AIXTRON (AIXA) Q1 2025 earnings summary

Executive summary

• Q1 2025 order intake reached EUR 132 million, up 10% year-over-year, driven by strong Asian/Chinese demand despite weaker Western markets.

• Revenues were EUR 113 million (or EUR 112.5 million), exceeding guidance but down 5% year-over-year; gross margin at 30% impacted by a EUR 5 million one-off personnel reduction.

• EBIT was EUR 3.3 million (3% margin), down 67% year-over-year; net profit at EUR 5.1 million, down 53% year-over-year.

• Confirmed full-year 2025 guidance despite market uncertainties and one-off personnel reduction costs.

• Inventory reduction and improved working capital led to strong operating and free cash flow improvements.

Financial highlights

• Q1 revenues reached EUR 112.5–113 million, down 5% year-over-year but above guidance.

• Gross margin was 30%, adjusted to 35% excluding EUR 5 million one-off personnel costs.

• EBIT for the quarter was EUR 3.3 million, mainly affected by lower gross profit from one-off expenses.

• Operating cash flow improved to EUR 35.1 million, up over EUR 42 million from last year's negative EUR 7 million.

• Free cash flow was EUR 29.8–30 million, a significant turnaround from negative EUR 33 million last year.

• Cash balance increased to EUR 93.3 million from EUR 65 million at year-end 2024.

Outlook and guidance

• Full-year 2025 revenue expected at EUR 530–600 million, about 10% below 2024 at midpoint.

• Gross margin guidance at 41–42%, EBIT margin between 18–22%, both including EUR 5 million in one-off costs.

• Q2 2025 revenues expected in the range of EUR 120–140 million.

• Annualized savings from personnel reduction expected to improve margins by about 1 percentage point.

• Visibility for FY 2025 remains low due to weak end-market demand, though structural growth drivers are intact.