-
Vishay Intertechnology, Inc. announced results for the fiscal second quarter ended June 29, 2024.
Highlights
- 2Q 2024 revenues of $741.2 million
- Gross margin was 22.0% and included the negative impact of approximately 170 basis points related to the addition of Newport
- EPS of $0.17
- 2Q 2024 book-to-bill of 0.86 with book-to-bill of 0.82 for semiconductors and 0.90 for passive components
- Backlog at quarter end was 4.6 months
“During the second quarter, we executed well on our Vishay 3.0 strategic plan, deepening our customer engagements supported by capacity that has landed and that we will continue to expand, and advancing our silicon carbide strategy as we prepare for the megatrends in sustainability and e-mobility,” said Joel Smejkal, President and CEO.
“Revenue, including a full quarter of Newport, was flat quarter over quarter, primarily reflecting schedule agreement adjustments by automotive Tier 1 customers. At mid-year 2024, it is apparent that the industry recovery is taking longer than we had expected at the beginning of the year. As a result, we are adjusting the timetable of the Itzehoe, Germany expansion project beyond 2024 while holding to our planned capital investment of $2.6 billion between 2023 and 2028. For 2024, we now plan to invest between $360 million to $390 million in capex.”
3Q 2024 Outlook
For the third quarter of 2024, management expects revenues in the range of $745 million +/- $20 million, with gross profit margin in the range of 21.0% +/- 50 basis points, including the negative impact of approximately 175 to 200 basis points from the addition of Newport.Original – Vishay Intertechnology
-
Ideal Power Inc. is collaborating with a third global automaker. This global automaker is working closely and meeting regularly with Ideal Power engineers on the use of B-TRAN™-enabled contactors to potentially replace electromechanical contactors in its electric vehicles (EVs).
“We are delighted to announce this collaboration with a third global automaker for the evaluation of B-TRAN™ in a new EV application for us. Their initial focus is on EV contactors. Solid-state contactors in EVs are an emerging market and our technology is potentially enabling for this application due to its very low conduction losses and inherent bidirectionality. This represents another engagement for us with the world’s leading automakers along with our previously announced engagements with Stellantis and a second Top 10 global automaker,” said Dan Brdar, President and Chief Executive Officer of Ideal Power.
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. 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 are much faster acting, 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
-
Veeco Instruments Inc. announced financial results for its second quarter ended June 30, 2024. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”).
Second Quarter 2024 Highlights:
- Revenue of $175.9 million, compared with $161.6 million in the same period last year
- GAAP net income of $14.9 million, or $0.25 per diluted share, compared with net loss of $85.3 million, or $1.61 loss per diluted share in the same period last year
- Non-GAAP net income of $25.4 million, or $0.42 per diluted share, compared with $20.6 million, or $0.36 per diluted share in the same period last year
“We delivered solid second quarter results in line with our guidance, led by our Semiconductor business,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “Demand for our Laser Annealing systems remains strong, highlighted by record revenue during the quarter. We’re also pleased to have received follow-on LSA orders for a leading logic customer’s gate-all-around process, as well as follow-on business from our Tier 1 DRAM customer to support their planned expansion.”
Guidance and Outlook
The following guidance is provided for Veeco’s third quarter 2024:
- Revenue is expected in the range of $170 million to $190 million
- GAAP diluted earnings per share are expected in the range of $0.21 to $0.31
- Non-GAAP diluted earnings per share are expected in the range of $0.39 to $0.49
Original – Veeco Instruments
-
GlobalFoundries Inc. announced preliminary financial results for the second quarter ended June 30, 2024.
Key Second Quarter Financial Highlights
- Revenue of $1.632 billion
- Gross margin of 24.2% and Non-IFRS gross margin of 25.2%
- Operating margin of 9.5% and Non-IFRS operating margin of 13.0%
- Net income of $155 million and Non-IFRS net income of $211 million
- Non-IFRS Adjusted EBITDA of $610 million
- Cash, cash equivalents and marketable securities of $4.1 billion
- Year to date net cash provided by operating activities of $890 million and Non-IFRS adjusted free cash flow of $563 million
“In the second quarter, GF delivered financial results that exceeded the mid-point of the guidance ranges we provided in our May earnings release, thanks to the dedication of our employees across the world. We remain focused on a disciplined capex strategy and strong cash flow, with over $500 million of cumulative Non-IFRS adjusted free cash flow generation in the first half of 2024,” said Dr. Thomas Caulfield, president and CEO of GF. “I am proud of how well our teams are partnering with our customers on new design wins, delivering best in class technologies and executing our long-term plans.”
