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Mon Oct 26 · markets open1 signal today94 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

DIOD

DIODES INC /DEL/
NASDAQ · TECHNOLOGY · SEMICONDUCTORS & RELATED DEVICES
83.51
+2.44 +3.01%
USD · close Oct 26
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Work order
3
FLAG · shorts 3
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $3.8BP/E 44.9DIV YIELD —FCF YIELD 3.71%REV TTM $1.6B +17.8%NET INCOME $86.1M +35.3%NET CASH $408.5M52W 42.36 – 122.76SEC XBRL · TTM TO Invalid Date

How DIOD rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
50%
of sentences unchanged
Added
247
new sentences
Dropped
256
sentences removed
Length
−1,165
words, now 29,827

New in FY2025

  • As of December 31, 2025, we own approximately 3.9 million square feet of property and lease approximately 4.8 million square feet of property, with leases expiring at various times between 2026 and 2029 and with land rights expiring in 2061.
  • Headquarters/R&D center USA - Plano, Texas 41,835 Regional sales office/Administrative office/R&D center/apartment USA - Milpitas, California 86,321 Manufacturing facility/office/chemical warehouse/wellness building USA - South Portland, Maine 323,462 Manufacturing facilities/Administrative office/R&D center/Logistics China - Chengdu 267,331 Regional sales office China - Hong Kong 9,113 Manufacturing facility/R&D center/Logistics/Manufacturing facility/Sales/Administrative office China - Shanghai 1,649,179 Regional sales office/RD Center/Administrative Office/Manufacturing facility China - Shenzhen 12,973 Manufacturing facility China - Wuxi 581,437 Regional Sales Office China-Xiamen 1,507 R&D center China - Yangzhou 6,085 Regional sales office/R&D Center China - Beijing 2,925 Regional sales office China - Hubei, WuHan 1,265 Regional Sales Office China - ShanDong, QingDao 1,469 R&D Center/Administrative Office China - Nanjing 11,155 Administrative office/Logistics/Manufacturing/R&D center England - Oldham 156,076 Sales office Germany - Munich 6,297 Manufacturing facility/R&D center Germany - Neuhaus 52,508 Regional Sales Office Germany - Eltvile Regional Sales Office Japan - Milnato-ku 8,011 Regional sales office/RD Center/Administrative Office/Manufacturing facility Korea - Seongnam-si 8,863 Manufacturing facility/R&D center/Logistics/Administrative office Scotland - Greenock 1,001,873 Regional sales office/RD Center/Administrative Office Singapore City - Singapore 1,755 Manufacturing facility/R&D center/Logistics/Administrative office Taiwan - Hsinbei 59,395 Manufacturing facility/R&D center/Production/Administrative office Taiwan - Hsinchu 394,946 R&D center/Regional Sales Office/Administrative Office/Manufacturing Office/Production Taiwan - Tainan 9,572 Regional sales office/Administrative office/Logistics/R&D/Manufacturing Taiwan - Taipei 15,483 Regional sales office/Administrative office/Logistics Taiwan - Taoyuan 78,781 RD Center Slovakia - Bratislava 2,917 Ite m 3.
  • Market Information Our Common Stock is traded on the Nasdaq Global Select Market under the symbol “DIOD.” Holders As of February 3, 2026, there were approximately 177 registered holders of record of the Company’s common stock.
  • Securities Authorized for Issuance Under Equity Compensation Plans The information regarding our equity compensation plans required to be disclosed by Item 201(d) of Regulation S-K is incorporated by reference from our 2026 definitive proxy statement, which we expect to file with the SEC in April 2026, in Item 12 of Part III of this Annual Report.
  • Performance Graph The following graph compares the yearly percentage change in the cumulative total stockholder return of our Common Stock against the cumulative total return of the Nasdaq Composite and the Nasdaq Industrial Index for the five calendar years ending December 31, 2025.
  • The graph assumes $100 invested on December 31, 2020 in our Common Stock, the stock of the companies in the Nasdaq Composite Index and the stock of companies in the Nasdaq Industrial Index, and that all dividends received within a quarter, if any, were reinvested in that quarter.
