IQE

IQE · AIM · Technology · mcap £663m · 44.3p

Beta Briefing, track record and signals & risks are not ready for IQE yet.

We follow 964 UK small caps and every one of their announcements – often hundreds per company. 73 companies are already wired into a briefing: browse them.

Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 07 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £590.4m
Owner’s net cash: £30.2m
Net cash / market cap: 5%
EV ex leases: £560.2m
Revenue: £116.6m
Operating profit: −£22.9m
Free cash flow after leases: −£16.0m
FCF yield: -2.7%
Price / tangible book: 3.98×
ROCE: -12%
Net income (owners): −£31.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 07 Sep 26 · read the results ↗

Source ↗

	6 months to 30 Jun 2026 Unaudited £'000s	6 months to 30 Jun 2025 Unaudited £'000s	12 months to 31 Dec 2025 Audited £'000s
Revenue	64,558	45,254	97,300
Cost of sales	(58,565)	(44,723)	(95,948)
Gross profit	5,993	531	1,352
Selling, general and administrative expenses	(14,061)	(16,305)	(27,758)
Impairment loss on intangible assets	-	(6,968)	(9,586)
Impairment loss on property, plant and equipment	-	(401)	(402)
Impairment loss on right-of-use asset	-	(245)	(245)
Impairment loss on trade receivables and contract assets	(89)	(65)	(787)
Profit/(loss) on disposal of intangible assets and property, plant and equipment	12	-	(800)
Gains on disposal of foreign operations	-	8,167	8,167
Operating loss	(8,145)	(15,286)	(30,059)
Finance income	211	117	294
Finance costs	(4,640)	(3,163)	(7,269)
Adjusted loss before income tax	(8,170)	(15,994)	(27,939)
Adjustments	(4,404)	(2,338)	(9,095)
Loss before income tax	(12,574)	(18,332)	(37,034)
Taxation	(336)	462	339
Loss for the period	(12,910)	(17,870)	(36,695)
Loss attributable to
Equity shareholders	(12,910)	(17,870)	(36,695)
Total loss attributable to	(12,910)	(17,870)	(36,695)
Loss per share attributable to owners of the parent during the period
Basic loss per share 10	(1.25p)	(1.84p)	(3.77p)
Diluted loss per share 10	(1.25p)	(1.84p)	(3.77p)

Source ↗

	30 Jun 2026 Unaudited £'000s	30 Jun 2025 Unaudited £'000s	31 Dec 2025 Audited £'000s
Non-current assets
Intangible assets	16,845	19,842	17,244
Property, plant and equipment	89,505	103,397	95,253
Right-of-use assets	36,753	39,382	38,146
Deferred tax	-	-	282
Total non-current assets	143,103	162,621	150,925
Current assets
Inventories	19,827	19,435	18,665
Trade and other receivables	33,694	29,214	28,093
Cash and cash equivalents	41,596	16,990	15,653
Total current assets	95,117	65,639	62,411
Total assets	238,220	228,260	213,336
Current liabilities
Trade and other payables	(33,709)	(32,290)	(29,345)
Current tax liabilities	(16)	-	(27)
Bank borrowings	-	-	(26,816)
Convertible loan notes	-	(18,243)	(20,321)
Lease liabilities	(5,463)	(4,541)	(4,691)
Provisions for other liabilities and charges	(459)	(938)	(645)
Total current liabilities	(39,647)	(56,012)	(81,845)
Non-current liabilities
Trade and other payables	(1,509)	(1,911)	(1,683)
Bank borrowings	-	(22,285)	-
Convertible loan notes	(11,411)	-	-
Lease liabilities	(37,065)	(41,756)	(39,862)
Provisions for other liabilities and charges	(266)	(235)	(252)
Deferred tax liabilities	(23)	-	-
Total non-current liabilities	(50,274)	(66,187)	(41,797)
Total liabilities	(89,921)	(122,199)	(123,642)
Net assets	148,299	106,061	89,694
Equity attributable to shareholders of the parent
Share capital	13,310	9,765	9,783
Share premium	218,229	155,972	155,972
Retained earnings	(135,249)	(103,514)	(122,339)
Exchange rate reserve	20,947	19,744	19,946
Other reserves	31,062	24,094	26,332
Total equity	148,299	106,061	89,694