Recent Business Highlights
- GF announced that it has acquired Tagore Technology’s proprietary and production-proven Power Gallium Nitride (GaN) business, including its design team and IP portfolio. The acquisition expands GF’s power IP portfolio and aligns with GF’s objectives to support our customers in the rapidly expanding GaN power devices sector.
- BAE Systems and GF announced a new collaboration to strengthen the supply of critical semiconductors for national security programs. Together, the companies will collaborate on R&D in a range of areas, including advanced packaging, GaN, silicon photonics and process development.
- GF released its 2024 Corporate Sustainability Report, which highlights the breadth of GF’s efforts and progress in the areas of sustainability, social responsibility and corporate governance. GF strives to innovate and partner with customers to enable new, smarter and more efficient technologies while also minimizing our impact on the environment, driving positive change and creating lasting value.
Original – GlobalFoundries
-
Nexperia announced that the ongoing expansion of its NextPower 80 V and 100 V MOSFET portfolio is continuing apace with the release of several new LFPAK devices in industry-standard 5×6 mm and 8×8 mm footprints. These new NextPower 80/100 V MOSFETs are optimized for low (RDSon) and low Qrr, to deliver high efficiency and low spiking in applications including servers, power supplies, fast chargers and USB-PD as well as for a wide range of telecommunications, motor control and other industrial equipment. Designers can choose from a range of 80 V and 100 V devices, with (RDSon) from 1.8 mΩ to 15 mΩ.
Many MOSFET manufacturers focus on achieving high efficiency through low QG(tot) and low QGD, when benchmarking the switching performance of their devices against alternative offerings. However, through extensive research, Nexperia has identified Qrr as being even just as important due to its impact on spiking and, in turn, the amount of electromagnetic interference (EMI) generated during device switching.
By focusing on this parameter, Nexperia has considerably reduced the level of spiking produced by its NextPower 80/100 V MOSFETs and hence also lowered the amount of EMI they produce. This brings significant benefits for end users by reducing the probability of a costly late-stage redesign to include additional external components if their application fails electromagnetic compatibility (EMC) testing.
The on-resistance (RDSon) of these new MOSFETs has been reduced by up to 31% compared to currently available devices. Nexperia also plans to further strengthen its NextPower 80/100 V portfolio later this year with the release of an additional LFPAK88 MOSFET offering RDS(on) down to 1.2 mΩ @ 80 V, as well as introducing the power dense CCPAK1212 to the portfolio. To further support design-in and qualification of these devices, Nexperia offers the availability of award-winning interactive datasheets, providing engineers with comprehensive and user-friendly insights into device behavior.
Original – Nexperia
-
Navitas Semiconductor announced unaudited financial results for the second quarter ended June 30, 2024.
“We are pleased with our Q2 results at the high end of our guidance, major new design wins, and significant technology advances and launches,” said Gene Sheridan, CEO and co-founder. “Our leading- edge technology is fueling robust customer pipeline growth in each end market, led by AI data centers with multiple customers ramping production with our GaN and SiC-based power systems.”
2Q24 Financial Highlights
- Revenue: Total revenue grew to $20.5 million in the second quarter of 2024, a 13% increase from $18.1 million in the second quarter of 2023.
- Loss from Operations: GAAP loss from operations for the quarter was $31.1 million, compared to a loss of $27.2 million for the second quarter of 2023. On a non-GAAP basis, loss from operations for the quarter was $13.3 million compared to a loss of $9.6 million for the second quarter of 2023.
- Cash: Cash and cash equivalents were $112.0 million as of June 30, 2024, with no debt.
Market, Customer and Technology Highlights
- Enterprise / AI Data Center: Growing family of AC-DC power platforms up to 10 kW to meet nVidia’s Hopper-Blackwell-Rubin roadmap, with up to 480 kW power demand per rack. Optimized combination of industry-leading Gen-3 Fast SiC and GaNSafe™ technologies sets new AC-DC efficiency (97%) and power density (140 W/in3) benchmarks. Customer pipeline doubled since December ’23 investor day, with over 60 customer projects in development, and another 7 data center design wins in Q2.
- EV / eMobility: Strong growth in customer pipeline, now with over 200 projects. Strong interest in 22 kW on-board charger platform, contributing to 15 design wins in Q2, and on-track for first GaN revenues in EV by the end of 2025.
- Appliance / Industrial: Customer pipeline grew beyond the $380 million stated in December, with revenue ramp expected in 2025 across diverse customers and regions, including 7 of the top 10 appliance leaders. 25 new project wins expected to ramp production in 2025 or 2026, including haircare, washers, dryers, refrigerators, heat pumps, industrial HVAC, robotics and automation applications.
