn-in screening and 100% UIL testing of discrete packaged devices.
The device has been developed to have a low reverse recovery charge (QRR 470 nC) and lower capacitance, improving switching speed, switching losses, EMI and overall efficiency; to be easy to parallel; and with a longer creepage distance (9 mm), improving electrical insulation, voltage tolerance and reliability.
Dr. Timothy Han, President at SemiQ said: “The move to Gen3 SiC further increases the benefits of SiC MOSFETs over IGBTs. These devices not only deliver vastly improved performance, but cut die size and cost versus previous generations. As a result, the launch of the QSiC 1200V opens the technology, and its benefits, to a far greater range of applications. The device delivers industry leading performance figures, notably on gate threshold voltage, and we’re delighted to be demonstrating this first at APEC.”
The QSiC 1200V MOSFETs has a continuous operational and storage temperature of -55oC to 175oC. It has a recommended operational gate-source voltage of -4/18 V, with a VGSmax of -8/22 V, and a power dissipation of 484 W (core and junction temperature 25oC).
For static electrical characteristics, the device has a junction-to-case thermal resistance of 0.26oC per watt (40oC per watt junction to ambient). Its Zero gate voltage drain current is 100 nA, with a gate-source voltage current of 10 nA. Its AC characteristics include a turn-on delay time of 21 ns with rise time of 25 ns; its turn-off delay time is 65 ns with a fall time of 20 ns.
An increased range of resistances is available in bare-die and TO-247 4L packages with the following options:
- 16 mΩ: GP3T016A120X / GP3T016A120H
- 20 mΩ: GP3T020A120X / GP3T020A120H
- 40 mΩ: GP3T040A120X / GP3T040A120H
- 80 mΩ: GP3T080A120X / GP3T040A120H
Both the 16 mΩ (AS3T016A120X / AS3T016A120H) and 40 mΩ (AS3T040A120X / AS3T040A120H) options have been qualified for Automotive Applications Product Validation according to AEC-Q101.
The SemiQ QSiC 1200V will be on display at the Georgia World Congress Center in Atlanta, from March 16 to 20, 2025. Visitors to SemiQ’s booth #1348 will have the opportunity to explore the new third-generation MOSFETs.
Original – SemiQ
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Cambridge GaN Devices (CGD) has announced that Henryk Dabrowski, appointed as SVP of Global Sales at the innovative GaN IC company last year, will lead CGD’s global sales strategy, building on the successes to date, by expanding into additional markets exploiting the significant advantages that ICeGaN® offers. As part of that expansion, CGD is growing its sales organisation and will be hiring regional sales managers for both EMEA and North America, who will report to Dabrowski.
HENRYK DABROWSKI | SVP OF GLOBAL SALES, CGD
“GaN is now generally acknowledged to be a disruptive power semiconductor technology with an established growth trajectory, enabling high efficiency, high power density and miniaturisation. It is a perfect opportunity for CGD, which has demonstrated the ruggedness, reliability and ease of use of its ICeGaN® GaN IC technology. I am, therefore, delighted to be leading the sales focus as we scale up with major global customers in applications including servers, data centres, inverters, industrial power supplies and, in the near future, automotive EV applications.”GIORGIA LONGOBARDI | CEO & CO-FOUNDER, CGD
“I am thrilled to have Henryk onboard. His extensive industry expertise, strategic vision and proven success will enable CGD’s rapid expansion into new markets world-wide. As the demand for power significantly increases due to AI and the electrification of vehicles, I am confident that Henryk’s expertise will be key to accelerating commercial adoption of CGD’s effortless and energy-efficient ICeGaN® GaN ICs.”Dabrowski has over 30 years’ experience in technology design, commerce and sales leadership. Most recently, he built and led sales and applications teams for Vicor in EMEA. A Chartered Engineer (CEng) with the Institute of Engineering and Technology (IET), Dabrowski previously held commercial roles at Texas Instruments and Infineon, and also has experience within the distribution sales channel.
