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 EBITDA1 margin2 still expected around 32%
Bernin (Grenoble),
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.
As highlighted in our recent Capital Markets Day, we are aiming to triple our revenuebetween fiscal year 2021 and fiscal year 2026through growth in our three end markets - mobile communications, automotive and industry, as well as smart devices.
First quarter FY’22 consolidated revenue (unaudited)
Q1’21 | Q1’22 | Q1’22/Q1’21 | ||
(Euros thousands) | change reported | chg. at const. exch. Rates | ||
150/200-mm | 67,392 | 79,090 | +17% | +24% |
300-mm | 41,269 | 95,914 | +132% | +149% |
Royalties and other revenue | 4,961 | 5,422 | +9% | +12% |
Total revenue | 113,622 | 180,427 | +59% | +69% |
Compared to the first quarter of FY’21,
On a sequential basis, first quarter revenue was up by 1.0% at constant exchange rates compared with the fourth quarter of FY’21.
150/200-mm wafer revenue
150/200-mm wafers are mostly dedicated to radiofrequency applications and, for a smaller part, to power applications. In the first quarter of FY’22, 150/200-mm wafer revenue reached 79.1 million Euros, a 24% increase at constant exchange rates compared to the first quarter of FY’21 and an 8% increase at constant exchange rates compared to the fourth quarter of FY’21. This is reflecting a strong increase in volumes both in Bernin and in the production outsourced to our Chinese partner.
This increase was supported by:
- Much higher Power-SOI wafer sales compared to the first quarter of FY’21 when the automotive market was hit by difficulties related to the Covid-19 outbreak, confirming the recovery already experienced in the fourth quarter of FY’21;
- A sharp increase in POI (Piezoelectric-on-Insulator) wafer sales compared to the first quarter of FY21, benefiting from the ongoing ramp-up in POI production enabled by the extension of the dedicated 150-mm industrial capacity at Bernin. This illustrates the strong value proposition to smartphones’ 4G/ 5G RF filters brought by POI substrates.
RF-SOI 200-mm wafer revenue were stable compared to the first quarter of FY’21 but slightly up compared to the fourth quarter of FY’21. While RF-SOI content in radiofrequency applications keeps on increasing, this is mostly achieved through 300 mm wafers.
300-mm wafer revenue
In the first quarter of FY’22, 300-mm wafer sales reached
300-mm wafer sales were also up by 2% at constant exchange rates compared to the fourth quarter of FY’21.
All 300-mm products increased in the first quarter of FY’22 compared to the first quarter of FY’21, with the major part of this growth coming from the strong increase recorded in RF-SOI 300-mm wafer sales mainly supported by ongoing deployment of the first generations of 5G smartphones.
First quarter of FY’22 FD-SOI wafer sales reached a much higher level than in the first quarter of FY’21. FD-SOI based offering should continue to benefit applications related to Edge Computing, Automotive and 5G.
In the first quarter of FY’22, sales of Imager-SOI wafers increased sharply compared to the first quarter of FY’21 and remained at a level close to the fourth quarter of FY’21. Imager-SOI allow 3D image sensing for facial recognition in smartphones as well as in AR/VR devices.
First quarter of FY’22 Photonics-SOI wafer sales for data centers were higher than in the first quarter of FY’21 and higher than in the fourth quarter of FY’21.
Royalties and other revenue
Total Royalties and other revenue reached
Key event of the quarter
On
To support this growth and its strategic priorities,
FY’22 Outlook
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Analysts conference call to be held in English on Thursday 22nd July at
To listen this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20210722_1
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Agenda
Soitec’s Annual General Meeting will be held on
Q2’22 revenue is due to be published on
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Disclaimer
This document is provided by
The Company’s business operations and financial position are described in the Company’s 2020-2021 Universal Registration Document (which notably includes the 2020-2021 Annual Financial Report) which was filed on
Your attention is drawn to the risk factors described in Chapter 2.1 of the Company’s 2020-2021 Universal Registration Document.
This document contains summary information and should be read in conjunction with the 2020-2021 Universal Registration Document.
This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance.
The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.
The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document. In addition, the occurrence of any of the risks described in Chapter 2.1 of the Universal Registration Document may have an impact on these forward-looking statements.
This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.
Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in
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About
For more information, please visit www.soitec.com and follow us on Twitter: @Soitec_EN
Investor Relations: Steve Babureck +33 6 16 38 56 27 +65 9231 9735 steve.babureck@soitec.com | Media contacts: +33 1 53 32 61 51 isabelle.laurent@oprgfinancial.fr +33 1 53 32 61 27 fabrice.baron@oprgfinancial.fr |
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Appendix
Consolidated revenue (Q1’22 unaudited)
Quarterly revenue | Q1 | Q2 | Q3 | Q4 | Q1 | |||||
(Euros thousands) | ‘20 | ‘21 | ‘20 | ‘21 | ‘20 | ‘21 | ‘20 | ‘21 | ‘21 | ‘22 |
150/200-mm | 59,469 | 67,392 | 61,957 | 71,029 | 61,885 | 64,762 | 91,623 | 74,193 | 67,392 | 79,090 |
300-mm | 53,832 | 41,269 | 71,504 | 63,877 | 65,133 | 76,655 | 103,895 | 94,850 | 41,269 | 95,914 |
Royalties and other revenue | 6,135 | 4,961 | 5,555 | 5,848 | 8,264 | 7,260 | 8,299 | 11,666 | 4,961 | 5,422 |
Total revenue | 119,435 | 113,622 | 139,015 | 140,754 | 135,282 | 148,678 | 203,817 | 180,708 | 113,622 | 180,427 |
Quarterly revenue | Q1’21 | Q2’21 | Q3’21 | Q4’21 | Q1’22 | |||||
(vs. previous year) | change reported | chg. at const. exch. rates and perimeter1 | change reported | chg. at const. exch. rates and perimeter1 | change reported | chg. at const. exch. rates and perimeter1 | change reported | chg. at const. exch. rates and perimeter1 | change reported | chg. at const. exch. rates and perimeter1 |
150/200-mm | +13.3% | +13.1% | +14.6% | +17.2% | +4.6% | +9.1% | -19.0% | -14.4% | +17.4% | +24.2% |
300-mm | -23.3% | -23.5% | -10.7% | -8.6% | +17.7% | +23.3% | -8.7% | -2.9% | +132.4% | +148.9% |
Royalties and other revenue | -19.1% | -22.1% | +5.3% | +5.9% | -12.1% | -11.0% | +40.6% | +42.3% | +9.3% | +12.0% |
Total revenue | -4.9% | -5.2% | +1.3% | +3.5% | +9.9% | +14.7% | -11.3% | -6.2% | +58.8% | +69.0% |
1 At constant exchange rates and comparable scope of consolidation:
- In Q1’21, scope effects relate to the acquisition of Soitec Belgium (formerly EpiGaN) in
May 2019 - There is no scope effect in Q2’21, Q3’21, Q4’21 and Q1’22
Soitec Belgium revenue is included in the segment Royalties and other revenue.
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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.
Attachment
- SOITEC PR Sales Q1'22
VA
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