TEMPE, Ariz., April 28, 2025--(BUSINESS WIRE)--Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

Net sales $1.32 billion Gross profit $158 million, operating income $32 million Net income $21 million, earnings per diluted share $0.09 EBITDA $197 million

"Amkor delivered first quarter results in line with expectations, with revenue of $1.32 billion and EPS of $0.09," said Giel Rutten, Amkor’s president and chief executive officer. "We are closely monitoring the evolving landscape with tariffs and trade regulations and potential impacts on our customers’ supply chains. Our diversified global footprint and long-standing partnerships allow us to help our customers work through complexity and uncertainty. Within this dynamic environment, our focus remains on staying agile and delivering value by executing on our long-term strategy."

Quarterly Financial Results

($ in millions, except per share data)  Q1 2025  Q4 2024  Q1 2024 Net sales  $1,322  $1,629  $1,366 Gross margin  11.9%  15.1%  14.8% Operating income  $32  $134  $73 Operating income margin  2.4%  8.3%  5.4% Net income attributable to Amkor  $21  $106  $59 Earnings per diluted share  $0.09  $0.43  $0.24 EBITDA (1)  $197  $302  $233

(1) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under "Selected Operating Data."

At March 31, 2025, total cash and short-term investments was $1.6 billion, and total debt was $1.1 billion.

The company paid a quarterly dividend of $0.08269 per share on April 2, 2025. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.

Business Outlook

The following information presents Amkor’s guidance for the second quarter 2025 (unless otherwise noted):

Net sales of $1.375 billion to $1.475 billion Gross margin of 11.5% to 13.5% Net income of $17 million to $57 million, or $0.07 to $0.23 per diluted share Full year 2025 capital expenditures of approximately $850 million

Conference Call Information

Amkor will conduct a conference call on Monday, April 28, 2025, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. To access the live audio webcast and the accompanying slide presentation, visit the Investor Relations section of Amkor’s website, located at ir.amkor.com. The live call can also be accessed by dialing 1-877-407-4019 or 1-201-689-8337.

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About Amkor Technology, Inc.

Amkor Technology, Inc. is the world's largest U.S. headquartered OSAT (outsourced semiconductor assembly and test) service provider. Since its founding in 1968, Amkor has pioneered the outsourcing of IC packaging and test services and is a strategic manufacturing partner for the world's leading semiconductor companies, foundries, and electronics OEMs. Amkor provides turnkey manufacturing services for the communication, computing, automotive and industrial and consumer markets, including smartphones, data centers, artificial intelligence, electric vehicles and wearables. Amkor's operational base includes production facilities, research and development centers, and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the United States. For more information visit amkor.com.

AMKOR TECHNOLOGY, INC.

Selected Operating Data  Q1 2025  Q4 2024  Q1 2024 Net Sales Data:  Net sales (in millions):  Advanced products (1) $ 1,064   $ 1,357   $ 1,070  Mainstream products (2)  258    272    296  Total net sales $ 1,322   $ 1,629   $ 1,366   Packaging services  88 %   88 %   87 % Test services  12 %   12 %   13 %  Net sales from top ten customers  71 %   73 %   70 %  End Market Distribution Data:  Communications (smartphones, tablets)  40 %   44 %   47 % Computing (data center, infrastructure, PC/laptop, storage)  22 %   21 %   17 % Automotive, industrial and other (ADAS, electrification, infotainment, safety)  21 %   17 %   22 % Consumer (AR & gaming, connected home, home electronics, wearables)  17 %   18 %   14 % Total  100 %   100 %   100 %  Gross Margin Data:  Net sales  100.0 %   100.0 %   100.0 % Cost of sales:  Materials  52.4 %   54.8 %   51.9 % Labor  12.0 %   9.9 %   11.2 % Depreciation  10.6 %   8.4 %   9.5 % Other manufacturing  13.1 %   11.8 %   12.6 % Gross margin  11.9 %   15.1 %   14.8 %

(1)  Advanced products include flip chip, memory and wafer-level processing and related test services. (2)  Mainstream products include all other wirebond packaging and related test services.

