Exhibit 99.1 Tower Semiconductor Reports 2023 First Quarter Financial Results MIGDAL HAEMEK, ISRAEL – May 15, 2023 – Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the first quarter ended March 31, 2023. First Quarter of 2023 Results Overview Revenue for the first quarter of 2023 was $356 million. Revenue for the first quarter of 2022 was $421 million, and for the fourth quarter of 2022 was $403 million. Gross profit for the first quarter of 2023 was $96 million. Gross profit ...