Q2 2024 X Fab Silicon Foundries EV Earnings Call Transcript
Key Points
- X-FAB Silicon Foundries SE (XFABF) achieved a record high in the share of total revenues from core markets, including automotive, industrial, and medical sectors.
- The company reported strong quarterly bookings amounting to $248 million, up 12% year on year, indicating robust demand for its technologies.
- X-FAB's microsystems business showed strong growth with a 21% year-on-year increase in revenue, driven by next-generation automotive applications.
- The company maintains a strong cash position with $290.1 million in cash and cash equivalents, securing financing for ongoing capacity expansion programs.
- X-FAB continues to invest in expanding its 200-millimeter CMOS technology capacity, which is in high demand, ensuring long-term growth potential.
- Revenues for the second quarter were $205 million, down 9% year on year and 4% quarter on quarter, reflecting a decline in overall business performance.
- Silicon carbide revenue declined by 33% year on year, with the current weakness expected to bottom out in the third quarter.
- The industrial business revenue decreased by 33% year on year, impacted by weaknesses in 150-millimeter CMOS and silicon carbide technologies.
- Medical revenues fell by 18% year on year, affected by temporary allocation issues in CMOS capacities.
- The company adjusted its full-year revenue guidance downward, reflecting delayed recovery in the silicon carbide power device market.
Welcome to the X-FAB Q2 2024 results conference call. My name is Ellen, and I will be your coordinator for today's event. Please note, this call is being recorded. (Operator Instructions)
I will now hand you over to your host, Rudi De Winter, CEO, to begin today's conference. Thank you.
Thank you. Welcome, everyone. Today, in the conference call, we also have Alba Morganti, CFO.
In the first quarter of 2024-- sorry, in the second quarter of 2024, the revenues were $205 million, down 9% year on year and 4% quarter on quarter, which is in line with the guidance of $200 million to $210 million. Revenues in the core markets, automotive, industrial, medical accounted $190 million, down 4% year on year, representing, though, an all-time record high with respect to the share of total revenues in the portfolio.
The second quarter was marked by a combination of developments on the one-hand demand for 200-millimeter CMOS technologies remain high
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