MANCHESTER, N.H., April 17, 2025 (GLOBE NEWSWIRE) -- Allegro MicroSystems, Inc. (Nasdaq: ALGM) today announced it plans to release financial results for its fourth quarter and fiscal year 2025 prior to the market open on Thursday, May 8, 2025. Following the press release, Mike Doogue, President and Chief Executive Officer, and Derek D’Antilio, Executive Vice President and Chief Financial Officer, will host a conference call at 8:30 a.m. Eastern Time to discuss the Company’s results and business outlook. Ana ...

Core Viewpoint - Allegro MicroSystems has announced the withdrawal of Onsemi's unsolicited acquisition proposal, emphasizing the Board's commitment to acting in the best interests of its stockholders and the inadequacy of Onsemi's offers [1][2][3]. Company Positioning - The Board of Allegro has engaged with Onsemi and its advisors, providing a constructive path for a potentially improved offer, which Onsemi ultimately declined to pursue [3]. - Allegro is confident in its unique positioning to capitalize on mega-trends in electrification and autonomy through its differentiated sensing and power technologies [4]. Strategic Focus - The company aims to continue innovation to enhance competitive advantages while closely partnering with customers in sectors such as e-Mobility, clean energy, data centers, robotics, and automation [4]. - Allegro is committed to unlocking additional stockholder value through its strategic initiatives and market leadership [4]. Advisory Support - PJT Partners is serving as the financial advisor, while Davis Polk & Wardwell LLP is the legal advisor to Allegro [5].

Core Insights - Allegro MicroSystems has launched its new XtremeSense™ TMR current sensors, the CT4022 and CT4032, which are designed for high-voltage, power-dense clean energy applications [1][2] Product Features - The CT4022 and CT4032 sensors achieve a 2x reduction in root mean square (RMS) noise compared to previous TMR solutions and a 4x reduction compared to Hall-based integrated conductor solutions, enhancing power conversion efficiency [2] - These sensors are tailored for clean energy systems, maximizing power conversion efficiency, and feature integrated galvanic isolation for current sensing in applications up to 1000V [2][7] - The CT4022 is available in an 8-pin SOIC package, while the CT4032 comes in a 16-pin widebody SOIC package [3] Industry Impact - Allegro's commitment to quality and innovation positions it as a leader in automotive-grade technology, enhancing efficiency and sustainability across automotive, clean energy, and industrial automation sectors [6]

Core Insights - Allegro MicroSystems has appointed Rick Madormo as Senior Vice President of Worldwide Sales, effective March 24, 2025, to lead global sales and drive revenue growth in automotive and industrial markets [1][2] - Rick Madormo brings over 25 years of semiconductor sales experience, previously serving as Senior Vice President of Global Sales and Marketing at Wolfspeed, where he achieved record-setting results [2] - Allegro MicroSystems focuses on leveraging its expertise in magnetic sensing and power ICs to enhance efficiency and sustainability in automotive, clean energy, and industrial automation sectors [3] Company Developments - The transition of Max Glover to an advisory role until his departure on May 16, 2025, marks a significant leadership change within Allegro [1] - The company emphasizes its commitment to quality and innovation in "automotive grade" technology, reinforcing its position as a leader in the semiconductor industry [3] Industry Context - Allegro's strategic focus aligns with the growing trends of electrification and automation, positioning the company to capitalize on these market opportunities [2] - The semiconductor industry is experiencing a transformation, with companies like Allegro at the forefront of developing solutions that meet the demands of modern energy-efficient systems [3]

MANCHESTER, N.H., March 06, 2025 (GLOBE NEWSWIRE) -- Allegro (NASDAQ: ALGM) ("Allegro" or the "Company") today confirmed that it received an unsolicited proposal from onsemi to acquire Allegro for $35.10 per share in cash on February 12, 2025. The Allegro Board of Directors reviewed the proposal, in consultation with its independent financial and legal advisors, and determined that the proposal was inadequate. Allegro does not intend to comment further on this matter unless it determines it necessary to do ...

