IMI Reports US$1.1 Billion Revenues in 2024 Amid Strategic Restructuring and Market Challenges

​Integrated Micro-Electronics, Inc. (IMI), a global leader in electronics manufacturing services, today announced its financial results for the fiscal year 2024.

IMI revenues totaled US$1.1 billion in 2024 with US$981 million generated from core businesses. Wholly owned subsidiaries continued to be affected by prolonged recovery challenges in the automotive and industrial markets resulting in a 12% decline in sales year-on-year. To align with shifting market dynamics and to position the company for sustainable profitability, IMI undertook a comprehensive restructuring initiative under the leadership of CEO Louis Hughes. The company streamlined its management structure by flattening the organizational hierarchy and enhancing accountability at all levels. Additionally, IMI optimized its global footprint by closing and rationalizing facilities in California, Malaysia, Singapore, Japan, and Chengdu. The one-time expenses related to these activities, along with additional provisioning in the company’s balance sheet, have resulted in a core net loss of US$24.6 million for the year and an additional US$11.9 million related to impairment of goodwill from our non-core subsidiary. Without these one-time expenses, adjusted net income for wholly-owned subsidiaries come in at US$3.7 million.

VIA Optronics ends the year with US$118 million of revenues and US$13.3 million of net loss attributable to IMI including one-time expenses for headcount rationalization and the delisting process from the New York Stock Exchange amounting to approximately US$4.3 million. Despite facing continued challenges in the display market, the company made significant strides in innovation and partnerships. VIA collaborated with Antolin to develop “Sunrise” a state-of-the-art integrated cockpit solution in 2024. The project was recently recognized in the Gasgoo Awards’ “Smart Cockpit” category held in Shanghai. More recently, VIA has also partnered with JF Kilfoil, a leading firm supporting the component, interconnect, and printed circuit board manufacturers in the Midwest electronics market. This alliance is designed to drive innovation and deliver solutions addressing touch and camera technology requirements in the US markets.

Louis Hughes, CEO of IMI, commented on the year’s results and the company’s strategic direction: “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. 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. 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.” 

Integrated Micro-Electronics, Inc. (IMI), is a leading global electronics manufacturing solutions expert specializing in highly reliable and quality electronics for long product life cycle segments in the automotive, industrial, power electronics, communications, and medical industries.

IMI ranks among the top EMS providers in the world by the Manufacturing Market Insider, based on 2023 revenues and remains among the top ten in the automotive sector according to New Venture Research.  

From its 19 manufacturing plants across nine different countries, the company provides engineering, manufacturing, and support and fulfillment capabilities to diverse industries globally.