MX · Magnachip Semiconductor Corporation

Magnachip delivered Q1 2026 results at the midpoint of revenue guidance with $46.2 million from continuing operations, reflecting 13.9% sequential growth driven by Power Analog Solutions (13.1% up) and Power IC (21.3% up), alongside year-over-year growth of 3.3%. Gross margins expanded to 15.6% from 9.3% in Q4 2025, exceeding guidance midpoint due to improved mix and execution amid inventory actions, though down from 20.9% YoY. Operating loss narrowed 42.4% QoQ to $7.2 million on lower expenses, with CEO Camillo Martino highlighting better-than-seasonal growth, progress on 55 new-generation products from 2025, and focus on six-pillar strategy for revenue growth and margin expansion. PAS gross margin rose to 12.8% (up 6.3 pts QoQ), while PIC held at 40.4%. Non-GAAP adjusted EBITDA loss improved 58.9% QoQ to $3.6 million. Balance sheet shows cash at $94.6 million, down from $103.8 million, with positive operating cash flow of $1.6 million supporting liquidity. Q2 guidance projects revenue $44.5-48.5 million (flat QoQ) and margins 17-19%, signaling sequential improvement amid new product launches like 8th-gen BatteryFET and MV MOSFETs for smartphones, servers, and PCs. CFO Shinyoung Park emphasized financial discipline during multi-year transformation.