SOITEC REPORTS FY’22 THIRD QUARTER REVENUE
- Q3’22 revenue reached the record level of €208m, up 40% at constant exchange rates versus Q3’21
- First nine months of FY’22 revenue reached €581m, up 48% at constant exchange rates compared with the first nine months of FY’21
- FY’22 revenue guidance is confirmed at around
$975m , up around 45% at constant exchange rates- FY’22 Electronics EBITDA1 margin2 guidance is also confirmed around 34% with a potential upside to reach around 35%
Bernin (Grenoble),
On a sequential basis, third quarter revenue was up by 6.9% at constant exchange rates compared with the second quarter of FY’22, representing a sixth consecutive quarter-over-quarter organic revenue growth since the first quarter of FY’21.
In parallel to this strong growth, we are excited to continue to move forward on our environmental objectives with the approval of our targets by the Science Based Targets initiative (SBTi) Steering Committee” added
Third quarter FY’22 consolidated revenue (unaudited)
Q3’21 | Q3’22 | Q3’22/Q3’21 | ||
(Euros thousands) | change reported | chg. at const. exch. Rates | ||
150/200-mm | 64,762 | 85,934 | +33% | +33% |
300-mm | 76,655 | 115,662 | +51% | +51% |
Royalties and other revenue | 7,260 | 5,973 | -18% | -18% |
Total revenue | 148,678 | 207,569 | +40% | +40% |
150/200-mm wafer revenue
150/200-mm wafers are mostly dedicated to radiofrequency applications, including filters, and, for a smaller part, to power applications. In the third quarter of FY’22, 150/200-mm wafer revenue reached 85.9 million Euros, a 33% growth at constant exchange rates compared to the third quarter of FY’21. Growth in sales results from a strong increase in volumes of 150-mm POI wafers produced in Bernin III, a higher output of 200-mm SOI wafers in Bernin I as well as from higher volumes produced by Simgui, Soitec’s partner based in
150/200-mm wafer revenue growth was supported by:
- Higher RF-SOI 200-mm wafer sales compared to the third quarter of FY’21,
- A strong increase in Power-SOI wafer sales compared to the third quarter of FY’21, confirming the sustained recovery of the automotive industry since the fourth quarter of FY’21,
- An increase in POI (Piezoelectric-on-Insulator) wafer sales compared to the third quarter of FY21, reflecting the ramp-up in production at Bernin III to match the increasing demand for POI substrates dedicated to smartphones RF filters.
On a sequential basis, 150/200-mm wafer revenue was stable at constant exchange rates compared to the strong level recorded in the second quarter of FY’22, with slightly higher POI wafer sales offsetting marginally lower sales of RF-SOI 200-mm and Power SOI.
300-mm wafer revenue
In the third quarter of FY’22, 300-mm wafer sales reached
RF-SOI 300-mm wafer sales enjoyed a strong growth as compared with the third quarter of FY’21. Sales continue to be supported by the ongoing deployment of 5G smartphones and by the increase in RF content in every 5G smartphone that allows highly efficient mobile communications.
FD-SOI wafer sales continued to grow and were significantly higher than in the third quarter of FY’21, as FD-SOI is increasingly benefitting applications across our three end markets, Smart devices, Automotive and Industrials, and Mobile communications especially 5G mmWave modules.
Sales of Imager-SOI wafers, which allow 3D image sensing for facial recognition in smartphones, remained almost at the same sustained level as in the third quarter of FY’21.
Finally, sales of Photonics-SOI wafers for data centers were much higher than in the third quarter of FY’21, confirming the positive trend experienced since the fourth quarter of FY’21.
On a sequential basis, 300-mm wafer revenue increased by 13% at constant exchange rates compared to the second quarter of FY’22.
