Magnachip Reports Results for First Quarter 2026

Apr 28, 2026

Q1 Results Summary

Consolidated revenue from continuing operations (which includes Power Analog Solutions (“PAS”) and Power IC (“PIC”) businesses) was $46.2 million, approximately at the mid-point of our guidance range of $44.0 to $48.0 million.
Revenue grew by 3.3% year over year and 13.9% quarter over quarter.
Consolidated gross profit margin from continuing operations of 15.6% was above the mid-point of our guidance range of 14.0% to 16.0%.

Recent Highlights

Launched 8th-generation ultra low-Rss(on) 12V BatteryFET designed for smartphone battery power efficiency
Launched 8th-generation 40V and 60V MV MOSFETs for servers and high-performance PCs
On track to launch 55 new-generation products in 2026

SEOUL, South Korea–(BUSINESS WIRE)–Apr. 28, 2026– Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the first quarter 2026.

Camillo Martino, Magnachip’s CEO said, “We delivered better-than-seasonal revenue growth in the quarter, reflecting both solid execution and also the impact of the previously communicated inventory and channel actions. We are comfortable with our progress toward our multi-year transformation, and we are showing some good early signs, particularly with the 55 new-generation products launched in 2025. Our focus remains on improving product competitiveness through an accelerated pace of new-generation product launches, which we believe will drive sustainable revenue growth, margin expansion, and improved utilization over time. We believe disciplined execution of our six-pillar strategy will deliver long-term shareholder value.”

Shinyoung Park, Magnachip’s CFO, commented, “We remain committed to financial discipline to significantly improve our financial performance during this multi-year transformation.”

Q1 2026 Financial Highlights

GAAP Results

In thousands of U.S. dollars, except share data

	Q1 2026	Q4 2025	Q/Q Change	Q1 2025	Y/Y Change
Net Sales	46,208	40,570	up 13.9%	44,722	up 3.3%
Power Analog Solutions	41,647	36,811	up 13.1%	39,857	up 4.5%
Power IC	4,561	3,759	up 21.3%	4,865	down 6.2%
Gross Profit Margin	15.6%	9.3%	up 6.3%pts	20.9%	down 5.3%pts
Power Analog Solutions	12.8%	6.5%	up 6.3%pts	17.8%	down 5.0%pts
Power IC	40.4%	36.7%	up 3.7%pts	46.5%	down 6.1%pts
Operating Loss	(7,170)	(12,446)	up 42.4%	(5,278)	down 35.8%
Loss from Continuing Operations	(4,697)	(8,792)	up 46.6%	(4,051)	down 15.9%
Basic Loss per Common Share	(0.13)	(0.24)	up 45.8%	(0.11)	down 18.2%
Diluted Loss per Common Share	(0.13)	(0.24)	up 45.8%	(0.11)	down 18.2%

Non-GAAP Results

In thousands of U.S. dollars, except share data

	Q1 2026	Q4 2025	Q/Q Change	Q1 2025	Y/Y Change
Adjusted Operating Loss	(6,527)	(11,881)	up 45.1%	(4,410)	down 48.0%
Adjusted EBITDA	(3,640)	(8,856)	up 58.9%	(1,205)	down 202.1%
Adjusted Loss	(4,073)	(2,714)	down 50.1%	(2,784)	down 46.3%
Adjusted Loss per Common Share—Diluted	(0.11)	(0.08)	down 37.5%	(0.08)	down 37.5%

(1) Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net loss or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of historical GAAP results to non-GAAP results is included in this press release.

Q2 2026 Financial Guidance

While actual results may vary, Magnachip currently expects the following:

Consolidated revenue from continuing operations (which includes Power Analog Solutions and Power IC businesses) to be in the range of $44.5 million to $48.5 million, roughly flat sequentially and a decrease of 2.3% year-over-year at the mid-point. This compares with $46.2 million in Q1 2026 and $47.6 million in Q2 2025.
Consolidated gross profit margin from continuing operations to be in the range of 17% to 19%, up from 15.6% in Q1 2026 but down from 20.4% in Q2 2025.

Q1 2026 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Tuesday, April 28, 2026, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of the earnings release will be accessible from the ‘Investors’ section of the Company’s website at www.magnachip.com.

