X-FAB Silicon Foundries SE (XFABF) Q1 2025 Earnings Call Transcript

X-FAB Silicon Foundries SE (OTCPK:XFABF) Q1 2025 Earnings Conference Call April 24, 2025 12:30 PM ET

Company Participants

Rudi De Winter – CEO
Alba Morganti – CFO

Conference Call Participants

Guy Sips – KBC Securities
Robert Sanders – Deutsche Bank

Operator

Hello and welcome to the X-FAB First Quarter Results Conference Call. My name is Laura and I will be your coordinator for today’s event. Please note, this call is being recorded and for the duration of the call, your lines will be in listen-only mode. However, you will have the opportunity to ask questions at the end of the call. [Operator Instructions]

I will now hand you over to your host, Rudi De Winter, CEO to begin today’s conference. Thank you.

Rudi De Winter

Thank you, Laura. Welcome to the conference call to comment on the X-FAB first quarter results. In the conference room today with me is Alba Morganti, CFO.

Let me start. In the first quarter, X-FAB recorded revenues of $204 million, down 6% year-on-year and up 8% quarter-on-quarter, which is well within the guidance. First quarter revenue in core markets, automotive, industrial, medical was at $188.6 million, up 4% quarter-on-quarter and now represents 93% of our total revenue.

The quarterly bookings were $175 million, a 26% increase quarter-on-quarter. This growth is primarily related to strong bookings in automotive and industrial end markets.

In general, customers are still placing orders later than usual in reaction to the currently shortened lead times. The backlog for the first quarter amounts to $387 million compared to $414 million at the end of previous quarter.

The backlog is still high compared to the situation pre-COVID. The average backlog used to be around three months revenue or less, and I expect the backlog to further come down a bit gradually to stabilize maybe around