LONDON, United Kingdom and TORONTO, Ontario, Canada - Alphawave IP Group plc (LN:AWE), specializing in high-speed connectivity and compute technology, announced its third-quarter results with bookings surpassing US$100 million for the fourth consecutive quarter. The company reported a 43% increase in new bookings compared to the same period last year, with a significant rise in licensing and non-recurring engineering (NRE) revenues.
The stock jumped following the news, last up 22%.
The company, also known as Alphawave Semi, highlighted the strength in its intellectual property (IP) licensing, which saw a 119% increase in licence and NRE bookings from US$42.9 million in Q3 2023 to US$93.8 million in Q3 2024. However, royalties and silicon orders experienced a 64% decrease, from US$30.1 million to US$10.7 million in the same period.
President and CEO Tony Pialis commented on the milestone, attributing the consistent performance to the company's scaling revenue streams and success in securing multiple design wins for chiplets using Arm UCIe IP. Pialis also expressed pride in Alphawave Semi's recognition as TSMC's 2024 OIP Partner of the Year for High-Speed SerDes IP for the fifth consecutive year, considering it a testament to the company's technology leadership.
Executive Chairman John Lofton Holt reflected on 2024 as a transition year for Alphawave Semi, with the company's strategy unfolding favorably in its financial results. He indicated strong confidence in the company's mid-term guidance and its goal to reach a US$1 billion revenue run rate by 2027.
The company's recent design wins include advancements in 4nm and 3nm technology nodes. These wins feature collaborations with Samsung (KS:005930) foundry and leaders in the data center optical connectivity market, further cementing Alphawave's position as a leading connectivity provider.
This trading and business update from Alphawave Semi is based on a press release statement and showcases the company's continued momentum in the technology sector. The update offers insights into the company's financial health and strategic partnerships, providing a snapshot of its current market position and future ambitions.
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