Aixtron figures show "clear improvement in market dynamics"
Aixtron has confirmed the preliminary figures released on April 14, 2026. With an order intake of €171.4m in the first quarter of 2026, the company says there's a clear improvement in market momentum, driven by very strong demand for optoelectronics systems.
This development is underscored by multi‑tool orders from several customers. Major system shipments are expected to begin in Q2/2026 and continue well beyond the current fiscal year.
In the power electronics market, demand for SiC-tools remained soft, while demand for GaN-tools stayed stable at a low level. Q1/2026 revenues of €59.4m were in line with guidance of €65m in a range of ± €10m and seasonal expectations (Q1/2025: €112.5m).
During the first three months of 2026, Aixtron implemented the personnel reduction announced earlier. This resulted in one‑off costs in the mid-single‑digit €million range and creates a more flexible operating structure.
In Q1/2026, Aixtron announced plans for a new production site in Malaysia to strengthen long‑term manufacturing flexibility and resilience, particularly in supporting customers in Asia. In April, the company successfully placed its first €450m convertible bond, further enhancing long-term financial flexibility. The bonds do not bear periodic interest and, unless converted before then, will be redeemed in April 2031.
"The first quarter of 2026 marked a clear improvement in market dynamics, with exceptionally strong order momentum in optoelectronics,” says Felix Grawert, CEO of Aixtron SE. “Laser‑related demand exceeded our expectations, and the visibility provided by orders extending beyond 2026 supports the start of a new structural growth trend. As we expect this momentum to continue, we have raised our full‑year 2026 guidance. At the same time, the planned Malaysia site strengthens our foundation for profitable growth.”
Optoelectronics accounted for almost 70 percent of order intake in Q1/2026 and is currently Aixtron's main demand driver. Total order intake in the first three months of 2026 was €171.4m, 30 percent above the previous year's level (Q1/2025: €132.2m). The company continues to see high multi‑tool order activity, supporting a robust pipeline well beyond 2026. As of March 31, 2026, equipment order backlog stood at €359.1m, up from €307.9m a year earlier and from €257.8m at the end of 2025.
Revenue in Q1/2026 amounted to €59.4m (-47 percent yoy) in line with seasonal expectations. This was within the guidance of €65m in a range of ± €10m (Q1/2025: €112.5m).
Aixtron recorded gross profit of €10.8m in the first three months of 2026 (Q1/2025: €34.1m), corresponding to a gross margin of 18 percent (Q1/2025: 30 percent). This includes one-off expenses in the mid single-digit €million range related to the announced personnel reduction in the operations area.
Operating expenses increased by 7 percent in the first quarter of 2026 to €33.0m (Q1/2025: €30.8m). Research and development expenses, which accounted for the largest share, increased by 40 percent to €24.8m in the first quarter of 2026 (Q1/2025: €17.7m).
The operating result (EBIT) in the first three months of 2026 was €-22.3m, corresponding to an EBIT margin of -38 percent (Q1/2025: €3.3m, 3 percent). Compared with the previous year, the decline in EBIT was mainly due to lower volume and expenses for the one-off effects described above. Net result for the first three months of 2026 came in at €-21.9m (Q1/2025: €5.1m).
Cash flow from operating activities in the first quarter of 2026 was €53.6m (Q1/2025: €35.1m). In particular, the reduction in working capital had a positive impact compared with the previous year. Free cash flow benefited from the improved operating cash flow and amounted to €48.5m in the first three months of 2026. This corresponds to an improvement of €18.7m compared with the previous year (Q1/2025: €29.8m).
As of March 31, 2026, Aixtron reported cash and cash equivalents, including other current financial assets, of €272.7m (December 31, 2025: €224.6m). The equity ratio of 85 percent as of March 31, 2026 underscores Aixtron's financial strength (December 31, 2025: 88 percent).
"The successful placement of Aixtron’s first convertible bond underscores the capital markets’ confidence in the strength and long-term potential of our strategy. We have been able to raise €450m with zero coupon. This now gives us full flexibility to act on future business opportunities. At the same time, we will remain financially disciplined and continue further optimizing working capital," says Christian Danninger, CFO of Aixtron SE.
Updated 2026 full-year guidance confirmed
Aixtron confirms its updated full-year guidance for fiscal year 2026, published on April 14, 2026. The outlook is supported by a healthy optoelectronics pipeline and the expected start of major system shipments from Q2/2026 onwards.
The executive board expects revenues of €560m in a range of ± €30m (previously: €520m in a range of ± €30m), a gross margin of around 42 percent (previously: 41 percent to 42 percent) and an EBIT margin of 17 percent to 20 percent (previously: 16 percent to 19 percent) for fiscal year 2026.
The guidance for gross margin and EBIT margin includes one-off expenses in the mid-single digit €million range related to the personnel reduction undertaken in the operations area.
For the second quarter of 2026, the executive board expects revenues of €110m in a range of ± €10m.
