Soitec reports FY’23 first quarter revenue

  • Q1’23 revenue reached €203m, up 12% on a reported basis and up 6% at constant exchange rates and perimeter
  • Performance was driven by sustained growth in Mobile communications and a strong increase in Automotive & Industrial
  • FY’23 guidance confirmed: revenue expected up around 20% at constant exchange rates and perimeter, and EBITDA[1] margin[2] expected around 36%

Bernin (Grenoble), France, July 25th, 2022 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 203 million Euros for the first quarter of FY’23 (ended June 30th, 2022), up 12% compared with 180 million Euros achieved in the first quarter of FY’22. This reflects the combination of a 6% growth at constant exchange rates and perimeter and a positive currency impact of 6%[3].

Paul Boudre, Soitec’s CEO, commented: “We recorded our highest first quarter ever, despite two production interruptions in Bernin, making us confident in our ability to achieve our full-year guidance that will be leading to a new record year. Our performance has been driven by continuous growth in radiofrequency applications driven by the 5G momentum, a sharp increase in automotive applications led by the ongoing deep transformation of the automotive industry, as well as a strong surge in FD-SOI wafer sales across our three end markets.”

[1] The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. 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] EBITDA margin = EBITDA from continuing operations / Revenue.

[3] The scope effect related to the acquisition of NOVASiC, the closing of which took place on December 29, 2021, had no material impact on Soitec’s revenue.

Confirmed FY’23 outlook

Soitec continues to anticipate FY’23 revenue to grow around 20% at constant exchange rates and perimeter, and FY’23 EBITDA1 margin2 to reach around 36%.

Key events of the quarter

CEA, Soitec, GlobalFoundries and STMicroelectronics to advance next generation FD-SOI roadmap for automotive, IoT and mobile applications

On April 8th, 2022, leading semiconductor players CEA, Soitec, GlobalFoundries and STMicroelectronics announced a new collaboration in which they intend to jointly define the industry’s next generation roadmap for FD-SOI technology. Semiconductors and FD-SOI innovation are of strategic value to France and the EU as well as to customers globally. FD-SOI offers substantial benefits for designers and customer systems, including lower power consumption as well as easier integration of additional features such as connectivity and security, a key feature for automotive, IoT and mobile applications.

Soitec released its first 200-mm silicon carbide SmartSiC™ wafer

On May 4th, 2022, Soitec announced the release of its first 200-mm silicon carbide SmartSiC™ wafer, from the pilot line at its Substrate Innovation Center. The release enabled Soitec to demonstrate the quality and performance of 200-mm SmartSiC™ engineered substrates and to conduct a first round of key customer validations. The addition of 200-mm is enlarging Soitec’s SiC product portfolio beyond 150-mm to address an even larger variety of customer requirements, in terms of product quality, reliability, volume, and energy efficiency.

Soitec announced the extension of its Pasir Ris Facility to produce 300mm SOI wafers

On June 8th, 2022, Soitec announced the extension of its Pasir Ris facility in Singapore, with the objective to add a new capacity of 1 million wafers per year. Soitec expects the construction of this extension to start in FY’23, and the fab to enter into operation by the end of FY’25. The robust level of customer demand gives Soitec enough visibility to accelerate the launch of this new fab, which was initially planned for FY’26. Combining Bernin II, Pasir Ris I and Pasir Ris II, Soitec’s total 300-mm SOI production capacity will ultimately reach 2.7 million wafers per year. The extension of Pasir Ris is also due to include additional refresh and epitaxy capacities.

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Analysts conference call to be held in English on Tuesday 26th July at 8:00 am CET.

To listen this conference call, the audiocast is available live and in replay at the following address:!/soitec/20220726_1

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Soitec’s Annual General Meeting will be held on July 26th, 2022.

Q2’23 revenue is due to be published on October 26th, 2022, after market close.

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