- Solar / Energy Storage: As displacement technologies, SiC (for string inverters and storage) and GaN (for micro-inverters) are replacing legacy silicon chips, with over 100 customer projects, including the majority of the top 10 solar players. 6 new commercial design wins in Q2, and on track for expected US GaN-based micro-inverter ramp next year.
- Mobile / Consumer: Mobile customers increasing GaN adoption for their fast-charger portfolios. GaN adoption at Xiaomi and OPPO is expected to be 30% in 2024. Following wins for Samsung’s Galaxy S23 and S24 phones, Navitas now powers chargers for Samsung’s new Galaxy Z Flip6, Z Fold6 and all A-series phones. In notebook PCs, GaNFast was adopted again by Lenovo and Dell. Overall, another 16 GaNFast chargers launched in Q2, bringing the all-time total to over 470 designs, and Navitas remains #1 in mobile fast charging.
- New GaNSlim™ Portfolio: with integration, ease-of-use and low-cost manufacturing methods – continues to grow the customer pipeline, now with over 50 customer projects across mobile, consumer and home appliance markets.
Business Outlook
Third quarter 2024 net revenues are expected to be $22.0 million plus or minus $500 thousand. Non-GAAP gross margin for the third quarter is expected to be 40% plus or minus 50 basis points and non-GAAP operating expenses are expected to be approximately $21.5 million.
Original – Navitas Semiconductor
-
Infineon Technologies AG reported financial results for the third quarter of its 2024 fiscal year (period ended 30 June 2024).
“In a market environment that remains challenging, Infineon continues to hold up well,” says Jochen Hanebeck, CEO of Infineon. “The recovery in our target markets is progressing only slowly. Prolonged weak economic momentum has resulted in inventory levels in many areas overlaying end demand. In addition to managing the current demand cycle, we are working on further strengthening our competitiveness through the “Step Up” structural improvement program.”
- Q3 FY 2024: Revenue €3.702 billion, Segment Result €734 million, Segment Result Margin 19.8 percent
- Outlook for Q4 FY 2024: Assuming an exchange rate of US$1.10 to the euro, revenue of around €4.0 billion expected. On this basis, the Segment Result Margin is forecast to be around 20 percent
- Outlook for FY 2024: Based on the results from the first three quarters and the outlook for the fourth quarter, revenue of around €15.0 billion and a Segment Result Margin of around 20 percent is expected. Adjusted gross margin is expected to be in the low-forties percentage range. Investments are planned at around €2.8 billion. Adjusted Free Cash Flow, which is adjusted for investments in large frontend buildings and the purchase of GaN Systems, is expected to be about €1.5 billion and reported Free Cash Flow about minus €200 million
For the full version of this news release (incl. financial data), please download the PDF version.
Original – Infineon Technologies
-
Navitas Semiconductor announced that Samsung had expanded adoption of Navitas’ GaNFast ICs from the original flagship Galaxy S22, S23 and S24 to the mainstream Galaxy A, and revolutionary Galaxy Z Fold6 and Galaxy Z Flip6 smartphones with enhanced Galaxy AI features.
GaN runs up to 20x faster than legacy silicon and enables chargers up to 3x more power and 3x faster charging in half size and weight. GaNFast power ICs enable high-frequency, high-efficiency power conversion, achieving up to a 50% shrink vs. prior designs.
The new 25W charger (EP-T2510) features new energy-saving technology to reduce standby losses by 75% to only 5 mW, which aligns with Navitas’ environmental advances, where every GaNFast IC saves 4 kg of CO2 vs. legacy silicon chips.
“Since enabling the world’s first production GaN charger in 2018, Navitas has pioneered and leads the adoption of GaN to replace legacy silicon chips,” noted David Carroll, Sr. VP Worldwide Sales for Navitas. “Our production partnership with Samsung dates back to the Galaxy S22 Ultra, and today’s announcement reflects the dramatic expansion of GaN from niche, flagship designs to adoption in high-volume, mainstream phones.”
Original – Navitas Semiconductor
-
Microchip Technology Incorporated reported results for the three months ended June 30, 2024.
Net sales for the first quarter of fiscal 2025 were $1.241 billion, down 45.8% from net sales of $2.289 billion in the prior year’s first fiscal quarter.
GAAP net income for the first quarter of fiscal 2025 was $129.3 million, or $0.24 per diluted share, down from GAAP net income of $666.4 million, or $1.21 per diluted share, in the prior year’s first fiscal quarter. For the first quarters of fiscal 2025 and fiscal 2024, GAAP net income was adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions.