AMKOR TECHNOLOGY, INC. Selected Operating Data

In this press release, we refer to EBITDA, which is not defined by U.S. GAAP. We define EBITDA as net income before interest expense, income tax expense and depreciation and amortization. We believe EBITDA to be relevant and useful information to our investors because it provides additional information in assessing our financial operating results. Our management uses EBITDA in evaluating our operating performance, and our ability to service debt, fund capital expenditures and pay dividends. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on our consolidated statements of income, including interest expense, which is a necessary element of our costs because we have borrowed money in order to finance our operations, income tax expense, which is a necessary element of our costs because taxes are imposed by law, and depreciation and amortization, which is a necessary element of our costs because we use capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore, our definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.

Non-GAAP Financial Measure Reconciliation:  (in millions) Q1 2025  Q4 2024  Q1 2024 EBITDA Data:  Net income $ 22  $ 106  $ 60 Plus: Interest expense  17   17   16 Plus: Income tax expense  4   30   12 Plus: Depreciation & amortization  154   149   145 EBITDA $ 197  $ 302  $ 233

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)  For the Three Months Ended March 31, 2025  2024 Net sales $ 1,321,575   $ 1,365,511  Cost of sales  1,163,992    1,163,868  Gross profit  157,583    201,643  Selling, general and administrative  80,408    90,346  Research and development  45,652    38,171  Total operating expenses  126,060    128,517  Operating income  31,523    73,126  Interest expense  16,809    16,439  Other (income) expense, net  (11,075 )   (15,295 ) Total other expense, net  5,734    1,144  Income before taxes  25,789    71,982  Income tax expense  3,936    12,196  Net income  21,853    59,786  Net income attributable to non-controlling interests  (725 )   (889 ) Net income attributable to Amkor $ 21,128   $ 58,897   Net income attributable to Amkor per common share:  Basic $ 0.09   $ 0.24  Diluted $ 0.09   $ 0.24   Shares used in computing per common share amounts:  Basic  246,854    246,008  Diluted  247,845    247,614

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)  March 31, 2025  December 31, 2024 ASSETS Current assets:  Cash and cash equivalents $ 1,057,560   $ 1,133,553  Short-term investments  505,181    512,984  Accounts receivable, net of allowances  1,052,873    1,055,013  Inventories  326,185    310,910  Other current assets  49,325    61,012  Total current assets  2,991,124    3,073,472  Property, plant and equipment, net  3,641,936    3,576,148  Operating lease right of use assets  104,160    109,730  Goodwill  18,813    17,947  Restricted cash  768    759  Other assets  164,440    166,272  Total assets $ 6,921,241   $ 6,944,328  LIABILITIES AND EQUITY Current liabilities:  Short-term borrowings and current portion of long-term debt $ 236,459   $ 236,029  Trade accounts payable  608,464    712,887  Capital expenditures payable  250,718    123,195  Short-term operating lease liability  25,604    26,827  Accrued expenses  332,731    356,337  Total current liabilities  1,453,976    1,455,275  Long-term debt  912,863    923,431  Pension and severance obligations  73,421    70,594  Long-term operating lease liabilities  54,535    57,983  Other non-current liabilities  235,856    253,880  Total liabilities  2,730,651    2,761,163   Stockholders’ equity:  Preferred stock  —    —  Common stock  293    293  Additional paid-in capital  2,036,608    2,031,643  Retained earnings  2,335,830    2,335,132  Accumulated other comprehensive income (loss)  10,031    7,510  Treasury stock  (226,352 )   (225,033 ) Total Amkor stockholders’ equity  4,156,410    4,149,545  Non-controlling interests in subsidiaries  34,180    33,620  Total equity  4,190,590    4,183,165  Total liabilities and equity $ 6,921,241   $ 6,944,328

