Aixtron SE
F:AIXA
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Aixtron SE
Aixtron SE, headquartered in Herzogenrath, Germany, is a pivotal player in the semiconductor industry. Since its inception, the company has carved a niche for itself by specializing in production equipment for the deposition of complex semiconductor materials. Through its sophisticated metal-organic chemical vapor deposition (MOCVD) technology, Aixtron enables the creation of high-performance devices used in advanced optoelectronics and microelectronics. This equipment is essential for the production of light-emitting diodes (LEDs), laser diodes, and power electronics, which are integral components in consumer electronics, automotive applications, and renewable energy systems.
The company's business model thrives on the rising demand for energy-efficient technologies and high-performance electronics. By providing cutting-edge deposition equipment, Aixtron empowers manufacturers to innovate in LED displays, laser applications, and the burgeoning field of power electronics for electric vehicles and energy infrastructure. Revenue streams are bolstered not only by the sale of the equipment but also through a robust aftercare service portfolio, which includes maintenance, upgrades, and consulting. This blend of high-technology product offerings and customer-focused services ensures steady and sustainable growth, fostering long-standing relationships with clients comprising some of the world's leading tech companies.
Aixtron SE, headquartered in Herzogenrath, Germany, is a pivotal player in the semiconductor industry. Since its inception, the company has carved a niche for itself by specializing in production equipment for the deposition of complex semiconductor materials. Through its sophisticated metal-organic chemical vapor deposition (MOCVD) technology, Aixtron enables the creation of high-performance devices used in advanced optoelectronics and microelectronics. This equipment is essential for the production of light-emitting diodes (LEDs), laser diodes, and power electronics, which are integral components in consumer electronics, automotive applications, and renewable energy systems.
The company's business model thrives on the rising demand for energy-efficient technologies and high-performance electronics. By providing cutting-edge deposition equipment, Aixtron empowers manufacturers to innovate in LED displays, laser applications, and the burgeoning field of power electronics for electric vehicles and energy infrastructure. Revenue streams are bolstered not only by the sale of the equipment but also through a robust aftercare service portfolio, which includes maintenance, upgrades, and consulting. This blend of high-technology product offerings and customer-focused services ensures steady and sustainable growth, fostering long-standing relationships with clients comprising some of the world's leading tech companies.
Revenue: Q3 revenue was EUR 120 million, within the guided range, but down from EUR 156 million last year. Full-year 2025 revenue guidance was lowered to EUR 530–565 million, the lower half of the original outlook.
Margins: Gross margin in Q3 was 39%, impacted by FX and one-off personnel expenses. Full-year gross margin guidance was reduced to 40–41%, down from 41–42%. EBIT margin guidance also cut to 17–19%.
Cash Flow & Inventory: Free cash flow improved to EUR 110 million for the first nine months, supported by a EUR 100 million reduction in working capital and lower CapEx. Inventories fell to EUR 316 million from EUR 369 million at year-end.
End Market Trends: AI-driven demand boosted Optoelectronics, while power electronics for automotive (SiC and GaN) remained soft. Utilization rates in GaN are rising, but SiC and GaN markets are still digesting prior overcapacity.
2026 Outlook: Management expects 2026 revenues to be flat or slightly down versus 2025, with Optoelectronics and GaN gaining share and SiC declining. Margin quality is expected to be stable or better due to mix and cost actions.
Order & Backlog: Q3 new orders were EUR 124 million with a book-to-bill of 1.04. Equipment order backlog stands at EUR 287 million.
