Form 8-K

8-K — MAGNACHIP SEMICONDUCTOR Corp

Accession: 0001193125-26-323843

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001325702

SIC: 3674 (SEMICONDUCTORS & RELATED DEVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mx-20260729.htm (Primary)

EX-99.1 (mx-ex99_1.htm)

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GRAPHIC (img60550874_1.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mx-20260729.htm · Sequence: 1

8-K

false000132570200013257022026-07-292026-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 29, 2026

Magnachip Semiconductor Corporation

(Exact name of Registrant as specified in its charter)

Delaware

001-34791

83-0406195

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

c/o Magnachip Semiconductor, Ltd.

15F, 76 Jikji-daero 436beon-gil, Heungdeok-gu

Cheongju-si, Chungcheongbuk-do, 28581, Republic of Korea

Not Applicable

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: +82 (2) 6903-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02. Results of Operations and Financial Condition.

Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for Magnachip Semiconductor Corporation and its consolidated subsidiaries for the second quarter ended June 30, 2026, as presented in a press release dated July 29, 2026.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished as part of this report:

Exhibit

No.

Description

99.1

Press release for Magnachip Semiconductor Corporation dated July 29, 2026, announcing the results for the second quarter ended June 30, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MAGNACHIP SEMICONDUCTOR CORPORATION

Dated: July 29, 2026

By:

/s/ Shinyoung Park

Shinyoung Park

Chief Financial Officer

EX-99.1

Filename: mx-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Magnachip Reports Results for Second Quarter 2026

Q2 Results Summary

•

Consolidated revenue from continuing operations (which includes Power Analog Solutions (“PAS”) and Power IC (“PIC”) businesses) was $44.7 million, within the guidance range of $44.5 to $48.5 million.

•

Consolidated gross profit margin from continuing operations of 19.3% was above the high end of our guidance range of 17.0% to 19.0%.

Recent Highlights

•

Appointment of Chae Lee as Chief Executive Officer

•

Launches New 6th-Generation 600V SJ MOSFETs for AI Servers and EV Charging Applications

•

Formed strategic partnership with Navitas Semiconductor to license SiC technology for use in high-voltage and ultra-high-voltage power markets

SEOUL, South Korea, July 29, 2026 – Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the second quarter 2026.

Chae Lee, Magnachip’s CEO said, “Our second quarter results underscore both the challenges and the opportunity ahead. Our strategic relationship with Navitas marks an important milestone toward our plan to rebuild Magnachip. As I have met with our employees and customers over the past month, I have become increasingly confident in the strength of Magnachip's technology, engineering talent and manufacturing capabilities. Building on the strategic transformation already underway, we are focused on developing more differentiated power semiconductor solutions, improving our execution, and positioning Magnachip to compete through advanced innovation. While this transformation will take time, I believe it will strengthen our competitive position and create greater long-term shareholder value."

Q2 2026 Financial Highlights

In thousands of U.S. dollars, except share data

GAAP

Q2 2026

Q1 2026

Q/Q change

Q2 2025

Y/Y change

Net Sales

44,704

46,208

down

3.3

47,622

down

6.1

Power Analog Solutions

40,574

41,647

down

2.6

42,261

down

4.0

Power IC

4,130

4,561

down

9.4

5,361

down

23.0

Gross Profit Margin

19.3

15.6

3.7

%pts

20.4

down

1.1

%pts

Power Analog Solutions

17.2

12.8

4.4

%pts

18.2

down

1.0

%pts

Power IC

40.9

40.4

0.5

%pts

37.4

3.5

%pts

Operating Loss

(9,976

)

(7,170

)

down

39.1

(6,598

)

down

51.2

Income (Loss) from continuing operations

(7,601

)

(4,697

)

down

61.8

9,203

down

182.6

Basic Earnings (Loss) per Common Share

(0.21

)

(0.13

)

down

61.5

0.26

down

180.8

Diluted Earnings (Loss) per Common Share

(0.21

)

(0.13

)

down

61.5

0.25

down

184.0

In thousands of U.S. dollars, except share data

Non-GAAP(1)

Q2 2026

Q1 2026

Q/Q change

Q2 2025

Y/Y change

Adjusted Operating Loss

(6,976

)

(6,527

)

down

6.9

(4,776

)

down

46.1

Adjusted EBITDA

(4,219

)

(3,640

)

down

15.9

(1,542

)

down

173.6

Adjusted Loss

(4,901

)

(4,073

)

down

20.3

(1,978

)

down

147.8

Adjusted Loss per Common Share—Diluted

(0.13

)

(0.11

)

down

18.2

(0.05

)

down

160.0

(1)

Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net loss or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of historical GAAP results to non-GAAP results is included in this press release.

