The following is a summary of the IQE Plc (IQEPF) Q4 2023 Earnings Call Transcript:
Financial Performance:
IQE reported a revenue of £115 million in 2023, a decrease of 31% compared to 2022 due to challenging market conditions and demand slowdown in H1.
Adjusted EBITDA was £4.3 million, beating forecasts, while adjusted EBIT loss stood at £20.2 million.
The company reported Q1 2024 trading in line with Board expectations and expects revenue and adjusted EBITDA for 2024 to be within analyst forecasts range.
Adjusted operating cash flow of £15.7 million was maintained at the same levels as in 2022.
Business Progress:
IQE implemented cost-saving measures and diversified its customer and product base into the wireless market in 2023.
It launched VCSEL 3D sensing product with a Tier 1 OEM handset, and made significant progress into high-growth markets such as GaN electronics.
The company expects recovery initiated in H2 of 2023 to continue into 2024.
It is diversifying into GaN for power electronics, and is targeting the China market with partnerships like AWSC and Lansus.
The company is involved in public-private partnerships to accelerate funding, with key focus areas including AI and power electronics.
IQE is also benefitting from government funds, with active engagement with the CHIPS office in the US.
More details: IQE PLC IR
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