Losses persist as wafer maker IQE moves towards IPO
IQE plc, a supplier of compound semiconductor wafers, has reported a loss after tax of £15.1 million on revenue of £66.0 million for the 1H24.
The revenue was up 26.9 percent and the loss reduced from £21.3 million in 1H23. The company reported an adjusted non-GAAP EBITDA of £6.6 million.
“IQE delivered a consistent performance in the first half of 2024, with a 27 percent rise in revenue year-on-year and a return to a positive adjusted EBITDA position. We expect the market to continue to show pockets of recovery during the second half, resulting in more moderate growth for 2024 on a full-year basis,” said Americo Lemos, CEO of IQE, in a statement.
“We look forward to progressing the planned IPO of our Taiwanese subsidiary, which will help to accelerate our diversification strategy into the GaN power market and microLED, and will provide additional significant cash resources for the company.”
IQE Taiwan is expected to list on the Emerging Market Board of the Taiwan Stock Exchange (TWSE) in the first half of 2025.
Sales into the wireless market jumped 73 percent year-on-year driven by penetration into the Android smartphone and WiFi market. This more than compensated for a 4 percent dip in photonics sales. IQE has yet to see significant sales into the power and displays markets although it considers itself well placed with GaN wafer supply in qualification ramp up and sampling customers with wafers for RGB microLED.
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