Revenues have plummeted and losses widened at Cardiff chip firm IQE.
The London-listed company, founded in 1988, supplies wafer products and advanced materials to the semiconductor industry which powers tech devices.
The wider industry downturn led to a 40% drop in revenues from £86.2 million in the first half of 2022 to £52m in H1 2023.
It reported an operating loss of £19.6m for the period, widened from £7.4m a year earlier.
An adjusted EBITDA loss of £5.7m compared with EBITDA profit of £12.3m in the first half of 2022.
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“IQE has delivered H1 revenue in line with our revised market guidance,” claimed CEO Americo Lemos.
“In a challenging macro environment, we have taken decisive action to manage costs and deliver immediate efficiencies and longer-term margin benefits.
“We are accelerating our diversification strategy with new customer designs in GaN Power electronics and broadening our market penetration into the China wireless market.
“By expanding our customer base across the breadth of our product portfolio and ramping in strategic growth areas, we are focused on improving future business performance.”