Core Viewpoint - Allegro MicroSystems has appointed Mike Doogue as the new President and CEO, succeeding Vineet Nargolwala, marking a significant leadership transition aimed at enhancing the company's growth in the automotive and industrial markets [1][3]. Company Leadership - Mike Doogue has been with Allegro for 27 years, progressing through various leadership roles, including Executive Vice President and Chief Technology Officer, and holds 75 U.S. patents related to semiconductors [2][3]. - The leadership transition is part of a long-term succession planning process by the Board, reflecting confidence in Doogue's ability to drive the company forward [3]. Strategic Focus - Under Doogue's leadership, Allegro aims to extend its technology leadership and capitalize on growth opportunities in the automotive and industrial sectors [3]. - The company emphasizes its commitment to "innovation with purpose," focusing on enhancing customer value and financial performance [3]. Company Background - Allegro MicroSystems specializes in power and sensing semiconductor solutions, leveraging over 30 years of expertise in magnetic sensing and power integrated circuits to drive advancements in automotive, clean energy, and industrial automation [4].

Core Insights - Allegro MicroSystems, Inc. is a global leader in power and sensing semiconductor solutions, focusing on motion control and energy-efficient systems [1][3] - The company will present at Morgan Stanley's Technology, Media & Telecom Conference on March 4, 2025, with CFO Derek D'Antilio participating in a fireside chat [1] - A live and archived webcast of the fireside chat will be available on the company's Investor Relations page [2] Company Overview - Allegro MicroSystems has over three decades of expertise in magnetic sensing and power integrated circuits (ICs), driving advancements in automotive, clean energy, and industrial automation [3] - The company emphasizes quality and innovation, reinforcing its status as a pioneer in "automotive grade" technology [3] - Allegro aims to enhance efficiency, performance, and sustainability across various industries [3]

Core Viewpoint - Allegro MicroSystems, Inc. will present at Morgan Stanley's Technology, Media & Telecom Conference on March 4, 2025, highlighting its leadership in power and sensing semiconductor solutions for motion control and energy-efficient systems [1]. Company Overview - Allegro MicroSystems has over three decades of expertise in magnetic sensing and power integrated circuits (ICs), focusing on automotive, clean energy, and industrial automation sectors [3]. - The company emphasizes enhancing efficiency, performance, and sustainability through its solutions, reinforcing its status as a pioneer in "automotive grade" technology [3]. - Allegro's commitment to quality is aimed at driving transformation across various industries and supporting customer success [3].

MANCHESTER, N.H., Feb. 03, 2025 (GLOBE NEWSWIRE) -- Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM) a global leader in power and sensing semiconductor solutions for motion control and energy-efficient systems, today announced the appointment of Krishna Palepu, Ross Graham Walker Professor of Business Administration at Harvard Business School, to Allegro’s Board of Directors (“Board”) as an independent director. Dr. Palepu’s appointment was effective on January 31, 2025. Dr. Palepu brings extensive ex ...

