X-FAB Silicon Foundries (XFAB) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $195.6M, down 4% year-on-year and 12% quarter-on-quarter; excluding IFRS 15/revenue recognized over time, revenue was $205.8M, above guidance and up 2% year-on-year.

• Core markets (automotive, industrial, medical) contributed $192.9M, up 2% year-on-year, representing 94% of total revenue.

• Order intake rose 3% sequentially to $169.4M; backlog at $308.4M, reflecting cautious automotive ordering.

• Strategic reorganization completed, creating three business units: Smart CMOS & SOI, Microsystems & Photonics, and Wide Bandgap.

• Microsystems & Photonics delivered a record $33.7M, up 42% year-on-year; wide-bandgap revenue reached $15.1M, up 152% year-on-year.

Financial highlights

• EBITDA was $34.2M with a margin of 17.5% (18.4% excluding IFRS 15 impact); EBIT was $2.3M, down 89% year-on-year.

• Gross profit for Q1 2026 was $30.7M, with a margin of 15.7%, down from 21.9% in Q1 2025.

• Net profit for Q1 2026 was $0.9M, compared to $12.2M in Q1 2025.

• CapEx for Q1 was $26M, in line with expectations; cash and cash equivalents at quarter-end were $144.7M.

• Net debt at quarter-end was $291.4M, reflecting LTA prepayment reimbursement.

Outlook and guidance

• Q2 2026 revenue expected between $190M-$200M; EBITDA margin guided at 17%-20%.

• Automotive recovery anticipated in H2 2026; medium-term outlook remains confident due to operating leverage and diversified portfolio.

• Guidance based on USD/EUR exchange rate of 1.15 and excludes IFRS 15 impact.