X-FAB Silicon Foundries (XFAB) Q1 2025 earnings summary

Executive summary

• Q1 revenue reached $204.1 million, down 6% year-over-year but up 8% sequentially, within guidance, with core markets representing 93% of total revenue.

• Bookings rose 26% sequentially to $175 million, mainly from automotive and industrial sectors, though down 36% year-over-year.

• Backlog remains elevated at $387 million, gradually declining as lead times normalize.

• EBITDA was $49.1 million, up 23% sequentially and down 4% year-over-year, with a margin of 24%.

• Net profit for the quarter was $12.2 million, with EPS of $0.09.

Financial highlights

• Gross profit margin was 21.9%, down from 23.3% a year ago.

• Operating profit nearly doubled quarter-on-quarter to $21.1 million.

• Net financial result was a loss of $7.2 million, mainly due to $3.4 million in unrealized FX losses.

• Cash and cash equivalents at quarter-end were $157.2 million, down 27% sequentially, in line with capex plans.

• Capital expenditures were $101.7 million for the quarter.

Outlook and guidance

• Q2 2025 revenue expected between $200–$210 million; EBITDA margin 22.5%–25.5%.

• Full-year 2025 guidance reiterated: revenue $820–$870 million, EBITDA margin 24%–27%.

• Capex for 2024 to be just below EUR 250 million, with 75% in H1.

• Targeting over $1 billion revenue in 2026, driven by new products and recovery in automotive and silicon carbide.

• Guidance based on USD/EUR exchange rate of 1.08 and excludes IFRS 15 impact.