Micron Technology — Dec 18, 2024 release

Fiscal Q1 2025 highlights • Revenue of $8.71 billion versus $7.75 billion for the prior quarter and $4.73 billion for the same period last year • GAAP net income of $1.87 billion, or $1.67 per diluted share • Non-GAAP net income of $2.04 billion, or $1.79 per diluted share • Operating cash flow of $3.24 billion versus $3.41 billion for the prior quarter and $1.40 billion for the same period last year “Micron delivered a record quarter, and our data center revenue surpassed 50% of our total revenue for the first time,” said Sanjay Mehrotra, President and CEO of Micron Technology. “While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year. We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.” Quarterly Financial Results (in millions, except per share amounts) GAAP (1) Non-GAAP (2) FQ1-25 FQ4-24 FQ1-24 FQ1-25 FQ4-24 FQ1-24 Revenue $ 8,709  $ 7,750  $ 4,726  $ 8,709  $ 7,750  $ 4,726  Gross margin 3,348  2,737  (35) 3,441  2,826  37  percent of revenue 38.4  % 35.3  % (0.7  %) 39.5  % 36.5  % 0.8  % Operating expenses 1,174  1,215  1,093  1,047  1,081  992  Operating income (loss) 2,174  1,522  (1,128) 2,394  1,745  (955) percent of revenue 25.0  % 19.6  % (23.9  %) 27.5  % 22.5  % (20.2  %) Net income (loss) 1,870  887  (1,234) 2,037  1,342  (1,048) Diluted earnings (loss) per share 1.67  0.79  (1.12) 1.79  1.18  (0.95) Investments in capital expenditures, net (2) were $3.13 billion for the first quarter of 2025 , which resulted i n adjusted free cash flows (2) of $112 million for the first quarter of 2025. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.75 billion. On December 18, 2024, Micron’s Board of Directors declar