Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 142

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4
Chunk 142
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 the sales cycle process, from initial contact until production, are:
 

•   technical evaluation;
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•   wafer design to our specifications, including integration of third-party intellectual property;
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•   photomask–- design and order third-party photomasks;
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•   silicon prototyping;
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•   assembly and test;
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•   validation and qualification; and
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•   production.
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The primary customers of our foundry and design services are fabless semiconductor companies and IDMs. Our customer base includes many leaders in the analog and mixed-signal industry, serving a variety of end market segments. A small portion of our wafer sales are made pursuant to long-term contracts with our customers, under which we agree to reserve capacity for certain purchasing commitments. For the year ended December 31, 2024, 13% of our revenues were generated from NTCJ, 27% of our revenues were derived from an additional four customers, each of which generated between 3% to 11% of our revenues, and the remaining 60% of our revenues were derived from many other smaller customers. For the year ended December 31, 2023, 14% of our revenues derived from NTCJ, and 30% of our revenues derived from an additional four customers, each of which generated between 3% to 9% of our revenues, and the remaining 56% of our revenues derived from many other smaller customers. For the year ended December 31, 2022, 14% of our revenues were generated from NTCJ, 33% of our revenues were derived from an additional five customers, each of which generated between 4% to 9% of our revenues, and the remaining 53% of our revenues derived from many other smaller customers.
 
The following table sets forth the geographical distribution, by percentage, of our net revenues for the periods indicated:
 

                                        Year ended December 31,                
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                        2024               2023                2022            
United States                    42    %             46    %             49   %
Japan                            16    %             17    %             16   %
Asia, excluding Japan            33    %             27    %             26   %
Europe                            9    %             10    %              9   %
Total                           100    %            100    %            100   %
 
The semiconductor industry is