Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 58

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 58
---
 and 0.13 -micron on 200-mm wafers; and 90 nanometer,
65 nanometer on 300-mm wafers. We also provide design support and complementary technical services. Our customers and/or our customers’
customers use our wafers in their end products, which are sold to and/or used in diverse markets, including consumer applications, personal
computers, communications, handsets and smartphones, automotive, industrial, aerospace and medical devices. The technology platforms that
we offer are focused on the mega trends of seamless connectivity, green everything and interactive smart systems.

For the year ended December 31, 2024, our revenues were derived
from customers located around the globe, of which 42% were located in the United States, 16% in Japan, 33% in Asia (excluding Japan) and
9% in Europe, as compared to 46%, 17%, 27% and 10%, respectively, for the year ended December 31, 2023.

For the year ended December 31, 2024, 13% of our revenues were
derived from NTCJ, 27% of our revenues were derived from an additional four customers, each comprising between 3% to 11% of our revenues,
and the remaining 60% of our revenues were derived from many other smaller customers, as compared to 14% derived from NTCJ, 30% derived
from an additional four customers, each comprising between 3% to 9% of our revenues, and the remaining 56% derived from many other smaller
customers for the year ended December 31, 2023.

In order to attract and retain our customers, in 2024 and 2023,
we made gross investments of $436 million and $445 million respectively, in property and equipment across our fabs in Israel, Italy, the
United States and Japan.

38

KEY FACTORS AFFECTING
OUR RESULTS

The following are key factors that impact our results of operations:

Ability to attract and retain customers.

We are a trusted, customer-oriented service provider that has built
a solid reputation in the foundry industry for over thirty years. We have built strong relationships with customers. Our consistent focus
on providing high-quality, value-added services, including engineering and design support, has allowed us to attract customers that seek
to work with a proven provider of foundry solutions. Our emphasis on close collaboration with customers and accelerating time-to-market
and