Magnachip Reports Results for Fourth Quarter and Full-Year 2025
SEOUL, South Korea--( BUSINESS WIRE)--Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the fourth quarter and full year 2025.
Camillo Martino, Magnachip’s CEO said, “Magnachip has a strong foundation in power semiconductors, built on decades of engineering expertise, trusted customer relationships, and a reputation for quality and reliability. Over the past year, we have taken deliberate actions to simplify the business, significantly reduce our cost structure, and sharpen our focus on power, while increasing investment in new-generation products where we can compete and win.”
Mr. Martino added, “While near-term market conditions remain challenging, the changes we have made are deliberate and structural. With a more focused strategy, a stronger product pipeline, and disciplined execution, we believe Magnachip is better positioned to improve competitiveness, strengthen margins over time, and drive a more consistent recovery.”
Q4 and 2025 Financial Highlights
In thousands of U.S. dollars, except share data
GAAP (1)
Q4 2025
Q3 2025
Q/Q change
Q4 2024 (1)
Y/Y change
Consolidated Revenues
40,570
45,946
down
11.7
%
51,153
down
20.7
%
Power Solutions business
40,570
45,946
down
11.7
%
48,858
down
17.0
%
Power Analog Solutions
36,811
41,548
down
11.4
%
43,455
down
15.3
%
Power IC
3,759
4,398
down
14.5
%
5,403
down
30.4
%
Transitional Fab 3 foundry services (2)
—
—
n/a
—
2,295
n/a
—
Consolidated Gross Profit Margin
9.3
%
18.6
%
down
9.3
%pts
21.7
%
down
12.4
%pts
Power Solutions business
9.3
%
18.6
%
down
9.3
%pts
23.2
%
down
13.9
%pts
Power Analog Solutions
6.5
%
16.0
%
down
9.5
%pts
20.5
%
down
14.0
%pts
Power IC
36.7
%
43.2
%
down
6.5
%pts
44.9
%
down
8.2
%pts
Transitional Fab 3 foundry services (2)
—
—
n/a
—
-11.0
%
n/a
—
Operating Loss
(12,446
)
(11,538
)
down
n/a
(6,828
)
down
n/a
Loss from continuing operations
(8,792
)
(10,609
)
up
n/a
(7,702
)
down
n/a
Basic Loss per Common Share
(0.24
)
(0.29
)
up
n/a
(0.21
)
down
n/a
Diluted Loss per Common Share
(0.24
)
(0.29
)
up
n/a
(0.21
)
down
n/a
In thousands of U.S. dollars, except share data
Non-GAAP (1)(3)
Q4 2025
Q3 2025
Q/Q change
Q4 2024 (1)
Y/Y change
Adjusted Operating Loss
(11,881
)
(7,421
)
down
n/a
(3,459
)
down
n/a
Adjusted EBITDA
(8,856
)
(3,964
)
down
n/a
337
down
n/a
Adjusted Income (Loss)
(2,714
)
(390
)
down
n/a
5,751
down
n/a
Adjusted Income (Loss) per Common Share—Diluted
(0.08
)
(0.01
)
down
n/a
0.15
down
n/a
In thousands of U.S dollars, except share data
GAAP (1)
2025
2024 (1)
Y/Y Change
Consolidated Revenues
178,860
196,425
down
8.9
%
Power Solutions business
178,860
185,828
down
3.7
%
Power Analog Solutions
160,477
166,804
down
3.8
%
Power IC
18,383
19,024
down
3.4
%
Transitional Fab 3 foundry services (2)
—
10,597
n/a
—
Consolidated Gross Profit Margin
17.6
%
19.7
%
down
2.1%pts
Power Solutions business
17.6
%
21.5
%
down
3.9%pts
Power Analog Solutions
14.9
%
18.9
%
down
4.0%pts
Power IC
41.0
%
44.4
%
down
3.4%pts
Transitional Fab 3 foundry services (2)
-11.5
%
n/a
—
Operating Loss
(35,860
)
(25,973
)
down
n/a
Loss from continuing operations
(14,249
)
(27,310
)
up
n/a
Basic Loss per Common Share
(0.39
)
(0.72
)
up
n/a
Diluted Loss per Common Share
(0.39
)
(0.72
)
up
n/a
In thousands of U.S dollars, except share data
Non-GAAP (1)(3)
2025
2024 (1)
Y/Y Change
Adjusted Operating Loss
(28,488
)
(19,087
)
down
n/a
Adjusted EBITDA
(15,567
)
(4,241
)
down
n/a
Adjusted Loss
(7,866
)
(8,321
)
up
n/a
Adjusted Loss per Common Share—Diluted
(0.22
)
(0.22
)
up
n/a
GAAP and non-GAAP metrics summarized herein do not include any amounts relating to the Display business, which has been classified as discontinued operations from Q1 2025, and we have reclassified certain prior year amounts to conform to the current year’s presentation.
Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, we provided transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi, Korea, known as “Fab 3” (“Transitional Fab 3 Foundry Services”). The contractual obligation to provide the Transitional Fab 3 Foundry Services ended August 31, 2023, and we had wound down these foundry services by the end of 2024. Because these foundry services during the wind-down period had still been provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we continued to report our revenue from providing these foundry services and related cost of sales within the Transitional Fab 3 Foundry Services line in our consolidated statement of operations until such wind down was completed. Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the Power Solutions business allows investors to better understand the results of our core PAS and Power IC businesses.
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.
Q1 2026 Financial Guidance
While actual results may vary, Magnachip currently expects the following:
Q4 and Full Year 2025 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET today, Wednesday, March 4, 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 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/BI9d3aea74bb7c44d78d19c946518cef3c
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 about estimated historical or future operating results and financial performance, outlook and business plans, including first quarter 2026 revenue and gross profit margin expectations, future growth and revenue opportunities from new and existing products and customers, the timing and extent of future revenue contributions by our products and businesses, and the impact of market conditions associated with inflation and higher interest rates, geopolitical conflicts including between Russia-Ukraine and between Israel, the United States and Iran, sustained military action and conflict in the Red Sea, global macroeconomic conditions resulting from trade and tariff actions instituted between the U.S. and other countries on Magnachip’s future operating results and financial performance, and the potential impacts of emerging technologies such as artificial intelligence on industry dynamics, customer demand, supply chain operations, and regulatory environments. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. 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: the impact of changes in macroeconomic conditions, including those caused by or related to recent trade and tariff actions announced by the U.S. globally and the related retaliatory tariffs and disruptions in supply chains and global trade as a result thereof, inflation, potential recessions or other deteriorations, economic instability or civil unrest; geopolitical conflicts, including between Russia-Ukraine and between Israel, the United States and Iran and sustained military action and conflict in the Red Sea; disruptions or economic impact resulting from the United States government shutdown, including disruptions at U.S. government agencies caused by reduction in staffing, operations, funding shortages or other concerns that may prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our customer’s businesses may rely; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs and impact demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely acceptance of our designs by customers; timely introduction of new products and technologies; the potential impact of emerging technologies such as artificial intelligence on industry dynamics, customer demand, supply chain operations, and regulatory environments; our ability to ramp new products into volume production; industry-wide shifts in supply and demand for semiconductor products; overcapacity within the industry or at Magnachip; effective and cost-efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses that can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors; change to or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products; and other risks detailed from time to time in Magnachip’s filings with the SEC, including our Form 10-K filed on March 14, 2025, and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. 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.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share data)
