Artificial Intelligence

SOITEC REPORTS FY’24 FIRST QUARTER REVENUE

Published

10 months ago

July 25, 2023

SOITEC REPORTS FY’24 FIRST QUARTER REVENUE

Q1’24 revenue was at €157m, down 23% on a reported basis and down 24% at constant exchange rates and perimeter versus Q1’23
- Automotive & Industrial revenue continued to deliver sharp growth whilst Smart devices maintained double digit growth
- As anticipated, Mobile communications revenue were affected by the ongoing inventory correction across the smartphone market supply chain
FY’24 guidance confirmed, with annual revenue expected to be stable year on year at constant exchange rates and perimeter, including H1’24 to decline by around 15%, and EBITDA¹ margin² expected to remain at around 36%

Bernin (Grenoble), France, July 25^th, 2023 – Soitec (Euronext Paris), a world leader in the design and manufacture of innovative semiconductor materials, today announces consolidated revenue of 157 million Euros for the first quarter of FY’24 (ended June 30^th, 2023), down 23% on a reported basis compared with 203 million Euros achieved in the first quarter of FY’23.

Pierre Barnabé, Soitec’s CEO, commented: “As expected, in the first fiscal quarter, we faced a global smartphone market slowdown, combined with significant customer inventories absorption. Q1’24 marks the bottom, and we are anticipating a strong H2’24 recovery.

In Mobile Communications, we continue to benefit from the growing penetration of 5G handsets and the growth of RF-SOI content into smartphones. Additionally, we are excited with the increasing adoption of FD-SOI and POI in the wireless market.

Meanwhile, in the Automotive & Industrial markets, our Power-SOI and FD-SOI product lines continue to perform very well, driven by the increasing demand for digitalization and electrification.

Our Smart devices revenue also shows a positive trend, thanks to the increased adoption of our product portfolio, for low power MCUs, edge AI, etc.

We remain confident that FY’24 will show continuous quarter on quarter growth, and maintain both our revenue and EBITDA margin guidance for FY’24.”

First quarter FY’24 consolidated revenue (unaudited)

	Q1’23	Q1’24	*Q1’24/Q1’23*

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

Mobile communications	152	89	*-42%*	*-43%*
Automotive & Industrial	23	37	*+60%*	*+57%*
Smart devices	28	31	*+12%*	*+10%*

Total revenue	203	157	*-23%*	*-24%*

Soitec revenue was at 157 million Euros in the first quarter of FY’24, a 24% decrease at constant exchange rates and perimeter³ compared to the first quarter of FY’23. This is reflecting contrasted performances between our three end markets. Decline in Mobile communications revenue has partially been compensated by the sustained growth of Automotive & Industrial and Smart devices revenue.

Mobile communications

In the first quarter of FY’24, Mobile communications revenue reached 89 million Euros, a 43% decline at constant exchange rates compared to the first quarter of FY’23. This temporary drop in revenue, which is essentially reflecting a decrease in volumes, is due to a well-anticipated RF-SOI wafers inventory absorption by Soitec customers in the context of weaker smartphone sales across the world. As indicated by Soitec early April 2023, and confirmed at its Capital Markets Day in June 2023, this inventory correction is expected to last another quarter before growth in RF-SOI wafer sales resumes. RF-SOI will continue to be supported by a greater penetration of high-end smartphones with further adoption of 5G and Wi-Fi 6/6E/7 leading to a higher content of Soitec substrates per smartphone, but also by the deployment of 5G infrastructure.

Sales of FD-SOI wafers dedicated to front end modules continued to benefit from a positive momentum.

Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters for 5G smartphones become a solid growth driver compared to FY’23. In addition, Soitec continues working with several customers on qualifying different design architectures.

Automotive & Industrial

Automotive & Industrial revenue reached 37 million Euros in the first quarter of FY’24, a 57% growth at constant exchange rates compared to the first quarter of FY’23. Growth essentially reflects a strong increase in volumes and, to a lesser extent, a positive price / mix effect.

Sales to the automotive industry continue to be driven by the rise in semiconductor content embedded in the latest generations of vehicles, Soitec products addressing the rising demand for multimedia and infotainment, functional safety, autonomous and assisted driving, as well as engine electrification.

Sales of Power-SOI wafers significantly increased compared to the first quarter of FY’23.

Sales of FD-SOI wafers also reached a higher level than in the first quarter of FY’23.

In addition, Automotive & Industrial sales continue to benefit from Soitec’s SmartSiC^TM technology. Production ramp-up is expected in FY’25.

