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2021-07-21

SOITEC REPORTS FY’22 FIRST QUARTER REVENUE

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), 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.

First quarter FY’22 consolidated revenue (unaudited)

 Q1’21Q1’22Q1’22/Q1’21
     
(Euros thousands)  change reportedchg. at const. exch. Rates
     
150/200-mm67,39279,090   +17%+24%
300-mm41,26995,914+132%+149%
Royalties and other revenue4,9615,422+9%+12%
     
Total revenue113,622   180,427   +59%+69%

Soitec recorded a 69.0% total revenue increase at constant exchange rates in the first quarter of FY’22 compared to the first quarter of FY’21, with a solid performance across all types of products.

Soitec benefited from a strong growth in Mobile communications boosted by the ongoing adoption of 5G, which translated into higher sales of RF-SOI wafers dedicated to radiofrequency applications and POI wafers dedicated to RF filters.

Soitec also recorded a solid performance in Automotive & Industrial as evidenced by higher sales of Power-SOI wafers supporting the sustained recovery of the automotive market.

Compared to the first quarter of FY’21, Soitec also recorded an increase in revenue derived from Smart devices with higher sales of Imager-SOI wafers dedicated to 3D applications, Photonics-SOI wafers and FD-SOI wafers.

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 slig...

Författare GlobeNewswire

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