GloFo has been selling off bits all year. Vanguard Bought GloFo’s Fab 3E in Singapore in January, ON Semi bought the East Fishkill fab, the mask-making unit was sold to Toppan, and the ASIC operation was sold to Marvell.

Last year the big news was the abandonment of the pursuit of leading edge process technology after 12nm, but Caulfield points out that 75% of ICs currently being made use12nm and older processes.

GloFo has a current capacity of 2.3 million wpm and has the cleanroom space to expand that to 3 million wpm at its fabs in Malta, Singapore, Munich and Burlington, Vermont.

“We can be very capital and investment efficient going forward,” says Caulfield, “very few foundries can actually grow output 1.4x without putting a shovel in the ground or having to buy something.”

The revenue from 2.3 million wafers is $6 billion, says Caulfield, and the revenue from 3 million wafers would be $8 billion.

This is the first year the company has moved into profit.

“For the first 10 years we were putting more money in the company than the cash we were generating,” says Caulfield, “this is the first year we have stabilized our business model. We are profitable and we have a healthy free cash flow generation for the business.”

Mubadala, the investment arm of Abu Dhabi, which owns GloFo will presumably be pleased to see some money coming back from its investment.