IQE plc announced on September 7, 2026 that first‑half 2026 revenue grew 43% year‑on‑year to £64.6 million, driven by strong performance in its wireless (£26.0 million, +40%) and photonics (£38.5 million, +45%) segments.
Adjusted EBITDA turned positive at £6.0 million, representing 9% of revenue, versus a £0.4 million loss in the comparable period of 2025. Adjusted operating cash flow was £4.7 million, after a £4.0 million working‑capital outflow, while cash generated before working‑capital changes reached £8.7 million.
The company highlighted a strategic £81 million investment from MACOM Technology Solutions and existing shareholders, of which £80.8 million was raised gross and £79.6 million net. The proceeds funded the repayment of £26.1 million in bank borrowings and £17.8 million of convertible loan note principal, plus £5.4 million of accrued interest. As a result, bank borrowings fell to zero, and adjusted net funds improved to £30.2 million, up from an opening net‑debt position of £31.5 million. Cash and cash equivalents ended the period at £41.6 million.
Operating expenses were trimmed, with SG&A costs falling to £14.1 million from £16.3 million a year earlier. Capital expenditure was modest at £1.1 million, and lease liabilities were reduced by £2.3 million, leaving total lease obligations of £42.6 million.
IQE also disclosed several commercial agreements. A $14 million production order for AI and data‑center applications was received on July 14, 2026. Multi‑year supply contracts were signed with MACOM (April 27), Tower Semiconductor for indium‑phosphide epiwafer supply (June 15) and Quintessent Inc. for quantum‑dot laser epitaxy (September 3).
The firm reaffirmed its FY 2026 outlook, targeting revenue growth above 30% year‑on‑year and low‑teens‑million pounds adjusted EBITDA. IQE aims to list on the London Stock Exchange’s Main Market in the first half of 2027.
Management, led by CEO Jutta Meier and COO Matthew Geen, said the combination of robust order intake, disciplined cost control and a debt‑free balance sheet positions the company for continued expansion in the fast‑growing photonics and wireless markets.