Royalties and other revenue
Total Royalties and other revenue reached
First nine months of FY’22 consolidated revenue (unaudited)
9m’21 | 9m’22 | 9m’22/9m’21 | ||
(Euros thousands) | change reported | chg. at const. exch. rates | ||
150/200-mm | 203,183 | 250,096 | +23% | +26% |
300-mm | 181,801 | 313,191 | +72% | +77% |
Royalties and other revenues | 18,069 | 17,378 | -4% | -3% |
Total revenue | 403,053 | 580,665 | +44% | +48% |
Consolidated revenue reached
150/200-mm wafer sales were up 26% at constant exchange rates compared to the first nine months of FY’21 while 300-mm wafer sales were up by 77% at constant exchange rates.
Chief Executive Officer succession plan
Following the leadership succession plan announced on
The Executive Committee expressed to the Board of Directors its commitment to work closely with Paul Boudre’s designated successor,
All parties restated their determination to ensure a successful implementation of the succession plan, remain fully focused on supporting customers and to deliver on the goals set out in Soitec’s 2026 strategic roadmap.
Key events of the quarter
Completion of the acquisition of NOVASiC to strengthen Silicon Carbide wafer technology
On
On
targets by the Science Based Targets initiative (SBTi)
committed to reducing by 2026 its direct greenhouse gas emissions ("scope 1 and 2") by 25.2% in absolute terms compared to 2020 as well as its indirect greenhouse gas emissions ("scope 3") by 35.3% per million Euros of added value compared to 2020.
Post-closing events
A*STAR's
Dolphin Design opens a processing center in
Dolphin Design, specialized in advanced chip design, will open its new dedicated Edge Computing and AI branch in Soitec’s fab in
FY’22 Outlook
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Analysts conference call to be held in English on Thursday 27th January at
To listen this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20220127_1
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Agenda
Q4’22 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 and the FY’22 half-year report.
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 (Q3’22 unaudited)
Quarterly revenue | Q3 | Q4 | Q1 | Q2 | Q3 | |||||
(Euros thousands) | ‘20 | ‘21 | ‘20 | ‘21 | ‘21 | ‘22 | ‘21 | ‘22 | ‘21 | ‘22 |
150/200-mm | 61,885 | 64,762 | 91,623 | 74,193 | 67,392 | 79,090 | 71,029 | 85,071 | 64,762 | 85,934 |
300-mm | 65,133 | 76,655 | 103,895 | 94,850 | 41,269 | 95,914 | 63,877 | 101,615 | 76,655 | 115,662 |
Royalties and other revenue | 8,264 | 7,260 | 8,299 | 11,666 | 4,961 | 5,422 | 5,848 | 5,983 | 7,260 | 5,973 |
Total revenue | 135,282 | 148,678 | 203,817 | 180,708 | 113,622 | 180,427 | 140,754 | 192,668 | 148,678 | 207,569 |
Quarterly revenue | Q3’21 | Q4’21 | Q1’22 | Q2’22 | Q3’22 | |||||
(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 | +4.6% | +9.1% | -19.0% | -14.4% | +17.4% | +24.2% | +19.8% | +22.3% | +32.7% | +32.8% |
300-mm | +17.7% | +23.3% | -8.7% | -2.9% | +132.4% | +148.9% | +59.1% | +63.1% | +50.9% | +51.0% |
Royalties and other revenue | -12.1% | -11.0% | +40.6% | +42.3% | +9.3% | +12.0% | +2.3% | +3.2% | -17.7% | -17.7% |
Total revenue | +9.9% | +14.7% | -11.3% | -6.2% | +58.8% | +69.0% | +36.9% | +40.0% | +39.6% | +39.7% |
1 At constant exchange rates and comparable scope of consolidation:
- There is no scope effect in Q3’21, Q4’21, Q1’22, Q2’22 and Q3’22
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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 as an alternative to any other financial indicator.
2 Electronics EBITDA margin = EBITDA from continuing operations / Revenue.
Attachment
- SOITEC PR Sales Q3'22 V26 01 22
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