Comet (COTN) Q1 2026 TU earnings summary

Executive summary

• Net sales for Q1 2026 were CHF 106.3 million, down 4.5% year-over-year, or 5.8% in constant currency.

• Incoming orders surged to CHF 144.9 million, up 22.3% year-over-year and 11.6% sequentially from Q4 2025.

• Book-to-bill ratio reached 1.4, indicating strong demand and future revenue visibility.

Financial highlights

• Net sales declined due to lower revenues in PCT and IXS divisions, while IXM showed solid growth.

• Adjusted EBITDA margin guidance excludes one-off items related to Penang site start-up and efficiency program, impacting margin by about 3 percentage points.

Outlook and guidance

• Market estimates suggest 15% to 25% year-over-year growth in wafer fabrication equipment spending for 2026.

• Net sales and adjusted EBITDA margin for 2026 expected to significantly exceed 2025 levels.

• Strong order book supports expectations for continued net sales progression in Q2 2026 and beyond.

• Cautious quantitative outlook maintained due to limited visibility on timing and strength of the upturn.