Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 61

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 61
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 the fiscal year ended December 31, 2023, filed with the SEC on April 22, 2024.

You should read the following discussion and analysis of our financial
condition and results of operations in conjunction with the financial statements and the related notes thereto included in this annual
report. The following table sets forth certain statement of operations data as a percentage of total revenues for the years indicated.

                                                                    Year ended December 31,             
                                                                    Year ended December 31,             
                                                                                       2024             
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  Statement of Operations Data:                                                                         
  Revenues                                                                              100        100  
  Cost of revenues                                                                     76.4       75.2  
  Gross profit                                                                         23.6       24.8  
  Research and development expense                                                      5.5        5.6  
  Marketing, general and administrative expense                                         5.2        5.1  
  Restructuring gain from sale of machinery and equipment, net                           --       (3.7  
  Restructuring expense (income), net                                                  (0.4        1.3  
  Merger-contract termination fee, net                                                   --      (22.0  
  Operating profit                                                                     13.3       38.5  
  Financing income, net                                                                 3.5        2.1  
  Other income (expense), net                                                          (1.7        0.5  
  Profit before income tax                                                             15.1       41.1  
  Income tax expense, net                                                              (0.7       (4.6  
  Net profit                                                                           14.4       36.5  
  Net loss (profit) attributable to non-controlling interest                            0.1       (0.1  
  Net profit attributable to the Company                                               14.5       36.4  

40

Year ended December 31,
2024 compared to year ended December 31, 2023

Revenues for the year ended December 31, 2024 amounted to $1,436.1
million, as compared to $1,422.7 million for the year ended December 31, 2023, reflecting a $13.4 million, or 1%, year over year
revenue increase.

Cost of revenues for the year ended December 31, 2024 amounted
to $1,096.7 million as compared to