Smart devices

Smart devices revenue reached 31 million Euros in the first quarter of FY’24, a 10% increase at constant exchange rates compared to the first quarter of FY’23, reflecting mainly higher volumes.

Sales of products dedicated to Smart devices continue to be driven by more complex sensors, higher connectivity functionalities and embedded intelligence, leading to more powerful and efficient chips for Edge Artificial Intelligence, Image Sensors, and Data Centers that support the Cloud Infrastructure.

Sales of FD-SOI wafers were much higher than in the first quarter of FY’23, supported by structural demand for Edge Computing devices across consumer and industrial sectors.

Sales of Photonics-SOI wafers, providing high speed connectivity solutions for Artificial Intelligence in the Cloud, and sales of Imager-SOI wafers for 3D imaging applications, were both lower than in the first quarter of FY’23.

FY’24 outlook

Soitec confirms expecting FY’24 total revenue to be stable at constant exchange rates and perimeter as compared to FY’23 with H1’24 total revenue to decline by around -15% year-on-year. The strong inventory correction which was anticipated for products dedicated to smartphones radiofrequency applications did materialize in Q1’24 and should last another quarter before a strong acceleration expected in the second part of FY’24. On the other hand, strong demand continues to be expected throughout FY’24 for both Automotive & Industrial and Smart devices.

Soitec also confirms FY’24 EBITDA¹ margin² to remain around 36%.

# # #

Analysts conference call to be held in English on Wednesday 26^th July 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/20230726_1

# # #

Agenda

Q2’24 revenue and H1’24 results are due to be published together on November 15th, 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 2022-2023 Universal Registration Document (which notably includes the 2022-2023 Annual Financial Report) which was filed on June 14, 2023 with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.23-0482. The French version of the 2022-2023 Universal Registration Document, together with English courtesy translation for information purposes, 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 (Risk factors and controls mechanism) of the Company’s 2022-2023 Universal Registration Document.

This document contains summary information and should be read in conjunction with the 2022-2023 Universal Registration Document.

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 (Risk factors and controls mechanism) of the 2022-2023 Universal Registration Document may have an impact on these forward-looking statements.In particular, the future consequences of geopolitical conflicts, notably 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 (Risk factors and controls mechanism) of the 2022-2023 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 Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1.1 billion Euros in fiscal year 2022-2023. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: mobile communications, automotive and industrial, and smart devices. The company relies on the talent and diversity of its 2,100 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

For more information: https://www.soitec.com/en/ and follow us on Twitter: @Soitec_Official

# # #

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 (Q1’24 unaudited)

Quarterly revenue	Q1’22	Q1’23	Q2’22	Q2’23	Q3’22	Q3’23	Q4’22	Q4’23	Q1’23	Q1’24
(Euros million)

Mobile communications	135	152	142	189	146	170	200	220	152	89
Automotive & Industrial	16	23	17	34	19	37	22	47	23	37
Smart devices	29	28	33	45	43	67	60	77	28	31

Total revenue	180	203	193	268	208	274	282	344	203	157

Change in quarterly revenue	Q1’23		Q2’23		Q3’23		Q4’23		Q1’24
	Reported change	Organic change¹	Reported change	Organic change¹	Reported change	Organic change¹	Reported change	Organic change¹	Reported change	Organic change¹
(vs. previous year)

Mobile communications	+13%	*+6%*	+33%	*+22%*	+17%	*+11%*	+10%	*+5%*	-42%	*-43%*
Automotive & Industrial	+46%	*+37%*	+96%	*+80%*	+96%	*+85%*	+109%	*+99%*	+60%	*+57%*
Smart devices	-6%	*-11%*	+37%	*+28%*	+57%	*+50%*	+29%	*+25%*	+12%	*+10%*

Total revenue	+12%	*+6%*	+39%	*+28%*	+32%	*+26%*	+22%	*+16%*	-23%	*-24%*

¹ At constant exchange rates and comparable scope of consolidation:

In 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.
There was no scope effect in Q4’23, nor in Q1’24.

