GlobalFoundries Reports First Quarter 2024 Financial Results
GlobalFoundries Inc. (GF) reported strong financial results for Q1 2024 with revenue of $1.549 billion, a gross margin of 25.4%, and net income of $134 million. The company's dedication to innovation and differentiation in the semiconductor industry led to surpassing earnings guidance. GF also secured significant funding from the U.S. Department of Commerce and New York State for expansion projects. Additionally, the company committed to achieving net-zero greenhouse gas emissions and 100% carbon-neutral power by 2050, aligning with global climate goals.
Strong financial performance in Q1 2024 with revenue of $1.549 billion.
Exceeded earnings guidance ranges set in the previous quarter.
Secured substantial funding from the U.S. Department of Commerce and New York State for expansion projects.
Commitment to achieving net-zero greenhouse gas emissions and 100% carbon-neutral power by 2050.
Decrease in gross profit, operating profit, net income, and diluted EPS compared to the previous quarter.
Decline in operating margin and net income margin in Q1 2024.
Reduction in wafer shipments by 9% year-over-year.
Net income margin decreased by 52% compared to the same quarter in the previous year.
Insights
MALTA, N.Y., May 07, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the first quarter ended March 31, 2024.
Key First Quarter Financial Highlights
- Revenue of
$1.54 9 billion - Gross margin of
25.4% and Non-IFRS gross margin(1) of26.1% - Operating margin of
9.5% and Non-IFRS operating margin(1) of12.1% - Net income of
$134 million and Non-IFRS net income(1) of$174 million - Non-IFRS EBITDA(1) of
$577 million - Cash, cash equivalents and marketable securities of
$4.2 billion
"In the first quarter, GF's dedicated teams across the world delivered financial results that exceeded the high end of the guidance ranges we provided in our February earnings release," said Dr. Thomas Caulfield, president and CEO of GF. "As pockets of the semiconductor industry begin to emerge from the inventory correction, our teams are driving foundry innovation and differentiation for our customers across their essential end-markets. We are delighted with the awards from both the U.S. Department of Commerce and New York State to expand our manufacturing capability in the United States, which will complement our unique global capacity offering."
Recent Business Highlights
- As part of the U.S. CHIPS and Science Act, the U.S. Department of Commerce announced
$1.5 billion in planned direct funding for GF’s New York and Vermont facilities. The proposed funding will support expansion and technology diversification, enabling secure capacity for automotive, aerospace and defense and other key markets.
- In addition, New York State announced over
$600 million in planned funding under the New York State Green CHIPS and other state benefits for GF's two Malta, New York projects.
- GF is furthering its commitment to sustainable operations and fighting climate change with the announcement of two new long-term goals to achieve net-zero greenhouse gas emissions and
100% carbon neutral power by 2050. The new 2050 goals are aligned with Paris Agreement goals and build upon GF's Journey to Zero Carbon pledge in 2021.
(1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS EBITDA and any related margins are all Non-IFRS measures. See "Unaudited Reconciliation of IFRS to Non-IFRS" for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See "Financial Measures (Non-IFRS)" for a discussion of why we believe these Non-IFRS measures are useful.