  • December 2025 2020 2021 2022 2023 2024 2025 Diodes Incorporated Return % 55.76 (30.67 ) 5.74 (23.42 ) (20.00 ) Cum $ 155.76 107.99 114.18 87.44 69.95 NASDAQ Industrial Index Return % 8.81 (35.05 ) 28.93 25.67 5.07 Cum $ 108.81 70.67 91.12 114.52 120.32 NASDAQ Composite-Total Returns Return % 22.18 (32.54 ) 44.64 29.57 21.14 Cum $ 122.18 82.43 119.22 154.48 187.14 Issuer Purchases of Equity Securities The following table provides information about repurchases of our common stock during the three months ended December 31, 2025.
  • Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs October 1, 2025 to October 31, 2025 - $ - - - November 1, 2025 to November 30, 2025 332,867 $ 45.08 332,867 - December 1, 2025 to December 31, 2025 176,674 $ 49.83 176,674 - Total 509,541 509,541 $ 66,186,357 All open-market purchases during the quarter were made under the authorization received from our board of directors on May 8, 2025, to purchase up to $100.0 million of the Company’s common stock.
  • As of December 31, 2025, $33.8 million of the May 2025 program had been utilized.
  • Share repurchases under the program may be made from time to time in the open market, through privately-negotiated transactions, or otherwise, subject to applicable laws, regulations, and approvals.
  • The timing of the share repurchases will depend on a variety of factors, including market conditions, and the share repurchases may be suspended or discontinued at any time.
  • A discussion of our results of operations for the year ended December 31, 2025 compared to December 31, 2024 is included below.
  • For a discussion and comparison of the results of our operations for the year ended December 31, 2024 with the year ended December 31, 2023, refer to “Management's Discussion and Analysis of Financial Conditions and Results of Operations” in our Form 10-K for the year ended December 31, 2024 filed with the SEC on February 14, 2025.
  • General Diodes Incorporated, together with its subsidiaries (collectively the “Company,” “we,” or “our” (Nasdaq: DIOD)), delivers high-quality semiconductor products to the world’s leading companies in the automotive, industrial, computing, consumer electronics, and communications markets.
  • We leverage our expanded product portfolio of analog and power solutions combined with a flexible hybrid manufacturing model that meet customers’ needs.
  • Our broad range of application-specific products, delivered through a total solutions sales approach and supported by global operations including engineering, testing, manufacturing, and customer service, enable us to be a premier provider for high-growth markets.
  • For more information, visit www.diodes.com.
  • We operate from the following locations, with additional support offices throughout the world: • Corporate Headquarters Plano, Texas, United States • Design, Engineering, and Marketing Shanghai, Yangzhou, Shenzhen, and Hong Kong, China Oldham, England Greenock, Scotland Bratislava, Slovakia New Taipei City, Hsinchu, and Tainan, Taiwan Milpitas, California, and Plano, Texas, United States • Wafer Fabrication Shanghai and Wuxi, China Oldham, England Greenock, Scotland Hsinchu, Taiwan South Portland, Maine, United States • Assembly and Test Shanghai, Chengdu, and Wuxi, China Neuhaus am Rennweg, Germany Chongli, Taiwan • Sales, Warehouse, and Logistics Hong Kong, Shanghai, Beijing, Shenzhen, Wuhan, Qingdao, and Xiamen, China Oldham, England Frankfurt and Munich, Germany Milan, Italy Tokyo, Japan Singapore Seongnam-si, South Korea New Taipei City, Taiwan Milpitas, California and Plano, Texas, United States The Company’s manufacturing facilities have achieved certifications in the internationally recognized standards of ISO 9001:2015, ISO 14001:2015, and, for automotive products, IATF 16949:2016 and the Company is also C-TPAT certified.
  • Our market focus is on high-growth, end-user applications in the following areas: • Automotive: connected driving, comfort/style/safety, electrification/powertrain; • Industrial: embedded systems, industrial automation, medical, energy management, smart buildings; • Computing: Artificial Intelligence (“AI”) data center including AI server, storage, and edge AI; • Consumer: Internet of things (“IoT”): wearables, home automation, home appliances, and charging solutions, and • Communications: smart phones, telecom, enterprise networking, smart infrastructure including space-based connectivity.
