X-Fab announces second quarter 2024 results, expects silicon carbide business to start recovering in the fourth quarter

X-Fab achieved revenue of $205.1 million in the second quarter of 2024, with automotive, industrial and medical revenue reaching $190.1 million. Due to lower order volume in the first quarter, silicon carbide revenue fell 33% year-on-year to $11.6 million in the second quarter. X-Fab expects its silicon carbide business to begin to recover in the fourth quarter and return to strong growth in 2025.