Previously, in July, the company had revealed plans to pursue an initial public offering for its Taiwan division on the local stock exchange while maintaining control over the unit. However, the latest announcement indicates a shift in strategy as IQE explores all available options.
In early trading, the company's shares fell by 15% to 9.02 pence, marking a decline of approximately 54% for the year.
An IQE representative stated, "We will continue to optimize our operations, focusing on restructuring and right-sizing our business."
The company, which recently saw the immediate departure of CEO Americo Lemos, is facing a difficult financial landscape characterized by a sluggish recovery in the semiconductor market and an increasing emphasis on supply chain security over cost, a situation exacerbated by escalating U.S.-China tensions.
Other industry players, such as U.S.-based Apple supplier Skyworks Solutions and chipmaker Qorvo, have also reported disappointing quarterly results and outlooks.
IQE had initially anticipated growth in both annual revenue and adjusted core profit.
The company, known for its 'epi-wafers' utilized in the facial recognition sensors of Apple iPhones, now projects its 2024 revenue to be approximately £115 million ($145.27 million), indicating no growth compared to the previous year.
An LSEG survey of three analysts had predicted full-year revenue of £132.59 million.
IQE also expects its full-year adjusted core profit to reach at least £5 million, while analysts had, on average, estimated core profit to be around £12.5 million, according to the LSEG poll.