GlobalFoundries Inc. (GFS) is one of the world's largest pure-play semiconductor foundries, specializing in manufacturing a broad range of semiconductor devices. The company offers mainstream wafer fabrication services and technologies, catering to industries such as mobile, networking, and power management. GFS sells semiconductor devices including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.
- Smart Mobile Devices - Manufactures semiconductor devices for mobile applications, including microprocessors and mobile application processors.
- Home and Industrial IoT - Provides semiconductor solutions for IoT applications, including microcontrollers and power management units.
- Automotive - Supplies semiconductor devices for automotive applications, focusing on network processors and radio frequency modems.
- Communications Infrastructure & Datacenter - Develops semiconductor devices for communication and data center infrastructure, including baseband processors and network processors.
- Non-Wafer Revenue - Engages in activities beyond wafer fabrication, contributing to overall revenue through various services and technologies.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Dr. Thomas Caulfield ExecutiveBoard | Executive Chairman | Trustee for Union College; Board member of Sandisk Corporation | Dr. Thomas Caulfield is the Executive Chairman of GLOBALFOUNDRIES, effective April 28, 2025. He previously served as President and CEO since March 2018 and joined GF in May 2014 as Senior Vice President and General Manager. | |
Saam Azar ExecutiveBoard | Chief Legal Officer | Saam Azar has served as the Chief Legal Officer at GF since January 2017 and as Secretary to the GF Board of Directors since the company’s founding in 2009. | ||
Tim Breen ExecutiveBoard | Chief Operating Officer (COO) | Tim Breen is the Chief Operating Officer at GF since September 2023 and was elected to the Board of Directors in January 2018. He is set to become the Chief Executive Officer effective April 28, 2025, and has extensive experience in strategy and operational leadership from his previous roles at GF and other organizations. | ||
John Hollister Executive | Chief Financial Officer (CFO) | Board member of MacroFab | John Hollister has been the Chief Financial Officer at GFS since February 5, 2024, with over two decades of finance and operations experience in the semiconductor industry. Previously, he served as CFO and Senior Vice President at Silicon Labs from 2013 to early 2024. | |
Michael Hogan Executive | Chief Business Unit Officer | Michael Hogan is the Chief Business Unit Officer at GlobalFoundries since 2023 and will transition to Chief Business Officer on April 28, 2025. He has over 35 years of semiconductor industry experience with previous leadership roles at Cypress Semiconductor and Broadcom/Avago. | ||
Niels Anderskouv Executive | Chief Business Officer (CBO) | Niels Anderskouv is the Chief Business Officer (CBO) at GlobalFoundries since May 2023 and will transition to President and COO effective April 28, 2025. Previously, he served as Senior Vice President and Executive Officer at Texas Instruments from 2017 to 2021. | ||
Pradheepa Raman Executive | Chief People Officer | Chief People Officer at GlobalFoundries since September 2022 , with extensive HR leadership experience at Stanley Black & Decker, Samsung Electronics America, and Avaya. | ||
Pradip Singh Executive | Chief Manufacturing Officer | Pradip Singh is the Chief Manufacturing Officer at GlobalFoundries since 2024 and has over 20 years of experience, including leadership roles such as Senior Vice President and General Manager of Global Competitive Manufacturing and U.S. Fab Operations. | ||
Samuel Vicari Executive | Chief Commercial Officer (CCO) | Samuel Vicari is the Chief Commercial Officer (CCO) at GlobalFoundries since 2024, where he oversees the end-to-end customer journey and strategic partnerships. Previously, he served as President of Texas Instruments Japan for about five years and held various sales management positions across EMEA. | ||
Camilla Languille Board | Independent Non-Executive Director | co-Chief Executive Officer of Mubadala Investment Company’s Private Equity platform; Board Member of Evotec SE; Board Member of PCI Pharma Services | Camilla Languille was elected to the Board of Directors at GFS in September 2024 as an independent non-executive director. She also serves on the People and Compensation Committee (effective September 8, 2024) and the Strategy and Technology Committee, playing a key role in governance and strategic oversight. | |