Original – Cambridge GaN Devices
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Navitas Semiconductor’s 8.5kW power supply unit (PSU), powered by GaNFast™ and GeneSiC™ technologies, has been recognized for its innovative design. Tailored for AI and hyperscale data centers, the PSU achieves 98% efficiency while meeting Open Compute Project (OCP) and Open Rack v3 (ORv3) specifications.
The design minimizes ripple current, EMI, and device count by 25%, reducing costs. Its 3-phase LLC topology utilizes GaNSafe™ technology with integrated control, drive, sensing, and protection, along with Gen-3 Fast SiC MOSFETs for enhanced performance and reliability.
Original – Navitas Semiconductor
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SUMCO Corporation announced plans to transfer wafer production from the Miyazaki Plant of consolidated subsidiary SUMCO TECHXIV Corporation to other manufacturing facilities, with the aim of improving profitability by reorganizing the production of silicon wafers of 200 mm and smaller.
The current silicon wafer market environment is in a prolonged sluggish demand phase, due to such factors as the drop-off from extraordinary demand during the COVID-19 pandemic, and structural changes in the semiconductor supply chain occasioned by US-China friction.
Drawdown of 300 mm wafer inventories by customers is taking time, as semiconductor production adjustments continue; but overall demand is expected to recover gradually thanks to strong needs for leadingedge products for AI semiconductors and high-performance memory. Demand remains sluggish, however, for small-diameter wafers mainly for consumer, industrial, and automotive uses. Wafers of 150 mm and smaller, in particular, are expected to see falling demand, with customers shifting to 200 mm wafers or lowering their production capacity as manufacturing equipment reaches its end of life.
In this market environment, the SUMCO Group has decided to reorganize the Miyazaki Plant to improve efficiency through consolidation of the production capacity of small wafers. The Miyazaki Plant will become a factory solely for monocrystalline production, while wafer production will be transferred to other domestic plants in the SUMCO Group and to Indonesia, ending wafer production in Miyazaki by the end of 2026.
SUMCO intends to reassign employees affected by the reorganization to 300 mm wafer operations after the end of wafer production in Miyazaki. With this reorganization, expenses for business structural reforms have been posted for fiscal 2024 as extraordinary losses totaling 5.8 billion yen, consisting of an impairment loss on non-current assets of 4.6 billion yen and an inventory write-down, etc., of 1.2 billion yen.
The SUMCO Group is committed to ongoing efficiency-raising initiatives, including reorganization of production facilities. Moreover, with the accelerating pace of innovation in semiconductor technology, in addition to strategically making use of advanced manufacturing equipment currently under preparation for operation, we will focus management resources on modernizing equipment in existing 300 mm plants and boost our capacity for supplying leading-edge products for AI with their remarkable growth, as we strive to further raise our corporate value.
Original – SUMCO
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onsemi announced its fourth quarter and fiscal year 2024 results with the following highlights:
- Fourth quarter revenue of $1,722.5 million
- Fourth quarter GAAP gross margin and non-GAAP gross margin of 45.2% and 45.3%, respectively
- Fourth quarter GAAP operating margin and non-GAAP operating margin of 23.7% and 26.7%, respectively
- Fourth quarter GAAP diluted earnings per share of $0.88 and non-GAAP diluted earnings per share of $0.95, respectively
- Full year 2024 free cash flow of $1.2 billion, a 3X increase year-over-year
“As we continue to navigate this market downturn, our actions over the last four years have proven we are a structurally different company that is well-equipped to navigate prolonged volatility,” said Hassane El-Khoury, president and CEO, onsemi. “While 2025 remains uncertain, we remain committed to our long-term strategy. We will maintain our financial discipline, streamline our operations and continue to deliver high-value, differentiated intelligent power and sensing solutions that position onsemi to emerge even stronger.”
Original – onsemi
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Power Integrations announced financial results for the quarter and year ended December 31, 2024. Net revenues for the fourth quarter were $105.2 million, down nine percent from the prior quarter and up 18 percent from the fourth quarter of 2023. GAAP net income for the fourth quarter was $9.1 million or $0.16 per diluted share compared to $0.25 per diluted share in the prior quarter and $0.25 per diluted share in the fourth quarter of 2023. Cash flow from operations for the fourth quarter was $14.7 million.