Unaudited Summary Quarterly Results (in millions USD, except per share amounts and wafer shipments)
| Year-over-year | Sequential | ||||||||||||||||||||||
| Q1'24 | Q4'23 | Q1'23 | Q1'24 vs Q1'23 | Q1'24 vs Q4'23 | |||||||||||||||||||
| Net revenue | $ | 1,549 | $ | 1,854 | $ | 1,841 | $ | (292 | ) | (16)% | $ | (305 | ) | (16)% | |||||||||
| Gross profit | 393 | 525 | 515 | $ | (122 | ) | (24)% | $ | (132 | ) | (25)% | ||||||||||||
| Gross margin | 25.4 | % | 28.3 | % | 28.0 | % | (260)bps | (290)bps | |||||||||||||||
| Non-IFRS gross profit(1) | $ | 405 | $ | 537 | $ | 525 | $ | (120 | ) | (23)% | $ | (132 | ) | (25)% | |||||||||
| Non-IFRS gross margin(1) | 26.1 | % | 29.0 | % | 28.5 | % | (240)bps | (290)bps | |||||||||||||||
| Operating profit | $ | 147 | $ | 303 | $ | 290 | $ | (143 | ) | (49)% | $ | (156 | ) | (51)% | |||||||||
| Operating margin | 9.5 | % | 16.3 | % | 15.8 | % | (630)bps | (680)bps | |||||||||||||||
| Non-IFRS operating profit(1) | $ | 187 | $ | 383 | $ | 326 | $ | (139 | ) | (43)% | $ | (196 | ) | (51)% | |||||||||
| Non-IFRS operating margin(1) | 12.1 | % | 20.7 | % | 17.7 | % | (560)bps | (860)bps | |||||||||||||||
| Net income | $ | 134 | $ | 278 | $ | 254 | $ | (120 | ) | (47)% | $ | (144 | ) | (52)% | |||||||||
| Net income margin | 8.7 | % | 15.0 | % | 13.8 | % | (510)bps | (630)bps | |||||||||||||||
| Non-IFRS net income(1) | $ | 174 | $ | 356 | $ | 290 | $ | (116 | ) | (40)% | $ | (182 | ) | (51)% | |||||||||
| Non-IFRS net income margin(1) | 11.2 | % | 19.2 | % | 15.8 | % | (460)bps | (800)bps | |||||||||||||||
| Diluted earnings per share ("EPS") | $ | 0.24 | $ | 0.50 | $ | 0.46 | $ | (0.22 | ) | (48)% | $ | (0.26 | ) | (52)% | |||||||||
| Non-IFRS diluted EPS(1) | $ | 0.31 | $ | 0.64 | $ | 0.52 | $ | (0.21 | ) | (40)% | $ | (0.33 | ) | (52)% | |||||||||
| Non-IFRS EBITDA(1) | $ | 577 | $ | 773 | $ | 655 | $ | (78 | ) | (12)% | $ | (196 | ) | (25)% | |||||||||
| Non-IFRS EBITDA margin(1) | 37.2 | % | 41.7 | % | 35.6 | % | +160bps | (450)bps | |||||||||||||||
| Cash from operations | $ | 488 | $ | 684 | $ | 479 | $ | 9 | 2 | % | $ | (196 | ) | (29)% | |||||||||
| Wafer shipments (300mm equivalent) (in thousands) | 463 | 552 | 511 | (48 | ) | (9)% | (89 | ) | (16)% | ||||||||||||||
(1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS diluted EPS, Non-IFRS EBITDA, and any related margins are all Non-IFRS measures. See "Unaudited Reconciliation of IFRS to Non-IFRS" section for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See "Financial Measures (Non-IFRS)" for a discussion of why we believe these Non-IFRS metrics are useful.
Summary of Second Quarter 2024 Guidance (unaudited in millions USD, except per share amounts)(1)
| IFRS | Share-based compensation | Non-IFRS (2) | |||
| Net revenue | — | — | |||
| Gross profit | |||||
| Gross margin(3) (mid-point) | 24.1% | 25.0% | |||
| Operating profit | |||||
| Operating margin(3) (mid-point) | 8.1% | 11.2% | |||
| Net income | |||||
| Net income margin(3) (mid-point) | 6.9% | 10.0% | |||
| Diluted EPS |
(1) The Guidance provided above contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The Guidance includes management’s beliefs and assumptions and is based on information currently available.
(2) Non-IFRS gross profit, Non-IFRS operating expense, Non-IFRS operating profit, Non-IFRS net income, and Non-IFRS diluted EPS are Non-IFRS metrics and, for purposes of the Guidance only, are defined as gross profit, operating profit, net income, and EPS before share-based compensation, respectively. Non-IFRS operating expense is calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit.
(3) Non-IFRS margins are Non-IFRS metrics and for purposes of the Guidance only, are defined as Non-IFRS gross profit, Non-IFRS operating profit and Non-IFRS net income, each divided by net revenue (using the definitions of Non-IFRS gross profit, Non-IFRS operating profit, and Non-IFRS net income, in footnote (2) above, as appropriate).
