IQE

IQE · AIM · Technology · mcap £528m · 35.3p 3 open situations →

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2026 MACOM investment and fundraising Guidance upgrades Richard Griffiths selling down HSBC covenant and liquidity Strategic review and sale process Offer for the company

Open · 3

Dilutive fundraise

MACOM investment and fundraising

Proceeds received; net cash £30.2m

Led to Strategic review and sale process – Review concluded; whole-Group sale talks terminated, closed 27 Apr 2026 Led to HSBC covenant and liquidity – Bank-debt free, cash £41.6m at 30 June, closed 21 Jul 2026

The strategic review ended in April 2026 with MACOM investing in IQE through an £81m package at 19.8p, a 58.4% discount to the prior close. The H1 results, dated 7 Sep 2026, say fundraising proceeds were received. At 30 June 2026 IQE had cash of £41.6m and adjusted net cash of £30.2m, against net debt of £23.5m a year earlier.

MACOM: £45m: £30m equity and £15m non-interest bearing convertible loan notes
Noteholders: £23m redemption and reinvestment of convertible loan notes
Placing and Retail: £13m at 19.8p, a 58.4% discount to the 47.6p close
Board: MACOM's Robert Dennehy and David O'Carroll nominated as Non-executive Directors
Conditions: Shareholder vote and approvals outstanding
Status: Proceeds received by 30 June 2026 7 Sep 2026 ↗

7 Sep 2026 Proceeds received; net cash £30.2m
28 May 2026 Fundraise announced; completion pending
28 Apr 2026 Placing and Retail Offer closed; awaiting vote and approvals
27 Apr 2026 Retail offer launched; conditional on Placing and shareholder vote

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Upgrade / downgrade cycle

Guidance upgrades

Guidance reconfirmed after H1 beat

On 28 May 2026 IQE guided FY 2026 revenue growth above 20% and high-single to low-double-digit adjusted EBITDA. On 21 Jul 2026 it raised this to above 30% and low-teens £m, driven by InP demand for AI and data centres. On 7 Sep 2026 the interims reconfirmed it, with H1 revenue of £64.6m and adjusted EBITDA of £6.0m.

Prior guidance: FY 2026 revenue growth above 20%; adjusted EBITDA high-single to low-double-digit £m (28 May 2026) 21 Jul 2026 ↗
New guidance: FY 2026 revenue growth above 30%; adjusted EBITDA low-teens £m (21 Jul 2026) 21 Jul 2026 ↗
H1 revenue: £64.6m, up 43% (H1 2025: £45.3m); July flagged at least £64m 7 Sep 2026 ↗
Main driver: Strong InP demand for AI and data centres; existing tooling converted in H2 to add InP capacity 7 Sep 2026 ↗
Guidance: FY 2026 revenue growth above 30%; adjusted EBITDA low-teens £m, reconfirmed 7 Sep 2026 7 Sep 2026 ↗
H1 adjusted EBITDA: £6.0m (H1 2025: (£0.4m)) 7 Sep 2026 ↗

Next: H2 delivery against FY 2026 guidance

7 Sep 2026 Guidance reconfirmed after H1 beat
21 Jul 2026 Guidance raised a second time

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Overhang

Richard Griffiths selling down

11.55% → 3% in 2 notices

Next: 3% still held

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Closed · 3

Balance-sheet stress / refinancingHSBC covenant and liquidity Bank-debt free, cash £41.6m at 30 June · 12 Jan 2026 – 21 Jul 2026 Sale process / strategic reviewStrategic review and sale process Review concluded; whole-Group sale talks terminated · 12 Jan 2026 – 27 Apr 2026 Takeover targetOffer for the company went quiet · 8 Sep 2025 – 22 Mar 2026 +122%

Company filings. Not investment advice.