Total Revenue

Q1 2025: $1,445.7M, down 22% vs Q1 2024: $1,862.7M

Lower overall sales volumes driven by reduced demand in key automotive and industrial end‑markets, which was a trend noted in prior periods and continued in Q1 2025. " " This decline is consistent with macroeconomic pressures and softer market sentiment observed earlier.

PSG Revenue

Q1 2025: $645.1M, down 26% vs Q1 2024: $874.2M

Continued drop in demand in the automotive and industrial segments led to a marked reduction in PSG revenue, echoing earlier period declines seen in both Q1 2025 and FY 2024. " " This trend reflects persistent market softness and further underutilization of production capacity.

AMG/ASG Revenue

Q1 2025: $566.4M, down 19% vs Q1 2024: $697.0M

Decreased demand for analog and mixed‑signal products in the automotive and industrial segments continued from previous trends, as previously observed in Q1 and FY 2024, causing a nearly one‑fifth drop in AMG/ASG revenue. " "

ISG Revenue

Q1 2025: $234.2M, down 20% vs Q1 2024: $291.5M

Significantly lower sales volumes in automotive sensing and industrial/consumer solutions continued from previous periods, with Q1 2025 experiencing a consistent 20% decline, reinforcing the downward pressure noted in earlier fiscal results. " "

Singapore Revenue

Q1 2025: $273.8M, down 37% vs Q1 2024: $433.2M

Sharper regional weakness in Singapore, with declining demand across segments, particularly in the automotive and industrial markets. The 37% drop is more pronounced compared to other regions and aligns with similar trends noted in prior periods in specific geographies. " " "

United States Revenue

Q1 2025: $292.6M, down 30% vs Q1 2024: $419.0M

Consistent decline due to reduced automotive and industrial demand affecting sales in the US. The 30% decrease reflects both global and regional economic challenges, mirroring the pattern observed in Q1 2024 and earlier reports. " " "

Operating Income

Q1 2025: Loss of $573.7M vs Q1 2024: Profit of $525.2M

A dramatic shift caused by compounded revenue declines, increased operating expenses and hefty restructuring charges. The deterioration, following similar but less severe trends in FY 2024, underscores mounting margin pressure and higher non‑cash impairment charges impacting operating leverage. " "

Net Income

Q1 2025: Loss of $485.2M vs Q1 2024: Profit of $453.7M

Earnings reversal driven by the substantial operating loss from lower revenues and higher restructuring/impairment charges. Even with an income tax benefit in Q1 2025, the overall net income was overwhelmed by these factors, following the negative trajectory noted previously in FY 2024. " "

Net Cash Provided by Operating Activities

Q1 2025: $602.3M vs Q1 2024: $498.7M

Improved cash generation despite the lower earnings, resulting from favorable working capital adjustments and noncash items. This was in contrast to the trend of declining profitability, showing that operational cash flows can be bolstered by changes in asset/liability balances seen in previous periods. " "

Silicon Carbide Product Strength

Discussed consistently from Q2 2024 through Q4 2024 with emphasis on leadership in China, technology innovation (new MOSFET generations, acquisitions like Qorvo’s JFET business) and strong design wins (e.g. penetration in EV models). " " " "

In Q1 2025, the company remains bullish, highlighting market share leadership in China, greater product performance and new wins (50% of new EV models) while extending technology leadership with fourth-generation SiC MOSFET devices. " " " "

Recurrence with renewed bullish sentiment: The focus on technical leadership and market wins remains steady, underscoring its large future impact on revenue and market position.

Automotive and Electrification Demand

In Q2 2024, Q3 2024 and Q4 2024, discussions noted soft demand, inventory corrections, mixed regional recoveries (notably strength in China but weakness elsewhere) and an expectation for longer-term EV and electrification growth. " " " "

Q1 2025 continues the theme of automotive revenue decline (26% sequential drop) but emphasizes strength in the Chinese market with increasing SiC adoption and new product wins in EV/PHEV segments. " " "

Mixed sentiment with persistent caution: While long-term growth drivers remain, short-term volatility is highlighted—reinforcing cautious optimism amid inventory and regional challenges.

