Revenues have plummeted and losses widened at Cardiff chip firm IQE.
The London-listed company, founded in 1988, supplies wafer products and advanced materials to the semiconductor industry which powers tech devices.
The wider industry downturn led to a 40% drop in revenues from 拢86.2 million in the first half of 2022 to 拢52m in H1 2023.
It reported an operating loss of 拢19.6m for the period, widened from 拢7.4m a year earlier.
An adjusted EBITDA loss of 拢5.7m compared with EBITDA profit of 拢12.3m in the first half of 2022.
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鈥淚QE has delivered H1 revenue in line with our revised market guidance,鈥� claimed CEO Americo Lemos.聽
鈥淚n a challenging macro environment, we have taken decisive action to manage costs and deliver immediate efficiencies and longer-term margin benefits.聽
鈥淲e are accelerating our diversification strategy with new customer designs in GaN Power electronics and broadening our market penetration into the China wireless market.聽
鈥淏y expanding our customer base across the breadth of our product portfolio and ramping in strategic growth areas, we are focused on improving future business performance.鈥