Non-GAAP net income for the first quarter of fiscal 2025 was $289.9 million, or $0.53 per diluted share, down from nonGAAP net income of $905.3 million, or $1.64 per diluted share, in the prior year’s first fiscal quarter. For the first quarters of fiscal 2025 and fiscal 2024, our non-GAAP results exclude the effect of share-based compensation, other manufacturing adjustments, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, and losses on the settlement of debt.
For the first quarters of fiscal 2025 and fiscal 2024, our nonGAAP income tax expense is presented based on projected cash taxes for the applicable fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act. A reconciliation of our non-GAAP and GAAP results is included in this press release.
Microchip announced that its Board of Directors declared a record quarterly cash dividend on its common stock of 45.4 cents per share, up 10.7% from the year ago quarter. The quarterly dividend is payable on September 5, 2024 to stockholders of record on August 22, 2024.
“We delivered June 2024 quarterly results in line with our guidance as we continued to navigate a challenging macro environment in combination with our customers focusing on reducing their inventory positions based on short lead times for our products,” said Ganesh Moorthy, President and Chief Executive Officer. “Our strategic cost management actions have helped maintain financial resilience and operational efficiency in the face of a 6.4% sequential revenue decline this quarter.”
Mr. Moorthy added, “While the ‘green shoots’ we observed last quarter have continued, they have not developed as robustly as anticipated. The macro environment particularly for industrial and automotive markets, especially in Europe and the Americas, continues to be weaker than expected, resulting in an extended period over which the inventory correction is playing out. Despite customers’ short-term focus on reducing inventory, we believe that our expanded portfolio, now spanning 8 to 64-bit processors including FPGAs as well as our analog portfolio, positions us well for sustainable, abovemarket growth across a diverse set of applications.”
Eric Bjornholt, Microchip’s Chief Financial Officer, said, “Despite market challenges, we have maintained our financial health through proactive cost and balance sheet management. While inventory levels exceeded our target range, which is reflective of broader challenging market conditions, we are confident that this inventory positions us well to service customers with short lead times. We believe that our inventory level along with our investment in capacity will allow us to cost-effectively respond when business conditions improve. Our strategy is designed to balance near-term challenges with long-term growth opportunities.”
Mr. Moorthy concluded, “Despite the green shoots we observed last quarter developing slower than expected, we do see additional positive business signals, like an uptick in our Data Center business. While in-quarter orders remain crucial for meeting guidance, as is typical in this high-turns environment, uncertain market conditions add complexity to forecasting. As a result, we anticipate September quarter net sales between $1.12 billion and $1.18 billion. We are navigating these unusual market conditions with a balance of prudence and readiness to be well-positioned to capitalize on upside opportunities. Despite near-term inventory and macro challenges, our design-in pipeline and momentum remains strong across markets, driven by our customers’ innovation focus. This design momentum, amplified by our focus on Total System Solutions and key Megatrends, is our engine for long-term growth.”
Original – Microchip Technology
-
Many different trends are taking center stage in both consumer electronics and industrial applications, such as portability, electrification, and weight reduction. All of these trends require compact and efficient designs. They also go hand in hand with unconventional PCB designs with severe space constraints that limit the use of external components.
To address these challenges, Infineon Technologies AG expands its GaN portfolio with the CoolGaN™ Drive product family. It consists of the CoolGaN Drive 700 V G5 single switches, integrating one transistor plus gate driver in PQFN 5×6 and PQFN 6×8 packages, as well as the CoolGaN Drive HB 600 V G5 devices, combining two transistors with integrated high- and low-side gate drivers in a LGA 6×8 package. The new product family enables improved efficiency, reduced system size, and overall cost savings. This makes the devices suitable for longer-range e-bikes, portable power tools, and lighter-weight household appliances such as vacuums, fans, and hairdryers.
“For several years, Infineon has been focused on accelerating innovation in GaN to provide targeted solutions for real-world power challenges”, said Johannes Schoiswohl, Senior Vice President & General Manager, GaN Systems Business Line Head at Infineon. “The new CoolGaN Drive product family is another proof point of how we support our customers in developing compact designs with high power density and efficiency through GaN.”
The CoolGaN Drive family offers a wide range of single switches and half bridges with integrated drivers based on the recently announced CoolGaN Transistors 650 V G5. Depending on the product group, the components feature a bootstrap diode and are characterized by loss-free current measurement, and adjustable switch-on and switch-off dV/dt. They also provide OCP/OTP/SCP protection functions. As a result, the devices enable higher switching frequencies, leading to smaller and more efficient system solutions with high power density. At the same time, the bill of materials (BoM) is reduced. This not only results in a lower system weight, but also reduces the carbon footprint.
Samples of the half-bridge solutions are available now. Single-switch samples will be available starting Q4 2024. Further information is available at www.infineon.com/GaN-innovations.
Original – Infineon Technologies