Source ↗

	30 Jun 2026 Unaudited £'000s	30 Jun 2025 Unaudited £'000s	31 Dec 2025 Audited £'000s
Cash flows from operating activities
Adjusted cash inflow from operations	4,680	6,190	11,180
Cash impact of adjustments	(3,485)	(2,582)	(3,110)
Cash generated from operations	1,195	3,608	8,070
Interest received	211	117	294
Interest paid	(7,791)	(1,961)	(3,887)
Income tax paid	(50)	(560)	(754)
Net cash (used)/generated in operating activities	(6,435)	1,204	3,723
Cash flows from investing activities
Purchase of property, plant and equipment	(1,069)	(1,038)	(5,092)
Purchase of intangible assets	(25)	(94)	(165)
Capitalised development expenditure	(798)	(1,516)	(3,096)
Proceeds from disposal of property, plant and equipment and intangible assets	18	116	114
Acquisition of subsidiary, net of cash received*	(205)	(150)	(150)
Adjusted cash used in investing activities	(2,079)	(2,682)	(8,503)
Cash impact of adjustments - proceeds from disposal of property, plant and equipment and intangible assets	-	-	114
Net cash used in investing activities	(2,079)	(2,682)	(8,389)
Cash flows from financing activities
Proceeds from issuance of ordinary shares	66,798	93	111
Expenses associated with issuance of ordinary shares	(1,014)	-	-
Proceeds from issuance of convertible loan notes	15,000	18,000	18,000
Expenses associated with issuance of convertible loan notes	(157)	(715)	(715)
Proceeds from bank borrowings	-	-	4,105
Repayment of bank borrowings	(26,120)	-	-
Repayment of convertible loan notes	(17,794)	-	-
Payment of lease liabilities	(2,315)	(3,419)	(5,680)
Net cash generated from financing activities	34,398	13,959	15,821
Net increase in cash and cash equivalents	25,884	12,481	11,155
Cash and cash equivalents at the beginning of the period	15,653	4,660	4,660
Exchange gains/(losses) on cash and cash equivalents	59	(151)	(162)
Cash and cash equivalents at the end of the period	41,596	16,990	15,653

Source ↗

	2025 £'000	2024 £'000
Revenue	97,300	118,034
Cost of sales	(95,948)	(113,588)
Gross profit	1,352	4,446
Selling, general and administrative expenses	(27,758)	(29,982)
Impairment loss on intangible assets	(9,586)	(3,772)
Impairment loss on property, plant and equipment	(402)	(4,615)
Impairment loss on right-of-use asset	(245)	(31)
Gain on disposal of foreign operation	8,167	-
Gain on remeasurement of right-of-use asset	-	202
Impairment loss on trade receivables and contract assets	(787)	(3)
(Loss)/profit on disposal of intangible assets and property, plant and equipment	(800)	797
Operating loss	(30,059)	(32,958)
Finance income	294	-
Finance costs	(7,269)	(3,947)
Adjusted loss before income tax	(27,939)	(22,304)
Adjustments	(9,095)	(14,601)
Loss before income tax	(37,034)	(36,905)
Taxation	339	(1,273)
Loss for the year	(36,695)	(38,178)
Loss attributable to
Equity shareholders	(36,695)	(38,178)
Total loss attributable to	(36,695)	(38,178)
Loss per share attributable to owners of the parent during the year
Basic loss per share	(3.77p)	(3.96p)
Diluted loss per share	(3.77p)	(3.96p)