  • This discussion summarizes the significant factors affecting the consolidated operating results, financial condition, and liquidity of the Company for the twelve months ended December 31, 2025.
  • Summary for the Twelve Months Ended December 31, 2025 • Net sales were $1.5 billion, an increase of 13.0% over the $1.3 billion in 2024; • Gross profit was $462.4 million, a 6.1% increase from $435.9 million in 2024; • Gross profit margin was 31.2% compared to 33.2% in 2024; • Operating income decreased 29.7% to $35.5 million, or 2.4% of net sales, compared to $50.5 million, or 3.8% of net sales, in 2024; • Net income was $66.1 million, an increase of 50.2% from the $44.0 million in 2024; • Earnings per share was $1.43 per diluted share, a 50.5% increase from the $0.95 per diluted share in 2024; • We achieved $215.5 million of cash flow from operations.
  • We had cash capital expenditures of $78.4 million, or 5.3% of net sales.
  • Net cash flow was $57.6 million, which includes the net pay-down of $1.2 million of total debt.
  • Summary for the Twelve Months Ended December 31, 2024 • Net sales were $1.3 billion, a decrease of 21.1% over the $1.7 billion in 2023; • Gross profit was $435.9 million, a 33.8% decrease from $658.2 million in 2023; • Gross profit margin declined to 33.2% compared to 39.6% in 2023; • Operating income decreased 79.9% to $50.5 million, or 3.8% of net sales, compared to $250.6 million, or 15.1% of net sales, in 2023; • Net income was $44.0 million, a decrease of 80.6% from the $227.2 million in 2023; • Earnings per share was $0.95 per diluted share, a 80.6% decrease from the $4.9 per diluted share in 2023; • We achieved $119.4 million of cash flow from operations.
  • Business Outlook and Factors Relevant to Our Results of Operations The Company ended 2025 with net sales growing 13% for the full year, which is the highest level of annual growth since 2021.
  • Additionally, the fourth quarter of 2025 represented the fourth consecutive quarter of double-digit growth year-over-year, further highlighting the success of the Company’s design win initiatives and content expansion over the past year.
  • The Company has continued to see demand improvements across all target markets and geographies, with the most significant growth for the full year driven by strength in the computing market for AI server-related applications as well as increases in our automotive and industrial end markets.
  • More recently, we have been strategically supporting key customers on new opportunities and orders specifically in the automotive and communications markets, while also further extending our design-in momentum across all end markets.
  • Results of Operations The following table sets forth, for the periods indicated, the percentage that certain items in the statements of income bear to net sales: Percent of Net Sales Twelve Months Ended December 31, 2025 2024 Net sales 100.0 % 100.0 % Cost of goods sold (68.8 ) (66.8 ) Gross profit 31.2 33.2 Total operating expense (28.8 ) (29.4 ) Income from operations 2.4 3.9 Interest income 1.9 1.4 Interest expense (0.2 ) (0.2 ) Foreign currency loss, net (0.9 ) (0.5 ) Unrealized gain (loss) on investments 1.9 - Impairment of equity investment (0.4 ) - Gain on disposal of subsidiary 0.9 - Other (expense) income (0.1 ) 0.2 Income before income taxes and noncontrolling interest 5.7 4.8 Income tax provision (1.0 ) (0.9 ) Net income 4.7 3.9 Net (income) attributable to noncontrolling interest (0.2 ) (0.5 ) Net income attributable to common stockholders 4.5 3.4 The following discussion explains in greater detail our consolidated operating results and financial condition.
  • Twelve Months Ended December 31, 2025 2024 Increase/(Decrease) % Change Net sales $ 1,482,073 $ 1,311,120 $ 170,953 13.0 % Cost of goods sold 1,019,637 875,258 144,379 16.5 % Gross profit 462,436 435,862 26,574 6.1 % Total operating expense 426,974 385,412 41,562 10.8 % Interest income 28,304 18,303 10,001 54.6 % Interest expense (2,776 ) (2,334 ) 18.9 % Foreign currency loss, net (12,818 ) (6,308 ) 6,510 (103.2 %) Unrealized gain (loss) on investments 28,561 (321 ) 28,882 8997.5 % Impairment of equity investment (5,817 ) - 5,817 - Gain on disposal of subsidiary 13,730 - 13,730 - Other (expense) income (687 ) 2,892 (3,579 ) (123.8 %) Income tax provision 14,789 11,840 2,949 24.9 % Net Sales Our net sales increased approximately $171.0 million, or 13.0%, for the twelve months ended December 31, 2025, compared to the prior year, as we experienced stronger sales across all end markets.
