1Adjusted gross profit, adjusted operating profit (loss), adjusted net income (loss), adjusted diluted earnings (loss) per share, and adjusted EBITDA are adjusted non-IFRS metrics; please see the reconciliation of IFRS to adjusted non-IFRS metrics in the section "Unaudited Reconciliation of IFRS to Adjusted non-IFRS" below.

Summary of Third Quarter 2022 Outlook (unaudited, in millions USD except per share amounts) ²

	IFRS		Share-based compensation		Non-IFRS Adjusted
Net revenue	$2,035 - $2,065		—		—
Gross Profit	$557 - $590		$19 - $23		$580 - $609
Gross Margin (mid-point)	28.0%				29.0%
Operating Profit	$301 - $343		$38 - $46		$347 - $381
Operating Margin (mid-point)	15.7%				17.8%
Net Income	$278 - $318		$38 - $46		$324 - $356
Net Income Margin (mid-point)	14.5%				16.6%
Diluted EPS	$0.50 - $0.58				$0.59 - $0.65
Adjusted EBITDA	—				$775 - $813
Adj. EBITDA Margin (mid-point)					38.7%

²The guidance provided above contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The guidance includes management’s beliefs and assumptions and is based on information currently available. GF has not provided a reconciliation of its Third Fiscal Quarter outlook for adjusted Non-IFRS EBITDA and related Margin because estimates of all of the reconciling items cannot be provided without unreasonable efforts. Certain factors that are materially significant to GF’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

Unaudited Consolidated Statements of Operations

		Three Months Ended
(in millions USD, except for per share amounts)		June 30, 2022				June 30, 2021
Net revenue		$	1,993			$	1,620
Cost of revenue			1,455				1,389
Gross profit		$	538			$	231
Operating expenses:
Research and development			120				132
Sales, marketing, general and administrative			121				202
Total operating expenses		$	241			$	334
Operating profit (loss)			297				(103	)
Finance expense, net			(19	)			(28	)
Other income (loss)			16				(23	)
Income tax expense			(30	)			(20	)
Net income (loss)		$	264			$	(174	)
Attributable to:
Shareholders of GlobalFoundries			264				(173	)
Non-controlling interest			—				(1	)
Earnings (loss) per share ("EPS"):
Basic		$	0.49			$	(0.35	)
Diluted		$	0.48			$	(0.35	)
Shares used in earnings (loss) per share calculation
Basic			535				500
Diluted			550				500