Source ↗

	2025 £'000	2024 £'000
Non-current assets
Intangible assets	17,244	28,950
Property, plant and equipment	95,253	113,674
Right-of-use assets	38,146	42,210
Deferred tax assets	282	-
Total non-current assets	150,925	184,834
Current assets
Inventories	18,665	20,009
Trade and other receivables	28,093	37,424
Cash and cash equivalents	15,653	4,660
Assets held for resale	-	120
Total current assets	62,411	62,213
Total assets	213,336	247,047
Current liabilities
Trade and other payables	(29,345)	(34,405)
Current tax liabilities	(27)	(428)
Bank borrowings	(26,816)	-
Convertible loan notes	(20,321)	-
Lease liabilities	(4,691)	(5,658)
Provisions for other liabilities and charges	(645)	(774)
Total current liabilities	(81,845)	(41,265)
Non-current liabilities
Trade and other payables	(1,683)	(2,035)
Bank borrowings	-	(23,460)
Lease liabilities	(39,862)	(44,872)
Deferred tax liabilities	-	(774)
Provisions for other liabilities and charges	(252)	(531)
Total non-current liabilities	(41,797)	(71,672)
Total liabilities	(123,642)	(112,937)
Net assets	89,694	134,110
Equity attributable to the shareholders of the parent
Share capital	9,783	9,672
Share premium	155,972	155,972
Retained losses	(122,339)	(85,644)
Exchange rate reserve	19,946	31,621
Other reserves	26,332	22,489
Total equity	89,694	134,110

Source ↗

	2025 £'000	2024 £'000
Cash flows from operating activities
Adjusted cash inflow from operations	11,180	6,087
Cash impact of adjustments	(3,110)	(4,805)
Cash generated from operations	8,070	1,282
Interest received	294	-
Interest paid	(3,887)	(3,317)
Income tax paid	(754)	(841)
Net cash generated from/(used in) operating activities	3,723	(2,876)
Cash flows from investing activities
Purchase of property, plant and equipment	(5,092)	(11,359)
Purchase of intangible assets	(165)	(1,609)
Capitalised development expenditure	(3,096)	(1,877)
Proceeds from disposal of property, plant and equipment and intangible assets	114	4,906
Acquisition of subsidiary, net of cash received*	(150)	(255)
Adjusted cash used in investing activities	(8,503)	(15,022)
Cash impact of adjustments - proceeds from disposal of property, plant and equipment	114	4,828
Net cash used in investing activities	(8,389)	(10,194)
Cash flows from financing activities
Proceeds from issuance of ordinary shares	111	185
Issue of convertible loan notes	18,000	-
Expenses associated with the issuance of convertible loan notes	(715)	-
Proceeds from borrowings	4,105	19,493
Repayment of borrowings	-	(4,048)
Payment of lease liabilities	(5,680)	(3,470)
Net cash generated from financing activities	15,821	12,160
Net increase/(decrease) in cash and cash equivalents	11,155	(910)
Cash and cash equivalents at 1 January	4,660	5,617
Exchange losses on cash and cash equivalents	(162)	(47)
Cash and cash equivalents at 31 December	15,653	4,660

