Latest news with #IFRS15
Business Wire
4 days ago
- Business
- Business Wire
RightRev Partners with Sage and Launches Sage Intacct Integration, Providing Advanced Revenue Recognition for Finance Teams
ROSEVILLE, Calif.--(BUSINESS WIRE)--RightRev, a leader in automated revenue management, today announced a strategic partnership with Sage, the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses. As part of the collaboration, RightRev's revenue automation platform now integrates with Sage Intacct, providing a seamless flow of revenue data into Sage Intacct's General Ledger to improve accuracy and efficiency. 'With this integration, finance teams can streamline revenue recognition workflows and gain real-time visibility into financial performance—without manual data transfers or reconciliation headaches,' said Jagan Reddy, CEO and founder of RightRev. Share RightRev's solution automates performance obligation tracking, contract modifications, standalone selling price application and allocation, and revenue recognition, while Sage Intacct provides a powerful and flexible general ledger designed for modern finance operations. Together, the integrated solution enhances financial accuracy, audit readiness and operational efficiency. Key benefits for joint RightRev and Sage Intacct customers include: Seamless Data Flow: Revenue journal entries flow automatically from RightRev to Sage Intacct's General Ledger—no manual exports or reconciliations required. Enhanced Accuracy and Compliance: Automation reduces the risk of human error and supports full compliance with ASC 606 and IFRS 15. Faster Time-to-Value: The pre-built integration accelerates deployment and shortens implementation timelines. Shortened Accounting Close Cycles: Automating revenue data eliminates bottlenecks, giving finance teams more time for review, analysis and strategic insight. Audit-Ready Transparency: Journal entries are fully traceable, reinforcing internal controls and simplifying audits. The integration is now available on the Sage Intacct Marketplace for all U.S. Sage Intacct users, making it easy to connect RightRev's robust revenue automation engine with their existing Sage Intacct environment. 'We're excited to welcome RightRev to the Sage Intacct ecosystem,' said Brittany Farquar, Director Corporate Affairs at Sage. 'This integration adds powerful revenue recognition capabilities that help our joint customers automate complex accounting processes, reduce risk, and accelerate financial close. Together, we're delivering a more seamless and scalable experience for finance teams managing compliance and growth.' 'With this integration, finance teams can streamline revenue recognition workflows and gain real-time visibility into financial performance—without manual data transfers or reconciliation headaches,' said Jagan Reddy, CEO and founder of RightRev. 'We're excited to deepen our relationship with Sage and deliver joint value to high-growth organizations navigating complex compliance requirements.' Customers can learn more on the Sage Intacct Marketplace and see the integration in action at Sage Future, where RightRev, a Gold Sponsor, will be providing live solution demos at booth 63, June 3–5 in Atlanta. About RightRev RightRev is a comprehensive platform to automate revenue management. The solution helps businesses streamline, recognize, report, analyze and comply with revenue standards. With a focus on speed, accuracy, and efficiency, the company continues to enhance its platform with artificial intelligence (AI) and new capabilities that simplify data migration, implementation and third-party integrations. Trusted by large enterprises and growth-stage companies across many industries, RightRev empowers finance teams to manage complex revenue scenarios and drive strategic growth. Founded in 2020, RightRev has raised more than $31 million from investors that include Norwest Venture Partners, Salesforce Ventures, Snowflake Ventures, Innovius Capital and Cheyenne Ventures. For more information, visit .
Yahoo
28-05-2025
- Business
- Yahoo
RecVue Expands Leadership Team to Drive Modern Revenue Operations for High-Growth Enterprises
New CRO, VP of Marketing and Board Advisor Join to Accelerate Innovation and Growth PALO ALTO, Calif., May 28, 2025--(BUSINESS WIRE)--RecVue, the leading enterprise revenue management platform, announces the addition of two key executive hires and one board advisor to accelerate innovation and meet the surging demand for optimized revenue lifecycles. From quote to cash to close, enterprise revenue is growing increasingly complex, and legacy systems can't keep up. Multiple custom systems and manual processes can lead to revenue leakage, compliance risk, and stalled growth. RecVue is entering a critical stage of go-to-market expansion to help global enterprises modernize their revenue infrastructure without a costly overhaul of existing ERP or financial systems. "In today's volatile economic climate, enterprises are under pressure to extract more value, visibility, and automation from their revenue operations," said Nishant Nair, Founder and CEO of RecVue. "Steve, Edward, and Sam bring exceptional track records in scaling high-growth companies and leading transformation at the enterprise level. We're excited to welcome them as we expand our platform and market impact." Steve Moroski joins as Chief Revenue Officer to plan and optimize RecVue's revenue-generating strategies. With more than two decades of experience at brands that include Oracle, Salesforce, and other high-growth companies, Steve has successfully driven revenue from startup stages to $500M+. Edward Brice joins as Vice President of Marketing to shape RecVue's brand evolution and drive growth. He has over three decades of experience scaling enterprise software brands, including Sony, SAP, and multiple cybersecurity and FinTech scaleups. Sam Balaji joins as a Board Advisor. He is a seasoned leader with three decades of scaling technology businesses, advising Fortune 500 CXOs, driving M&A, and developing leadership teams across global markets. Twice, he has been recognized among the Top 50 Consulting CEOs. RecVue continues to add to the team. Learn more about the company and its open positions at RecVue Careers. About RecVue RecVue is the enterprise revenue management platform designed for complex revenue environments and monetization models. Purpose-built to unify billing, revenue recognition, and partner compensation, RecVue enables high-growth and global enterprises to automate and scale their entire revenue lifecycle — from quote to cash to close. With deep ERP integration, AI-powered workflows, and support for usage-based, recurring, milestone, and partner-driven monetization models, RecVue empowers finance and operations teams to modernize revenue operations without overhauling existing systems. Leading organizations like Hertz, World Wide Technology, ACI Worldwide, Textainer, Landstar, and Crown Castle trust RecVue to reduce revenue leakage, accelerate billing cycles, and ensure compliance with evolving standards like ASC 606 and IFRS 15. Learn more at View source version on Contacts Media Contact:Kimberly Doylepress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
24-04-2025
- Business
- Business Wire
X-FAB First Quarter 2025 Results
TESSENDERLO-HAM, Belgium--(BUSINESS WIRE)--Regulatory News: X-FAB (BOURSE:XFAB): Highlights Q1 2025: Revenue was USD 204.1 million, down 6% year-on-year (YoY) and up 8% quarter-on-quarter (QoQ) Excluding the impact from revenue recognized over time (IFRS 15), revenue was USD 202.3 million, well within the guided range of USD 195-205 million Bookings at USD 174.7 million reflecting a strong sequential increase of 26% QoQ EBITDA at USD 49.1 million, down 4% YoY and up 23% QoQ EBITDA margin of 24.0%; excluding IFRS 15 impact, EBITDA margin was 23.8%, compared to the guidance of 22-25% EBIT was USD 21.1 million, down 22% YoY and up 100% QoQ Outlook: Q2 2025 revenue is expected to come in within a range of USD 200-210 million with an EBITDA margin in the range of 22.5-25.5%. The guidance is based on an average exchange rate of 1,08 USD/Euro and does not take into account the impact of IFRS 15. X-FAB reiterates its FY 2025 guidance with annual revenue expected in the range of USD 820-870 million and an EBITDA margin in the range of 24-27%. Revenue breakdown per quarter: in millions of USD Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 y-o-y growth Automotive 131.1 135.3 151.8 135.6 142.4 146.0 128.6 135.4 0% Industrial 51.3 53.7 54.3 52.6 34.4 31.5 36.1 39.3 -25% Medical 16.2 17.0 16.4 14.5 13.2 12.1 16.5 13.8 -4% Subtotal core business 198.7 206.1 222.5 202.6 190.1 189.6 181.2 188.6 -7% 90.8% 92.2% 92.8% 92.6% 93.7% 92.9% 92.1% 93.2% CCC 1 20.0 17.2 17.2 16.0 12.6 14.2 15.1 13.6 -15% Others 0.2 0.2 0.1 0.1 0.1 0.1 0.5 0.2 Revenue* 218.9 223.5 239.8 218.7 202.8 204.0 196.8 202.3 -7% Impact from revenue recognized over time 8.3 10.4 -2.0 -2.6 2.3 2.4 -8.0 1.8 Total revenue 227.1 233.8 237.7 216.2 205.1 206.4 188.8 204.1 -6% 1 Consumer, Communications & Computer Expand in millions of USD Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 