Operational Efficiency and Fab Utilization

Q2 2024, Q3 2024 and Q4 2024 discussions focused on structural improvements, capacity adjustments (e.g. Fab Right strategy, divestitures, optimization of utilization levels), and cost reductions that supported margin stabilization even at lower utilization. " " " "

In Q1 2025, capacity reductions (12% offline) are underscored along with slight improvements in utilization (from 59% to 60%) and enhanced gross margin leverage, though future under-absorption remains a concern in the near-term. " " " "

Consistent focus with incremental gains: The themes of cost efficiency and capacity management persist with added emphasis on capacity reduction benefits to margins, indicating a sustained long-term impact.

Inventory Management and Demand Recovery

Across Q2, Q3 and Q4 2024, inventory was managed carefully with strategic builds (bridge inventory for fab transitions), balancing distribution inventory (targeting 9–11 weeks) and cautious management amid soft end demand, particularly in automotive and industrial segments. " " " "

Q1 2025 shows disciplined inventory management with stable distribution weeks (around 10.1 weeks) and clear differentiation between base and bridge inventory. While industrial demand shows early stabilization, automotive recovery remains delayed, especially outside China. " " " "

Steady management with cautious recovery: Inventory management remains a core focus with slight stabilization signals, though appetite for demand recovery continues to vary by region and segment.

Margin Pressures and Pricing Dynamics

Q2, Q3 and Q4 2024 featured discussions on relatively stable pricing strategies backed by internal efficiencies and some margin resilience, though pressures existed from low utilization, under-absorption and early signs of pricing challenges in noncore flows. " " "

Q1 2025 highlights a notable sequential decline in non‐GAAP gross margin (down 530 bp sequentially) with improved margin leverage from capacity reduction. Pricing dynamics continue to exert pressure with low single-digit declines while cost actions aim to offset these headwinds. " " " "

Worsening short‐term pressures but proactive cost actions: Recurring margin challenges persist, albeit with enhanced capacity adjustments and pricing strategies to stabilize margins over the longer term.

AI Data Center Growth and Treo Platform

In Q2 2024 and Q4 2024, AI data center growth was driven by design wins and new products (e.g. T10 Trench and Elite SiC devices) while the Treo Platform was introduced in Q4 2024 with a strong TAM and margin profile. Q3 2024 focused on AI data center design wins; however, little was updated on Treo. " " " "

In Q1 2025, AI data center revenue more than doubled and Treo is recognized for its ongoing product ramp and initial revenue recognition. However, the Treo discussion appears more muted compared to prior periods as the focus shifts more strongly toward AI data center wins. " " "

Shifted emphasis, but continued growth in AI: AI data center remains a key growth area; however, while the Treo Platform was once prominently highlighted, its discussion has become less prominent, indicating a possible recalibration of its role.

Non-Core Business Divestiture Strategy

In Q2 and Q3 2024, there was little to no mention. Q4 2024 discussions provided substantial details, with figures around $350–$400 million in non-core revenue identified for divestiture, part of a broader effort to focus on core operations. " " "

Q1 2025 reaffirms a divestiture target, now focusing on exiting approximately $300 million of non-core business, with some already exited ($50 million). The narrative is scaled down and more market-dependent compared to earlier discussions. "

Downscaled and more selective: There is a reduction in the divestiture target suggesting a shift in strategy—highlighting a more market-dependent and prudent approach than previously planned.

Geopolitical and Tariff Uncertainty Impact

In Q2 2024, there was an indirect mention (e.g. investments in resilient European fabs) while Q4 2024 provided an in‐depth discussion on geopolitical and tariff uncertainties affecting demand and supply chain decisions. " " " Q3 2024 did not mention this topic.

Q1 2025 addresses these uncertainties by noting minimal direct tariff impacts due to a diversified supply chain and strong Chinese positioning, though indirect effects remain on the horizon. The approach remains cautious with ongoing monitoring. " " "

Persistent concern with mitigated exposure: Geopolitical and tariff risks continue to be a concern, though diversification and proactive supply chain measures have slightly lessened the direct impact in Q1 2025.