IQE plc
Information Technology · Semiconductors
Structural: IQE is one of a handful of merchant compound-semi epi-wafer suppliers globally (alongside IntelliEPI and captive in-house lines at $SWKS / $QRVO / Win Semi). Sells GaAs for RF front-ends, InP for datacom/100G+ optics, GaN for power + 5G PA, and VCSEL epi for 3D sensing - every iPhone Face ID stack historically pulled IQE wafers.
Cardiff MOCVD capacity is the largest non-captive compound-semi epi footprint in the West.
- Photonics/VCSEL demand inflecting on AI datacenter optics (800G/1.6T) + LiDAR + co-packaged optics
- GaN power adoption (chargers, EV, datacenter PSU) creates second epi leg beyond cyclical RF
- Western-sourced compound-semi epi is strategic vs Taiwan/China captive capacity - UK + US gov interest
- Small float + sub-$200M market cap = optionality if any single program (Apple, hyperscaler optics) ramps
- Handset RF cycle has been in multi-year downtrend; $SWKS / $QRVO insourcing epi pressures merchant pricing
- Chronically unprofitable at group level; cash burn forced 2024 equity raise and Newport sale-leaseback talks
- ADR is thinly traded, wide spreads; UK LSE primary listing means delayed price discovery for US holders
- Customer concentration (Apple supply chain estimated >25% of revenue) creates single-program risk
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