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited) For the Three Months Ended March 31, 2025  2024 Cash flows from operating activities:  Net income $ 21,853   $ 59,786  Depreciation and amortization  153,821    144,925  Other operating activities and non-cash items  5,967    14,100  Changes in assets and liabilities  (157,492 )   (56,499 ) Net cash provided by operating activities  24,149    162,312  Cash flows from investing activities:  Payments for property, plant and equipment  (79,897 )   (96,169 ) Proceeds from sale of property, plant and equipment  4,209    3,439  Proceeds from foreign exchange forward contracts  16,674    740  Payments for foreign exchange forward contracts  (15,992 )   (24,596 ) Payments for short-term investments  (169,720 )   (111,760 ) Proceeds from sale of short-term investments  32,345    16,014  Proceeds from maturities of short-term investments  147,825    121,684  Other investing activities  1,502    4,545  Net cash used in investing activities  (63,054 )   (86,103 ) Cash flows from financing activities:  Proceeds from short-term debt  —    5,012  Payments of short-term debt  —    (5,669 ) Payments of long-term debt  (25,493 )   (29,100 ) Payments of finance lease obligations  (15,659 )   (19,684 ) Payments of dividends  —    (19,383 ) Other financing activities  (1,099 )   (1,053 ) Net cash used in financing activities  (42,251 )   (69,877 ) Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash  5,172    (8,164 ) Net decrease in cash, cash equivalents and restricted cash  (75,984 )   (1,832 ) Cash, cash equivalents and restricted cash, beginning of period  1,134,312    1,120,617  Cash, cash equivalents and restricted cash, end of period $ 1,058,328   $ 1,118,785

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements within the meaning of the federal securities laws. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or "intend," by the negative of these terms or other comparable terminology or by discussions of strategy, plans or intentions. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates and assumptions. Because such statements include risks and uncertainties, actual results may differ materially from those anticipated in such forward-looking statements as a result of various factors, including, but not limited to, the following:

dependence on the cyclical and volatile semiconductor industry and vulnerability to industry downturns and declines in global economic and financial conditions;

changes in costs, quality, availability and delivery times of raw materials, components and equipment;

fluctuations in operating results and cash flows;

competition with established competitors in the packaging and test business, the internal capabilities of integrated device manufacturers and new competitors, including foundries and contract manufacturers;

our substantial investments in equipment and facilities to support the demand of our customers;

warranty claims, product return and liability risks, and the risk of negative publicity if our products fail, as well as the risk of litigation incident to our business;

difficulty achieving the relatively high-capacity utilization rates necessary to realize satisfactory gross margins given our high percentage of fixed costs;

our absence of backlog and the short-term nature of our customers’ commitments;

the historical downward pressure on the prices of our packaging and test services;

fluctuations in our manufacturing yields;

a downturn or lower sales to customers in the automotive industry;

dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive;

difficulty funding our liquidity needs;

challenges with integrating diverse operations;

dependence on international factories and operations and risks relating to trade restrictions and regional conflict, including restrictive trade barriers, export controls, tariffs, customs and duties;

our ability to develop new proprietary technology, protect our proprietary technology, operate without infringing the proprietary rights of others and implement new technologies;

our continuing development and implementation of changes to, and maintenance and security of, our information technology systems;

restrictive covenants in the indentures and agreements governing our current and future indebtedness;

our substantial indebtedness;

fluctuations in interest rates and changes in credit risk;

the ability of certain of our stockholders to effectively determine or substantially influence the outcome of matters requiring stockholder approval;

the possibility that we may decrease or suspend our quarterly dividend;

difficulty attracting, retaining or replacing qualified personnel;

maintaining an effective system of internal controls;

any changes in tax laws, taxing authorities not agreeing with our interpretation of applicable tax laws, including whether we continue to qualify for conditional reduced tax rates, or any requirements to establish or adjust valuation allowances on deferred tax assets;

environmental, health and safety liabilities and expenditures;

conditions and obligations in connection with the receipt of government awards and incentives; and

natural disasters and other calamities, health conditions or pandemics, political instability, hostilities or other disruptions.

Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "Form 10-K") and from time to time in our other reports filed with or furnished to the Securities and Exchange Commission ("SEC"). You should carefully consider the trends, risks and uncertainties described in this press release, the Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties continues or occurs, our business, financial condition or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by applicable law.

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Contacts

Jennifer Jue
Vice President, Investor Relations and Finance
480-786-7594
[email protected]

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