Soitec (SOI) Q1 2026 TU earnings summary

Executive summary

• Q1 FY2026 revenue was €92 million, down 16% year-over-year organically, slightly above guidance, following a strong Q4 FY2025 driven by inventory replenishment.

• Revenue decline was due to RF-SOI inventory correction, ongoing automotive market weakness, and the planned phase-out of a major SOI product, partially offset by strength in cloud infrastructure and AI-driven IoT.

• Four technologies now generate around or above $100 million annually, up from one three years ago, with Photonics SOI expected to reach this soon.

• Diversification efforts are expanding the product portfolio and customer base to mitigate volatility.

• Operational excellence initiatives include optimizing fab loading, adapting CapEx, and driving efficiency while maintaining R&D investment.

Financial highlights

• Q1 FY2026 revenue: €92 million, a 16% organic decline year-over-year, with a 5% negative currency impact and 3% negative scope effect from divestments.

• Mobile communications revenue: €43 million, down 7% year-over-year organically.

• Automotive and industrial revenue: €5 million, down 81% year-over-year organically.

• Edge & Cloud AI/Agent Léa Alzingre revenue: €44 million, up 13% organically, driven by AI and cloud momentum.

Outlook and guidance

• Q2 FY2026 revenue expected to grow by around 50% sequentially, but still down year-over-year due to ongoing RF-SOI inventory correction and automotive weakness.

• Mobile communications revenue will remain low but nearly double sequentially; automotive and industrial to decline sharply year-over-year; Edge & Cloud AI to maintain solid momentum.

• CapEx cash out confirmed at €150 million for FY2026, down from €230 million in FY2025.

• No full-year guidance provided due to market volatility and focus on working capital and cash generation.