y-o-y growth CMOS 180.7 180.5 188.4 168.3 166.2 175.0 170.8 173.4 3% Microsystems 20.8 24.4 27.9 24.1 25.1 21.6 20.2 22.9 -5% Silicon carbide 17.3 18.6 23.5 26.3 11.6 7.4 5.8 6.0 -77% Revenue* 218.9 223.5 239.8 218.7 202.8 204.0 196.8 202.3 -7% Impact from revenue recognized over time 8.3 10.4 -2.0 -2.6 2.3 2.4 -8.0 1.8 Total revenue 227.1 233.8 237.7 216.2 205.1 206.4 188.8 204.1 -6% Expand Business development In the first quarter of 2025, X-FAB recorded revenues of USD 204.1 million, down 6% year-on-year and up 8% quarter-on-quarter. Excluding the impact from revenue recognized over time in the amount of USD 1.8 million, quarterly revenue was USD 202.3 million, which is well within the guidance of USD 195‑205 million. First quarter revenue in X-FAB's core markets – automotive, industrial, and medical – was at USD 188.6 million*, down 7% year-on-year and up 4% quarter-on-quarter, representing a share of 93%* of total revenue. The quarterly bookings totaled USD 174.7 million, reflecting a 36% decrease compared to the exceptionally strong corresponding quarter of the previous year, but a 26% increase quarter-on-quarter. This growth is primarily related to strong bookings in the automotive and industrial end market. In general, customers are still placing orders later than usual in reaction to the currently shortened lead times. The backlog for the first quarter amounted to USD 386.7 million, compared to USD 414.0 million at the end of the previous quarter. In the first quarter, X-FAB recorded automotive revenue of USD 135.4 million*, flat year-on-year and up 5% sequentially. Main drivers for X-FAB's automotive business in the first quarter were EV-related applications. Industrial revenue in the first quarter came in at USD 39.3 million*, down 25% year-on-year and up 9% quarter-on-quarter. The industrial business in particular is benefiting from increased demand following the last-time-buy announcement for some of X-FAB's 150mm CMOS technologies. Revenue in the medical end market amounted to USD 13.8 million*, down 4% year-on-year, while the quarter-on-quarter decline of 16% is attributable to high shipments of a medical application in the prior quarter. X-FAB recorded a sequential revenue increase across all technologies. CMOS revenue went up 2%* quarter-on-quarter, silicon carbide 5%* and X-FAB's microsystems business 14%*. X-FAB's silicon carbide revenue in the first quarter came in at USD 6.0 million*. SiC order intake increased 17% sequentially and for the second consecutive quarter, signaling the market's gradual recovery. The main growth driver was data center applications. Quarterly prototyping revenue was USD 16.1 million*, down 31% year-on-year and 32% quarter-on-quarter. As the transition of major customer-specific projects to volume production was successfully completed in 2024, the associated safe launch and start-up costs as part of prototyping revenue disappeared, which had an effect on the prototyping revenue in the first quarter. In general, X FAB's prototyping revenue tends to be more variable as the number of customer-specific projects increases. In these projects, development and prototyping services are billed in tranches based on milestones achieved rather than on a linear basis. Prototyping and production revenue* per quarter and end market: in millions of USD Revenue Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Automotive Prototyping 6.7 7.6 9.3 8.9 4.7 Production 128.9 134.8 136.7 119.7 130.8 Industrial Prototyping 10.7 8.9 8.2 9.6 8.8 Production 41.9 25.5 23.3 26.5 30.5 Medical Prototyping 2.7 2.0 3.0 2.3 1.5 Production 11.8 11.2 9.1 14.2 12.3 CCC Prototyping 3.1 2.5 3.0 2.6 1.1 Production 12.9 10.2 11.3 12.6 12.5 Expand The megatrends 'electrification of everything' and 'sensing everywhere' will drive sustainable demand for the comprehensive set of specialty technologies that X-FAB offers, enabling viable solutions that contribute to the mitigation of climate change and more efficient digital healthcare in aging societies. With the phase-out of inventory corrections and the expected gradual recovery of demand in the course of 2025, X-FAB reiterates its full-year guidance with a revenue range of USD 820-870 million and an EBITDA margin in the range of 24-27%. Geopolitical tensions and related customs regulations do not currently impact X-FAB's business directly, as X‑FAB sells its goods ex-works. The indirect effects of these tensions can be either positive or negative and cannot be estimated. This guidance accounts for all identified effects as of the date of this press release. Operations update X-FAB progressed well in expanding its 180nm CMOS capacity, which is crucial for supporting its future CMOS and microsystems business. During the first quarter, all outstanding tools for the newly constructed clean room in Malaysia were delivered, installed, and are now being qualified. This marks the approaching completion of X-FAB's major capacity expansion program. The associated capital expenditures are anticipated to be finalized within the first half of 2025. In the first