Carlos Obeid Board | Board Director | Chief Financial Officer of Mubadala Investment Company ; Board member of Mubadala Capital LLC ; Board member of Abu Dhabi Commercial Bank PJSC ; Board member of Abu Dhabi Investment Council ; Chairman of the Board of Directors of Mubadala Infrastructure Partners Ltd ; Board member of Cleveland Clinic Abu Dhabi LLC | Carlos Obeid has served as a Board Director at GFS since January 2012 as an independent non-executive director. He also holds a key role as Chief Financial Officer at Mubadala Investment Company along with several board positions in other entities. | |
David Kerko Board | Lead Independent Director | Board Member at Cubic Corporation; Board Member at Nielsen; Board Member at Cloud Software Group | David Kerko is the Lead Independent Director at GFS since January 2018 and serves as the Chairman of the People and Compensation Committee. He has extensive experience in private equity and technology, having previously held roles at KKR and Gleacher NatWest Inc.. | |
Dr. Bobby Yerramilli-Rao Board | Independent, non-executive director | Chief Strategy Officer and Corporate Vice President, Corporate Strategy at Microsoft; Member of the Board of Directors at Genome Therapeutics Ltd. | Dr. Bobby Yerramilli-Rao has served as an independent, non-executive director at GFS since March 2022 and chairs the Strategy and Technology Committee, contributing to strategic guidance for the company. He brings extensive experience from his roles as Chief Strategy Officer and Corporate Vice President at Microsoft, and other leadership positions in his past, demonstrating a broad background in corporate strategy. | |
Elissa E. Murphy Board | Independent, non-executive Director on the Board of Directors | Senior Vice President at Cisco Systems, Inc. | Elissa E. Murphy was elected to the Board of Directors of GFS in September 2021. She is a seasoned technology leader with experience as Senior Vice President at Cisco Systems, Inc. and as Vice President of Engineering at Google. | |
Glenda Dorchak Board | Independent, non-executive director | Board Member at ANSYS, Inc.; Board Member at Wolfspeed Inc.; Board Member at Cerebras Systems | Glenda Dorchak has served as an independent, non-executive director at GFS since June 2019, bringing over 30 years of leadership experience from roles at IBM, Intel, Value America, and Spansion. Previously, she held executive roles including CEO and chairman positions outside GFS. | |
Jack Lazar Board | Chairman of the Audit, Risk and Compliance Committee | Astera Labs; Box; Resideo Technologies; thredUP | Jack Lazar, with over 30 years of operational and financial leadership experience, joined GFS as a board member in July 2021 and now serves as Chairman of the Audit, Risk and Compliance Committee. Previously, he served as CFO at GoPro and held senior roles at Qualcomm Atheros. | |
Marc Antaki Board | Member of the Board of Directors | Deputy Chief Strategy and Risk Officer of Mubadala Investment Company | Marc Antaki was elected to the GlobalFoundries Board of Directors as a Class III director on April 29, 2025, replacing Ahmed Yahia. He is also the Deputy Chief Strategy and Risk Officer at Mubadala Investment Company, the majority shareholder of GlobalFoundries. | |
Martin L. Edelman Board | Independent, non-executive director | General Counsel of G42; Of Counsel at Paul Hastings LLP; Advisor to Mubadala; Partner at Fisher Brothers; Executive Chairman at Manchester Life; Director of Aldar REIT/Properties; Director of City Football Group | Martin L. Edelman has served as an independent, non-executive director on the GFS Board since February 2017 and is the Chairman of the Nominating and Governance Committee. With over 50 years of experience in real estate, technology, corporate mergers, and international transactions, he has also contributed his expertise to various global organizations. |
- Considering the recent comments on tariffs, can you explain the detailed sensitivity analysis on revenue impacts if tariffs were to intensify, and how management plans to mitigate potential pricing pressures on your wafer ASPs?
- With wafer ASPs expected to decline in the mid-single digits largely due to product mix changes, what specific innovations or mix shifts will you leverage to protect or enhance your gross margins?
- Given the mixed signals in your automotive segment—with share gains on one hand and soft end-market demand on the other—how do you plan to sustain double-digit year-over-year growth amid ongoing global uncertainties?
- You mentioned pursuing inorganic opportunities to complement organic growth; can you detail the specific criteria and valuation thresholds that would trigger a potential acquisition, and how you plan to manage the inherent integration risks?
