$IQE Earnings + Fundraising Update:
Long-term bullish validation to the thesis.Total Revenue: £97.3M (-17.6% YoY):- Photonics: £57.1M (+15%)- Wireless: £40.1M (-40%)Very similar story to Soitec where a weak smartphone market is dragging back earnings.But they're clearly focusing operations on AI/photonics segments going forwards:With "multiple Tier 1 InP photonics design wins...for future volume production...for data centres""Accelerating demand for our InP solutions supporting data centre and AI markets is expected to be a material growth driver throughout 2026 and beyond"Very clear inflection point rn where Photonics > Wireless segment. And demand/wins should flush through into future earnings.Fundraising (£81M) update:£81M Fundraise mostly from $Macom Tech(MTSI.US) will be used to clean up the balance sheet.With admission of 332M fundraising shares to take place around Monday 1 June 2026.For quick dilution napkin maths as of 28th May:Pre-money equity value (980.4m @ 50.70p) = £497.1M+ $Macom Tech(MTSI.US) cash = +£30M+ CLN = +22.8M+ Retail placing = +£13.0M= Mechanical post-money equity value = £562.9MDivide by 1.312B shares= Fully diluted share price ~40-42p range
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