Alphawave Semi shares rise after strong third quarter bookings and TSMC award. $AWE (+5,59 %)

LONDON, United Kingdom and TORONTO, Ontario, Canada - Alphawave IP Group plc (LN:AWE), a specialist in high-speed connectivity and computing technology, reported impressive third quarter results. For the fourth consecutive quarter, bookings exceeded $100 million. The company recorded a 43% increase in new bookings compared to the same period last year, with significant growth in license and non-recurring development revenue (NRE).

The share price reacted to the positive news with a sharp jump of 22%.

The company, also known as Alphawave Semi, particularly highlighted its strength in the area of intellectual property (IP) licensing. Here, license and NRE bookings increased by a remarkable 119% from USD 42.9 million in Q3 2023 to USD 93.8 million in Q3 2024. However, license fees and silicon orders declined by 64% from USD 30.1 million to USD 10.7 million in the same period.

President and CEO Tony Pialis commented on the milestone and attributed the consistent performance to the company's growing revenue streams. In particular, he highlighted the success in securing multiple design wins for chiplets using Arm UCIe IP. Pialis also expressed pride that Alphawave Semi was recognized as TSMC OIP Partner of the Year 2024 for High-Speed SerDes IP for the fifth consecutive year - a testament to the company's technology leadership.

Executive Chairman John Lofton Holt described 2024 as a transition year for Alphawave Semi. The corporate strategy is already having a positive impact on the financial results, he said. He expressed great confidence in the company's medium-term forecast and reiterated the ambitious goal of achieving annual sales of USD 1 billion by 2027.