IQE AIM:IQE
- Founded
- 1988 · Cardiff, Wales
- Incorporated
- United Kingdom
- Chief executive
- Jutta Meier
- Employees
- 469
- Reports in
- GBP
- Companies House
- 03745726
Supplier of compound semiconductor epitaxial wafers, growing layered gallium arsenide, gallium nitride and indium phosphide structures on which customers fabricate chips for smartphones, photonics, VCSELs, radio frequency and power applications. Has been restructuring and reviewing its asset base amid cyclical end markets.
Read straight from the annual reports
54.8p at close on 2 Oct 2026 · 11 reported years, 2015–2025
| Line | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | later 154.6 | |||||||||||
| Gross profit | later 34.2 | later 38.8 | ||||||||||
| Operating profit | later 19.8 | later 17.2 | ||||||||||
| Adjusted operating profit | later 26.5 | |||||||||||
| Exceptional items | later (2.0) | later 9.4 | ||||||||||
| Net finance cost | later 1.5 | |||||||||||
| Profit before tax | later 18.4 | later 15.1 | ||||||||||
| Adjusted profit before tax | later 24.5 | |||||||||||
| Tax charge | later 0.34 | |||||||||||
| Profit for the year | later 17.9 | later 14.6 | ||||||||||
| EBITDA | ||||||||||||
| Adjusted minus statutory PBT | ||||||||||||
| Basic EPS | ||||||||||||
| Diluted EPS | ||||||||||||
| Adjusted EPS | ||||||||||||
| Dividend per share | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Photonics segment growth (AI/data centre, defence, IR sensing)
Photonics revenue increased 14.6% to £57,134,000 (2024: £49,876,000), driven by funding releases for US military and defence programmes in H2 2025 and continued growth in AI and data-centre-related markets; Photonics now represents 58.7% of total revenue (2024: 42.3%)
page 25Wireless segment decline (mobile handset demand)
Wireless revenue decreased 40.4% to £40,101,000 (2024: £67,295,000) reflecting uncertain macroeconomic conditions and softness in mobile handset demand, with customer requirements met from existing inventory
page 25Underutilisation of manufacturing assets and capacity
Statutory gross profit declined to £1,352,000 (2024: £4,446,000); a significant portion of the cost base does not flex with production volumes, causing disproportionate impact on gross profitability when volumes fall
page 25SG&A cost control / restructuring
Adjusted SG&A (excluding share-based payments, CEO/CFO recruitment and restructuring) reduced from £24,109,000 to £22,609,000 (6.2%), reflecting labour cost savings and discretionary expenditure reductions
page 25£9.1m charge: Photonics CGU impairment (goodwill, intangibles, PP&E, right-of-use assets)
page 121IQE entered 2026 with a strong order book, reflecting improved demand visibility across core segments including consumer mobile, data centre and AI-related photonics markets, supported by long-term agreements with key customers such as MACOM and Lumentum.
page 9On 18 February 2026, the Group extended the maturity of its convertible loan notes by 6 months to 13 September 2026
page 153No dividend paid or proposed in 2025 (2024: £nil); Directors do not recommend payment of a final dividend
page 81Financial statements prepared on a going concern basis notwithstanding a material uncertainty context: revenue declined to £97,300,000, loss after tax was £36,695,000 and adjusted net debt increased to £31,484,000. Directors prepared base case and severe-but-plausible downside forecasts for 12 months from approval, incorporating the £81m Fundraising completed 28 May 2026 (post balance sheet, non-adjusting). KPMG LLP issued its audit report (unqualified) with a material uncertainty related to going concern discussion; auditor concurred no material uncertainty existed that casts significant doubt for the going concern period, given completion of the Fundraising. Key audit matters included fraudulent revenue recognition risk and carrying value of Wireless/Photonics CGUs given the Strategic Review.
page 91- Health, Safety, Security and Environment - major incident at an IQE manufacturing site handling hazardous gases/materialsp.44
- Capital and liquidity - severe impact from prolonged semiconductor downturn and inventory correction; risk of covenant breach/insolvency, mitigated by Strategic Review and £81m Fundraisingp.44
- Loss of key people - lean workforce and highly competitive talent marketp.45
- International trade compliance - failure to comply with export control laws across multiple jurisdictionsp.45
Read from C000688-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 19 May 2027