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In Q3 2023, Aixtron SE, a deposition equipment maker based in Herzogenrath, Germany, reported a revenue of €165 million, marking an 86% increase from the previous year but a 4.9% decrease from the last quarter. The company's revenue for the first nine months of 2023 rose by 49% year-on-year to €415.7 million, predominantly from equipment sales.
A significant portion of the revenue came from the sale of metal-organic chemical vapor deposition (MOCVD)/chemical vapor deposition (CVD) systems for manufacturing gallium nitride (GaN) and silicon carbide (SiC) based power electronics, which accounted for 82% of equipment revenue. There was a notable shift from optoelectronics and LED systems to SiC and GaN-based systems.
Regionally, Asia contributed 44% of the revenue, followed by Europe (33%) and the Americas (23%). The gross margin improved to 46% in Q3 from 42% in Q2, with operating profit doubling year-on-year due to a better product mix.
However, the company faced increased operating expenses, primarily due to a 44% rise in R&D costs. This led to a significant drop in free cash flow, mainly attributed to a rise in inventories in anticipation of higher business volumes.
Aixtron launched the G10-GaN system, an addition to its G10 product line, which is expected to generate over 50% of its total GaN revenues in 2024. Despite a dip in order intake in Q3, Aixtron projects a higher intake in Q4 and confirms increased full-year growth guidance, expecting continued strong demand, especially for efficient power electronics.
The company is also investing in a new Innovation Center to expand its R&D capabilities, aligning with global trends in electrification, digitalization, and renewable energies, where materials like SiC and GaN are becoming mainstream.
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