quarter, capital expenditures totaled USD 101.7 million, representing a decrease of 23% compared to the previous quarter. Financial update First quarter EBITDA was USD 49.1 million with an EBITDA margin of 24.0%. Excluding the impact from revenues recognized over time, the EBITDA margin for the first quarter would have been 23.8%, within the guided range of 22-25%. For the net financial result in the first quarter X-FAB recorded a loss of USD 7.2 million, which includes unrealized foreign exchange effects totaling USD -3.4 million. Profitability remains unaffected by exchange rate fluctuations as X-FAB's business is naturally hedged. At a constant USD/Euro exchange rate of 1.09 as experienced in the previous year's quarter, the EBITDA margin would have been 0.1 percentage points higher. Cash and cash equivalents at the end of the first quarter amounted to USD 157.2 million, down 27% against the previous quarter in accordance with the planned allocation of funds to capital expenditures. Management comments Rudi De Winter, CEO of X-FAB Group, said: 'I am pleased to present the quarterly results reflecting X-FAB's resilient business with an 8% sequential increase in revenue and a robust EBITDA margin of 24%. Although geopolitical tensions pose challenges for the semiconductor industry, they also offer new opportunities for X‑FAB due to our global presence across all major continents. I am confident in our capacity to navigate these challenges, as our specialty technologies address societal megatrends and will continue to be in demand.' X-FAB Quarterly Conference Call X-FAB's first quarter results will be discussed in a live conference call/audiocast on Thursday, April 24, 2025, at 6.30 p.m. CEST. The conference call will be in English. Please register here for the audiocast (listen only). Please register here for the conference call (listen and ask questions). The second quarter 2025 results will be communicated on July 31, 2025. About X-FAB X-FAB is a global foundry group providing a comprehensive set of specialty technologies and design IP to enable its customers to develop world-leading semiconductor products that are manufactured at X-FAB's six wafer fabs located in Malaysia, Germany, France, and the United States. With its expertise in analog/mixed-signal technologies, microsystems/MEMS and silicon carbide (SiC), X-FAB is the development and manufacturing partner for its customers, primarily serving the automotive, industrial and medical end markets. X-FAB has approximately 4,500 employees and has been listed on Euronext Paris since April 2017 (XFAB). For more information, please visit Forward-looking information This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management's current intentions, beliefs or expectations relating to, among other things, X-FAB's future results of operations, financial condition, liquidity, prospects, growth, strategies, or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this press release regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless legally required. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this press release. The information contained in this press release is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness, or completeness of the information contained herein and no reliance should be placed on it. Amounts in the financial tables provided in this press release are rounded to the nearest thousand except when otherwise indicated, rounding differences may occur. *excluding impact from revenue recognized over time in accordance with IFRS 15 Condensed consolidated statement of financial position in thousands of USD Quarter ended 31 Mar 2025 unaudited Quarter ended 31 Mar 2024 unaudited Year ended 31 Dec 2024 audited ASSETS Non-current assets Property, plant, and equipment 1,196,149 800,843 1,144,620 Investment properties 7,339 7,108 7,412 Intangible assets 6,059 5,985 6,319 Other non-current assets 38 54 42 Deferred tax assets 66,855 83,692 66,725 Total non-current assets 1,276,440 897,682 1,225,118 Current assets Inventories 281,311 276,983 281,765 Contract assets 19,873 21,451 18,092 Trade and other receivables 95,310 119,271 96,648 Other assets 62,696 48,786 69,253 Cash and cash equivalents 157,240 351,468 215,837 Total current assets 616,430 817,959 681,595 EQUITY AND LIABILITIES Equity Share capital 432,745 432,745 432,745 Share premium 348,709 348,709 348,709 Retained earnings 253,858 203,218 241,648 Cumulative translation adjustment 369 -1,052 462 Treasury shares -770 -770 -770 Total equity 1,034,911 982,850 1,022,794 Non-current liabilities Non-current loans and borrowings 375,835 58,778 369,616 Other non-current liabilities and provisions 3,905 4,696 4,257 Total non-current liabilities 379,740 63,474 373,873 Current liabilities Trade payables 41,068 102,660 67,658 Current loans and borrowings 50,492 185,400 44,517 Other current liabilities and provisions 386,660 381,258 397,872 Total current liabilities 478,219 669,317 510,046 TOTAL EQUITY AND LIABILITIES 1,892,870 1,715,640 1,906,713 Expand Condensed consolidated statement of cash flows Condensed consolidated statement of cash flows – con't *excluding impact from revenue recognized over time according to IFRS 15