(Unaudited)
Three Months Ended
Year Ended
December 31,
2025
September 30,
2025
December 31,
2024 (1)
December 31,
2025
December 31,
2024 (1)
Revenues:
Net sales – Power Solutions business
$
40,570
$
45,946
$
48,858
$
178,860
$
185,828
Net sales – Transitional Fab 3 foundry services
—
—
2,295
—
10,597
Total revenues
40,570
45,946
51,153
178,860
196,425
Cost of sales:
Cost of sales – Power Solutions business
36,792
37,405
37,530
147,467
145,884
Cost of sales – Transitional Fab 3 foundry services
—
—
2,547
—
11,814
Total cost of sales
36,792
37,405
40,077
147,467
157,698
Gross profit
3,778
8,541
11,076
31,393
38,727
Gross profit as a percentage of Power Solutions business net sales
9.3
%
18.6
%
23.2
%
17.6
%
21.5
%
Gross profit as a percentage of total revenues
9.3
%
18.6
%
21.7
%
17.6
%
19.7
%
Operating expenses:
Selling, general and administrative expenses
8,625
8,312
9,758
35,116
38,099
Research and development expenses
7,599
7,773
6,557
27,297
25,012
Early termination and other charges
—
3,994
1,589
4,840
1,589
Total operating expenses
16,224
20,079
17,904
67,253
64,700
Operating loss
(12,446
)
(11,538
)
(6,828
)
(35,860
)
(25,973
)
Interest income
1,246
1,255
2,106
5,363
8,320
Interest expense
(393
)
(469
)
(458
)
(1,658
)
(1,601
)
Foreign currency loss, net
(6,393
)
(4,280
)
(13,352
)
(281
)
(16,740
)
Other income, net
14
253
364
298
485
Loss from continuing operations before income tax benefit, net
(17,972
)
(14,779
)
(18,168
)
(32,138
)
(35,509
)
Income tax benefit, net
(9,180
)
(4,170
)
(10,466
)
(17,889
)
(8,199
)
Loss from continuing operations
(8,792
)
(10,609
)
(7,702
)
(14,249
)
(27,310
)
Income (Loss) from discontinued operations, net of tax
713
(2,481
)
(8,575
)
(15,475
)
(26,998
)
Net loss
$
(8,079
)
$
(13,090
)
$
(16,277
)
$
(29,724
)
$
(54,308
)
Basic earnings (loss) per common share—
Continuing operations
$
(0.24
)
$
(0.29
)
$
(0.21
)
$
(0.39
)
$
(0.72
)
Discontinuing operations
0.02
(0.07
)
(0.23
)
(0.43
)
(0.72
)
Total
$
(0.22
)
$
(0.36
)
$
(0.44
)
$
(0.82
)
$
(1.44
)
Diluted earnings (loss) per common share—
Continuing operations
$
(0.24
)
$
(0.29
)
$
(0.21
)
$
(0.39
)
$
(0.72
)
Discontinuing operations
0.02
(0.07
)
(0.23
)
(0.43
)
(0.72
)
Total
$
(0.22
)
$
(0.36
)
$
(0.44
)
$
(0.82
)
$
(1.44
)
Weighted average number of shares—
Basic
35,979,697
35,934,406
36,921,300
36,218,138
37,774,280
Diluted
35,979,697
35,934,406
36,921,300
36,218,138
37,774,280
We have reclassified prior period financial information to conform to the current year presentation that reflects the classification of the Display business as discontinued operations from Q1 2025.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
(Unaudited)
December 31,
2025
December 31,
2024
Assets
Current assets
Cash and cash equivalents
$
103,756
$
138,610
Accounts receivable, net
26,022
28,402
Inventories, net
34,151
30,535
Other receivables
2,882
4,444
Prepaid expenses
5,062
10,379
Hedge collateral
1,200
2,080
Other current assets
3,782
4,779
Total current assets
176,855
219,229
Property, plant and equipment, net
100,204
81,463
Operating lease right-of-use assets
2,070
3,107
Intangible assets, net
454
507
Long-term prepaid expenses, net
584
165
Deferred income taxes
64,248
52,889
Other non-current assets
7,114
21,956
Total assets
$
351,529
$
379,316
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$
20,848
$
21,642
Other accounts payable
11,444
10,764
Accrued expenses
6,929
8,648
Accrued income taxes
81
56
Operating lease liabilities
1,427
1,393
Other current liabilities
2,681
3,765
Total current liabilities
43,410