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	116.6	97.3	118.0
Gross profit	6.8	1.4	4.4
Adjusted EBITDA	9.7	3.2	8.1
Operating profit	(22.9)	(30.1)	(33.0)
Depreciation (owned assets)	(18.0)	(19.6)^r	16.6
Depreciation (right-of-use)	–	3.6	3.8
Share-based payments	–	3.6	3.2
Operating profit to net income
Finance costs	(8.7)	(7.3)	(3.9)
Profit before tax	(31.3)	(37.0)	(36.9)
Tax	(0.5)	0.3	(1.3)
Net income (owners)	(31.7)	(36.7)	(38.2)
Per share
EPS basic	(3.2p)	(3.8p)	(4.0p)
EPS diluted	(3.2p)	(3.8p)	(4.0p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	64.6	+43%	52.0	45.3
Gross profit	6.0	n/m	0.8	0.5
Adjusted EBITDA	6.0	n/m	3.6	(0.4)
Operating profit	(8.1)	n/m	(14.8)	(15.3)
Depreciation (owned assets)	(8.5)	−16%	(9.5)	(10.1)
Operating profit to net income
Finance costs	(4.6)	+47%	(4.1)	(3.2)
Profit before tax	(12.6)	n/m	(18.7)	(18.3)
Tax	(0.3)	n/m	(0.1)	0.5
Net income (owners)	(12.9)	n/m	(18.8)	(17.9)
Per share
EPS basic	(1.2p)	–	(1.9p)	(1.8p)
EPS diluted	(1.2p)	–	(1.9p)	(1.8p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(3.9)	3.7	(2.9)
Interest paid	(9.7)	(3.9)	(3.3)
Tax paid	(0.2)	(0.8)	(0.8)
Investing activities
Capex (PP&E)	(5.1)	(5.1)	(11.4)
Capex (intangibles)	(2.4)	(3.1)	(1.9)
Financing activities
Lease principal paid	(4.6)	(5.7)	(3.5)
Shares issued	66.8	0.1	0.2

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(6.4)	n/m	2.5	1.2
Interest paid	(7.8)	+297%	(1.9)	(2.0)
Tax paid	(0.1)	−91%	(0.2)	(0.6)
Investing activities
Capex (PP&E)	(1.1)	+3%	(4.1)	(1.0)
Capex (intangibles)	(0.8)	−47%	(1.6)	(1.5)
Financing activities
Lease principal paid	(2.3)	−32%	(2.3)	(3.4)
Shares issued	66.8	n/m	0.0	0.1

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	–	17.2	28.9
Property, plant & equipment	89.5	95.3	113.7
Non-current assets	143.1	150.9	184.8
Current assets
Inventories	19.8	18.7	20.0
Trade receivables	33.7	28.1	37.4
Cash	41.6	15.7	4.7
Current assets	95.1	62.4	62.2
Total assets	238.2	213.3	247.0
Current liabilities
Trade payables	33.7	29.3	34.4
Borrowings, current	0.0	20.3^r	0.0
Lease liabilities, current	5.5	4.7	5.7
Current liabilities	39.6	81.8	41.3
Non-current liabilities
Borrowings, non-current	11.4	0.0	23.5
Lease liabilities, non-current	37.1	39.9	44.9
Non-current liabilities	50.3	41.8	71.7
Total liabilities	89.9	123.6	112.9
Equity
Total equity	148.3	89.7	134.1
Net cash and other figures
Net cash / (debt) ex leases	30.2	(31.5)	(18.8)
Net cash / (debt) incl. leases	–	(76.0)	(69.3)

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	–	17.2	–	28.9
Property, plant & equipment	89.5	95.3	103.4	113.7
Non-current assets	143.1	150.9	162.6	184.8
Current assets
Inventories	19.8	18.7	19.4	20.0
Trade receivables	33.7	28.1	29.2	37.4
Cash	41.6	15.7	17.0	4.7
Current assets	95.1	62.4	65.6	62.2
Total assets	238.2	213.3	228.3	247.0
Current liabilities
Trade payables	33.7	29.3	32.3	34.4
Borrowings, current	0.0	20.3^r	18.2	0.0
Lease liabilities, current	5.5	4.7	4.5	5.7
Current liabilities	39.6	81.8	56.0	41.3
Non-current liabilities
Borrowings, non-current	11.4	0.0	0.0	23.5
Lease liabilities, non-current	37.1	39.9	41.8	44.9
Non-current liabilities	50.3	41.8	66.2	71.7
Total liabilities	89.9	123.6	122.2	112.9
Equity
Total equity	148.3	89.7	106.1	134.1
Net cash and other figures
Net cash / (debt) ex leases	30.2	(31.5)	(23.5)	(18.8)
Net cash / (debt) incl. leases	–	(76.0)	–	(69.3)

Read automatically from each results announcement. Check the source before relying on a figure.

Spotted an error in this income statement? Report it

Company filings. Not investment advice.