In addition to its GAAP results, the company provided non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the related tax effects. Non-GAAP net income for the fourth quarter of 2024 was $17.2 million or $0.30 per diluted share compared to $0.40 per diluted share in the prior quarter and $0.22 per diluted share in the fourth quarter of 2023. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.
For the full year, net revenues were $419.0 million, compared to $444.5 million in the prior year. Full-year GAAP net income was $32.2 million or $0.56 per diluted share, compared to $0.97 per diluted share in the prior year. Non-GAAP net income was $1.16 per diluted share, compared to $1.29 per diluted share in the prior year. Cash flow from operations for the full year was $81.2 million.
Commented Balu Balakrishnan, chairman and CEO of Power Integrations: “Fourth-quarter revenues were up 18 percent year-over-year, and we expect another double-digit increase in the first quarter. While the demand outlook is cloudy, especially in light of uncertainty around trade policy, we expect growth in a variety of end-markets in 2025, including renewable energy, high-voltage DC transmission, metering, automotive, appliances and more. Products featuring our proprietary PowiGaN™ technology should contribute significant growth this year as adoption accelerates across a broad set of high-voltage power-conversion applications.”
Additional Highlights
- Power Integrations paid a dividend of $0.21 per share on December 31, 2024. A dividend of $0.21 per share will be paid on March 31, 2025, to stockholders of record as of February 28, 2025.
- The company utilized $1.9 million for share repurchases during the fourth quarter, leaving $48.1 million remaining on its repurchase authorization as of December 31.
Financial Outlook
The company issued the following forecast for the first quarter of 2025:
- Revenues are expected to be flat compared to the fourth quarter of 2024, plus or minus five percent.
- GAAP gross margin is expected to be between 55 percent and 55.5 percent, and non-GAAP gross margin is expected to be between 55.5 percent and 56 percent. The difference between GAAP and non-GAAP is primarily attributable to stock-based compensation, with a smaller impact from amortization of acquisition-related intangible assets.
- GAAP operating expenses are expected to be approximately $54 million; non-GAAP operating expenses are expected to be approximately $45 million. Non-GAAP operating expenses are expected to exclude approximately $9 million of stock-based compensation.
Original – Power Integrations
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MCC Semi announced four new components in advanced P-channel MOSFET lineup. Supporting -100V applications from battery protection to motor drives and high-side switches, MCAC085P10, MCAC055P10, MCU055P10, and MCU085P10 are made for reliability in challenging environments.
With a maximum on-resistance of 55mΩ or 85mΩ, these MOSFETs improve overall system efficiency while reducing power dissipation. Leveraging trench technology and superior thermal performance, these versatile solutions provide engineers with high power density in a compact DFN5060 or DPAK package.
New P-channel MOSFETs are the obvious choice for unmatched performance and effective power management.
Features & Benefits:
- Trench MOSFET Technology: Enhances current capacity and reduces on-resistance
- Low On-Resistance: A maximum RDS(on) of 55mΩ or 85mΩ minimizes power consumption and boosts efficiency
- Low Conduction Losses: Reduce heat generation while improving overall system operation
- Excellent Thermal Performance: Safeguards device from overheating during use in high-temp scenarios
- High Power Density: Available in compact DFN5060 and DPAK package options
Original – Micro Commercial Components
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Infineon Technologies AG successfully placed a corporate bond with a volume of €750 million under its EMTN (European Medium Term Notes) program. The issue was several times oversubscribed. The bond has an annual coupon of 2,875% and a term of five years.
“With this successful transaction, Infineon was able to refinance upcoming maturities at very favorable conditions,” says Matthias Wolff, Head of Corporate Finance at Infineon.
The bond is issued in partial debentures with a nominal value of EUR 100,000 each and was placed exclusively with qualified institutional investors. The proceeds will be used for general business financing and the refinancing of maturing debt. Infineon last placed a corporate bond with a volume of €500 million under its EMTN program in February 2024.
Original – Infineon Technologies
