The German semiconductor equipment maker Aixtron is writing a strange story on the stock exchange this year. Its share price has surged roughly 174% since January, yet the company’s first-quarter revenue collapsed by nearly half compared to last year. The contradiction is explained by a torrent of big-ticket orders that has turned the order book into the true engine of the rally. On Friday, the stock closed at 53.40 euros, just 1% below the 52-week high of 54.34 euros, and has since ticked up to 53.74 euros.
Two major deals are driving the optimism. In May, US-based Lumentum ordered multiple G10‑AsP systems from Aixtron, which will produce indium-phosphide-based lasers and detectors destined for hyperscale cloud data centers. Separately, Japanese chipmaker Renesas took delivery of several Planetary‑series reactors that are already running in mass production for gallium‑nitride components used in electric vehicles and fast‑charging infrastructure. The Renesas equipment is operational, underscoring the rapid deployment of Aixtron’s technology.
The financials for the first quarter of 2026 paint a picture of transition. Revenue reached only 59 million euros, roughly half the prior-year figure, and came in well below market expectations. But orders jumped to 171 million euros from 132 million a year earlier. That divergence prompted management to upgrade its full‑year forecast: revenue is now expected to hit roughly 560 million euros, while the order‑intake target has also been set at around 560 million euros. The projected operating margin was lifted to a range of 17% to 20%, with the upper end matching the earlier guidance from the company.
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The valuation has become punchy as a result. Based on 2027 estimates, the price‑to‑earnings ratio stands at about 43, while the EV/EBIT multiple is near 30. The broader market is providing some tailwind: easing tensions in the Middle East are supporting European equities, and the technology sector has been a notable beneficiary. However, the macro backdrop remains uneven: Germany’s ifo business‑climate index ticked up in May, but investment in equipment slipped 1.2% in a sign of lingering caution.
The product mix underscores where Aixtron’s growth is concentrated. Optoelectronics accounted for nearly 70% of first‑quarter orders, while gallium‑nitride systems contributed just 3% of revenue. A recovery in the silicon‑carbide segment is not expected before the second half of 2026. The technical picture shows the stock trading well above its 50‑day moving average of 41.62 euros, a clear signal of near‑term strength.
All eyes now turn to the summer. The company will publish its first‑half financial report on July 30, 2026. Until then, the pace of deliveries and the trajectory of gross margins will determine whether the stock can decisively breach the 55‑euro resistance zone and sustain its parabolic ascent.
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