IQE grows H1 revenue 43%, returns to positive adjusted EBITDA and plans a Main Market move

IQE reported H1 results on 7 September 2026.

Growth drivers

Photonics revenue increased 45%, supported by AI/data-centre demand and defence programmes. Wireless revenue rose 40%.

Higher factory utilisation and product mix improved profitability. Nevertheless, positive adjusted EBITDA coexists with a statutory loss and lower reported operating cash flow.

Funding and next steps

Adjusted net cash was £30.2m, excluding lease liabilities, following fundraising proceeds. This balance-sheet improvement should not be attributed entirely to operating cash generation.

IQE plans to convert existing capacity for indium-phosphide demand in H2 and has initiated an intended move from AIM to the London Stock Exchange's Main Market.

The key tests are capacity conversion, order delivery, working-capital control and continued progress toward statutory profitability.

Source: Company announcement, 7 September 2026.