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Midas Edge

MAGNACHIP SEMICONDUCTOR Corp

For the period ended Mar 31, 2025. Filed May 12, 2025.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 12, 2025

MX$2.53+1.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. Interim Consolidated Financial Statements (Unaudited)

CONSOLIDATED BALANCE SHEETS (Unaudited)

March 31, 2025December 31, 2024
(In thousands of U.S. dollars, except share data)
Assets
Current assets
Cash and cash equivalents$132,654$138,610
Accounts receivable, net28,27028,402
Inventories, net32,63330,535
Other receivables5,2294,444
Prepaid expenses10,59110,379
Hedge collateral (Note 8)2,0802,080
Other current assets (Note 18)4,0174,779
Total current assets215,474219,229
Property, plant and equipment, net80,28981,463
Operating lease right-of-use assets3,6023,107
Intangible assets, net500507
Long-term prepaid expenses, net177165
Deferred income taxes53,43552,889
Other non-current assets20,39021,956
Total assets$373,867$379,316
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$24,483$21,642
Other accounts payable10,52210,764
Accrued expenses (Note 7)8,7968,648
Accrued income taxes5256
Operating lease liabilities1,6931,393
Other current liabilities2,2413,765
Total current liabilities47,78746,268
Long-term borrowing27,27627,211
Accrued severance benefits, net18,04117,094
Non-current operating lease liabilities1,8811,823
Other non-current liabilities9,68110,123
Total liabilities104,666102,519
Commitments and contingencies (Note 18)
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 57,571,469 shares issued and 36,675,789 outstanding at March 31, 2025 and 57,498,507 shares issued and 36,912,118 outstanding at December 31, 2024575574
Additional paid-in capital280,452279,423
Retained earnings235,698244,576
Treasury stock, 20,895,680 shares at March 31, 2025 and 20,586,389 shares at December 31, 2024, respectively(227,047)(225,883)
Accumulated other comprehensive loss(20,477)(21,893)
Total stockholders’ equity269,201276,797
Total liabilities and stockholders’ equity$373,867$379,316

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended
March 31, 2025March 31, 2024
(In thousands of U.S. dollars, except share data)
Revenues:
Net sales – Power solutions business$44,722$39,912
Net sales – transitional Fab 3 foundry services—3,526
Total revenues44,72243,438
Cost of sales:
Cost of sales – Power solutions business35,36032,868
Cost of sales – transitional Fab 3 foundry services—4,211
Total cost of sales35,36037,079
Gross profit9,3626,359
Operating expenses:
Selling, general and administrative expenses9,7149,540
Research and development expenses5,9366,210
Total operating expenses15,65015,750
Operating loss(6,288)(9,391)
Interest income1,5452,141
Interest expense(449)(185)
Foreign currency loss, net(405)(4,988)
Other income, net11444
Loss from continuing operations before income tax expense (benefit)(5,483)(12,379)
Income tax expense (benefit), net(401)1,905
Loss from continuing operations(5,082)(14,284)
Loss from discontinued operations, net of tax(3,796)(1,133)
Net loss$(8,878)$(15,417)
Basic loss per common share—
Continuing operations$(0.14)$(0.37)
Discontinued operations$(0.10)$(0.03)
Total$(0.24)$(0.40)
Diluted loss per common share—
Continuing operations$(0.14)$(0.37)
Discontinued operations$(0.10)$(0.03)
Total$(0.24)$(0.40)
Weighted average number of shares—
Basic36,887,84138,544,781
Diluted36,887,84138,544,781

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

Three Months Ended
March 31, 2025March 31, 2024
(In thousands of U.S. dollars)
Net loss$(8,878)$(15,417)
Other comprehensive income (loss)
Foreign currency translation adjustments755(3,497)
Derivative adjustments
Fair valuation of derivatives136(605)
Reclassification adjustment for loss on derivatives included in net loss52559
Total other comprehensive income (loss)1,416(4,043)
Total comprehensive loss$(7,462)$(19,460)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveLoss
Retained Earnings · Treasury Stock · Total
(In thousands of U.S. dollars, except share data) · Shares · Amount
Three Months Ended March 31, 2025:
Balance at December 31, 202436,912,118$574$279,423$244,576$(225,883)$(21,893)$276,797
Stock-based compensation——1,030———1,030
Settlement of restricted stock units72,9621(1)————
Acquisition of treasury stock(309,291)———(1,164)—(1,164)
Other comprehensive income, net—————1,4161,416
Net loss———(8,878)——(8,878)
Balance at March 31, 202536,675,789$575$280,452$235,698$(227,047)$(20,477)$269,201
Three Months Ended March 31, 2024:
Balance at December 31, 202338,852,742$569$273,256$298,884$(213,454)$(14,657)$344,598
Stock-based compensation——900———900
Settlement of restricted stock units37,1790(0)————
Acquisition of treasury stock(626,279)———(4,153)—(4,153)
Other comprehensive loss, net—————(4,043)(4,043)
Net loss———(15,417)——(15,417)
Balance at March 31, 202438,263,642$569$274,156$283,467$(217,607)$(18,700)$321,885

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended
March 31, 2025March 31, 2024
(In thousands of U.S. dollars)
Cash flows from operating activities
Net loss$(8,878)$(15,417)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization3,2734,099
Provision for severance benefits1,5141,405
Loss (gain) on foreign currency, net(35)10,226
Provision (reversal) for inventory reserves1,208(947)
Stock-based compensation1,030900
Deferred income taxes(415)1,313
Other, net225263
Changes in operating assets and liabilities
Accounts receivable, net6351,401
Inventories(3,259)801
Other receivables(811)(385)
Prepaid expenses1,233905
Other current assets970331
Accounts payable2,542563
Other accounts payable(2,622)(5,256)
Accrued expenses(111)(2,045)
Accrued income taxes(6)167
Other current liabilities(901)(387)
Other non-current liabilities354(624)
Payment of severance benefits(325)(884)
Other, net(290)(401)
Net cash used in operating activities(4,669)(3,972)
Cash flows from investing activities
Purchase of property, plant and equipment(208)(668)
Payment for intellectual property registration(63)(60)
Collection guarantee deposits211,133
Payment of guarantee deposits(139)(1,874)
Other, net—1
Net cash used in investing activities(389)(1,468)
Cash flows from financing activities
Proceeds from long-term borrowing—30,059
Acquisition of treasury stock(1,306)(4,659)
Repayment of financing related to water treatment facility arrangement(111)(121)
Repayment of principal portion of finance lease liabilities(38)(35)
Net cash provided by (used in) financing activities(1,455)25,244
Effect of exchange rates on cash and cash equivalents557(6,294)
Net increase (decrease) in cash and cash equivalents(5,956)13,510
Cash and cash equivalents at beginning of period138,610158,092
Cash and cash equivalents at end of period$132,654$171,602
Supplemental cash flow information
Cash paid for interest on long-term borrowing$321$—
Cash paid (refund) for income taxes$(337)$270
Non-cash investing activities
Property, plant and equipment additions in other accounts payable$1,840$285
Non-cash financing activities
Unsettled common stock repurchases$247$—
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.