Online registration: https://register-conf.media-server.com/register/BId9ff896cba6d4bf6bc5204e0fd2d7a6b

Consolidated Statements of Operations

In thousands of U.S. dollars, except share data (Unaudited)

	Three Months Ended March 31, 2026	Three Months Ended December 31, 2025	Three Months Ended March 31, 2025
Net sales	$46,208	$40,570	$44,722
Cost of sales	39,014	36,792	35,360
Gross profit	7,194	3,778	9,362
Gross profit as a % of net sales	15.6%	9.3%	20.9%
Operating expenses:
Selling, general and administrative expenses	7,666	8,625	9,203
Research and development expenses	6,698	7,599	5,437
Total operating expenses	14,364	16,224	14,640
Operating loss	(7,170)	(12,446)	(5,278)
Interest income	1,063	1,246	1,540
Interest expense	(373)	(393)	(423)
Foreign currency loss, net	(115)	(6,393)	(405)
Other income (loss), net	(10)	14	114
Loss from continuing operations before income tax benefit, net	(6,605)	(17,972)	(4,452)
Income tax benefit, net	(1,908)	(9,180)	(401)
Loss from continuing operations	(4,697)	(8,792)	(4,051)
Income (Loss) from discontinued operations, net of tax	50	713	(4,827)
Net loss	$(4,647)	$(8,079)	$(8,878)
Basic earnings (loss) per common share:
Continuing operations	$(0.13)	$(0.24)	$(0.11)
Discontinuing operations	0.00	0.02	(0.13)
Total	$(0.13)	$(0.22)	$(0.24)
Diluted earnings (loss) per common share:
Continuing operations	$(0.13)	$(0.24)	$(0.11)
Discontinuing operations	0.00	0.02	(0.13)
Total	$(0.13)	$(0.22)	$(0.24)
Weighted average number of shares:
Basic	36,407,581	35,979,697	36,887,841
Diluted	36,407,581	35,979,697	36,887,841

Consolidated Balance Sheets

In thousands of U.S. dollars, except share data (Unaudited)

	March 31, 2026	December 31, 2025
Assets
Current assets
Cash and cash equivalents	$94,554	$103,756
Accounts receivable, net	24,176	26,022
Inventories, net	32,848	34,151
Other receivables	4,203	2,882
Prepaid expenses	5,591	5,062
Hedge collateral	4,970	1,200
Other current assets	3,681	3,782
Total current assets	170,023	176,855
Property, plant and equipment, net	95,072	100,204
Operating lease right-of-use assets	1,797	2,070
Intangible assets, net	404	454
Long-term prepaid expenses	531	584
Deferred income taxes	61,222	64,248
Other non-current assets	6,416	7,114
Total assets	$335,465	$351,529
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$21,330	$20,848
Other accounts payable	10,813	11,444
Accrued expenses	5,490	6,929
Accrued income taxes	45	81
Operating lease liabilities	1,344	1,427
Current portion of long-term borrowings	26,431	—
Other current liabilities	6,264	2,681
Total current liabilities	71,717	43,410
Long-term borrowings	15,855	44,599
Accrued severance benefits, net	11,660	11,502
Non-current operating lease liabilities	509	690
Other non-current liabilities	2,921	3,078
Total liabilities	102,662	103,279
Stockholders’ equity
Common stock ($0.01 par value; 150,000,000 shares authorized; 58,249,450 issued / 36,440,854 outstanding at Mar 31, 2026; 58,027,696 issued / 36,219,100 outstanding at Dec 31, 2025)	581	579
Additional paid-in capital	282,178	281,537
Retained earnings	210,205	214,852
Treasury stock (21,808,596 shares)	(229,910)	(229,910)
Accumulated other comprehensive loss	(30,251)	(18,808)
Total stockholders’ equity	232,803	248,250
Total liabilities and stockholders’ equity	$335,465	$351,529

Consolidated Statements of Cash Flows

In thousands of U.S. dollars (Unaudited)

	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Cash flows from operating activities
Net loss	$(4,647)	$(8,878)
Depreciation and amortization	2,882	3,273
Provision for severance benefits	1,212	1,514
Loss (gain) on foreign currency, net	4,262	(35)
Provision (reversal) for inventory reserves	(321)	1,208
Stock-based compensation	643	1,030
Deferred income tax assets	8	(415)
Others, net	74	225
Accounts receivable, net	1,611	635
Inventories	(191)	(3,259)
Other receivables	(1,547)	(811)
Prepaid expenses	(152)	1,233
Other current assets	(1,725)	970
Accounts payable	571	2,542
Other accounts payable	(254)	(2,622)
Accrued expenses	(1,068)	(111)
Accrued income taxes	(33)	(6)
Other current liabilities	593	(901)
Other non-current liabilities	53	354
Payment of severance benefits	(228)	(325)
Others, net	(187)	(290)
Net cash provided by (used in) operating activities	1,556	(4,669)
Cash flows from investing activities
Payment of hedge collateral	(3,785)	—
Proceeds from disposal of plant, property and equipment	49	—
Purchase of property, plant and equipment	(3,915)	(208)
Payment for intellectual property registration	(24)	(63)
Collection of guarantee deposits	1,891	21
Payment of guarantee deposits	(158)	(139)
Net cash used in investing activities	(5,942)	(389)
Cash flows from financing activities
Acquisition of treasury stock	(176)	(1,306)
Repayment of financing related to water treatment facility arrangement	(110)	(111)
Repayment of principal portion of finance lease liabilities	(34)	(38)
Net cash used in financing activities	(320)	(1,455)
Effect of exchange rates on cash and cash equivalents	(4,496)	557
Net decrease in cash and cash equivalents	(9,202)	(5,956)
Beginning of the period	103,756	138,610
End of the period	$94,554	$132,654

