Loss-making IQE appoints Jutta Meier as permanent CEO
Compound semiconductor wafer supplier IQE plc (Cardiff, Wales) has appointed Jutta Meier as permanent CEO and presented loss-making full-year financial results for 2024.
Meier has served as interim CEO since previous CEO Americo Lemos left with immediate effect in October 2024. Meier takes on the dual role of CEO and CFO supported by executive chairman Mark Cubitt while a strategic review of the company continues.
“I would like to recognise Jutta’s success as CEO of IQE since she took on the interim role over six months ago. The board felt she was an excellent candidate and, in that time, she has stabilised and refocused the business and rebuilt confidence with both customers and employees,” said Cubitt, in a statement.
For the year ended December 31, 2024 IQE made a loss before tax of £36.9 million on sales revenue of £118.0 million that was up 2.4 percent on the previous year. The loss before tax was up by 28 percent from the previous year. The adjusted EBITDA (earnings before interest, tax, depreciation, amortisation and including certain non-cash and infrequent charges) was positive at £8.1 million.
“IQE delivered a solid set of financials in line with our January 2025 trading update. Our focus has been on reducing costs and optimising our footprint, and I am pleased to see this has resulted in an improved adjusted EBITDA position year-on-year,” said Meier in a statement. “The strategic review remains ongoing and we have been encouraged by progress so far despite a challenging macro environment,” she added.
Under the strategic review IQE is prioritising the possibility of a full sale of IQE Taiwan, alongside a potential IPO. The board of directors is evaluating a range of proposals, the company said.
Looking forward the company that its markets are being hit by macroeconomic uncertainty but that its customer engagement remains strong and will grow in 2H25. IQE said that its revenue and adjusted EBITDA are expected to be in the range of analysts’ expectations. For 2025 revenue these are £115.1 million to £123.0 million and for adjusted EBITDA £7.4 million to £10.0 million. These figures are based the inclusion of IQE Taiwan revenues IQE said.
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