Integrated Micro-Electronics Inc. (IMI), an electronics manufacturing services provider, reported a narrower net loss of USD49.8 million last year, a significant improvement compared to a loss of USD105.6 million in 2023, largely due to a sharp decline in other expenses.
Revenue from contracts with customers decreased to USD1.1 billion from USD1.33 billion, while both operating and other expenses saw reductions. Operating expenses fell to USD110.2 million from USD121.9 million, and other expenses dropped to USD47.4 million from USD110.8 million.
IMI CEO, Louis Hughes, attributed the positive shift to a comprehensive restructuring initiative aimed at adapting to evolving market dynamics and positioning the company for sustainable profitability. As part of the strategy, the company streamlined its management structure by flattening the organizational hierarchy and increasing accountability at all levels. Additionally, it optimized its global footprint, closing and rationalizing facilities in California, Malaysia, Singapore, Japan, and Chengdu.
“While the restructuring efforts resulted in one-time expenses, they were crucial in creating a leaner, more agile organization,” said Hughes. “We are already starting to see positive results from our initiatives and look forward to realizing the full impact of these actions in the coming years.” He also noted that one of IMI’s goals is to extend its expertise in automotive electronics and its unwavering commitment to quality into new markets, including the industrial and medical sectors.