Q3 2026 Financial Guidance

While actual results may vary, Magnachip currently expects the following:

•

Consolidated revenue from continuing operations (which includes Power Analog Solutions and Power IC businesses) to be in the range of $41.5 million to $45.5 million, a decrease of 2.7% sequentially and a decrease of 5.2% year-over-year at the mid-point. This compares with $44.7 million in Q2 2026 and $45.9 million in Q3 2025.

•

Consolidated gross profit margin from continuing operations to be in the range of 17% to 19%, compared with 19.3% in Q2 2026 and 18.6% in Q3 2025. The sequential decline is primarily due to an unfavorable product mix.

Commenting on the third quarter guidance, Shinyoung Park, Chief Financial Officer, said, “We continue to see healthy demand for our Low Voltage BatteryFET product line for mobile products. Nevertheless, we expect third-quarter revenue to decline sequentially due to three near-term factors: packaging constraints in our supply chain that are limiting our ability to fully satisfy demand, lower-than-expected customer volumes in certain consumer applications, and an unfavorable product mix resulting from continued pricing pressure on our legacy products.”

Q2 2026 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Wednesday, July 29, 2026, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of the earnings release will be accessible from the ‘Investors’ section of the Company’s website at www.magnachip.com.

Online registration: https://register-conf.media-server.com/register/BIb70b5b5cb65045238d2757182fd0d278

Safe Harbor for Forward-Looking Statements

Information in this press release regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations regarding our financial performance and business outlook, including third quarter 2026 revenue and gross profit margin, future growth and revenue opportunities, strategic relationships, product development and commercialization, and other future events. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: changes in macroeconomic conditions, trade policies, geopolitical conditions and market conditions; manufacturing capacity constraints, supply chain disruptions and changes in customer demand; the impact of competitive products and pricing; our ability to establish, maintain and expand strategic relationships with customers and business partners, and to realize the anticipated benefits of those relationships; customer acceptance of our products and technologies; our ability to develop, introduce and ramp new products into volume production; changes in semiconductor industry supply and demand, including overcapacity and manufacturing utilization; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses; changes in, or compliance with, applicable trade, export and other laws and regulations; public health issues; other business interruptions; and other risks described in Magnachip's filings with the SEC, including our Annual Report on Form 10-K filed on March 16, 2026. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for various applications, including industrial, automotive, communication, consumer and computing. The Company provides a broad range of standard products to customers worldwide. Magnachip, with about 45 years of operating history, owns a substantial number of registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com.

CONTACT:

Mike Bishop

Bishop IR, LLC

Tel. +1 (415) 891-9633

mike@bishopir.com

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2026

March 31,

2026

June 30,

2025

June 30,

2026

June 30,

2025

Net sales

44,704

46,208

47,622

90,912

92,344

Cost of sales

36,056

39,014

37,910

75,070

73,270

Gross profit

8,648

7,194

9,712

15,842

19,074

Gross profit as a percentage of net sales

19.3

15.6

20.4

17.4

20.7

Operating expenses:

Selling, general and administrative expenses

8,747

7,666

8,976

16,413

18,179

Research and development expenses

7,896

6,698

6,488

14,594

11,925

Other charges

1,981

—

846

1,981

846

Total operating expenses

18,624

14,364

16,310

32,988

30,950

Operating loss

(9,976

)

(7,170

)

(6,598

)

(17,146

)

(11,876

)

Interest income

949

1,063

1,322

2,012

2,862

Interest expense

(320

)

(373

)

(373

)

(693

)

(796

)

Foreign currency gain (loss), net

(526

)

(115

)

10,797

(641

)

10,392

Other income (loss), net

286

(10

)

(83

)

276

Income (Loss) from continuing operations before

income tax benefit, net

(9,587

)

(6,605

)

5,065

(16,192

)

613

Income tax benefit, net

(1,986

)

(1,908

)

(4,138

)

(3,894

)

(4,539

)

Income (Loss) from continuing operations

(7,601

)

(4,697

)

9,203

(12,298

)

5,152

Income (Loss) from discontinued operations, net of tax

2,786

(8,880

)

2,836

(13,707

)

Net income (loss)

(4,815

)

(4,647

)

323

(9,462

)

(8,555

)

Basic earnings (loss) per common share—

Continuing operations

(0.21

)

(0.13

)

0.26

(0.34

)

$0.14

Discontinuing operations

0.08

0.00

(0.25

)

0.08

(0.37

)

Total

(0.13

)

(0.13

)

0.01

(0.26

)

(0.23

)

Diluted earnings (loss) per common share—

Continuing operations

(0.21

)

(0.13

)

0.25

(0.34

)