Reconciliation of Operating Loss to Adjusted Operating Loss (Continuing Operations)

In thousands of U.S. dollars (Unaudited)

	Q1 2026	Q4 2025	Q1 2025
Operating loss	$(7,170)	$(12,446)	$(5,278)
Equity-based compensation expense	643	565	868
Adjusted Operating Loss	$(6,527)	$(11,881)	$(4,410)

Reconciliation of Loss from Continuing Operations to Adjusted EBITDA and Adjusted Loss

In thousands of U.S. dollars, except share data (Unaudited)

	Q1 2026	Q4 2025	Q1 2025
Loss from continuing operations	$(4,697)	$(8,792)	$(4,051)
Interest income	(1,063)	(1,246)	(1,540)
Interest expense	373	393	423
Income tax benefit, net	(1,908)	(9,180)	(401)
Depreciation and amortization	2,877	3,019	3,120
EBITDA – continuing operations	(4,418)	(15,806)	(2,449)
Equity-based compensation expense	643	565	868
Foreign currency loss, net	115	6,393	405
Derivative valuation loss (gain), net	20	(8)	(29)
Adjusted EBITDA – continuing operations	$(3,640)	$(8,856)	$(1,205)
Loss from continuing operations	$(4,697)	$(8,792)	$(4,051)
Equity-based compensation expense	643	565	868
Foreign currency loss, net	115	6,393	405
Derivative valuation loss (gain), item net	20	(8)	(29)
Income tax effect on non-GAAP adjustments	(154)	(872)	23
Adjusted Loss – continuing operations	$(4,073)	$(2,714)	$(2,784)
Basic Adjusted Loss per share	$(0.11)	$(0.08)	$(0.08)
Diluted Adjusted Loss per share	$(0.11)	$(0.08)	$(0.08)
Weighted avg shares – basic	36,407,581	35,979,697	36,887,841
Weighted avg shares – diluted	36,407,581	35,979,697	36,887,841

Safe Harbor for Forward-Looking Statements

Information in this press release regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including second quarter 2026 revenue and gross profit margin expectations, future growth and revenue opportunities from new and existing products and customers, and the timing and extent of future revenue contributions by our products and businesses. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations.

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for various applications, including industrial, automotive, communication, consumer and computing. The Company provides a broad range of standard products to customers worldwide. Magnachip, with about 45 years of operating history, owns a substantial number of registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com.

Investor Contact:
Mike Bishop
Bishop IR, LLC
Tel. +1 (415) 891-9633
mike@bishopir.com

Source: Magnachip Semiconductor Corporation

– R_{SS(on) Typ.}below 1mΩ — delivering ultra-low on-resistance for battery protection circuits (PCMs)

– 48% reduction in specific on-resistance (Rsp) and 185% improvement in current density compared to the previous generation

– Designed to meet next-generation smartphone requirements for ultra-fast charging and high-efficiency battery protection

SEOUL, South Korea, April 2026 — Magnachip Semiconductor Corporation (NYSE: MX, “Magnachip”) today announced the launch of two new 8th-generation Ultra Low-Ron 12V low-voltage (LV) MOSFETs designed for high-performance smartphone battery protection circuits (PCMs). These new products target next-generation smartphones, where ultra-fast charging and energy efficiency are increasingly critical, and represent an expansion of Magnachip’s product lineup, strengthening its competitiveness in the mobile battery protection FET market. One of them is in mass production and is currently being supplied to a major global smartphone manufacturer, having demonstrated proven performance and reliability.

As smartphones incorporate advanced AI functionalities and increasingly high-performance applications, computational loads are rising, driving the importance of power efficiency and charging performance. As a result, MOSFETs used in battery protection circuits (PCMs) are required to deliver low on-resistance, high current density, and efficient performance within limited board space. In addition, the growing adoption of innovative form factors such as foldable and rollable devices further constrains circuit design space, increasing the importance of enhancing performance within the same footprint while reducing component count.

The new products are designed as main switching devices in smartphone battery protection circuits (PCMs), performing critical functions such as overcharge and over-discharge protection, as well as charge and discharge current control. They offer two key advantages:

First, by significantly reducing on-resistance within the same package size, the products minimize heat generation. For example, the MDWC12D013PERH achieves more than a 50% improvement in on-resistance (R_ss(on)) compared to Magnachip’s 7th-generation device of the same size, resulting in a temperature reduction of up to 10°C under identical test conditions. This reduced heat contributes to extended battery life and improved charging stability in smartphones.

