May. 27 at 6:58 PM
$SOI /
$SLOIF got crushed after ugly FY26 numbers, and honestly the legacy drag is hard to ignore.
Revenue down 30%, EBITDA down nearly 50%, with mobile and auto still weighing heavily on results. Near term, the market clearly doesn’t want to pay for “future potential” while current profitability keeps deteriorating.
But the interesting part is underneath the headline damage.
Photonics-SOI crossed €100M revenue earlier than expected, and that matters because the long thesis was never about smartphones or legacy industrial demand. It’s about CPO and optical infrastructure tied to the AI compute transition.
If you believe Soitec truly owns a critical layer in the future optical stack alongside the broader
$TSM and
$NVDA ecosystem shift, then the next 18–24 months become the real window that matters.
The stock now basically comes down to one question: can the AI optical ramp offset the legacy decay fast enough?
