Magnachip Reports Results for Fourth Quarter and Full-Year 2022

SEOUL, South Korea, Feb. 16, 2023 — (PRNewswire) — Magnachip Semiconductor Corporation (NYSE: MX) ("Magnachip" or the "Company") today announced financial results for the fourth quarter and full-year 2022.

YJ Kim, Magnachip's chief executive officer commented, "We closed the fourth quarter with $61.0 million revenue, near the high-end of our guidance range. Q4 results continued to reflect the impact of severe wafer shortages and inventory correction in our Display business and deteriorating consumer demand in our Power Solutions business. Despite the challenges of this past year, we stayed focused and achieved milestones that set the foundation for recovery in 2023. In Display, we expanded our OLED business into international markets by winning a new tier one panel customer outside of Korea and strengthened our global supply chain by qualifying two additional foundries. Further, in Q4, we successfully qualified two OLED projects with our two leading panel customers and expect to begin shipping at the end of this quarter. In Power Solutions, we achieved a record year with 2022 revenue up 1.2% despite the slowdown in the 2nd half due to macro weakness. Further, our Power Solutions business won a record 209 design-in/wins, more than double compared to previous years."

YJ continued, "Looking ahead, we continue to expect the first half of 2023 to be impacted by inventory corrections and broader macro weakness, but we believe the reopening of China should eventually lead to an improvement in their economy and consumer demand, which will help both our businesses. We expect a recovery in Display revenue in the second half of 2023 as we ramp shipments of our four design-in projects with our two leading panel customers.  For Power, we anticipate on maintaining our momentum of design wins and premium tier product mix. As channel inventories are consumed and the broader economy recovers, we expect to see a rebound in Power revenue."

Q4 and 2022 Financial Highlights 







In thousands of U.S. dollars, except share data




GAAP




Q4 2022


Q3 2022


Q/Q change


Q4 2021


Y/Y change


Revenues

















Standard Products Business

















Display Solutions



7,556


6,355


up


18.9 %


41,298


down


81.7 %


Power Solutions



46,271


56,416


down


18.0 %


58,212


down


20.5 %


Transitional Fab 3 foundry services (1)



7,163


8,428


down


15.0 %


10,825


down


33.8 %


Gross Profit Margin



26.4 %


24.2


up


2.2% pts


35.0 %


down


 8.6%pts


Operating Income (Loss)



(10,117)


(10,008)


down


     n/a


63,870


down


n/a


Net Income (Loss)



2,971


(17,195)


up


     n/a


53,611


down


94.5 %


Basic Earnings (Loss) per Common Share



0.07


(0.38)


up


     n/a


1.16


down


94.0 %


Diluted Earnings (Loss) per Common Share



0.07


(0.38)


up


     n/a


1.12


down


93.8 %







In thousands of U.S. dollars, except share data




Non-GAAP (3)




Q4 2022


Q3 2022


Q/Q change


Q4 2021


Y/Y change


Adjusted Operating Income (Loss)



(8,567)


(6,646)


down


n/a


14,421


down


n/a


Adjusted EBITDA



(4,768)


(2,995)


down


n/a


18,144


down


n/a


Adjusted Net Income (Loss)



(15,848)


1,097


down


n/a


13,699


down


n/a


Adjusted Earnings (Loss) per Common Share—Diluted



(0.36)


0.02


down


n/a


0.29


down


n/a



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