Soitec’s annual revenue reaches a record level

Soitec recorded record revenue of €863 million in fiscal year 2022, up 50% at constant exchange rates, slightly above forecasts of around 45%.

French silicon-on-insulator (SOI) wafer maker reported consolidated revenue of €282 million for the fourth quarter of fiscal 2022, up 35% sequentially and 53% year-on-year at constant exchange rates.

“Thanks to another record quarter, we closed our fiscal year with organic growth of 50%, an even higher level than initially expected, allowing us to cross the $1 billion revenue mark for the first time” , commented Paul Boudre, CEO of Soitec. , in a report. All products contributed to growth.

By product group, Soitec reports:

. Turnover of 150/200 mm wafers of 94 million euros, up 25% at constant currencies compared to the fourth quarter of fiscal 2021. Soitec said this growth primarily reflects higher volumes of 150mm Piezoelectric-on-Insulator (POI) wafers produced at Bernin III, as well as stronger production of 200mm SOI wafers at Bernin. For the full year 2022, sales of 150/200 mm wafers are up 26% at constant exchange rates.

. 300mm Slice Recipes of 175 million euros, up 81% at constant currencies, compared to the prior year quarter. This performance is mainly due to strong demand in Soitec’s three end markets and its ability to deliver more volumes from Bernin II and Singapore thanks to the increase in capacity, and to a lesser extent to a positive price/mix effect. . For the whole of 2022, sales of 300 mm wafers are up 79% at constant exchange rates.

At the end of March 2022, Soitec announced a new manufacturing plant at its Bernin headquarters, namely Bernin IV, to accelerate global production and manufacture innovative SmartSiC wafers. It will mainly produce silicon carbide wafers for the electric vehicle and industrial markets. It will also support Soitec’s 300mm SOI activities.

For the 2023 financial year, ending March 31, 2023, Soitec expects its revenue to grow by 20% at constant exchange rates.

The outlook is in line with the group’s strategic plan announced in June 2021. It anticipates significant growth in each of its end markets and plans to reach a revenue target of around $2.3 billion. and an EBITDA margin target of around 40% by FY2026.

At Soitec’s Capital Markets Day in June 2021, Boudre said: “Given the growing number of applications and the ever-increasing hardware footprint for each product and application, we are confident in the ability of our organization to evolve more over the next five years. . We aim to triple our revenue over this period, while increasing our EBITDA margin by more than four percentage points. »


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Mary I. Bruner