46,268
Long-term borrowings
44,599
27,211
Accrued severance benefits, net
11,502
17,094
Non-current operating lease liabilities
690
1,823
Other non-current liabilities
3,078
10,123
Total liabilities
103,279
102,519
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 58,027,696 shares issued and 36,219,100 outstanding at December 31, 2025 and 57,498,507 shares issued and 36,912,118 outstanding at December 31, 2024
579
574
Additional paid-in capital
281,537
279,423
Retained earnings
214,852
244,576
Treasury stock, 21,808,596 shares at December 31, 2025 and 20,586,389 shares at December 31, 2024, respectively
(229,910
)
(225,883
)
Accumulated other comprehensive loss
(18,808
)
(21,893
)
Total stockholders’ equity
248,250
276,797
Total liabilities and stockholders’ equity
$
351,529
$
379,316
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)
Three Months
Ended
Year Ended
December 31,
2025
December 31,
2025
December 31,
2024
Cash flows from operating activities
Net loss
$
(8,079
)
$
(29,724
)
$
(54,308
)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization
3,023
12,961
16,161
Provision for severance benefits
771
3,639
8,020
Loss (gain) on foreign currency, net
9,765
(847
)
32,851
Provision (reversal) for inventory reserves
952
2,871
(529
)
Stock-based compensation
565
2,180
6,214
Impairment charges
—
12,424
4,637
Deferred income tax assets
(9,551
)
(10,120
)
(7,034
)
Others, net
105
325
799
Changes in operating assets and liabilities
Accounts receivable, net
4,620
(2,990
)
2,719
Inventories
1,328
(5,803
)
(1,583
)
Other receivables
1,077
(210
)
(115
)
Prepaid expenses
1,656
6,981
8,877
Other current assets
6,162
2,915
1,753
Accounts payable
3,607
4,248
(1,971
)
Other accounts payable
(2,190
)
(8,993
)
(14,160
)
Accrued expenses
(4,587
)
(2,662
)
(607
)
Accrued income taxes
39
23
(1,432
)
Other current liabilities
(516
)
(839
)
(1,161
)
Other non-current liabilities
(137
)
(185
)
(335
)
Payment of severance benefits
(2,898
)
(13,567
)
(2,407
)
Others, net
(281
)
3,165
(2,522
)
Net cash provided by (used in) operating activities
5,431
(24,208
)
(6,133
)
Cash flows from investing activities
Proceeds from settlement of hedge collateral
1,922
4,159
627
Payment of hedge collateral
(3,159
)
(3,159
)
(1,706
)
Proceeds from disposal of plant, property and equipment
11
565
—
Purchase of property, plant and equipment
(10,253
)
(29,992
)
(11,600
)
Payment for intellectual property registration
(25
)
(207
)
(316
)
Collection of guarantee deposits
106
4,380
3,535
Payment of guarantee deposits
—
(355
)
(2,175
)
Collection of short-term financial instruments
—
—
30,000
Purchase of short-term financial instruments
—
—
(30,000
)
Others, net
—
180
(37
)
Net cash used in investing activities
(11,398
)
(24,429
)
(11,672
)
Cash flows from financing activities
Proceeds from long-term borrowings
6,405
17,016
30,059
Acquisition of treasury stock
(41
)
(4,381
)
(12,891
)
Repayment of financing related to water treatment facility arrangement
(111
)
(452
)
(472
)
Repayment of principal portion of finance lease liabilities
(40
)
(161
)
(139
)
Net cash provided by financing activities
6,213
12,022
16,557
Effect of exchange rates on cash and cash equivalents
(4,495
)
1,761
(18,234
)
Net decrease in cash and cash equivalents
(4,249
)
(34,854
)
(19,482
)
Cash and cash equivalents
Beginning of the period
108,005
138,610
158,092
End of the period
$
103,756
$
103,756
$
138,610
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
Year Ended
December 31,
2025
September 30,
2025
December 31,
2024 (1)
December 31,
2025
December 31,
2024 (1)
Operating loss
$
(12,446
)
$
(11,538
)
$
(6,828
)
$
(35,860
)
$
(25,973
)
Adjustments:
Equity-based compensation expense
565
123
1,780
2,532
5,297
Early termination and other charges
—
3,994
1,589
4,840
1,589
Adjusted Operating Loss
$
(11,881
)
$
(7,421
)
$
(3,459
)
$
(28,488
)
$
(19,087
)
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) Early termination and other charges.
