other material
confidence high
sentiment positive
materiality 0.85
Cirrus Logic signs ~$1.6B wafer supply deal with GlobalFoundries; Q1 revenue $277.3M
CIRRUS LOGIC, INC.
- Committed to purchase ~$1.6B of wafers from GlobalFoundries 2022-2026; paid $50M non-refundable fee plus $175M prepayment.
- Q1 FY22 revenue $277.3M (+14% YoY); GAAP EPS $0.29, non-GAAP EPS $0.54; gross margin 50.5%.
- Q2 FY22 guidance: revenue $430M-$470M (+62% sequential); GAAP gross margin 50%-52%.
- One customer contributed 72% of Q1 revenue; demand robust in smartphones and laptops.
- Acquired Lion Semiconductor for $335M cash during Q1; adds fast-charging power ICs.