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MagnaChip Semiconductor Corporation (MX+2.14%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $231.7 million, a slight increase from $230.1 million in the previous year. The increase is attributed to higher net sales from the standard products business, which rose to $221.1 million from $195.7 million.
Net sales from the Mixed-Signal Solutions business line increased to $54.3 million, driven by higher demand for Power IC products and automotive OLED display driver ICs. However, sales of mobile OLED display driver ICs declined due to slower design-wins and reduced demand for legacy products.
The Power Analog Solutions business line saw an increase in net sales to $166.8 million, attributed to higher demand for MOSFETs in communication, consumer, and computing applications.
The company's gross profit remained relatively flat at $51.9 million, with a gross margin of 22.4%. The Mixed-Signal Solutions business line improved its gross margin to 39.8%, while the Power Analog Solutions business line saw a decline to 18.9% due to an unfavorable product mix and lower utilization rates.
Operating expenses totaled $104.9 million, slightly down from $109.3 million in the previous year. The decrease is primarily due to reduced selling, general, and administrative expenses.
The company reported a net loss of $54.3 million, compared to a net loss of $36.6 million in the previous year. The increase in net loss is largely due to a $17.4 million increase in foreign currency loss and a $2.6 million decrease in income tax benefit.
MagnaChip announced a strategic decision to become a pure-play Power company, exploring options for its Display business, which is expected to be classified as discontinued operations in future reports.
The company executed a Standard Credit Agreement with Korea Development Bank for a term loan of approximately $27.2 million, secured by its Gumi, Korea properties.
MagnaChip's cash and cash equivalents decreased to $138.6 million, with cash outflows used in operating and investing activities, partially offset by financing activities including the new term loan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MagnaChip Semiconductor Corporation annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.