Artificial Intelligence

SOITEC REPORTS FY’23 THIRD QUARTER REVENUE

Published

1 year ago

January 25, 2023

SOITEC REPORTS FY’23 THIRD QUARTER REVENUE

Q3’23 revenue reached €274m, up 32% on a reported basis and up 25% at constant exchange rates and perimeter
Sharp growth achieved in both Automotive & Industrial and Smart devices, sustained growth in Mobile communications
First nine months of FY’23 revenue reached €745m, up 20% at constant exchange rates and perimeter compared with the first nine months of FY’22
FY’23 guidance confirmed: revenue growth expected around 20% at constant exchange rates and perimeter, and EBITDA¹ margin² expected around 36%

Bernin (Grenoble), France, January 25^th, 2023 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 274 million Euros for the third quarter of FY’23 (ended December 31^st, 2022), up 32% on a reported basis compared with 208 million Euros achieved in the third quarter of FY’22. This reflects the combination of a 25% growth at constant exchange rates and perimeter and a positive currency impact of 7%³.

Pierre Barnabé, Soitec’s CEO, commented: Thanks to another strong quarter, we are in line to achieve our guidance for the fiscal year ending in March 2023, with an organic revenue growth around 20%. In mobile communications, we continue to benefit from the increase in RF content in the new generations of 5G smartphones as well as from long term agreements with our clients. We are also very pleased with the adoption of FD-SOI across our three end markets, particularly in automotive and smart devices. Lastly, we are confident in the prospects of our SmartSiC™ technology, as evidenced by the new cooperation agreement we signed last month with STMicroelectronics.”

Third quarter FY’23 consolidated revenue (unaudited)

	Q3’22	Q3’23	*Q3’23/Q3’22*

(Euros millions)			*change reported*	*chg. at const. exch. rates & perimeter*

Mobile communications	146	170	*+17%*	*+11%*
Automotive & Industrial	19	37	*+96%*	*+84%*
Smart devices	43	67	*+57%*	*+50%*

Total revenue	208	274	*+32%*	*+25%*

Soitec recorded a 25% total revenue growth at constant exchange rates and perimeter in the third quarter of FY’23 compared to the third quarter of FY’22. This reflects sustained growth in Mobile communications and sharp growth in both Automotive & Industrial and Smart devices.

Mobile communications

Growth in Mobile communications continues to be supported by further adoption of 5G smartphones and Wi-Fi 6, as well as the deployment of 5G infrastructure.

In the third quarter of FY’23, Mobile communications revenue reached 170 million Euros, an 11% growth at constant exchange rates and perimeter compared to the third quarter of FY’22, reflecting both an increase in volumes as well as a positive price/mix effect.

RF-SOI wafer sales continue to be supported by significantly higher RF content in every 5G smartphone compared to 4G smartphones. RF-SOI wafer sales also benefited from a higher penetration of high-end mobile handsets. Despite an increasing level of inventories at some customers during the third quarter of FY’23, Soitec delivered further growth in both RF-SOI 200-mm and RF-SOI 300-mm.

Additionally, FD-SOI continues its momentum in front end modules.

POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters for 5G smartphones are still in an adoption phase, as Soitec continues to work with several customers on qualifying different design architectures, a process which should last another few quarters.

Automotive & Industrial

Demand from the automotive industry continues to be driven by the rise in semiconductor content embedded in new vehicles. Semiconductors are increasingly used for the needs of multimedia and infotainment, for functional safety, for autonomous and assisted driving, as well as to power vehicles equipped with electric and hybrid engines.

Automotive & Industrial revenue reached 37 million Euros in the third quarter of FY’23, an 84% growth at constant exchange rates and perimeter compared to the third quarter of FY’22. Growth essentially reflects a sharp increase in volumes.

In the third quarter of FY’23, the increase in Automotive & Industrial revenue mostly came from FD-SOI wafers dedicated to automotive applications, as well as from the sales of Power-SOI wafers which recorded a sustained level of growth.

Smart devices

The demand from the smart devices market is driven by the need for more complex sensors, higher connectivity functionalities and embedded intelligence, leading to more powerful and efficient edge artificial intelligence chips.

Smart devices revenue reached 67 million Euros in the third quarter of FY’23, a 50% increase at constant exchange rates and perimeter compared to the third quarter of FY’22. This performance mostly reflects a highly positive price/mix effect as well as higher volumes.

Growth achieved in FD-SOI wafer sales confirms structural demand for Edge Computing devices across consumer and industrial sectors.

Sales of Photonics-SOI wafers for data transceivers, recorded a solid growth compared to the third quarter of FY’22, while sales of Imager-SOI wafers for 3D imaging applications remained at a sustained level.

First nine months FY’23 consolidated revenue (unaudited)

	9m’22	9m’23	*9m’23/9m’22*

(Euros millions)			*change reported*	*chg. at const. exch. rates & perimeter*

Mobile communications	423	510	*+21%*	*+13%*
Automotive & Industrial	52	94	*+81%*	*+68%*
Smart devices	106	140	*+33%*	*+26%*

Total revenue	581	745	*+28%*	*+20%*

Overall, consolidated revenue reached 745 million Euros in the first nine months of FY’23, up 28% on a reported basis compared to 581 million Euros in the first nine months of FY’22. This reflects an 20% growth at constant exchange rates and perimeter combined with a positive currency impact of 8%³.

