#IQE – H1 still an even “adjusted” loss, argues “strong momentum… initiated a move to the Main Market”

IQE – emphasises “H1 performance ahead of expectations”, but what about cash flow?

Describing itself as a “leading global supplier of compound semiconductor wafer products and advanced material solutions”, IQE plc (IQE) has issued a “trading update” headlined “H1 performance ahead of expectations, driven by InP demand for AI and data centre applications. Uplift in FY 2026 revenue guidance to in excess of 30% growth year-on-year”. What about that and a currently approx. 25% higher share price response to around 45p?

#IQE – H1 “ahead of expectations”, though emphasising revenue and adjusted EBITDA

#IQE – 2025 increased loss but argues “£81m fundraise from key partners is a transformational investment”, hmmm

IQE – “Conclusion of Strategic Review… a fantastic outcome for all”. Er, what about the share price-slumping response then?

In September last year IQE plc (IQE), which describes itself as “a leading global supplier of compound semiconductor wafer products and advanced material solutions”, announced it was “expanding the scope of the previously announced Strategic Review to also incorporate the potential sale of the company and is seeking buyers” whilst also emphasising a “leading position in providing advanced compound semiconductors across several market verticals and to a base of global marque customers”. The shares had since risen from then below 9p to above 60p and most recently closed at 49.4p before now “Conclusion of Strategic Review” and “placing” and “retail offer” announcements.

#IQE – raises £13m at 19.8p per share

#IQE – 2025 “performance at the upper end”, but still only “adjusted EBITDA position of at least £2.0m”

#IQE – H1 increased loss, “adjusted net debt” up to £23.5m

#IQE – further trading warning and now “seeking buyers”. Good luck!

#IQE – 2024 even adj. pre-tax loss £22.3m, net debt up to £18.8m

#IQE – closes “convertible loan note” fundraising, raising aggregate subscription proceeds of £18m

#IQE – desperate “convertible loan note financing” agreements

#IQE – completes sale of Pennsylvania site, to receive “$2.5m immediately and a further $3.0m before the end of the year”

#IQE – warns “slower than anticipated recovery”, “strategic review” and negotiating “short-term financing”

IQE: CEO fired, when is the lack of profits warning? Told y'all!

Back in September, IQE CEO Americo Lemos gushed about rising sales and adjusted EBITDA as he presented interim results. I called out his bullshit. The reality was that sales are vanity, adjusted EBITDA is a metric only the desperate use and that IQE was burning cash and had very limited earnings visibility. Today Americo was fired.

#IQE – CEO Americo Lemos “has left the company with immediate effect”. Er, why’s that then?

IQE sales are vanity and EBITDA is bullshit earnings, adjusted or otherwise

Americo Lemos the CEO of chip maker IQE (IQE) gushes enthusiastically about growing sales and a return to a positive adjusted EBITDA as he unveiled half calendar year results today. Is he trying to fool himself or investors? If it’s the latter he has failed as the shares have slumped back to sub 20p.

#IQE – H1 another loss and increased net debt, FY “expected to be at the lower end of the range of analyst forecasts”

#IQE – planned IPO of Taiwanese subsidiary on Taiwan Stock Exchange

#IQE – H1 updates on revenue, but bottom-line dare not speak its name!