IQE plc
ConvictionContext
Merchant epitaxy foundry: grows III-V/wide-bandgap epitaxial wafer layers (MOCVD/MBE) on substrates for chipmakers to fabricate RF, photonic and power devices. Outsourced-epi (fab-light on the device side) supplier to RF PA houses, optical-component makers and defence primes; revenue is wafer volume x layer-stack complexity, plus development/NRE. Long-term supply agreements (MACOM, Tower) are shifting the model toward anchored, capacity-committed volume.
Revenue
GBP97.3M FY2025~$132M USDRev growth
-17.6% FY2025 YoYGBP118.0M -> GBP97.3M); guided to >+20% for FY2026Gross margin
not disclosedin the FY2025 releaseOp margin
deeply negative — reported loss before tax GBP37.0M on GBP97.3M revenueincludes impairment/exceptional items); adjusted EBITDA only GBP3.2M (~3% marginCapex intensity
~5% of revenueGBP5.1M PP&E capex FY2025, cut from GBP11.4M FY2024Market cap
~$583M USDGBP429m; AIM:IQE at 43.80p x 979.88M shares, 6 Jul 2026The read
Where our coverage leans
Coverage leans bullish
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for IQE plc
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence