Core Insights - The global wafer foundry industry experienced a 5.4% quarter-over-quarter decline in total revenue for Q1 2025, amounting to $36.403 billion, but showed a significant year-over-year growth of 24.8% [1] - The traditional seasonal slowdown in the wafer foundry industry was somewhat mitigated this year due to uncertainties in international conditions prompting downstream customers to stock up inventory and China's ongoing trade-in policy [1] Industry Performance - Despite facing seasonal challenges, the wafer foundry industry demonstrated resilience, with expectations for revenue growth in Q2 2025 driven by the launch of new smartphone models and stable demand from AI and HPC sectors [4] - The top ten global wafer foundries accounted for 97% of the market share in Q1 2025, with a total revenue of $36.403 billion [2] Company Rankings - TSMC led the market with a revenue of $25.517 billion in Q1 2025, despite a 5.0% decline from Q4 2024, maintaining a market share of 67.6% [2] - Samsung's revenue fell by 11.3% to $2.893 billion, resulting in a market share of 7.7% [2] - SMIC reported a slight revenue increase of 1.8% to $2.247 billion, raising its market share to 6.0% [2] - Vanguard's capacity utilization was above average due to customer stockpiling, while Tower Semiconductor faced significant seasonal impacts and did not benefit from China's subsidy policies [4]

Core Insights - Tower Semiconductor is participating in the International Microwave Symposium (IMS) 2025, showcasing its advanced RF & HPA technology platform and recent developments in RF switch technology [1] - The company, in collaboration with pSemi, has developed a white paper on a new wideband SPDT switch, which has been nominated for the Best Industry Paper Award at IMS2025 [1][2] Company Overview - Tower Semiconductor is a leading foundry specializing in high-value analog semiconductor solutions, serving various markets including consumer, industrial, automotive, mobile, infrastructure, medical, and aerospace and defense [4] - The company offers a range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, and MEMS, focusing on sustainable impact through long-term partnerships and innovative technology [4] Product Highlights - The jointly developed SPDT switch features ultra-wideband performance from DC to 110 GHz with less than 2 dB insertion loss, and it supports digital control via integrated CMOS drivers [2] - The switch can handle up to 30 dBm of power and exhibits 15-20 dB better linearity performance compared to existing RFSOI CMOS SPDTs, making it suitable for advanced applications in 5G, future 6G, SatCom, and millimeter-wave technologies [2] Event Details - The presentation of the white paper will be conducted by Dr. Nabil El-Hinnawy on June 19, 2025, at 8:20 AM during the Innovative RF Switches session [3] - Attendees can meet with Tower's engineering team at booth 655 during the conference [3]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 eenewseurope ，谢谢 。 专 业 代 工 厂 Tower Semiconductor Ltd. （ 位 于 以 色 列 米 格 达 勒 埃 梅 克 ） 首 席 执 行 官 Russell Ellwanger 表示，"五六个月前"放弃了在印度建设晶圆厂的计划。 参考链接 https://www.eenewseurope.com/en/tower-dropped-india-wafer-fab-project-in-2024-says-ceo/ 点这里加关注，锁定更多原创内容 在分析师电话会议上讨论 Tower 公司 2025 年第一季度稳定的财务业绩时，埃尔旺格表示，最近 有关阿达尼集团暂停这项 100 亿美元项目的报道并不属实。 "这（新闻报道）令人意外，因为我们停止了这个项目，而且大约五六个月前，我们根据自己的要 求退出了这个项目，"埃尔旺格说。"我们退出的理由非常充分，但出于保密考虑，我不便透露这些 理由，"他补充道。 埃尔旺格表示，Tower 公司在参与该项目期间从未向媒体发布过有关该项目的任何信息，因为从 未达成任何正式的继续推进协 ...

Group 1 - Tower Semiconductor Ltd. (NASDAQ: TSEM) reported a solid Q1 with revenue growth of almost 10% compared to the previous year [1] - Earnings exceeded estimates, indicating strong financial performance [1] - Management anticipates continued revenue growth quarter after quarter throughout the year [1]

Financial Data and Key Metrics Changes - In Q1 2025, Tower Semiconductor reported revenue of $358 million, a year-over-year increase of $31 million or 9% compared to Q1 2024 [17] - Net profit for Q1 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share, down from $45 million or $0.40 per share in Q1 2024 [18] - Gross profit and operating profit for Q1 2025 were $73 million and $33 million respectively, similar to the same quarter in 2024 [18] Business Line Data and Key Metrics Changes - RF Infrastructure revenue grew from 14% to 22% of total revenue, while Power increased from 10% to 18% of corporate revenue [8] - The silicon photonics segment is expected to double its revenue from approximately $105 million in 2024 within 2025 [27] - The power management segment is experiencing strong growth, particularly in the 300mm BCD platform, driven by new business in the handset market [12] Market Data and Key Metrics Changes - The overall market for silicon photonics is projected to grow at a CAGR of 49% over the next five years, driven by demand for 800G and 1.6T optical transceivers [9] - The handset market showed about 7% growth in 2024, but is forecasted to be flat in 2025, impacting RF SOI customers who are currently reducing inventories [11] Company Strategy and Development Direction - Tower Semiconductor aims for sequential revenue increases throughout 2025, with strong acceleration expected in the second half as multi-fab capacity investments complete customer qualifications [6] - The company is focusing on maintaining high market share in silicon photonics and silicon germanium technologies, while also investing in next-generation technologies [10] - Strategic investments include $300 million for equipment in the New Mexico fab and $500 million for the Italy fab, with additional investments planned for expanding capacity in Israel and Texas [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is uncertainty in the market due to tariffs, they have not seen any pullback in orders and maintain flexibility in manufacturing across global locations [28][29] - The company is optimistic about the growth in RF infrastructure and power management, with expectations for a rebound in the machine vision sensor business in the second half of the year [13][15] Other Important Information - The balance sheet remains strong, with total assets of $3.1 billion and shareholders' equity reaching a record of $2.7 billion as of March 2025 [19] - The company has reaffirmed its target of $2.7 billion in annual revenue at full loading of existing fabs [21] Q&A Session Summary Question: Can you help us size the Envelope Tracking business revenue-wise today and expectations for the year? - Management indicated that the business has reached very high volumes, but specifics could not be disclosed due to customer confidentiality [24] Question: Can you talk about the tone of business from customers regarding tariffs? - Management noted that while there are discussions about tariffs, no impact has been seen on orders, and they have the ability to support customers from various global locations [28][29] Question: What are the expectations for the RF mobile business? - Management expects the RF mobile business to grow throughout the year, with Q1 being the lowest point [56] Question: When do you expect to see production shipments from the New Mexico fab? - Production shipments are expected to start in the third or fourth quarter of this year [86] Question: What is the outlook for silicon photonics and when will new platforms be in production? - New platforms are expected to see volume shipments in 2026, with a strong focus on maintaining market share [91]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $358 million, a year-over-year increase of $31 million or 9% compared to Q1 2024 [15] - Net profit for Q1 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share, down from $45 million or $0.40 per share in Q1 2024 [16] - Gross profit and operating profit for Q1 2025 were $73 million and $33 million respectively, similar to the same quarter in 2024 [15][16] Business Line Data and Key Metrics Changes - RF Infrastructure revenue grew from 14% to 22% of total revenue, while Power increased from 10% to 18% of corporate revenue [7] - The company continues to see growth in silicon photonics and silicon germanium technologies, with record revenue levels in Q1 2025 [8][9] - The envelope tracker business in power management is expected to grow significantly, contributing to the increase in the power segment [10][11] Market Data and Key Metrics Changes - The handset market showed about 7% growth in 2024, but is forecasted to be flat in 2025, impacting RF SOI customers who are reducing inventories [10][55] - The machine vision sensor business is experiencing a market rebound, with customers placing orders for both existing and new products [12] Company Strategy and Development Direction - The company aims for sequential revenue increases throughout 2025, with strong acceleration expected in the second half as multi-fab capacity investments complete customer qualifications [5][14] - Investments include $300 million for equipment in the New Mexico fab and $500 million for Italy's 12-inch fab equipment, with additional investments planned for high-margin FIFO and SIJI business [17][18] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainty in the overall market due to tariffs but emphasized the company's global manufacturing flexibility as a competitive advantage [5][6] - There is confidence in continued growth in silicon photonics and SiGe demand, with expectations for strong revenue growth in the second half of 2025 [14] Other Important Information - The company has a strong balance sheet with total assets of $3.1 billion and shareholders' equity of $2.7 billion as of March 2025 [17] - The company has received a stable rating from Standard and Poor's Israel, indicating a stable outlook [17] Q&A Session Summary Question: Can you help us size the Envelope Tracking business revenue-wise today and your expectations for the year? - Management indicated that the business has reached very high volumes, but specifics could not be disclosed due to customer confidentiality [21][22] Question: Can you talk about the tone of business from customers regarding the current tariff landscape? - Management noted that while there are discussions about tariffs, no pullback in orders has been observed, and the company can support customers through global manufacturing capabilities [26][27] Question: What are the expectations for the RF mobile business moving forward? - Management expects the RF mobile business to grow throughout the year, indicating that Q1 was likely the lowest point [55][72] Question: When do you expect to see production shipments from the New Mexico fab? - Production shipments are expected to begin in the third or fourth quarter of 2025, with depreciation starting once a certain level of production is reached [81][82] Question: What is the expected timeline for the silicon photonics and CPO market? - The CPO market is anticipated to be realized in about four years, while volume shipments for integrated laser platforms are expected in 2026 [86][88]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $358 million, a year-over-year increase of $31 million or 9% compared to Q1 2024 [18][19] - Net profit for Q1 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share, compared to $45 million or $0.40 basic and diluted earnings per share in Q1 2024 [20] - Gross profit and operating profit for Q1 2025 were $73 million and $33 million respectively, similar to the same quarter in 2024 [19] Business Line Data and Key Metrics Changes - RF Infrastructure revenue grew from 14% to 22% of total revenue, while Power increased from 10% to 18% of corporate revenue, indicating significant shifts in revenue contributions [8][12] - The company continues to see growth in silicon photonics and silicon germanium technologies, with record revenue levels for these technologies in Q1 2025 [8][11] - The envelope tracker business in power management is expected to grow significantly, contributing to the increase in power management revenue [12][28] Market Data and Key Metrics Changes - The overall market is experiencing uncertainty due to tariffs and policy shifts, but the company maintains a competitive advantage through its global manufacturing flexibility [6][7] - The handset market showed about 7% growth in 2024, but is forecasted to see flat to minimal growth in 2025, impacting RF SOI customers who are currently reducing inventories [12][60] - The machine vision sensor business is rebounding, with customers placing orders for both existing and new products, indicating a revitalization in this market [14] Company Strategy and Development Direction - The company is focused on maintaining high market share in silicon photonics and investing in next-generation technologies to support growth [10][11] - Strategic investments include $300 million for equipment in the New Mexico fab and $500 million for Italy's fab equipment, with additional investments planned for expanding capacity in Israel and Texas [21][22] - The company targets $2.7 billion in annual revenue at full loading of existing fabs, indicating a strong growth strategy [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sequential revenue increases throughout 2025, with strong growth anticipated in the second half of the year as capacity investments ramp up [6][16] - There is a cautious outlook regarding the impact of tariffs, with management noting that no significant pullback in orders has been observed [30][31] - The company is optimistic about the future growth of RF mobile business, expecting a snapback in 2026 and 2027 due to new customer engagements and market recovery [54][86] Other Important Information - The company has a strong balance sheet with total assets of $3.1 billion and shareholders' equity reaching a record of $2.7 billion [21] - The company is actively participating in industry conferences to strengthen customer relationships and showcase its capabilities [99][102] Q&A Session Summary Question: Can you help size the Envelope Tracking business revenue-wise today and expectations for the year? - Management indicated that the business has reached very high volumes, with thousands of wafers per month, but did not provide specific revenue figures due to customer confidentiality [25][27] Question: Can you talk about the tone of business from customers regarding tariffs? - Management noted that while there are discussions about tariffs, no significant impact has been observed on orders, and the company has the ability to manufacture in various global locations [30][31] Question: What are the expectations for the silicon photonics business this quarter and the rest of the year? - Management expects the silicon photonics revenue to double within 2025, aligning with previous forecasts [29] Question: Can you clarify the situation regarding the Indian project mentioned in the media? - Management confirmed that the company withdrew from the project several months ago and stated that the media reports were baseless [32][35] Question: What is the expected timeline for production shipments from the New Mexico fab? - Management anticipates starting production shipments within the third or fourth quarter of this year [88] Question: How do you see the competitive dynamics in silicon photonics? - Management estimates their market share at about 80% and emphasized the importance of maintaining strong customer relationships and timely deliveries [45]

Core Insights - Tower Semiconductor reported a 9% year-over-year revenue growth for Q1 2025, with revenues reaching $358 million compared to $327 million in Q1 2024 [2][4] - The company aims for continued sequential quarterly revenue growth throughout 2025, projecting Q2 2025 revenues to be around $372 million, reflecting a 6% year-over-year increase [6][7] Financial Performance - Gross profit for Q1 2025 was $73 million, consistent with Q1 2024, while operating profit slightly decreased to $33 million from $34 million in the previous year [3] - Net profit for Q1 2025 was $40 million, down from $45 million in Q1 2024, with earnings per share at $0.36 basic and $0.35 diluted [4][19] - Cash flow from operating activities was $94 million, with net investments in property and equipment totaling $111 million [4][23] Business Outlook - The CEO highlighted record revenue in RF infrastructure and plans for growth in high voltage power management and sensor businesses [7] - The company has entered a new market for envelope trackers using its 300mm technology platform, indicating diversification in its offerings [7] Corporate Credit Rating - Standard & Poor's Maalot reaffirmed Tower Semiconductor's corporate credit rating as "ilAA" with a stable outlook on May 7, 2025 [5] Operational Highlights - The company operates multiple facilities, including a 300mm facility in Agrate, Italy, shared with STMicroelectronics, and has access to a 300mm capacity corridor in Intel's New Mexico factory [12][13]

Company Overview - Tower Semiconductor is a leading foundry specializing in high-value analog semiconductor solutions, providing technology and process platforms for various growing markets including consumer, industrial, automotive, mobile, infrastructure, medical, and aerospace and defense [2]. Upcoming Events - Tower Semiconductor will participate in the 22nd Annual Craig-Hallum Institutional Investor Conference in Minneapolis on May 28, 2025, and the 53rd Annual TD Cowen Technology, Media & Telecom Conference in New York on May 29, 2025, offering one-on-one meetings for investors [1]. Technology and Services - The company focuses on creating a sustainable impact through long-term partnerships and offers a wide range of customizable process platforms such as SiPho, SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensors, non-imaging sensors, displays, integrated power management, photonics, and MEMS [2]. - Tower Semiconductor provides design enablement for quick and accurate design cycles, as well as process transfer services including development, transfer, and optimization for Integrated Device Manufacturers (IDMs) and fabless companies [2]. Manufacturing Facilities - Tower Semiconductor operates one 200mm facility in Israel, two 200mm facilities in the U.S., and two facilities in Japan (200mm and 300mm), along with a shared 300mm facility in Agrate, Italy with STMicroelectronics, and access to a 300mm capacity corridor in Intel's New Mexico factory [2].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commis ...