Yahoo
06-02-2025
- Automotive
- Yahoo
X-FAB Fourth Quarter and Full Year 2024 Results
Intermediate declaration by the Board of Directors TESSENDERLO-HAM, Belgium, February 06, 2025--(BUSINESS WIRE)--Regulatory News: X-FAB (BOURSE:XFAB): Highlights Q4 2024: Revenue was USD 188.8 million, down 21% year-on-year (YoY) and down 9% quarter-on-quarter (QoQ) Excluding the impact from revenue recognized over time (IFRS 15), revenue was USD 196.8 million, within the guided range of USD 195-205 million EBITDA at USD 39.8 million, down 33% YoY and down 21% QoQ EBITDA margin of 21.1%; excluding IFRS 15 impact, EBITDA margin was 22.8%, compared to the guidance of 22-25% EBIT was USD 10.6 million, down 70% YoY and 58% QoQ Highlights 2024: Revenue was USD 816.4 million, down 10% YoY; excluding IFRS 15 impact, revenue was USD 822.3 million within the guidance range Core business – automotive, industrial, and medical – was USD 763.4 million*, down 6% YoY and representing a share of 93%* of total revenues EBITDA at USD 188.9 million, down 23% YoY EBITDA margin of 23.1%, excluding the IFRS 15 impact in Q4 2024, EBITDA margin was 23.5%, within the guided range of 23.4-24% EBIT was USD 85.5 million, down 46% YoY Outlook: Q1 2025 revenue is expected to come in within a range of USD 195-205 million with an EBITDA margin in the range of 22-25%. The guidance is based on an average exchange rate of 1.04 USD/Euro and does not take into account the impact of IFRS 15. FY 2025 revenue is expected to come in within a range of USD 820-870 million with an EBITDA margin in the range of 24-27%. Revenue breakdown per quarter: in millions of USD Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 y-o-ygrowth Automotive 120.9 131.1 135.3 151.8 135.6 142.4 146.0 128.6 -15% Industrial 46.9 51.3 53.7 54.3 52.6 34.4 31.5 36.1 -34% Medical 17.6 16.2 17.0 16.4 14.5 13.2 12.1 16.5 0% Subtotal core business 185.4 198.7 206.1 222.5 202.6 190.1 189.6 181.2 -19% 89.1% 90.8% 92.2% 92.8% 92.6% 93.7% 92.9% 92.1% CCC1 22.5 20.0 17.2 17.2 16.0 12.6 14.2 15.1 -12% Others 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.5 Revenue* 208.1 218.9 223.5 239.8 218.7 202.8 204.0 196.8 -18% Impact from revenue recognized over time 0 8.3 10.4 -2.0 -2.6 2.3 2.4 -8.0 Total revenue 208.1 227.1 233.8 237.7 216.2 205.1 206.4 188.8 -21% 1Consumer, Communications & Computer in millions of USD Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 y-o-ygrowth CMOS 172.8 180.7 180.5 188.4 168.3 166.2 175.0 170.8 -9% Microsystems 22.2 20.8 24.4 27.9 24.1 25.1 21.6 20.2 -28% Silicon carbide 13.2 17.3 18.6 23.5 26.3 11.6 7.4 5.8 -75% Revenue* 208.1 218.9 223.5 239.8 218.7 202.8 204.0 196.8 -18% Impact from revenue recognized over time 0 8.3 10.4 -2.0 -2.6 2.3 2.4 -8.0 Total revenue 208.1 227.1 233.8 237.7 216.2 205.1 206.4 188.8 Business development In the fourth quarter of 2024, X-FAB recorded revenues of USD 188.8 million, down 21% year-on-year and 9% quarter-on-quarter. Excluding the impact from revenue recognized over time in the amount of USD -8.0 million, quarterly revenue was USD 196.8 million, which is in line with the guidance of USD 195-205 million. Full-year revenues came in at USD 816.4 million, down 10% year-on-year. Revenue recognized over time had a negative effect of USD -5.9 million on the full year. Excluding this impact, 2024 revenue totaled USD 822.3 million, which compares to a guidance of USD 822-832 million. In the fourth quarter, revenues in X-FAB's core markets – automotive, industrial, and medical – came in at USD 181.2 million*, down 19% year-on-year, representing a share of 92%* of total revenue. In the full year of 2024, core market revenue was at USD 763.4 million*, which is a decline of 6% compared to the previous year and a share of 93%* of total revenue. Bookings in the fourth quarter amounted to USD 138.8 million, down 38% year-on-year. In the full year, bookings came in at USD 875.7 million, a 1% decline over 2023. The backlog at the end of the quarter was USD 414.0 million, compared to USD 481.4 million at the end of the previous quarter. In the fourth quarter, X-FAB recorded several positive trends, but these have not been material enough to compensate for the effects of ongoing destocking, in particular in the automotive market. Automotive revenues in the fourth quarter amounted to USD 128.6 million*, down 15% year-on-year and 12% quarter-on-quarter. The decrease is due to inventory adjustments in the automotive supply chain following the build-up of high inventories in response to the chip shortage. On the other hand, a high level of prototyping activity and a number of new product launches in the fourth quarter, including an application for battery monitoring systems for electric vehicles, will contribute positively to X-FAB's automotive business going forward. X-FAB's industrial business recorded quarterly revenue of USD 36.1 million*, down 34% year-on-year and up 15% compared to the previous quarter. Industrial CMOS revenue started to recover in the fourth