# # #

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 There was no scope effect in Q1’24

Attachment

Soitec Q1’24 revenue UK

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BeeHero Reveals Groundbreaking Data-Backed Insights from the Latest Almond Pollination Seasons

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On World Bee Day, BeeHero shares findings from the 2022-2024 almond pollination seasons that showcase its ability to optimize and boost pollination efficacy while decreasing operational costs, by empowering both beekeepers and growers with innovative, data-driven solutions
FRESNO, Calif., May 20, 2024 /PRNewswire/ — BeeHero, the pioneer of precision pollination, today unveiled groundbreaking data-driven bee activity insights from the 2022-2024 almond pollination seasons. The company has revealed bee flight hour and bee frame insights via its cutting-edge sensor technology and AI-powered analysis that contribute to improved pollination practices. In recent months, BeeHero cemented its position as the world’s leading provider of precision pollination as it surpassed the threshold of 300K hives under management, from which the company records more than 25 million hive samples daily. The new data is being released on World Bee Day, the date designated by the UN to raise awareness of the importance of these vital pollinators, the numerous threats they face, and how they contribute to sustainable agriculture and development.

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During the 2024 almond pollination season, BeeHero utilized various proprietary tools to extract its unparalleled dataset on bee behavior and pollination efficacy. The company introduced a Deployment Planning Tool, enabling beekeepers to visualize their almond orchards and strategically plan daily tasks for maximum efficiency. Additionally, its Hive Tracker offered growers real-time insights into hive shipment and placement, while BeeHero’s new mobile growers platform provided growers with seamless access to hives’ frame counts and other critical information and updates.
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Earlier this month, BeeHero was recognized as an Honorable Mention by Fast Company’s 2024 World Changing Ideas Awards in the agriculture category. The award honors products and companies designed to make the world safer, cleaner, more sustainable, and more equitable. This is the latest in a slew of prestigious awards and recognitions for BeeHero, which include Cleantech Group’s 2024 Global Cleantech 100 list, the 2024 Founder’s Games for social impact, CNBC’s 2023 Disruptor 50 list, and The New York Times’ 2022 Good Tech Awards.
About BeeHero
BeeHero is a data-driven technology company redefining pollination in commercial agriculture. Using advanced data analytics, artificial intelligence, and low-cost IoT sensors, BeeHero brings transparency and efficiency to the complex logistics of commercial crop pollination. Its Precision Pollination as a Service (PPaaS) results in better crop yields and increased profits for commercial crop growers and agribusiness stakeholders. Its precision pollination solution is rapidly evolving into the backbone of the data-driven approach needed to build a resilient and future-proof sustainable agriculture ecosystem. The company is headquartered in Fresno, California, with offices in Palo Alto, California and R&D in Tel Aviv, Israel.
Media Contact
Allison GreyHeadline [email protected] US: +1 323 283 8176UK: +44 203 807 4482IL: +972 53 820 2606

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Ahmad Al-Khowaiter, Aramco EVP of Technology & Innovation, said: “Aramco is delighted to partner with Pasqal to bring cutting-edge, high-performance quantum computing capabilities to the Kingdom. In a rapidly evolving digital landscape, we believe it is crucial to seize opportunities presented by new, impactful technologies and we aim to pioneer the use of quantum computing in the energy sector. Our agreement with Pasqal allows us to harness the expertise of a leading player in this field, as we continue to build state-of-the-art solutions into our business. It is also further evidence of our contribution to the growth of the digital economy in Saudi Arabia.”
Georges-Olivier Reymond, Pasqal CEO & Co-founder, said: “The era of quantum computing is here. No longer confined to theory, it’s transitioning to real-world applications, empowering organisations to solve previously intractable problems at scale. Since launching Pasqal in 2019, we have directed our efforts towards concrete quantum computing algorithms immediately applicable to customer use cases. Through this agreement, we’ll be at the forefront of accelerating commercial adoption of this transformative technology in Saudi Arabia. This isn’t just any quantum computer; it will be the most powerful tool deployed for industrial usages, unlocking a new era of innovation for businesses and society.”
The quantum computer will initially use an approach called “analog mode.” Within the following year, the system will be upgraded to a more advanced hybrid “analog-digital mode,” which is more powerful and able to solve even more complex problems.
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About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com
About PASQAL
Pasqal is a leading Quantum Computing company that builds quantum processors from ordered neutral atoms in 2D and 3D arrays to bring a practical quantum advantage to its customers and address real-world problems. Pasqal was founded in 2019, out of the Institut d’Optique, by Georges-Olivier Reymond, Christophe Jurczak, Professor Dr. Alain Aspect – Nobel Prize Laureate Physics, 2022, Dr. Antoine Browaeys and Dr. Thierry Lahaye. Pasqal has secured more than €140 million in financing to date. To learn more about Pasqal, visit www.pasqal.com.
Disclaimer
The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Stock Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Stock Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.
Aramco Contact Information:
@aramco

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