British semiconductor wafer maker IQE said on Monday it would begin a strategic review of its assets and warned that revenue would not rise this year due to a slower-than-expected recovery and weak consumer demand in end markets.

The company said it would expand its options regarding the proposed initial public offering of its Taiwan operations to include all strategic options, including a full sale.

IQE, which announced the immediate departure of CEO Americo Lemos last month, had previously expected both annual revenue and adjusted core profit to rise.

“The impact of the slow recovery in the semiconductor industry can be seen across the industry and is reflected in our revenue expectations for FY24,” Chief Executive Officer Mark Cubitt said in a statement.

IQE, which uses “epi-wafers” in the facial recognition sensors of the Apple iPhone, expects its 2024 revenue to be approximately 115 million pounds ($145.27 million), or stable on an annual basis.

Adjusted core profit is expected to be at least £5 million. Analysts on average were expecting around £12.5m, according to an LSEG poll of three analysts.

($1 = 0.7916 pounds)