quarter. Inventory adjustments in the industrial end market, which began as early as 2023, are slowly coming to an end. The industrial business also benefited from strong demand for X-FAB's end-of-life CMOS technologies, while silicon carbide (SiC) revenue, primarily sold to the industrial end market, reached its low point. Fourth quarter revenue in the medical end market was at USD 16.5 million*, flat year-on-year and up 36% quarter-on-quarter, reaching its highest level in 2024. Medical bookings continue to be above average with strong growth coming from applications for personal medical devices, such as contactless temperature sensors, pacemakers, and hearing aids. Fourth quarter sales by technology also reflect the impact from inventory adjustments. CMOS revenue in the fourth quarter amounted to USD 170.8 million*, down 9% year-on-year and 2% quarter-on-quarter. The decline is mainly driven by a drop in demand for 350nm CMOS technologies, whereas X-FAB's popular 180nm CMOS technologies continued to be fully utilized in the fourth quarter. X-FAB's CMOS revenue will also benefit from the strong uptick in orders following X-FAB's announcement of the termination of selected 150mm CMOS technologies by the end of 2026. SiC revenue in the fourth quarter came in at USD 5.8 million*, down 75% year-on-year and down 22% quarter-on-quarter. SiC order intake, on the other hand, recorded a 72% increase over the previous quarter. X-FAB believes to have passed the bottom of the current down cycle in the second half of 2024 and expects a gradual recovery of its SiC business in 2025. X-FAB's microsystems business, mainly delivering into the automotive and medical end market, recorded revenue of USD 20.2 million*, down 28% year-on-year and 7% quarter-on-quarter, whereas bookings almost doubled quarter-on-quarter. Quarterly prototyping revenue totaled USD 23.6 million*, down 14% year-on-year and flat sequentially. Strong traction is coming from the SiC market in response to X-FAB's recently announced next-generation SiC process platform enabling substantial efficiency gains. There is also a high level of interest in X-FAB's advanced wafer-scale assembly technologies. These contribute to various medical and industrial applications and will be one of the growth drivers in the coming years. In the full year of 2025, X-FAB expects to generate revenue in the range of USD 820-870 million. The guidance takes into account the uncertainty related to the current destocking cycle, which is at different stages depending on the end market. While the industrial and medical markets are already showing signs of recovery, inventory corrections in the automotive supply chain, to which X-FAB has the highest exposure, only started in the second half of last year and should continue well into 2025. The structural growth drivers for X-FAB's sustainable business success remain valid. X-FAB's comprehensive set of technologies enables viable solutions for megatrends such as the "electrification of everything" to mitigate climate change and the digitization of medicine with the increasing use of semiconductor technology for advances in the prevention, diagnosis, treatment, and monitoring of diseases as the population ages. This drives long-term growth for the world-leading products enabled by X-FAB. Prototyping and production revenue* per quarter and end market: in millionsof USD Revenue Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Automotive Prototyping 10.0 6.7 7.6 9.3 8.9 Production 141.8 128.9 134.8 136.7 119.7 Industrial Prototyping 10.5 10.7 8.9 8.2 9.6 Production 43.8 41.9 25.5 23.3 26.5 Medical Prototyping 3.3 2.7 2.0 3.0 2.3 Production 13.1 11.8 11.2 9.1 14.2 CCC Prototyping 3.5 3.1 2.5 3.0 2.6 Production 13.7 12.9 10.2 11.3 12.6 Operations update In the fourth quarter, X-FAB's capacity expansion program continued as planned, primarily focused on the expansion of the 180nm CMOS technologies. In 2024, this business has been constrained by available capacity. The additional capacity being installed at the sites in Malaysia and France is critical to support X‑FAB's CMOS and microsystems customers. During the fourth quarter, the majority of the tools for the newly built clean room in Malaysia were delivered and are currently being installed and qualified. All of the equipment related to the capacity expansion at X‑FAB France has been delivered in 2024, completing this part of the investment program. In the fourth quarter, capital expenditures came in at USD 132.9 million. Capital expenditures for the full year were at USD 509.6 million, well below the previously announced USD 550 million. With the completion of the expansion program in the first half of 2025, X-FAB will significantly reduce its capital expenditures, and despite the postponement of equipment deliveries from 2024 to the current year, X-FAB reiterates that total spending in 2025 will not exceed USD 250 million. Financial update Fourth quarter EBITDA was USD 39.8 million with an EBITDA margin of 21.1%. Excluding the impact from revenues recognized over time, the EBITDA margin for the fourth quarter would have been 