0.14

Discontinuing operations

0.08

0.00

(0.24

)

0.08

(0.37

)

Total

(0.13

)

(0.13

)

0.01

(0.26

)

(0.23

)

Weighted average number of shares—

Basic

36,454,812

36,407,581

36,083,703

36,431,327

36,483,551

Diluted

36,454,812

36,407,581

36,768,647

36,431,327

37,209,622

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share data)

(Unaudited)

June 30,

2026

December 31,

2025

Assets

Current assets

Cash and cash equivalents

87,936

103,756

Accounts receivable, net

23,788

26,022

Inventories, net

34,136

34,151

Other receivables

4,096

2,882

Prepaid expenses

4,346

5,062

Hedge collateral

4,540

1,200

Other current assets

5,631

3,782

Total current assets

164,473

176,855

Property, plant and equipment, net

92,243

100,204

Operating lease right-of-use assets

1,423

2,070

Intangible assets, net

395

454

Long-term prepaid expenses

498

584

Deferred income taxes

60,217

64,248

Other non-current assets

5,602

7,114

Total assets

324,851

351,529

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

21,127

20,848

Other accounts payable

5,690

11,444

Accrued expenses

7,696

6,929

Accrued income taxes

Operating lease liabilities

1,144

1,427

Current portion of long-term borrowings

25,949

—

Other current liabilities

6,044

2,681

Total current liabilities

67,688

43,410

Long-term borrowings

15,566

44,599

Accrued severance benefits, net

11,908

11,502

Non-current operating lease liabilities

324

690

Other non-current liabilities

2,833

3,078

Total liabilities

98,319

103,279

Commitments and contingencies

Stockholders’ equity

Common stock, $0.01 par value, 150,000,000 shares authorized, 58,318,707 shares issued and 36,510,111

outstanding at June 30, 2026 and 58,027,696 shares issued and 36,219,100 outstanding at

December 31, 2025

581

579

Additional paid-in capital

283,263

281,537

Retained earnings

205,390

214,852

Treasury stock, 21,808,596 shares at June 30, 2026 and 21,808,596 shares at December 31, 2025, respectively

(229,910

)

(229,910

)

Accumulated other comprehensive loss

(32,792

)

(18,808

)

Total stockholders’ equity

226,532

248,250

Total liabilities and stockholders’ equity

324,851

351,529

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

Three Months

Ended

Six Months

Ended

June 30,

2026

June 30,

2026

June 30,

2025

Cash flows from operating activities

Net loss

(4,815

)

(9,462

)

(8,555

)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

2,755

5,637

6,661

Provision for severance benefits

1,126

2,338

2,175

Loss (gain) on foreign currency, net

1,616

5,878

(18,085

)

Provision (reversal) for inventory reserves

(903)

(1,224

)

845

Stock-based compensation

1,019

1,662

1,492

Impairment charges

—

7,362

Deferred income tax assets

—

(649

)

Others, net

128

476

Changes in operating assets and liabilities

Accounts receivable, net

(593

)

1,018

(4,600

)

Inventories

(1,029

)

(1,220

)

(4,979

)

Other receivables

301

(1,246

)

(5,835

)

Prepaid expenses

1,532

1,380

4,621

Other current assets

(1,157

)

(2,882

)

675

Accounts payable

581

2,559

Other accounts payable

(5,436

)

(5,690

)

(4,972

)

Accrued expenses

2,355

1,287

(2,022

)

Accrued income taxes

)

(41

)

Other current liabilities

(433

)

160

(546

)

Other non-current liabilities

347

400

Payment of severance benefits

(461

)

(689

)

(9,843

)

Others, net

(782

)

(969

)

3,389

Net cash used in operating activities

(4,502

)

(2,946

)

(29,801

)

Cash flows from investing activities

Proceeds from settlement of hedge collateral

4,334

2,237

Payment of hedge collateral

(4,043

)

(7,828

)

—

Purchase of property, plant and equipment

(1,329

)

(5,244

)

(12,083

)

Payment for intellectual property registration

(43

)

(67

)

(85

)

Collection of guarantee deposits

135

2,026

2,336

Payment of guarantee deposits

—

(158)

(297

)

Others, net

—

180

Net cash used in investing activities

(946)

(6,888

)

(7,712

)

Cash flows from financing activities

Proceeds from long-term borrowings

—

6,964

Proceeds from issuance of common stock

—

Acquisition of treasury stock

(25)

(201

)

(4,020

)

Repayment of financing related to water treatment facility arrangement

(107

)

(217

)

(225

)

Repayment of principal portion of finance lease liabilities

(32

)

(66)

(80

)

Net cash provided by (used in) financing activities

(98

)

(418

)