Second, enhanced current density and pin-to-pin compatibility enable replacement and integration within existing circuit designs, reducing PCB footprint and the number of FETs required, which helps reduce production costs. This allows manufacturers to utilize the saved space for larger battery capacity or slimmer device designs.

The new products incorporate Magnachip’s 8th-generation technology, utilizing a high-density trench cell structure. They reduce specific on-resistance (Rsp) by approximately 48% and improve current density by approximately 185% compared to the previous generation, achieving R_{SS(on) Typ.} below 1mΩ.

According to Omdia, generative AI has emerged as a key trend in the technology market and is rapidly expanding, driven by the consumer (digital) segment. The market is projected to grow from approximately $7.7 billion in 2022 to $30.4 billion by 2028, with smartphones expected to account for a major share of applications.

In response to these market trends, Magnachip plans to introduce 22V Ultra Low-Ron products within the year, further expanding its LV MOSFET portfolio for high-performance mobile devices.

“Achieving low on-resistance and superior thermal performance within limited space is a key challenge in smartphone battery protection circuit design. Our 8th-generation Ultra Low-Ron 12V LV MOSFET is designed to address these requirements, delivering enhanced efficiency and reliability, and is expected to provide highly competitive technical value in this application. Leveraging our expertise in power semiconductor design and manufacturing, Magnachip will continue to enhance its product competitiveness across a wide range of applications, including mobile,” said Hyuk Woo, CTO of Magnachip Semiconductor.

At PCIM Europe 2026 in Nuremberg, Germany (Hall 6, Booth 337), Magnachip will showcase its power semiconductor solutions, including these new products.

Related Links

Power Solutions > MXT MOSFETs > 12V

Related Articles

Magnachip Unveils Its First 8th-Generation MXT LV MOSFET Designed with Super-Short Channel FET II
Magnachip Launches New 24V BatteryFET for Tri-Fold Smartphone Battery Protection

About Magnachip Semiconductor

Contacts:

Mike Bishop

United States (Investor Relations)

Bishop IR, LLC

Tel. +1-415-891-9633

mike@bishopir.com

Kyeongah Cho

Global Marketing Communication

Magnachip Semiconductor

Tel. +82-2-6903-3179

pr@magnachip.com

In the Media

Magnachip Launches 8th-generation Ultra Low-Rss(on) 12V BatteryFET Designed for Smartphone Battery Power Efficiency

We Power the Motors That Move the World

Magnachip’s power semiconductor solutions are expanding beyond consumer electronics into motor control applications for various fields such as electric vehicles, industrial automation, and robotics.

Hall 6, Booth 337 June 9–11, 2026 Nuremberg, Germany

See Floorplan

Overview

PCIM Europe is the leading global exhibition for power electronics, intelligent motion, and energy management.
With over 45 years of engineering heritage, Magnachip showcases high-performance MOSFETs, IGBTs, and Power ICs designed to enable smarter and more efficient energy management.

From everyday consumer electronics to highly reliable automotive inverters, experience Magnachip’s advanced power semiconductor technologies.

What You’ll Experience

🔬 Product Showcase
Explore Magnachip’s latest power semiconductor products, including MOSFETs, IGBTs, and BatteryFETs, along with key application examples.

⚡ Product Portfolio
Discover core product lineups and design approaches for power conversion and motor drive applications.

🤝 Engineering Consultation
Engage in 1:1 discussions with on-site engineers to explore solutions tailored to your specific design requirements.

Key Highlights at PCIM Europe 2026

1. Proven Consumer & General Power Portfolio

Magnachip has established proven technology and mass production experience by supplying global top-tier smartphone and TV brands.
Our SJ MOSFET and LV MOSFET lineup offers ready-to-deploy solutions across a wide range of applications.

2. Expanding into Industrial & Energy Markets

Discover IGBT and module solutions designed for high-power applications such as solar, ESS, and AI servers.
Advanced packaging technologies deliver high power density and excellent thermal performance.

3. Predictive Maintenance & Future Mobility

Magnachip provides high-efficiency motor control solutions for electric vehicles, industrial automation, and robotics.
Through collaboration with Hyundai Mobis, we are strengthening our capabilities in electrified inverter technologies.

“Magnachip continues to strengthen its leadership in power semiconductors, built on decades of engineering excellence and trusted partnerships. Following the launch of 55 new products in 2025, we plan to introduce more than 40 additional innovative solutions in 2026 to support our customers’ growth.”
— Camillo Martino, CEO of Magnachip —

Call to Action

Meet your ideal partner to power your next design.
Schedule a meeting with Magnachip experts during PCIM Europe to explore tailored solutions.

• To register, contact us via email
• Email: kyeongah.cho@magnachip.com

Magnachip Semiconductor NYSE: MX | www.magnachip.com

Month: April 2026