22.8%. In the full year of 2024, X-FAB recorded an EBITDA of USD 188.9 million with an EBITDA margin of 23.1%. Excluding the IFRS 15 impact on fourth quarter revenue in the amount of USD -8.0 million, the full-year EBITDA margin would have been 23.5%. Profitability is not affected by exchange rate fluctuations as X-FAB's business is naturally hedged. At a constant USD/Euro exchange rate of 1.08 as experienced in the previous year's quarter, the EBITDA margin would have been 0.1 percentage points lower. In the fourth quarter, X-FAB reported a net loss of USD -7.3 million, primarily attributable to a non-cash deferred tax asset adjustment in the amount of USD -16.5 million. Cash and cash equivalents at the end of the third quarter amounted to USD 215.8 million, down 32% against the previous quarter. Following the completion of X-FAB's capacity expansion projects, capital expenditures will decrease significantly to a normalized capex ratio of 10-15% of revenue from the second half of 2025 onwards. X-FAB will then revert to positive free cash flow generation and aims to achieve a sustainable balance between debt reduction, capital return and further growth. Management comments Rudi De Winter, CEO of X-FAB Group, said: "Despite the current market challenges, I am very pleased with the high level of interest in our specialty technologies. Our recently announced next-generation silicon carbide platform is gaining strong market traction, and X‑FAB's microsystems and systems integration expertise is also generating a lot of customer interest. While 2025 will be a transition year due to continued destocking, it will also mark the completion of our capacity expansion, allowing us to better support the increased production demand for our 180nm technologies." X-FAB Quarterly Conference Call X-FAB's fourth quarter results will be discussed in a live conference call/audiocast on Thursday, February 6, 2025, at 6.30 p.m. CET. The conference call will be in English. Please register here for the audiocast (listen only). Please register here for the conference call (listen and ask questions). The first quarter 2025 results will be communicated on April 24, 2025. About X-FAB X-FAB is a global foundry group providing a comprehensive set of specialty technologies and design IP to enable its customers to develop world-leading semiconductor products that are manufactured at X-FAB's six wafer fabs located in Malaysia, Germany, France, and the United States. With its expertise in analog/mixed-signal technologies, microsystems/MEMS and silicon carbide (SiC), X-FAB is the development and manufacturing partner for its customers, primarily serving the automotive, industrial and medical end markets. X-FAB has approximately 4,500 employees and has been listed on Euronext Paris since April 2017 (XFAB). For more information, please visit Forward-looking information This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management's current intentions, beliefs or expectations relating to, among other things, X-FAB's future results of operations, financial condition, liquidity, prospects, growth, strategies, or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this press release regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless legally required. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this press release. The information contained in this press release is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness, or completeness of the information contained herein and no reliance should be placed on it. Condensed consolidated statement of profit and loss in thousands of USD Quarter Quarter Quarter Year Year ended ended ended ended ended 31 Dec 2024 31 Dec 2023 30 Sep 2024 31 Dec 2024 31 Dec 2023 unaudited unaudited unaudited unaudited audited Revenue* 196,761 239,750 203,982 822,301 890,181 Impact from revenue recognized over time -7,998 -2,017 2,384 -5,919 16,605 Total revenue 188,762 237,733 206,366 816,383 906,786 Revenues in USD in % 61 57 56 59 56 Revenues in EUR in % 39 43 44 41 44 Cost of sales -152,250 -174,183 -155,162 -633,434 -648,734 Gross profit 36,513 63,551 51,204 182,949 258,052 Gross profit margin in % 19.3 26.7 24.8 22.4 28.5 Research and development expenses -14,205 -12,581 -13,087 -49,785 -47,191 Selling expenses -2,213 -2,157 -2,177 -9,070 -8,463 General and administrative expenses -11,511 -13,113 -11,369 -47,351 -47,157 Rental income and expenses from investment properties 409 -532 534 2,770 2,906 Other income and other expenses 1,575 392 -147 6,030 -472 Operating profit 10,567 35,559 24,957 85,542 157,674 Finance income 11,262 10,451 12,191 36,006 34,658 Finance costs -12,243 -10,172 -10,945 -38,260 -37,149 Net financial result -981 280 1,246 -2,254 -2,490 Profit before tax 9,585 35,839 26,204 83,288 155,184 Income tax -16,891 2,964 -254 -21,763 6,711 Profit for the period -7,306 38,803 25,950 61,525 161,895 Operating profit (EBIT) 10,567 35,559 24,957 85,542 157,674 Depreciation 29,248 24,048 25,345 103,386 87,939 EBITDA 39,815 59,607 50,302 188,928 245,614 EBITDA margin in % 21.1 25.1 24.4 23.1 27.1 Earnings per share -0.06 