- Regarding the ramp-up of co-packaged optics and broader silicon photonics initiatives in data centers, what concrete milestones and timelines should investors expect, and how will you address the competitive and technological challenges to achieve full-scale deployment?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Tagore Technology’s Power GaN Business (acquired by GF) | 2024 | GF’s acquisition of Tagore Technology’s proprietary and production-proven Power GaN business is designed to expand its product portfolio with advanced GaN power capabilities, supporting a projected growth of its serviceable addressable market by approximately $1.6 billion by 2030; it leverages GaN’s technical advantages and includes plans to modernize GF’s Burlington manufacturing facility with support from the U.S. Chips and Science Act, targeting strategic markets such as automotive and aerospace. |
Recent press releases and 8-K filings for GFS.
- GlobalFoundries (GF) has entered into a definitive agreement to acquire MIPS, a leading supplier of AI and processor IP.
- This strategic acquisition is intended to expand GF’s portfolio of customizable IP offerings, enhancing its process technologies with IP and software capabilities for performance-critical applications in AI, automotive, industrial, and datacenter infrastructure.
- The acquisition is expected to be completed in the second half of 2025, subject to customary closing conditions and required regulatory approvals.
- Following the acquisition, MIPS will continue to operate as a standalone business within GF.
- CEO Tim Green positions GF as a differentiated foundry—beyond simple nanometer scaling—leveraging a global footprint with dual- or triple-fab tape-outs to give customers manufacturing optionality amid shifting trade policies.
- 2025 is billed as a year of resumption of growth: automotive revenue grew 15% in 2024 and is expected to match that pace; data-center sales (notably photonics and power/RF) are set to grow in the high-teens, while satellite communications represents a hundreds-of-millions-dollars opportunity.
- Gross margins are on track to expand from 24% in Q1 toward 30% by year-end, driven by rising fab utilization, a $250 million annual depreciation reduction, and improved product mix, with a long-term goal of 40%.
- Free cash flow remains strong; capital will prioritize organic capacity builds and small bolt-on acquisitions to enhance process, design and IP differentiation, with no immediate buyback plan announced.
- GlobalFoundries returned to year-on-year revenue growth in Q1 2025 with 2% top-line growth and realized $80 million of underutilization revenue, following sequential growth in each of the last three quarters of 2024.
- For full-year 2025, the company expects overall revenue growth driven by mid-teens automotive, high-teens communications infrastructure & data center (CID), flattish smartphone, and recovering smart mobile and IoT markets in Q2.
- The firm’s U.S., Singapore and Germany manufacturing footprint—with no fabs in China or Taiwan—and long-term capacity agreements have insulated it from tariff-related disruptions and supported customer demand.
- Gross margin is projected to rise from 24% in Q1 to ~30% by year-end 2025, aided by $250 million of depreciation roll-off, higher utilization, favorable product mix and cost initiatives, targeting 40% long-term.
- GF generated $1.1 billion of free cash flow in 2024 and is targeting $1 billion+ in 2025, leveraging prior CapEx investments to support margin and cash-flow expansion.
- Q1 2025 Earnings: GlobalFoundries delivered $1.585 billion in revenue (–13% QoQ, +2% YoY), gross margin of 22.4% (non-IFRS 23.9%), operating margin of 9.5% (non-IFRS 13.4%), net income of $211 million, and diluted EPS of $0.38 (non-IFRS $0.34)
- Q2 2025 Guidance: Forecast revenue of $1.675 billion ± $25 million, non-IFRS gross margin 25.0% ± 100 bps and EPS $0.36 ± $0.05; with expected Q2 OpEx of $185 M ± $10 M and a full-year non-IFRS tax rate in the high-teens
- Liquidity & Cash Flow: Generated $331 million of operating cash flow and $165 million of non-IFRS free cash flow, ending Q1 with $3.7 B in cash & equivalents, $1.1 B in debt, and a $1 B undrawn revolver
- Balance Sheet Note: The "Interim Condensed Consolidated Statements of Financial Position" was not provided, leaving assets, liabilities, and equity data unavailable.
- Market Performance: Q1 end-markets were mixed – Communications Infrastructure & Datacenter grew 45% to $174 million, Automotive increased 16% to $309 million (bolstered by design wins on 130BCD and 40ESF 3 Autopro, nearly 90% sole-sourced), while Smart Mobile Devices declined 14% to $586 million
- Revenue Mix: Comprised Smart Mobile Devices 37%, Home & Industrial IoT 21%, Automotive 19%, and Communications Infrastructure & Data Center 11%