Confirmed FY’23 outlook

Soitec continues to anticipate FY’23 revenue to grow around 20% at constant exchange rates and perimeter, and FY’23 EBITDA¹ margin² to reach around 36%.

Key events of the quarter

STMicroelectronics and Soitec cooperate on SiC substrate manufacturing technology

On December 1st, 2022, STMicroelectronics and Soitec announced the next stage of their cooperation on Silicon Carbide (SiC) substrates, with the qualification of Soitec’s SiC substrate technology by STMicroelectronics planned over the next 18 months. The goal of this cooperation is the adoption by STMicroelectronics of Soitec’s SmartSiC™ technology for its future 200mm substrate manufacturing, feeding its devices and modules manufacturing business, with volume production expected in the medium term. The combination of Soitec’s SmartSiC™ substrates with STMicroelectronics’ industry-leading silicon carbide technology and expertise is a game-changer for automotive chip manufacturing. As the automotive industry is facing major disruption with the advent of electric vehicles, the transition from 150mm to 200mm SiC wafers will bring substantial advantages to automotive and industrial customers as they accelerate the transition towards the electrification of their systems and products.

Soitec breaks ground on Singapore fab extension to grow its global semiconductor wafer production capacity

On December 9^th, 2022, Soitec formally broke ground on the construction of its wafer fab extension at Singapore’s Pasir Ris Wafer Fab Park. The ceremony was held in the presence of Low Yen Ling, Singapore’s Minister of State for Trade and Industry, and Her Excellency, Minh-di Tang, Ambassador of France to Singapore. The fab extension will enable Soitec to double the annual production capacity at its Pasir Ris site, in Singapore, to around two million 300mm SOI (Silicon-on-Insulators) wafers. The capacity ramp-up is part of Soitec’s strategic growth plan to address the increasing global demand for engineered wafers and complements its investments at its main hub in France. The extension in Singapore will add 45,000 square meters of fab space and double Soitec’s Singapore workforce to more than 600 by 2026.

# # #

Analysts conference call to be held in English on Thursday 26^th 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/20230126_1

# # #

Agenda

Q4’23 revenue is due to be published on April 26^th, 2023 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 2021-2022 Universal Registration Document (which notably includes the 2021-2022 Annual Financial Report) which was filed on June 20, 2022 with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.22-0523, as well as in the Company’s 2022-2023 half-year report released on November 23, 2022. The French versions of the 2021-2022 Universal Registration Document and of the 2022-2023 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 2021-2022 Universal Registration Document.

This document contains summary information and should be read in conjunction with the 2021-2022 Universal Registration Document and the 2022-2023 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 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. In addition, the future consequences of geopolitical conflicts, in particular the Ukraine / Russia situation, as well as rising inflation, may result in greater impacts than currently anticipated in these forward-looking statements.

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 3,700 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. Fully committed to sustainable development, Soitec adopted in 2021 its corporate purpose to reflect its engagements: “We are the innovative soil from which smart and energy efficient electronics grow into amazing and sustainable life experiences.”

Soitec, SmartSiC™ and SmartCut™ are registered trademarks of Soitec.

# # #

For more information, please visit www.soitec.com and follow us on Twitter: @Soitec_EN

# # #

Soitec is a French joint-stock corporation with a Board of Directors (Société Anonyme à Conseil d’administration) with a share capital of €71,178,834 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 (Q3’23 unaudited)

Revenue	Q1’22	Q2’22	Q3’22	Q4’22	Q1’23	Q2’23	Q3’23	*9m’22*	*9m’23*
(Euros thousands)
Mobile communications	135,121	142,282	145,709	200,031	152,105	188,503	169,838	423,112	*510,446*
Automotive & Industrial	15,917	17,212	18,815	22,461	23,160	33,785	36,947	51,944	*93,892*
Smart devices	29,390	33,174	43,045	59,587	27,604	45,424	67,395	105,609	*140,423*

Total revenue	180,427	192,668	207,569	282,079	202,869	267,712	274,180	580,665	*744,761*

Change in revenue	Q1’23/Q1’22		Q2’23/Q2’22		Q3’23/Q3’22		*9m’23/9m’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 perimeter*¹
Mobile communications	+12.6%	+6.2%	+32.5%	+22.1%	+16.6%	+10.5%	+20.6%	*+13.0%*
Automotive & Industrial	+45.5%	+36.7%	+96.3%	+79.7%	+96.4%	+84.5%	+80.8%	*+68.2%*
Smart devices	-6.1%	-10.9%	+36.9%	+27.9%	+56.6%	+50.3%	+33.0%	*+26.1%*

Total revenue	+12.4%	+6.1%	+38.9%	+28.3%	+32.1%	+25.5%	+28.3%	*+20.3%*

¹ At constant exchange rates and comparable scope of consolidation:

There was no scope effect in Q1’22, Q2’22, Q3’22.
In Q4’22, Q1’23, Q2’23 and Q3’23 the scope effect relating to the acquisition of NOVASiC, finalized on December 29, 2021, had no material impact on Soitec’s revenue.

# # #

¹ The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. 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 EBITDA margin = EBITDA from continuing operations / Revenue

³ The scope effect related to the acquisition of NOVASiC, the closing of which took place on December 29, 2021, had no material impact on Soitec’s revenue.

Attachment

Soitec Q3’23 revenue_VUK

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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
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Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
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North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
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IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)

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By Type, GRC software is expected to hold the largest market size for the year 2024
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To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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CISION (PR Newswire)

CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.

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Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization

Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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