0.30 0.20 0.47 1.24 Weighted average number of shares 130,631,921 130,631,921 130,631,921 130,631,921 130,631,921 EUR/USD average exchange rate 1.06821 1.07570 1.09825 1.08232 1.08138 Amounts in the financial tables provided in this press release are rounded to the nearest thousand except when otherwise indicated, rounding differences may occur. *excluding impact from revenue recognized over time in accordance with IFRS 15 Condensed consolidated statement of financial position in thousands of USD Year ended Year ended 31 Dec 2024 31 Dec 2023 unaudited audited ASSETS Non-current assets Property, plant, and equipment 1,135,345 734,488 Investment properties 7,412 7,171 Intangible assets 6,319 5,627 Other non-current assets 42 58 Deferred tax assets 66,725 83,772 Total non-current assets 1,215,843 831,116 Current assets Inventories 281,765 269,227 Contract assets 18,092 24,010 Trade and other receivables 89,385 123,101 Other assets 78,528 50,659 Cash and cash equivalents 215,837 405,701 Total current assets 683,607 872,698 TOTAL ASSETS 1,899,450 1,703,814 EQUITY AND LIABILITIES Equity Share capital 432,745 432,745 Share premium 348,709 348,709 Retained earnings 241,648 180,159 Cumulative translation adjustment 462 -301 Treasury shares -770 -770 Total equity 1,022,794 960,542 Non-current liabilities Non-current loans and borrowings 369,616 235,318 Other non-current liabilities and provisions 4,257 4,024 Total non-current liabilities 373,873 239,342 Current liabilities Trade payables 67,658 90,681 Current loans and borrowings 44,517 25,659 Other current liabilities and provisions 390,608 387,590 Total current liabilities 502,783 503,930 TOTAL EQUITY AND LIABILITIES 1,899,450 1,703,814 Condensed consolidated statement of cash flows in thousands of USD Quarter Quarter Quarter Year Year ended ended ended ended ended 31 Dec 2024 31 Dec 2023 30 Sep 2024 31 Dec 2024 31 Dec 2023 unaudited unaudited unaudited unaudited audited Income before taxes 9,585 35,839 26,204 83,288 155,184 Reconciliation of income before taxes to cash flow arising from operating activities: 31,455 16,227 21,988 106,147 88,948 Depreciation and amortization, before effect of grants and subsidies 29,248 24,048 25,345 103,386 87,939 Amortization of investment grants and subsidies -1,514 -730 -924 -3,735 -2,972 Interest income and expenses (net) 2,564 607 2,308 5,525 2,600 Loss/(gain) on the sale of plant, property, and equipment (net) 53 -199 -312 -4,030 -3,373 Loss/(gain) on the change in fair value of derivatives and financial assets (net) 0 0 1,144 1,144 0 Other non-cash transactions (net) 1,104 -7,498 -5,573 3,858 4,754 Changes in working capital: -27,694 70,615 29,732 8,726 172,490 Decrease/(increase) of trade receivables 1,915 -496 17,693 38,071 -39,774 Decrease/(increase) of other receivables and other assets -23,779 5,371 1,361 -3,588 4,855 Decrease/(increase) of inventories 2,380 -8,266 -6,559 -9,733 -52,504 Decrease/(increase) of contract assets 7,998 2,017 -2,384 5,919 -24,010 (Decrease)/increase of trade payables 9,800 16,823 -3,323 -8,098 16,634 (Decrease)/increase of other liabilities -26,009 55,166 22,944 -13,845 267,289 Income taxes (paid)/received -359 -3,275 914 -2,113 -6,658 Net cash from operating activities 12,987 119,405 78,838 196,048 409,964 Cash flow from investing activities: Payments for property, plant, equipment and intangible assets -132,903 -100,432 -149,775 -509,551 -337,789 Acquisition of subsidiary, net of cash acquired 0 0 0 -1,634 0 Payments for loan investments to related parties 0 -39 0 0 -276 Proceeds from loan investments related parties 0 47 0 0 252 Proceeds from sale of property, plant, and equipment -99 235 312 4,024 3,733 Interest received 1,972 3,748 2,644 11,032 10,457 Net cash used in investing activities -131,030 -96,442 -146,820 -496,129 -323,623 Condensed consolidated statement of cash flows – con't in thousands of USD Quarter Quarter Quarter Year Year ended ended ended ended ended 31 Dec 2024 31 Dec 2023 30 Sep 2024 31 Dec 2024 31 Dec 2023 unaudited unaudited unaudited unaudited audited Cash flow from (used in) financing activities: Proceeds from loans and borrowings 38,134 105,640 78,634 209,669 205,784 Repayment of loans and borrowings -3,898 -112,939 -20,582 -124,237 -241,806 Receipts of sale and leaseback arrangements 1,350 0 32,766 60,584 0 Payments of lease installments -3,193 -1,197 -5,080 -12,502 -5,512 Interest paid -3,749 -7,170 -4,834 -17,214 -11,630 Cash flow from (used in) financing activities 28,644 -15,666 80,903 116,299 -53,164 Effect of changes in foreign currency exchange rates on cash balances -10,681 7,129 12,941 -6,082 3,099 Increase/(decrease) of cash and cash equivalents -89,399 7,298 12,921 -183,782 33,177 Cash and cash equivalents at the beginning of the period 315,917 391,274 290,054 405,701 369,425 Cash and cash equivalents at the end of the period 215,837 405,701 315,917 215,837 405,701 *excluding impact from revenue recognized over time according to IFRS 15 View source version on Contacts X-FAB Press Contact Uta SteinbrecherInvestor RelationsX-FAB Silicon Foundries+ Sign in to access your portfolio