  • For the twelve months ended December 31, 2025, weighted-average sales price of the Company’s products decreased 1.7% and volumes increased 15.0% when compared to the prior year.
  • The decline in weighted-average sales price was primarily due to product mix.
  • The table below sets forth our revenue as a percentage of product revenue by end-user market: Twelve Months Ended December 31, End-Markets 2025 2024 2023 Industrial 23% 23% 27% Automotive 19% 19% 19% Computing 27% 25% 23% Consumer 18% 19% 18% Communications 13% 14% 13% Gross profit For the twelve months ended December 31, 2025, gross profit increased approximately 6.1% when compared to the prior year, reflective of the increased revenue in 2025.
  • Gross profit margin for the twelve month periods ended December 31, 2025 and 2024, was 31.2% and 33.2%, respectively.
  • The decrease in gross profit margin was primarily due to product mix and slower growth in the industrial end market.
  • Average unit cost increased 1.3% for the twelve months ended December 31, 2025, compared to the same period last year, due to the mix of the product being on lower margin/lower cost products, as well as raw material price increases, including gold.
  • Operating expenses Operating expenses for the twelve months ended December 31, 2025 increased approximately $41.6 million, or 10.8%, compared to the same period last year.
  • Selling, general, and administrative expenses (“SG&A”) increased approximately $7.7 million or 3.3%, compared to the same period last year.
  • The increase in SG&A was due to an increase in salaries and wages and freight and duty expense of approximately $18.3 million and $2.3 million respectively.
  • The increase in salaries and wages in 2025 when compared to 2024 is partially related to a reversal of bonus accruals in 2024 for bonuses that were not paid.

and 207 more.

Gone since FY2024

  • As of December 31, 2024, we own approximately 3.7 million square feet of property and lease approximately 5.3 million square feet of property, with leases expiring at various times between 2025 and 2029 and with land rights expiring in 2061.
  • Headquarters/R&D center USA - Plano, Texas 41,835 Regional sales office/Administrative office/R&D center/apartment USA - Milpitas, California 86,321 Manufacturing facility/office/chemical warehouse/wellness building USA - South Portland, Maine 323,462 Regional sales office/RD Center/Administrative Office/Marketing Office USA-San Jose, California 10,253 Manufacturing facilities/Administrative office/R&D center/Logistics China - Chengdu 1,660,963 Regional sales office China - Hong Kong 9,113 Administrative office/Land use right/manufacturing facility/R&D center China - Shandong 1,058,324 Marketing Office/R&D center/Logistics/Sales/Administrative office China - Shanghai 2,542,853 Regional sales office/RD Center/Administrative Office/Marketing Office China - Shenzhen 23,062 Manufacturing facility China - Wuxi 1,166,347 Regional Sales Office China-Xiamen 1,507 R&D center China - Yangzhou 6,085 Regional Sales Office China - Guangzhou 1,646 Regional sales office/RD Center China, Beijing 2,925 Regional sales office China, WuHan 1,265 Regional Sales Office China, QingDao 1,469 RD Center/Administrative office China-Nanjing 11,155 Administrative office/Logistics/Manufacturing/R&D center England - Oldham 156,076 Sales office Germany - Munich 6,297 Manufacturing facility/R&D center Germany - Neuhaus 52,508 Regional Sales Office Germany-Eltvile Regional Sales Office Japan - Milnato-ku 11,525 Regional sales office/RD Center/Administrative Office/Marketing Office Korea - Seongnam-si 21,616 Manufacturing facility/R&D center/Logistics/Administrative office Scotland - Greenock 1,001,873 Regional sales office/RD Center/Administrative Office Singapore, Singapore City 1,766 Regional sales office/Administrative office/Logistics/Manufacturing Facility Taiwan - Chongli 78,781 Manufacturing facility/R&D center/Logistics/Administrative office Taiwan - Hsinbei 68,825 Manufacturing facility/R&D center/Production/Administrative office Taiwan - Hsinchu 571,156 R&D center/Regional Sales Office/Administrative Office/Marketing Office/Production Taiwan - Tainan 26,581 Regional sales office/Administrative office/Logistics/R&D/Marketing Office Taiwan - Taipei 35,613 Ite m 3.
