Integrated Micro-Electronics Inc. (IMI), a global leader in automotive electronics, said Monday it plans to expand its expertise into new markets such as the medical and industrial sectors to drive growth and profitability.
IMI chief executive Louis Hughes made the statement as the company booked a core net loss of $24.6 million in 2024, as sales fell 12 percent.
“IMI has long been recognized as a global leader in automotive electronics. One of our goals now is to extend this expertise and absolute commitment to quality into new markets, including the industrial and medical sectors. We believe that this direction will allow us to unlock more opportunities for sustainable and profitable growth for IMI,” Hughes said in a disclosure to the stock exchange.
“As we move into 2025, our highly motivated team is energized by the opportunities ahead, and we remain dedicated to delivering value to our customers, employees, and shareholders,” he said.
IMI said revenues reached $1.1 billion in 2024 despite the strategic restructuring implemented last year and market challenges.
“2024 was a transformative year for IMI as we took decisive steps to position the company for sustainable growth in a rapidly evolving market. While the restructuring efforts resulted in one-time expenses, they were essential to creating a leaner, more agile organization. We are already starting to see positive results from our initiatives, and we are looking forward to seeing the full effect of these actions in the years to come,” Hughes said.
The restructuring saw the flattening of the organizational hierarchy and enhanced accountability at all levels, as well as optimizing its global footprint by closing and rationalizing facilities in California, Malaysia, Singapore, Japan and Chengdu.
IMI booked one-time expenses related to these activities, along with additional provisioning in the company’s balance sheet, which resulted in a core net loss of $24.6 million for the year and an additional $11.9 million related to impairment of goodwill from its non-core subsidiary.
Without these one-time expenses, adjusted net income for wholly-owned subsidiaries came in at $3.7 million.
IMI’s subsidiary VIA Optronics also faced challenges in 2024, posting $118 million in revenues and a net loss of $13.3 million, due to costs related to headcount reductions and the delisting from the New York Stock Exchange.
