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Sandisk Corporation (SNDK+7.51%) has submitted its 10-Q filing for the quarterly period ended December 27, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $1,876 million from $1,665 million in the same quarter the previous year. This increase is attributed to improved pricing and product mix.
Gross profit for the quarter was $606 million, compared to $161 million in the previous year, with the increase attributed to higher average selling prices and favorable product mix.
Operating expenses for the quarter were $411 million, compared to $406 million in the previous year. The slight increase is due to higher compensation and benefits costs.
The company reported net income of $104 million for the quarter, compared to a net loss of $301 million in the previous year.
Cash used in operating activities was $36 million, while cash provided by investing and financing activities was $169 million and $344 million, respectively.
The company completed its spin-off from Western Digital Corporation on February 21, 2025, and began trading as an independent company under the stock symbol SNDK on Nasdaq.
Sandisk Corporation entered into a loan agreement comprising a term loan facility of $2 billion and a revolving credit facility of $1.5 billion to support its operations post-spin-off.
The filing also details various financial agreements and commitments, including those related to its ventures with Kioxia Corporation and other business partners.
Sandisk Corporation identified potential impairment indicators related to its goodwill and long-lived assets, indicating that an impairment charge may be recorded in the upcoming quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sandisk Corporation quarterly 10-Q report dated March 7, 2025. To report an error, please email earnings@qz.com.