  • Market Information Our Common Stock is traded on the Nasdaq Global Select Market under the symbol “DIOD.” Holders As of February 3, 2025, there were approximately 192 registered holders of record of the Company’s common stock.
  • Securities Authorized for Issuance Under Equity Compensation Plans The information regarding our equity compensation plans required to be disclosed by Item 201(d) of Regulation S-K is incorporated by reference from our 2025 definitive proxy statement, which we expect to file with the SEC in April 2025, in Item 12 of Part III of this Annual Report.
  • Performance Graph The following graph compares the yearly percentage change in the cumulative total stockholder return of our Common Stock against the cumulative total return of the Nasdaq Composite and the Nasdaq Industrial Index for the five calendar years ending December 31, 2024.
  • The graph assumes $100 invested on December 31, 2019 in our Common Stock, the stock of the companies in the Nasdaq Composite Index and the stock of companies in the Nasdaq Industrial Index, and that all dividends received within a quarter, if any, were reinvested in that quarter.
  • December 2024 2019 2020 2021 2022 2023 2024 Diodes Incorporated Return % 25.07 55.76 (30.67 ) 5.74 (23.42 ) Cum $ 125.07 194.80 135.05 142.80 109.36 NASDAQ Industrial Index Return % 52.72 8.81 (35.05 ) 28.93 25.67 Cum $ 152.72 166.18 107.93 139.16 174.89 NASDAQ Composite-Total Returns Return % 44.92 22.18 (32.54 ) 44.64 29.57 Cum $ 144.92 177.06 119.45 172.77 223.87 Issuer Purchases of Equity Securities There were no repurchases of our Common Stock during the fourth quarter of 2024.
  • A discussion of our results of operations for the year ended December 31, 2024 compared to December 31, 2023 is included below.
  • For a discussion and comparison of the results of our operations for the year ended December 31, 2023 with the year ended December 31, 2022, refer to “Management's Discussion and Analysis of Financial Conditions and Results of Operations” in our Form 10-K for the year ended December 31, 2023 filed with the SEC on February 9, 2024.
  • General Diodes Incorporated, together with its subsidiaries (collectively the “Company,” “we,” or “our” (Nasdaq: DIOD)), a Standard and Poor’s Smallcap 600 and Russell 3000 Index company, is a leading global manufacturer and supplier of high-quality application-specific standard products within the broad discrete, logic, analog, and mixed-signal semiconductor markets.
  • The Company serves the industrial, automotive, computing, communications, and consumer markets.
  • The Company’s products include diodes; rectifiers; transistors; MOSFETs; SiC diodes and MOSFETs; protection devices; logic; voltage translators; amplifiers and comparators; sensors; and power management devices such as AC-DC converters, DC-DC switching, photocoupler, linear voltage regulators, voltage references, LED drivers, power switches, and voltage supervisors.
  • We operate from the following locations, with additional support offices throughout the world: • Corporate Headquarters Plano, Texas, United States • Design, Engineering, and Marketing Shanghai, Yangzhou, Shenzhen, and Hong Kong, China Oldham, England New Taipei City, Hsinchu, and Tainan, Taiwan Milpitas, California, and Plano, Texas, United States • Wafer Fabrication Shanghai and Wuxi, China Oldham, England Greenock, Scotland Hsinchu, Taiwan South Portland, Maine, United States • Assembly and Test Shanghai, Chengdu, and Wuxi, China Neuhaus am Rennweg, Germany Chongli, Taiwan • Sales, Warehouse, and Logistics Hong Kong, Shanghai, Beijing, Shenzhen, Wuhan, Guangzhou, Qingdao, and Xiamen, China Oldham, England Frankfurt and Munich, Germany Milan, Italy Tokyo, Japan Singapore Seongnam-si, South Korea New Taipei City, Taiwan Milpitas, California and Plano, Texas, United States The Company’s manufacturing facilities have achieved certifications in the internationally recognized standards of ISO 9001:2015, ISO 14001:2015, and, for automotive products, IATF 16949:2016 and the Company is also C-TPAT certified.