Financial Performance - Total net sales for the three-month period ended December 27, 2024, were $177.872 million, a decrease of 30.2% compared to $254.984 million for the same period in 2023[18]. - Gross profit for the three-month period ended December 27, 2024, was $81.215 million, down from $133.828 million in the same period last year, reflecting a gross margin decline[18]. - The net loss attributable to Allegro MicroSystems, Inc. for the three-month period ended December 27, 2024, was $6.860 million, compared to a net income of $33.345 million for the same period in 2023[18]. - The company reported a comprehensive loss of $14.361 million for the three-month period ended December 27, 2024, compared to a comprehensive income of $36.965 million for the same period in 2023[20]. - Net loss for the nine-month period ended December 27, 2024, was $58,025 thousand, compared to a net income of $159,962 thousand for the same period in 2023[28]. - For the three-month period ended December 27, 2024, total net sales were $177,872, a decrease of 30.3% compared to $254,984 for the same period in 2023[43]. - Automotive segment sales for the three-month period ended December 27, 2024, were $130,066, down 33.3% from $194,764 in the prior year[43]. - The company reported net sales of $532,182 for the nine-month period ended December 27, 2024, a decline of 34.1% from $808,786 for the same period in 2023[43]. Operating Expenses - Operating expenses for the three-month period ended December 27, 2024, totaled $81.256 million, compared to $97.142 million for the same period in 2023, indicating a reduction of 16.4%[18]. - Research and development expenses for the nine-month period ended December 27, 2024, were $132.031 million, slightly up from $130.799 million for the same period in 2023[18]. - Depreciation and amortization for the nine-month period was $48,578 thousand, slightly lower than $49,548 thousand in the prior year[28]. - Total depreciation expense for the three-month period ended December 27, 2024, was $9,409, compared to $15,124 for the same period in 2023[50]. - Intangible assets amortization expense was $6,363 for the three-month period ended December 27, 2024, compared to $5,071 for the same period in 2023[54]. Cash Flow and Assets - Cash and cash equivalents decreased to $138.452 million as of December 27, 2024, from $212.143 million as of March 29, 2024[16]. - Total assets decreased to $1.441 billion as of December 27, 2024, from $1.531 billion as of March 29, 2024[16]. - Cash provided by operating activities for the nine-month period ended December 27, 2024, was $41,560 thousand, a decrease from $168,951 thousand in the prior year[28]. - Total cash and cash equivalents and restricted cash at the end of the period was $148,962 thousand, down from $223,735 thousand at the end of the previous year[28]. - Trade accounts receivable, net, decreased to $83,805 as of December 27, 2024, from $118,508 as of March 29, 2024[48]. - Total inventories increased to $193,140 as of December 27, 2024, compared to $162,302 as of March 29, 2024[49]. Debt and Financing - Long-term debt increased to $374.729 million as of December 27, 2024, compared to $249.611 million as of March 29, 2024[16]. - The total debt as of December 27, 2024, was $376,103, an increase from $253,540 as of March 29, 2024[56]. - The Company entered into a new $400,000 tranche of term loans maturing in 2030, primarily used for stock repurchase and refinancing existing debt[58]. - The 2023 Revolving Credit Facility was increased to $256,000 as of August 6, 2024[57]. - The company was in compliance with its debt covenants as of December 27, 2024[59]. Stock and Equity - The company had 184,011,189 weighted average shares outstanding for the three-month period ended December 27, 2024[18]. - The basic net loss per share attributable to Allegro MicroSystems, Inc. stockholders for the three-month period ended December 27, 2024, was $(0.04)[67]. - The company repurchased common stock amounting to $853,921 thousand during the nine-month period[28]. - The company repurchased 28,750,000 shares of common stock for $628,256 during the First Closing of the Share Repurchase Agreement[78]. - The company completed the Second Closing of the Share Repurchase Agreement, repurchasing 10,017,315 shares for $225,549[79]. - The company granted 1,486,141 Restricted Stock Units (RSUs) during the nine-month period ended December 27, 2024[69]. - The company had 2,573,920 Performance Stock Units (PSUs) outstanding as of December 27, 2024[70]. Other Financial Metrics - The company incurred a loss on change in fair value of forward repurchase contracts amounting to $34,752 thousand[28]. - The company recorded a foreign currency translation adjustment loss of $5,243 thousand[28]. - The company recognized a net loss of $2,804 related to the PSL equity interests transaction[84]. - The company recorded inventory provisions of $2,739 for the three-month period ended December 27, 2024, compared to $429 for the same period in 2023[49]. - The estimated useful lives of machinery and equipment were increased from seven years to ten years, resulting in a decrease in depreciation expense by $4,460 for the three-month period ended December 27, 2024[52]. - The fair value of the company's debt was $376,406 as of December 27, 2024[47]. - The effective tax rate for the nine-month period ended December 27, 2024, was 13.7%, compared to 9.9% for the same period in 2023[72]. - One distributor accounted for 11.4% of total net sales for the three-month period ended December 27, 2024[36]. - The company is evaluating the impact of new accounting standards that will require additional disclosures starting in 2026 and 2027[38][39][40]. - The Company expanded its global manufacturing capacities, including operations in the Philippines and the acquisition of Crocus Technology International Corp.[52].