Alphawave IP PLC said on Thursday it saw a narrowed pretax loss and ‘record’ high bookings during 2024, despite revenue declining on the delayed realisation of long-term contracts.
The Toronto, Canada-based company which provides technology services and high-speed connectivity solutions said its pretax loss narrowed to $32.9 million in 2024 from $39.5 million in 2023.
This was largely due to a one-off joint venture loss of $14.7 million in 2023, and finance income for the year multiplying to $9.4 million from $3.4 million.
Revenue, however, declined 4.4% to $307.6 million in 2024 from $321.7 million the previous year. This was as a result of the company’s decision to transition away from its silicon business as well as ‘differences in the timing of the revenue recognition of long-term contracts in advanced nodes’.
Adjusted earnings before interest, taxes, depreciation, and amortisation fell 18% to $51.1 million from $62.6 million the previous year.
However, the company said that both its revenue and its Ebitda were ‘in line with guidance.’
The firm noted it achieved record bookings of $515.5 million.
‘The custom silicon contracts that we signed in 2024 give us visibility to potential long-term revenue from silicon production, most of which is not yet reflected in our bookings or backlog. First silicon production orders from these contracts are expected in 2025,’ the company added.
Alphawave expects to complete its business integration in 2025 and to start delivering silicon for artificial intelligence and data centres.
Chief Executive Officer Tony Pialis said: ‘Throughout the year, we strengthened key partnerships, expanded our global reach, and continued to lead in next-generation connectivity and chiplet innovation.
‘Our position at the forefront of the industry, working alongside some of the world’s most respected data centre and AI partners, underscores both our leadership and growing influence. With a leading connectivity portfolio, a talented team, and a significant market opportunity ahead, we are confident in the long-term potential of our business.’
Alphawave shares were down 2.5% to 117.63 pence in London on Thursday at midday.
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