The company said total revenue for 2024 increased 62% from 2023, with DRAM sales rising 60% and NAND sales rising 72%. It said DRAM bit shipments rose in the mid-40% range, and average selling prices rose in the low-teen percentage range.

10-KAnnual reportFiled Oct 4, 2024Period of report Aug 29, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said total revenue for 2024 increased 62% from 2023, with DRAM sales rising 60% and NAND sales rising 72%. It said DRAM bit shipments rose in the mid-40% range, and average selling prices rose in the low-teen percentage range.
The company said its consolidated gross margin percentage improved to 22% for 2024 from negative 9% for 2023. It cited higher average selling prices, manufacturing cost reductions, and, in 2023, inventory NRV write-downs and lower costs from the sale of inventory written down.
The company said cash and marketable investments totaled $9.15 billion as of August 29, 2024. In fiscal 2024, it had capital expenditures of $8.39 billion, debt repayments of $1.90 billion, dividend payments of $513 million, and about $1.00 billion from the issuance of 2031 Notes.
The company said it expects meaningful DRAM output from its Boise, Idaho fab in 2027, and that site preparation for its Clay, New York facility is expected to begin in calendar 2025. It said it signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce for up to $6.1 billion in direct funding under the CHIPS Act.

Key figures

Fiscal year ended August 29, 2024

Revenue: $25.1B
Operating income: $1.3B
Net income: $778M
EPS: $0.70
Gross profit: $5.6B
Operating cash flow: $8.5B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Revenue Up 62%; DRAM and NAND Changes

The company said total revenue for 2024 increased 62% from 2023, with DRAM sales rising 60% and NAND sales rising 72%. It said DRAM bit shipments rose in the mid-40% range, and average selling prices rose in the low-teen percentage range.

Source · Based on the MD&A text of the filing

Gross margin 22%, from negative 9% a year earlier

The company said its consolidated gross margin percentage improved to 22% for 2024 from negative 9% for 2023. It cited higher average selling prices, manufacturing cost reductions, and, in 2023, inventory NRV write-downs and lower costs from the sale of inventory written down.

Source · Based on the MD&A text of the filing

Cash $9.15 billion; Investing and Financing Cash Flows

The company said cash and marketable investments totaled $9.15 billion as of August 29, 2024. In fiscal 2024, it had capital expenditures of $8.39 billion, debt repayments of $1.90 billion, dividend payments of $513 million, and about $1.00 billion from the issuance of 2031 Notes.

Source · Based on the MD&A text of the filing

New U.S. Fabs and CHIPS Act Funding Plans

The company said it expects meaningful DRAM output from its Boise, Idaho fab in 2027, and that site preparation for its Clay, New York facility is expected to begin in calendar 2025. It said it signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce for up to $6.1 billion in direct funding under the CHIPS Act.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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