Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 161

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 5
Chunk 161
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 (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 $1,069.2 million for the year ended December 31, 2023. The $27.5 million increase in cost of revenues
reflects a 2.6% year over year cost increase, mainly due to higher depreciation and manufacturing costs.

Gross profit for the year ended December 31, 2024 amounted to $339.4
million as compared to $353.5 million for the year ended December 31, 2023. The $14.1 million decrease in gross profit resulted from the
$27.5 million, or 2.6%, increase in cost of revenues, net of the $13.4 million, or 1%, increase in revenues, as described above.

Research and development expenses for the year ended December 31,
2024, amounted to $79.4 million, as compared to $79.8 million for the year ended December 31, 2023, reflecting less than a 0.5% decrease
year over year.

Marketing, general and administrative expenses for the year ended
December 31, 2024 amounted to $75.0 million, reflecting 5.2% of revenues, as compared to $72.5 million for the year ended December 31,
2023, reflecting 5.1% of revenues.

Restructuring gain from sale of machinery and equipment, net, for
the year ended December 31, 2023 amounted to $52