Unaudited Consolidated Statements of Operations
| Three Months Ended | ||||||||
| (in millions USD, except for per share amounts) | March 31, 2024 | March 31, 2023 | ||||||
| Net revenue | $ | 1,549 | $ | 1,841 | ||||
| Cost of revenue | 1,156 | $ | 1,326 | |||||
| Gross profit | $ | 393 | $ | 515 | ||||
| Operating expenses: | ||||||||
| Research and development | 124 | 109 | ||||||
| Selling, general and administrative(1) | 122 | 111 | ||||||
| Restructuring charges | — | 5 | ||||||
| Total operating expenses | $ | 246 | 225 | |||||
| Operating profit | $ | 147 | 290 | |||||
| Finance income (expense), net | 10 | 1 | ||||||
| Other income (expense) | (2 | ) | (14 | ) | ||||
| Income tax expense | (21 | ) | (23 | ) | ||||
| Net income | $ | 134 | $ | 254 | ||||
| Attributable to: | ||||||||
| Shareholders of GlobalFoundries | 133 | $ | 254 | |||||
| Non-controlling interest | 1 | — | ||||||
| EPS: | ||||||||
| Basic | $ | 0.24 | $ | 0.46 | ||||
| Diluted | $ | 0.24 | $ | 0.46 | ||||
| Shares used in EPS calculation: | ||||||||
| Basic | 555 | 550 | ||||||
| Diluted | 558 | 555 | ||||||
(1) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial.
| Unaudited Consolidated Statements of Financial Position | ||||||||
| (in millions USD) | March 31, 2024 | December 31, 2023 | ||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 2,247 | $ | 2,387 | ||||
| Receivables, prepayments and other | 1,190 | 1,420 | ||||||
| Marketable securities | 1,110 | 1,033 | ||||||
| Inventories | 1,667 | 1,487 | ||||||
| Current assets | $ | 6,214 | $ | 6,327 | ||||
| Deferred tax assets | $ | 218 | $ | 241 | ||||
| Property, plant, and equipment, net | 10,304 | 10,164 | ||||||
| Marketable securities | 807 | 468 | ||||||
| Other assets | 911 | 844 | ||||||
| Non-current assets | $ | 12,240 | $ | 11,717 | ||||
| Total assets | $ | 18,454 | $ | 18,044 | ||||
| Liabilities and equity: | ||||||||
| Current portion of long-term debt | $ | 542 | $ | 571 | ||||
| Other current liabilities | 2,312 | 2,528 | ||||||
| Current liabilities | $ | 2,854 | $ | 3,099 | ||||
| Non-current portion of long-term debt | $ | 1,766 | $ | 1,801 | ||||
| Other liabilities | 2,537 | 1,993 | ||||||
| Non-current liabilities | $ | 4,303 | $ | 3,794 | ||||
| Shareholders' equity: | ||||||||
| Common stock/additional paid-in capital | $ | 24,078 | $ | 24,038 | ||||
| Accumulated deficit | (12,868 | ) | (13,001 | ) | ||||
| Accumulated other comprehensive income | 41 | 67 | ||||||
| Non-controlling interest | 46 | 47 | ||||||
| Total liabilities and equity | $ | 18,454 | $ | 18,044 | ||||
| Unaudited Consolidated Statements of Cash Flows | ||||||||
| Three Months Ended | ||||||||
| (in millions USD) | March 31, 2024 | March 31, 2023 | ||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 134 | $ | 254 | ||||
| Depreciation and amortization | 392 | 343 | ||||||
| Finance (income) expense, net and other | 6 | 7 | ||||||
| Deferred income taxes | 23 | 22 | ||||||
| Other non-cash operating activities | 30 | 27 | ||||||
| Net change in working capital | (97 | ) | (174 | ) | ||||
| Net cash provided by operating activities | $ | 488 | $ | 479 | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant, equipment, and intangible assets | $ | (227 | ) | $ | (853 | ) | ||
| Other investing activities | (373 | ) | 267 | |||||
| Net cash used in investing activities | $ | (600 | ) | $ | (586 | ) | ||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of equity instruments and other | $ | 23 | $ | 37 | ||||
| Proceeds (repayment) of debt, net | (50 | ) | (30 | ) | ||||
