SOITEC REPORTS FY’22 THIRD QUARTER REVENUE
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),
France, January 26th, 2022
– Soitec (Euronext Paris), a world leader in designing and
manufacturing innovative semiconductor materials, today announced
consolidated revenue of 207.6 million Euros for the third quarter
of FY’22 (ended December 31st, 2021), up 39.6% compared with 148.7
million Euros achieved in the third quarter of FY’21. This reflects
the combination of a 39.7% growth at constant exchange rates and a
negative currency impact of 0.1% .
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.
Paul Boudre, Soitec’s CEO, commented:
“With a new record quarter we are well on track to achieve
both our revenue and EBITDA margin guidance for the full year. Our
performance continues to be supported by the deployment of 5G in
mobile communications as well as by the sustained recovery of the
automotive industry, while we are benefitting from an acceleration
in smart devices.
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 Paul
Boudre.
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% |
Soitec recorded a 40% total revenue increase at
constant exchange rates in the third quarter of FY’22 compared to
the third quarter of FY’21, with a strong performance across all
types of products in each end market.
Soitec enjoyed further growth in Mobile
communications, its largest end market, which continues to
be supported by the deployment of 5G, translating into higher sales
of RF-SOI wafers dedicated to radiofrequency applications and POI
wafers dedicated to RF filters. Growth was enabled by the ramp-up
in production following the increase in capacity both in the
Singapore facility dedicated to 300-mm SOI and in the Bernin III
facility dedicated to 150-mm POI.
Soitec recorded another strong performance in
Automotive & Industrial as evidenced by the
solid increase in sales of Power-SOI wafers, which continue to
benefit from the sustained recovery of the automotive market.
Soitec also achieved a sharp increase in revenue
from Smart devices thanks to much higher sales of
FD-SOI wafers for Internet of Things and edge computing
applications as well as of Photonics-SOI wafers for data
centers.
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 Shanghai.
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 115.7 million Euros, a 51% increase at constant
exchange rates, compared with the third quarter of FY’21. Sales
growth is the reflection of a strong volume increase of wafers
produced both in Bernin II and in Singapore.
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 6.0
million Euros in the third quarter of FY’22 compared to 7.3 million
Euros in the third quarter of FY’21.
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 580.7 million Euros
in the first nine months of FY’22, representing an all-time high
record. Revenue was up 44.1% compared to 403.1 million Euros in the
first nine months of FY’21. This reflects the combination of a
48.0% growth at constant exchange rates and a negative currency
impact of 3.9%.
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 January 19, 2022, the Board of Directors of Soitec,
including Chief Executive Officer Paul Boudre, met for constructive
discussions on governance questions. The Board of Directors is
determined to pursue the highest standards of governance.
The Executive Committee expressed to the Board
of Directors its commitment to work closely with Paul Boudre’s
designated successor, Pierre Barnabé, to ensure an effective
leadership transition. To this end, Pierre Barnabé has met with
Soitec’s Executive Committee on Monday January 24, 2022.
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 November 30th, 2021, Soitec announced the
signing of a deal to acquire 100 % stake of NOVASiC, an advanced
technology company specialized in polishing and refreshing wafers,
to support its unique silicon carbide based SmartSiC roadmap. The
closing of the transaction has been fully completed on December
29th, 2021.
Soitec commits to the reduction of its greenhouse gas
emissions to limit climate change to 1.5°C
On December 7th, 2021, Soitec obtained the
approval of its greenhouse gas emission reduction targets by the
Science Based Targets initiative (SBTi) Steering Committee,
attesting that Soitec's targets are in line with the levels
required to limit global warming to 1.5°C. Soitec has 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 Institute of Microelectronics
and Soitec to develop next-generation silicon carbide
semiconductors
The Institute of Microelectronics (IME) at the
Agency for Science, Technology and Research (A*STAR) and Soitec
have announced a research collaboration to develop next-generation
silicon carbide (SiC) semiconductor devices to power electric
vehicles and advanced high-voltage electronic devices.
Dolphin Design opens a
processing center in Singapore
Dolphin Design, specialized in advanced chip
design, will open its new dedicated Edge Computing and AI branch in
Soitec’s fab in Singapore. Dolphin Design's vision is to enable the
largest possible AIoT/EDGE IoT semiconductor community to deliver
products with ultimate energy efficiency and performance. Soitec
holds an 80% stake in Dolphin Design.
FY’22 Outlook
Soitec confirms its FY’22 revenue guidance at
around 975 million US Dollars, around 45% higher than FY’21 revenue
at constant exchange rates.
Soitec also confirms its FY’22 Electronics
EBITDA1 margin2 guidance around 34%, with a potential upside to
reach around 35%.
# # #
Analysts conference call to be held in
English on Thursday 27th January
at 8:00 am CET.
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
# # #
Agenda
Q4’22 revenue is due to be published on April
27th, 2021 after market close.
# # #
Disclaimer
This document is provided by Soitec (the
“Company”) for information purposes only.
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 July 5, 2021 with the French
stock market authority (Autorité des Marchés Financiers, or AMF)
under number D.21-0681 as well as in the Company’s FY’22 half-year
report released on December 2nd, 2021. The French versions of the
2020-2021 Universal Registration Document and of the half-year
report, together with English courtesy translations for information
purposes of both documents are available for consultation on the
Company’s website (www.soitec.com), in the section Company -
Investors - Financial Reports.
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 the United States. Securities may not be offered or
sold in the United States absent registration or an exemption from
the registration under the U.S. Securities Act of 1933, as amended
(the “Securities Act”). The Company’s shares have not been and will
not be registered under the Securities Act. Neither the Company nor
any other person intends to conduct a public offering of the
Company’s securities in the United States.
# # #
About Soitec
Soitec (Euronext, Tech 40 Paris) is a world
leader in designing and manufacturing innovative semiconductor
materials. The company uses its unique technologies to serve the
electronics markets. With more than 3,500 patents worldwide,
Soitec’s strategy is based on disruptive innovation to meet its
customers’ needs for high performance, energy efficiency and cost
competitiveness. Soitec has manufacturing facilities, R&D
centers and offices in Europe, the United States and Asia.Soitec
and Smart Cut are registered trademarks of Soitec.
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
9735steve.babureck@soitec.com |
Media
contacts: Isabelle Laurent+33 1 53 32 61 51
isabelle.laurent@oprgfinancial.fr Fabrice Baron+33 1 53 32
61 27fabrice.baron@oprgfinancial.fr |
# # #
Soitec is a French joint-stock corporation with
a Board of Directors (Société Anonyme à Conseil d’administration)
with a share capital of €70,301,160, having its registered office
located at Parc Technologique des Fontaines - Chemin des Franques -
38190 Bernin (France), and registered with the Grenoble Trade and
Companies Register under number 384 711 909.
# # #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
# # #
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.
- SOITEC PR Sales Q3'22 V26 01 22
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