Alphawave higher as it flags record performance in first half

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Alphawave IP Group PLC (LON:AWE) shares rose on Monday as the computer chip maker hailed “record results” in its first half amid a surge in bookings.

In a trading update for its first half, the company reported that total bookings in the year to date have exceeded US$190mln with US$15mln of estimated royalties, the firm’s strongest ever first-half performance.

READ: Chipmaker Alphawave IP tumbles on London debut

The company also highlighted strategic design wins with Tier-1 North American hyperscaler, 5G, and communications OEM customers, as well as multiple repeat wins with 112G core and product IPs.

Alphawave also said it has executed all definitive agreements with China Product Partnership (CPP) with first revenues expected to be recognised in the second half.

As a result, the company said its new bookings will underpin revenue growth in the current financial year and beyond, which in turn supports its confidence in its current short and medium-term guidance.

“I am pleased that we have delivered another record quarter of bookings in 2021 driven by several strategic design wins with new and existing Tier 1 North American customers in 5G wireless communication products for our core IP and product IP offerings. In addition, Alphawave IP was selected by one of the largest hyperscaler companies in the world to provide its solutions. The team has done a great job continuing to execute on our business goals while successfully completing our IPO on the London Stock Exchange in May and raising US$500mln in proceeds to fund the group’s continued growth and global expansion”, Alphawave president and chief executive Tony Pialis said in a statement.

“We are very pleased to share our successes so far this year, and to deliver on the promises that we made to the market and to our investors earlier this year.  The Group is continuing to scale and grow rapidly as it solves the most difficult connectivity challenges for the most technically sophisticated companies in the world”, added executive chairman John Lofton Holt.

Shares in the firm jumped 2.6% to 323.3p in mid-morning trading.

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