| Other financing activities | — | 3 | ||||||
| Net cash (used in) provided by financing activities | $ | (27 | ) | $ | 10 | |||
| Effect of exchange rate changes | (1 | ) | 1 | |||||
| Net change in cash and cash equivalents | $ | (140 | ) | $ | (96 | ) | ||
| Cash and cash equivalents at the beginning of the period | 2,387 | 2,352 | ||||||
| Cash and cash equivalents at the end of the period | $ | 2,247 | $ | 2,256 | ||||
| Unaudited Reconciliation of IFRS to Non-IFRS | ||||||||||||
| Three Months Ended | ||||||||||||
| (in millions USD, except for per share amounts) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Net Revenue | $ | 1,549 | $ | 1,854 | $ | 1,841 | ||||||
| Gross profit | $ | 393 | $ | 525 | $ | 515 | ||||||
| Gross profit margin | 25.4 | % | 28.3 | % | 28.0 | % | ||||||
| Share-based compensation | $ | 12 | $ | 12 | $ | 10 | ||||||
| Non-IFRS gross profit(1) | $ | 405 | $ | 537 | $ | 525 | ||||||
| Non-IFRS gross margin(1) | 26.1 | % | 29.0 | % | 28.5 | % | ||||||
| Selling, general and administrative(2) | $ | 122 | $ | 87 | $ | 111 | ||||||
| Share-based compensation | $ | 21 | $ | 30 | $ | 17 | ||||||
| Non-IFRS selling, general and administrative(1) | $ | 101 | $ | 57 | $ | 94 | ||||||
| Research and development | $ | 124 | $ | 105 | $ | 109 | ||||||
| Share-based compensation | $ | 7 | $ | 8 | $ | 4 | ||||||
| Non-IFRS research and development(1) | $ | 117 | $ | 97 | $ | 105 | ||||||
| Operating profit | $ | 147 | $ | 303 | $ | 290 | ||||||
| Operating profit margin | 9.5 | % | 16.3 | % | 15.8 | % | ||||||
| Share-based compensation | $ | 40 | $ | 50 | $ | 31 | ||||||
| Restructuring charges | $ | — | $ | 30 | $ | 5 | ||||||
| Non-IFRS operating profit(1) | $ | 187 | $ | 383 | $ | 326 | ||||||
| Non-IFRS operating profit margin(1) | 12.1 | % | 20.7 | % | 17.7 | % | ||||||
| Net income | $ | 134 | $ | 278 | $ | 254 | ||||||
| Net income margin | 8.7 | % | 15.0 | % | 13.8 | % | ||||||
| Share-based compensation | $ | 40 | $ | 50 | $ | 31 | ||||||
| Restructuring charges | $ | — | $ | 30 | $ | 5 | ||||||
| Income tax effect(3) | $ | — | $ | (2 | ) | $ | — | |||||
| Non-IFRS net income(1) | $ | 174 | $ | 356 | $ | 290 | ||||||
| Non-IFRS net income margin(1) | 11.2 | % | 19.2 | % | 15.8 | % | ||||||
| Diluted EPS | $ | 0.24 | $ | 0.50 | $ | 0.46 | ||||||
| Share-based compensation | $ | 0.07 | $ | 0.09 | $ | 0.05 | ||||||
| Restructuring charges | $ | — | $ | 0.05 | $ | 0.01 | ||||||
| Income tax effect(3) | $ | — | $ | — | $ | — | ||||||
| Diluted shares outstanding | 558 | 557 | 555 | |||||||||
| Non-IFRS diluted EPS(1) | $ | 0.31 | $ | 0.64 | $ | 0.52 | ||||||
(1)Non-IFRS gross profit, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS operating profit, Non-IFRS operating expense (calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit), Non-IFRS net income, Non-IFRS diluted EPS and any related margins are all Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful.
(2) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial.
(3) Relates to restructuring charges.
| Non-IFRS Free Cash Flow(1) | ||||||||||||
| Three Months Ended | ||||||||||||
| (in millions USD) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Net cash provided by operating activities | $ | 488 | $ | 684 | $ | 479 | ||||||
| Less: Purchase of property, plant and equipment and intangible assets | $ | (227 | ) | $ | (228 | ) | $ | (853 | ) | |||
| Non-IFRS free cash flow(2) | $ | 261 | $ | 456 | $ | (374 | ) | |||||
(1) Non-IFRS free cash flow is a Non-IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful.