For the year ended December 31, 2025, we recorded in our consolidated statement of operations $2,599 thousand of termination related charges in connection with the voluntary resignation program that we executed during the third quarter of 2025. For the same period, we also recorded $1,745 thousand of certain executive separation benefits and $496 thousand of one-time employee incentives.
For the year ended December 31, 2024, we recorded $1,589 thousand of one-time cumulative financial impact in connection with certain employee benefits.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF LOSS FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS AND ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS
(In thousands of U.S. dollars, except share data)
(Unaudited)
Three Months Ended
Year Ended
December 31,
2025
September 30,
2025
December 31,
2024 (1)
December 31,
2025
December 31,
2024 (1)
Loss from continuing operations
$
(8,792
)
$
(10,609
)
$
(7,702
)
$
(14,249
)
$
(27,310
)
Adjustments:
Interest income
(1,246
)
(1,255
)
(2,106
)
(5,363
)
(8,320
)
Interest expense
393
469
458
1,658
1,601
Income tax benefit, net
(9,180
)
(4,170
)
(10,466
)
(17,889
)
(8,199
)
Depreciation and amortization
3,019
3,204
3,451
12,580
14,438
EBITDA – continuing operations
(15,806
)
(12,361
)
(16,365
)
(23,263
)
(27,790
)
Equity-based compensation expense
565
123
1,780
2,532
5,297
Foreign currency loss, net
6,393
4,280
13,352
281
16,740
Derivative valuation loss (gain), net
(8
)
—
(19
)
43
(77
)
Early termination and other charges
—
3,994
1,589
4,840
1,589
Adjusted EBITDA – continuing operations
$
(8,856
)
$
(3,964
)
$
337
$
(15,567
)
$
(4,241
)
Loss from continuing operations
$
(8,792
)
$
(10,609
)
$
(7,702
)
$
(14,249
)
$
(27,310
)
Adjustments:
Equity-based compensation expense
565
123
1,780
2,532
5,297
Foreign currency loss, net
6,393
4,280
13,352
281
16,740
Derivative valuation loss (gain), net
(8
)
—
(19
)
43
(77
)
Early termination and other charges
—
3,994
1,589
4,840
1,589
Income tax effect on non-GAAP adjustments
(872
)
1,822
(3,249
)
(1,313
)
(4,560
)
Adjusted Income (Loss) – continuing operations
$
(2,714
)
$
(390
)
$
5,751
$
(7,866
)
$
(8,321
)
Adjusted Income (Loss) – continuing operations per common share—
- Basic
$
(0.08
)
$
(0.01
)
$
0.16
$
(0.22
)
$
(0.22
)
- Diluted
$
(0.08
)
$
(0.01
)
$
0.15
$
(0.22
)
$
(0.22
)
Weighted average number of shares – basic
35,979,697
35,934,406
36,921,300
36,218,138
37,774,280
Weighted average number of shares – diluted
35,979,697
35,934,406
37,738,210
36,218,138
37,774,280
We present Adjusted EBITDA from continuing operations and Adjusted Income (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, net, (iii) Derivative valuation loss (gain), net and (iv) Early termination and other charges. EBITDA – continuing operations for the periods indicated is defined as loss from continuing operations before interest income, interest expense, income tax benefit, net and depreciation and amortization.
We prepare Adjusted Income (Loss) from continuing operations by adjusting 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 Income (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 Income (Loss) from continuing operations for the periods as loss from continuing operations, adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss, net, (iii) Derivative valuation loss (gain), net, (iv) Early termination and other charges, and (v) Income tax effect on non-GAAP adjustments.
For the year ended December 31, 2025, we recorded in our consolidated statement of operations $2,599 thousand of termination related charges in connection with the voluntary resignation program that we executed during the third quarter of 2025. For the same period, we also recorded $1,745 thousand of certain executive separation benefits and $496 thousand of one-time employee incentives.
For the year ended December 31, 2024, we recorded $1,589 thousand of one-time cumulative financial impact in connection with certain employee benefits.