  • Our market focus is on high-growth, end-user applications in the following areas: • Industrial: embedded systems, precision controls, medical, clean energy, machine to machine, robotics, motor control, and AIoT; • Automotive: connected driving, comfort/style/safety, and electrification/powertrain; • Computing: cloud computing: server, AI server, storage, data centers, and edge AI; • Communications: smart phones, 5G networks, and enterprise networking; and • Consumer: IoT: wearables, home automation, home appliances, smart infrastructure, and charging solutions.
  • This discussion summarizes the significant factors affecting the consolidated operating results, financial condition, and liquidity of the Company for the twelve months ended December 31 2024.
  • Summary for the Twelve Months Ended December 31, 2024 • Net sales were $1.3 billion, a decrease of 21.1% over the $1.7 billion in 2023; • Gross profit was $435.9 million, a 33.8% decrease from $658.2 million in 2023; • Gross profit margin was 33.2% compared to 39.6% in 2023; • Operating income decreased 79.9% to $50.4 million, or 3.8% of revenue, compared to $250.6 million, or 15.1% of revenue, in 2023; • Net income was $44.0 million, a decrease of 80.6% from the $227.2 million in 2023; • Earnings per share was $0.95 per diluted share, an 80.7% decrease from the $4.91 per diluted share in 2023; • We achieved $119.4 million of cash flow from operations.
  • Summary for the Twelve Months Ended December 31, 2023 • Net sales were $1.7 billion, a decrease of 16.9% over the $2.0 billion in 2022; • Gross profit was $658.2 million, a 20.4% decrease from $827.2 million in 2022; • Gross profit margin declined 170 basis points to 39.6% compared to 41.3% in 2022; • Operating income decreased 38.6% to $250.6 million, or 15.1% of revenue, compared to $408.2 million, or 20.4% of revenue, in 2022; • Net income was $227.2 million, a decrease of 31.4% from the $331.3 million last year; • Earnings per share was $4.91 per diluted share, a 31.8% decrease from the $7.20 per diluted share in 2022; • We achieved $280.9 million of cash flow from operations.
  • We had cash capital expenditures of $150.8 million, or 9.1% of net sales.
  • Net cash flow was a negative $22.6 million, which includes the net pay-down of $124.3 million of total debt.
  • Business Outlook and Factors Relevant to Our Results of Operations Fiscal year 2024 continued to be challenging as overall global demand environment remains challenging, especially in Europe and North America.
  • In 2024 we were able to maintain our automotive and industrial mix percentage at 42 percent of total product revenue, which is a testament to the progress we have made on our new product and content expansion initiatives.
  • Diodes enters the new year having strong POS in Asia for 2024, improved levels of channel inventory and a solid balance sheet combined with a committed focus on expanding growth in our target markets, especially the automotive and industrial markets, and capitalizing on new opportunities in AI-related applications.
  • Based on current data available, we expect 2025 to be a stronger year for Diodes than 2024.
  • Additionally, with our past efforts to lower manufacturing costs and further develop our process technology and capabilities, combined with our hybrid manufacturing model, we have the available capacity to support future expected growth.
  • Our focus remains on prioritizing investments in the automotive and industrial markets, emphasizing our development of our analog and power discrete products that support all of the market segments we serve, and continuing to improve the quality and mix of our portfolio.
  • With our revenue contribution from auto and industrial remaining consistently above our target model, we are well positioned for growth and margin expansion as the market recovery broadens across our end markets in 2025 and beyond.