2,639

Effect of exchange rates on cash and cash equivalents

(1,072

)

(5,568

)

9,590

Net decrease in cash and cash equivalents

(6,618

)

(15,820

)

(25,284

)

Cash and cash equivalents

Beginning of the period

94,554

103,756

138,610

End of the period

87,936

113,326

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF OPERATING LOSS FROM CONTINUING OPERATIONS TO ADJUSTED OPERATING LOSS FROM CONTINUING OPERATIONS

(In thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2026

March 31,

2026

June 30,

2025

June 30,

2026

June 30,

2025

Operating loss– continuing operations

(9,976

)

(7,170

)

(6,598

)

(17,146

)

(11,876

)

Adjustments:

Equity-based compensation expense

1,019

643

976

1,662

1,844

Other charges

1,981

—

846

1,981

846

Adjusted Operating Loss– continuing operations

(6,976

)

(6,527

)

(4,776

)

(13,503

)

(9,186

)

We present Adjusted Operating Loss from continuing operations as a supplemental measure of our performance. We define Adjusted Operating Loss from continuing operations for the periods indicated as operating loss from continuing operations adjusted to exclude (i) Equity-based compensation expense and (ii) Other charges.

For the three and six months ended June 30, 2026, we recorded $1,981 thousand of other charges, consisting of a $1,095 thousand customer goodwill payment related to a certain product, and $886 thousand of one-time employee incentives. For the same period in 2025, we recorded $496 thousand of one-time employee incentives and $350 thousand of certain executive separation benefit related accruals.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS AND ADJUSTED LOSS FROM CONTINUING OPERATIONS

(In thousands of U.S. dollars, except share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2026

March 31,

2026

June 30,

2025

June 30,

2026

June 30,

2025

Income (Loss) from continuing operations

(7,601

)

(4,697

)

9,203

(12,298

)

5,152

Adjustments:

Interest income

(949)

(1,063

)

(1,322

)

(2,012

)

(2,862

)

Interest expense

320

373

693

796

Income tax benefit, net

(1,986

)

(1,908

)

(4,138

)

(3,894

)

(4,539

)

Depreciation and amortization

2,750

2,877

3,237

5,627

6,357

EBITDA – continuing operations

(7,466

)

(4,418

)

7,353

(11,884

)

4,904

Equity-based compensation expense

1,019

643

976

1,662

1,844

Foreign currency loss (gain), net

526

115

(10,797

)

641

(10,392

)

Derivative valuation loss (gain), net

(279

)

(259

)

Other charges

1,981

—

846

1,981

846

Adjusted EBITDA – continuing operations

(4,219

)

(3,640

)

(1,542

)

(7,859

)

(2,747

)

Income (Loss) from continuing operations

(7,601

)

(4,697

)

9,203

(12,298

)

5,152

Adjustments:

Equity-based compensation expense

1,019

643

976

1,662

1,844

Foreign currency loss (gain), net

526

115

(10,797

)

641

(10,392

)

Derivative valuation loss (gain), net

(279

)

(259

)

Other charges

1,981

—

846

1,981

846

Income tax effect on non-GAAP adjustments

(547

)

(154

)

(2,286

)

(701

)

(2,263

)

Adjusted Loss – continuing operations

(4,901

)

(4,073

)

(1,978

)

(8,974

)

(4,762

)

Adjusted Loss – continuing operations per common share—

- Basic

(0.13

)

(0.11

)

(0.05

)

(0.25

)

(0.13

)

- Diluted

(0.13

)

(0.11

)

(0.05

)

(0.25

)

(0.13

)

Weighted average number of shares – basic

36,454,812

36,407,581

36,083,703

36,431,327

36,483,551

Weighted average number of shares – diluted

36,454,812

36,407,581

36,083,703

36,431,327

36,483,551

We present Adjusted EBITDA from continuing operations and Adjusted Loss from continuing operations as supplemental measures of our performance. We define Adjusted EBITDA from continuing operations for the periods indicated as EBITDA – continuing operations (as defined below), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net and (iv) Other charges. EBITDA – continuing operations for the periods indicated is defined as income (loss) from continuing operations before interest income, interest expense, income tax benefit, net and depreciation and amortization.

We prepare Adjusted Loss from continuing operations by adjusting income (loss) from continuing operations to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Loss from continuing operations is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Loss from continuing operations for the periods as net loss, adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Other charges and (v) Income tax effect on non-GAAP adjustments.

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v3.26.1

Document and Entity Information

Jul. 29, 2026

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Jul. 29, 2026

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Magnachip Semiconductor Corporation

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c/o Magnachip Semiconductor, Ltd.

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15F, 76 Jikji-daero 436beon-gil, Heungdeok-gu

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Cheongju-si

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