Soitec reports FY’22 first quarter revenue

  • Q1’22 revenue reached €180m, up 69% at constant exchange rates versus Q1’21
  • Performance was driven by strong growth in our three end markets: Mobile communications, Automotive & industrial, and Smart devices
  • FY’22 revenue guidance confirmed at around $950m (i.e. around €800m based on €/$ exchange rate of 1.2), up around 40% at constant exchange rates
  • FY’22 Electronics EBITDA[1] margin[2] still expected around 32%

[1] The EBITDA represents the operating income (EBIT) before depreciation, amortization, non-monetary items related to share-based payments, and changes in provisions on current assets and provisions for risks and contingencies, excluding income on asset disposals. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator.

[2] Electronics EBITDA margin = EBITDA from continuing operations / Revenue.

Bernin (Grenoble), France, July 21st, 2021 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 180.4 million Euros for the first quarter of FY’22 (ended June 30th, 2021), up 58.8% compared with 113.6 million Euros achieved in the first quarter of FY’21. This reflects the combination of a 69.0% growth at constant exchange rates and a negative currency impact of 10.2% (no change in perimeter).

On a sequential basis, first quarter revenue was up by 1.0% at constant exchange rates compared with the fourth quarter of FY’21, representing a fourth consecutive quarter-over-quarter organic revenue growth since the first quarter of FY’21.

Paul Boudre, Soitec’s CEO, commented: “In line with our expectations, this first quarter marks a solid start of our fiscal year 2022. We recorded a sequential organic revenue growth for the fourth consecutive quarter, a strong performance that was boosted by our 300-mm radiofrequency wafers, a confirmation of the automotive sector recovery and the ongoing ramp-up of our POI wafers dedicated to RF filters. In addition, we confirmed during this first quarter the rebound started in the previous fiscal year of our FD-SOI products. We are fully on track to meet our full-year guidance which is only the first step towards the strong growth ambitions we set ourselves for the next five years.

As highlighted in our recent Capital Markets Day, we are aiming to triple our revenue between fiscal year 2021 and fiscal year 2026 through growth in our three end markets - mobile communications, automotive and industry, as well as smart devices.

Key event of the quarter

Soitec unveiled its strategy for 2026

On June 10th, 2021, Soitec held its 2021 Capital Markets Day, unveiling its up-to-date vision of the development of the semiconductor market, along with its operational roadmap for harnessing the potential identified in Mobile communications, Automotive and Industry, and Smart devices. Soitec estimates that growth of its addressable markets over the next five years will continue to accelerate, from around three million substrates to over seven million substrates by 2026.

To support this growth and its strategic priorities, Soitec is considering a five-year capital expenditure program worth some 1.1 billion Euros. For FY’26, Soitec is targeting to triple its revenue as compared to FY’21 to reach approximately 2 billion US Dollars and an Electronics EBITDA1 margin2 of around 35% based on a Euro/US Dollar exchange rate of 1.20

FY’22 Outlook

Soitec confirms expecting FY’22 revenue to reach around 950 million US Dollars. Based on a Euro/US Dollar exchange rate of 1.20, this represents revenue of 800 million Euros, a growth of around 40% at constant exchange rates.

Soitec also confirms expecting FY’22 Electronics EBITDA1 margin2 to reach around 32%.

# # #

Analysts conference call to be held in English on Thursday 22nd July at 8:00 am CET

To listen this conference call, the audiocast is available live and in replay at the following address:

Download the release