  • Results of Operations The following table sets forth, for the periods indicated, the percentage that certain items in the statements of income bear to net sales: Percent of Net Sales Twelve Months Ended December 31, 2024 2023 Net sales 100.0 % 100.0 % Cost of goods sold (66.8 ) (60.4 ) Gross profit 33.2 39.6 Total operating expense (29.4 ) (24.5 ) Income from operations 3.8 15.1 Interest income 1.4 0.8 Interest expense (0.2 ) (0.3 ) Foreign currency (loss) gain, net (0.5 ) (0.3 ) Unrealized (loss) gain on investments (0.0 ) 1.1 Other income 0.2 0.4 Income before income taxes and noncontrolling interest 4.8 16.7 Income tax provision (0.9 ) (2.8 ) Net income 3.9 13.9 Net (income) attributable to noncontrolling interest (0.5 ) (0.2 ) Net income attributable to common stockholders 3.4 13.7 The following discussion explains in greater detail our consolidated operating results and financial condition.
  • Twelve Months Ended December 31, 2024 2023 Increase/(Decrease) % Change Net sales $ 1,311,120 $ 1,661,739 $ (350,619 ) (21.1 %) Cost of goods sold 875,258 1,003,557 (128,299 ) (12.8 %) Gross profit 435,862 658,182 (222,320 ) (33.8 %) Total operating expense 385,412 407,611 (22,199 ) (5.4 %) Interest income 18,303 13,338 4,965 37.2 % Interest expense (2,334 ) (5,700 ) (3,366 ) (59.1 %) Foreign currency (loss) gain, net (6,308 ) (5,264 ) 1,044 (19.8 %) Unrealized (loss) gain on investments (321 ) 18,267 (18,588 ) 101.8 % Other income 2,892 6,721 (3,829 ) (57.0 %) Income tax provision 11,840 47,285 (35,445 ) (75.0 %) Net Sales Our net sales decreased approximately $350.6 million, or 21.1%, for the twelve months ended December 31, 2024, compared to the prior year, due to widespread decreased demand for our semiconductor products and the continued inventory adjustments by the customers that we serve.
  • For the twelve months ended December 31, 2024, weighted-average sales price of the Company’s products decreased 14.9% and volumes decreased 7.3% when compared to the prior year.
  • The decline in weighted-average sales price was primarily due to weaker end-user demand in the automotive and industrial markets which collectively comprised 42% and 46% of product revenue for the twelve months ended December 31, 2024 and 2023, respectively.
  • The table below sets forth our revenue as a percentage of product revenue by end-user market: Twelve Months Ended December 31, End-Markets 2024 2023 2022 Industrial 23% 27% 27% Automotive 19% 19% 15% Computing 25% 23% 24% Consumer 19% 18% 19% Communications 14% 13% 15% Gross profit For the twelve months ended December 31, 2024, gross profit decreased approximately 33.8% when compared to the prior year, reflective of the lower revenue in 2024.
  • Gross profit margin for the twelve month periods ended December 31, 2024 and 2023, was 33.2% and 39.6%, respectively.
  • The decrease in gross profit margin was primarily due to the overall reduction in end-market demand driving our overall revenue down, continued inventory reductions by our customers, decreased customer demand in the automotive and industrial markets which lowers the mix of our automotive and industrial revenue as a percentage of the total and lower utilization in our factories.
  • This decrease in gross profit margin includes an decrease in cost of goods sold related to a change in accounting estimate of $4.5 million, however cost of goods sold increased approximately $5.6 million related to total inventory reserves.
  • Average unit cost decreased 6.0% for the twelve months ended December 31, 2024, compared to the same period last year, due to the mix of the product being on lower margin/lower cost products, cost decreases from various foundries, as well as cost reductions from our own factories.
  • Operating expenses Operating expenses for the twelve months ended December 31, 2024 decreased approximately $22.2 million, or 5.4%, compared to the same period last year.
  • Selling, general, and administrative expenses (“SG&A”) decreased approximately $24.0 million or 9.3%, compared to the same period last year.
  • The decrease in SG&A was due to cost-containment efforts by the Company especially related to control of wages and benefits, which were lower by $24.8 million and lower selling expense of $1.8 million, partially offset by a $2.7 million increase in repairs and maintenance and an increase of $2.2 million in bad debt expense, when compared to the same period last year.
  • SG&A, as a percentage of net sales, was 17.8% and 15.5% for the twelve-month periods ended December 31, 2024 and 2023, respectively.
  • Research and development expenses (“R&D”) was relatively flat compared to the previous year, declining $0.8 million.

and 216 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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