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IQE (IQE) investor relations material

IQE Trading Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Trading Update summary12 Jan, 2026

Trading performance and financial highlights

  • Achieved strong trading momentum in H2 2025, driven by early funding for US military and defence programs and higher photonics demand in AI and data centre markets.

  • Wireless product sales increased due to new handset launches, boosting Taiwan operations.

  • Revenue for FY 2025 expected at approximately £97m, with adjusted EBITDA of at least £2.0m, at the upper end of guidance.

  • Cash position at year-end 2025 was £15.6m, reflecting improved liquidity and working capital.

  • HSBC granted a waiver for Q4 2025 EBITDA covenant testing, indicating supportive banking relationships.

Order book and market outlook

  • Entered 2026 with a strong Q1 order book and improved demand visibility across consumer mobile, data centre, and AI-related photonics.

  • Wireless demand momentum from Q4 2025 expected to continue, supported by existing customers and new platform wins.

  • Growth in data centre deployments and AI-enabled compute is supporting increased photonics demand.

Strategic review and shareholder value

  • Board is negotiating non-binding offers for the group and certain assets to maximize shareholder value.

  • Encouraging level of interest and recognition of the group's intrinsic value, but no certainty of deal completion.

Clarify types of strategic review offers
Context of Q4 2025 EBITDA covenant waiver
Is 2026 military demand impacted by pull-forward
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