Magnachip Semiconductor designs and manufactures power semiconductors across two business lines. Power Analog Solutions (~90% of revenue) makes power discrete components — primarily MOSFETs and IGBTs — that switch and transfer electricity in devices ranging from smartphones and PCs to solar inverters and EV chargers. This is an integrated device manufacturer (IDM) business, meaning Magnachip owns and operates its own fab in Gumi, Korea. Power IC (~10% of revenue) is a fabless business that designs power management chips — including AC-DC/DC-DC converters, LED drivers, and PMICs — primarily for TVs, notebooks, and wearables. Magnachip sells to consumer electronics OEMs, ODMs, and industrial and automotive customers, mostly through distributors (~66% of sales). Revenue is geographically concentrated in Asia (~97%), with Korea (~51%) and Greater China (~37%) as the primary markets. In 2025, Magnachip exited its display driver IC business entirely to become a pure-play power semiconductor company. The core challenge is that legacy products face intense pricing pressure from Chinese competitors, while new-generation products — designed to yield ~30% more die per wafer — are still ramping. Magnachip launched 65 new-generation products in 2025 and targets automotive, industrial motor control, and server markets as higher-margin growth vectors. The company is also in early-stage silicon carbide development, with initial revenue not expected before 2027.