Tower Semiconductor Reports 2024 Third Quarter Financial Results

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading "Risk Factors" in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.


(Financial tables follow)

 
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
  September 30,
  December 31,
  2024
  2023
ASSETS     
CURRENT ASSETS     
Cash and cash equivalents $ 270,979   $ 260,664 
Short-term deposits 893,899   790,823 
Marketable securities 40,137   184,960 
Trade accounts receivable 195,794   154,067 
Inventories 272,377   282,688 
Other current assets 41,104   35,956 
Total current assets 1,714,290   1,709,158 
PROPERTY AND EQUIPMENT, NET 1,295,243   1,155,929 
GOODWILL AND OTHER INTANGIBLE ASSETS, NET 10,770   12,115 
OTHER LONG-TERM ASSETS, NET 39,526     41,315  
TOTAL ASSETS $ 3,059,829     $ 2,918,517  
LIABILITIES AND SHAREHOLDERS' EQUITY          
CURRENT LIABILITIES          
Short-term debt $ 61,694     $ 58,952  
Trade accounts payable 129,703     139,128  
Deferred revenue and customers' advances 27,935     18,418  
Other current liabilities 75,239     60,340  
Total current liabilities 294,571     276,838  
LONG-TERM DEBT 131,614     172,611  
LONG-TERM CUSTOMERS' ADVANCES 10,122     25,710  
DEFERRED TAX AND OTHER LONG-TERM LIABILITIES 15,862     16,319  
TOTAL LIABILITIES 452,169     491,478  
TOTAL SHAREHOLDERS' EQUITY 2,607,660     2,427,039  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,059,829     $ 2,918,517  
           

 

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