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Alphawave IP Group PLC on Thursday said sales soared in the second quarter of 2023, driven by strong orders from North American customers.
The London-based company designing high-speed connectivity solutions said second quarter licence and non-recurring engineering sales were $47.7 million, more than doubling from $19.0 million in the second quarter of 2022.
Royalties and silicon orders multiplied to $36.4 million from $89.4 million a year ago. Silicon orders were driven by pre-existing custom silicon designs for North American and Chinese clients, the firm said.
The firm also noted that new bookings accounted for $84.1 million, tripling from $28.4 million, while additional design win activity was $3.4 million, down 64% from $9.5 million. North American customers accounted for two-thirds of new bookings during the second quarter.
Alphawave said its outlook for 2023 remains unchanged, with Alphawave Semi expecting revenue between $340 million and $360 million, as well as adjusted earnings before interest, tax, depreciation and amortisation of $87 million, up from $53.8 million in 2022.
Chief Executive Officer Tony Pialis commented: ‘We saw continued strong sales momentum during the quarter for our leading connectivity technology. We achieved some exciting new wins such as our first 3 [nanometres] custom silicon coherent [digital signal processor] with our 224G SerDes IP enabling 800G/1.6T connectivity in data centres, as well as a repeat design win on an AI accelerator.
‘Customers’ demand for our high-performance IP and products supports our strong pipeline. We are excited about the year ahead and the long-term continued growth potential of our business.’
Alphawave shares rose 1.9% to 158.16 pence each on Thursday morning in London.
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