Contacts:			Satya Kumar			Erica Rodriguez Pompen
			Investor Relations			Media Relations
			satyakumar@micron.com			epompen@micron.com
			(408) 450-6199			(408) 834-1873

BOISE, Idaho, December 20, 2023 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2024, which ended November 30, 2023.

•Revenue of $4.73 billion versus $4.01 billion for the prior quarter and $4.09 billion for the same period last year

•GAAP net loss of $1.23 billion, or $1.12 per diluted share

•Non-GAAP net loss of $1.05 billion, or $0.95 per diluted share

•Operating cash flow of $1.40 billion versus $249 million for the prior quarter and $943 million for the same period last year

“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” said Micron Technology President and CEO Sanjay Mehrotra. “We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets.”

Investments in capital expenditures, net(2) were $1.73 billion for the first quarter of 2024, which resulted in adjusted free cash flows(2) of negative $333 million for the first quarter of 2024. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.84 billion. On December 20, 2023, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 18, 2024, to shareholders of record as of the close of business on January 2, 2024.

The following table presents Micron’s guidance for the second quarter of 2024:

FQ2-24			GAAP(1) Outlook						Non-GAAP(2) Outlook
Revenue			$5.30 billion ± $200 million						$5.30 billion ± $200 million
Gross margin			12.0% ± 1.5%						13.0% ± 1.5%
Operating expenses			$1.07 billion ± $15 million						$950 million ± $15 million
Diluted earnings (loss) per share			($0.45) ± $0.07						($0.28) ± $0.07

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Micron will host a conference call on Wednesday, December 20, 2023 at 2:30 p.m. Mountain Time to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

This press release contains forward-looking statements regarding our industry, our strategic position, technology trends and developments, our addressable market, and our financial and operating results, including our guidance for the second quarter of 2024. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and our upcoming Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

(1)GAAP represents U.S. Generally Accepted Accounting Principles.

(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

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In 2023, we recorded charges of $1.83 billion to cost of goods sold to write down the carrying value of work in process and finished goods inventories to their estimated net realizable value (“NRV”). The impact of inventory NRV write-downs for each period reflects (1) inventory write-downs in that period, offset by (2) lower costs in that period on the sale of inventory written down in prior periods. The impacts of inventory NRV write-downs are summarized below:

			1st Qtr.			4th Qtr.			1st Qtr.
			November 30, 2023			August 31, 2023			December 1, 2022
GAAP gross margin			$	(35)		$	(435)		$	893
Stock-based compensation			67			64			36
Other			5			5			5
Non-GAAP gross margin			$	37		$	(366)		$	934
GAAP operating expenses			$	1,093		$	1,037		$	1,102
Stock-based compensation			(115)			(87)			(90)
Restructure and asset impairments			—			(4)			(13)
Goodwill impairment			—			(101)			—
Other			14			(3)			—
Non-GAAP operating expenses			$	992		$	842		$	999
GAAP operating income (loss)			$	(1,128)		$	(1,472)		$	(209)
Stock-based compensation			182			151			126
Restructure and asset impairments			—			4			13
Goodwill impairment			—			101			—
Other			(9)			8			5
Non-GAAP operating income (loss)			$	(955)		$	(1,208)		$	(65)
GAAP net income (loss)			$	(1,234)		$	(1,430)		$	(195)
Stock-based compensation			182			151			126
Restructure and asset impairments			—			4			13
Goodwill impairment			—			101			—
Other			(10)			7			10
Estimated tax effects of above and other tax adjustments			14			(10)			7
Non-GAAP net income (loss)			$	(1,048)		$	(1,177)		$	(39)
GAAP diluted earnings (loss) per share			$	(1.12)		$	(1.31)		$	(0.18)
Effects of the above adjustments			0.17			0.24			0.14
Non-GAAP diluted earnings (loss) per share			$	(0.95)		$	(1.07)		$	(0.04)

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted earnings (loss) per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

•Stock-based compensation;

•Gains and losses from settlements;

•Restructure and asset impairments;

•Goodwill impairment; and

•The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law.

(1)GAAP and non-GAAP earnings (loss) per share based on approximately 1.10 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.