(2) Beginning Q1 2024 Non-IFRS free cash flow includes proceeds from government grants related to capital expenditures. This change in methodology is in anticipation of future expected proceeds from government grants related to capital expenditures from the planned funding awarded under the U.S. CHIPS and Science Act and the New York State Green CHIPS, and better aligns our Non-IFRS free cash flow metric to how GF assesses capital decisions internally. As such, prior periods have not been adjusted to reflect this new calculation methodology. Proceeds from government grants were
| Unaudited Reconciliation of Net Income to Non-IFRS EBITDA | ||||||||||||
| Three Months Ended | ||||||||||||
| (in millions USD) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Net income for the period | $ | 134 | $ | 278 | $ | 254 | ||||||
| Depreciation and amortization | 392 | $ | 402 | 343 | ||||||||
| Finance expense | 37 | $ | 35 | 31 | ||||||||
| Finance income | (47 | ) | $ | (43 | ) | (32 | ) | |||||
| Income tax expense (benefit) | 21 | $ | 21 | 23 | ||||||||
| Share-based compensation | 40 | $ | 50 | 31 | ||||||||
| Restructuring charges | — | $ | 30 | 5 | ||||||||
| Non-IFRS EBITDA(1)(2) | $ | 577 | $ | 773 | $ | 655 | ||||||
| Non-IFRS EBITDA margin(1)(2) | 37.2 | % | 41.7 | % | 35.6 | % | ||||||
(1) For the periods presented above, there were no labor optimization expenses or divestiture gains and associated expenses, legal settlements and transaction expenses.
(2) Non-IFRS EBITDA and any related margin are Non-IFRS measures. See “Financial Measures (Non-IFRS)" for a discussion of why we believe these Non-IFRS measures are useful.
Financial Measures (Non-IFRS)
In addition to the financial information presented in accordance with IFRS, this press release includes the following Non-IFRS metrics: Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS operating expense, Non-IFRS net income, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS diluted earnings per share (“EPS”), Non-IFRS EBITDA, Non-IFRS free cash flow and any related margins. We define each of Non-IFRS gross profit, Non-IFRS selling, general and administrative and Non-IFRS research and development as each respective IFRS measure adjusted for share-based compensation. We define Non-IFRS operating profit as operating profit adjusted for share-based compensation and restructuring charges. We define Non-IFRS operating expense as Non-IFRS gross profit minus Non-IFRS operating profit. We define Non-IFRS net income as net income adjusted for share-based compensation, restructuring charges and the associated tax impact. We define Non-IFRS diluted EPS as Non-IFRS net income divided by the diluted shares outstanding. We define Non-IFRS free cash flow as cash flow provided by (used in) operating activities less purchases of property, plant and equipment and intangible assets plus proceeds from government grants related to capital expenditures. We define Non-IFRS EBITDA as net income, adjusted for the impact of finance expense, finance income, income tax expense (benefit), depreciation and amortization, share-based compensation, restructuring charges, labor optimization initiatives and divestiture gains and associated expenses, legal settlements and transaction expenses. We define Non-IFRS gross margin as Non-IFRS gross profit divided by revenue. We define Non-IFRS operating margin as Non-IFRS operating profit divided by net revenue. We define Non-IFRS EBITDA margin as Non-IFRS EBITDA divided by net revenue.
We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. These Non-IFRS financial measures provide supplemental information regarding our operating performance that excludes certain gains, losses and non-cash charges that occur relatively infrequently and/or that we consider to be unrelated to our core operations. Management believes that Non-IFRS free cash flow as a Non-IFRS measure is helpful to investors as it provides insights into the nature and amount of cash the Company generates in the period. For further information regarding these Non-IFRS measures, please refer to "Unaudited Reconciliation of IFRS to Non-IFRS" table above.
Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as a comparative measure.
Conference Call and Webcast Information
GF will host a conference call with the financial community on Tuesday, May 7, 2024 at 8:30 a.m. U.S. Eastern Time (ET) to review the first quarter 2024 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BI80dca5c8687f4d3a907a0fb1e1a02465.
The call will be webcast and can be accessed from the GF Investor Relations website https://investors.gf.com. A replay of the call will be available on the GF Investor Relations website within 24 hours of the actual call.
About GlobalFoundries
GlobalFoundries® (GF®) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.
Forward-looking Statements
This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” "outlook," "on track," and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the wars in Ukraine and Israel; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our restructuring plan; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession; and our expected results and planned expansions and operations may not proceed as planned if funding we expect to receive (including the planned awards under the U.S. CHIPS and Science Act and New York State Green CHIPS) is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them.
Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events, or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2023 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission. Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov.
For further information, please contact:
Investor Relations
ir@gf.com
FAQ
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