Alphawave IP reports most successful quarter ever for bookings
By Josh White
Date: Tuesday 21 Jan 2025
(Sharecast News) - Alphawave IP reported its most successful bookings quarter to date on Tuesday, securing $185.7m in new orders during the fourth quarter.
The London-listed firm said that included $99.9m in new intellectual property and custom silicon non-recurring engineering bookings, alongside $85.8m in new silicon orders.
Total annual bookings surpassed $515m, reinforcing the company's long-term growth ambitions.
Based on preliminary unaudited figures, Alphawave IP said it expected adjusted EBITDA for 2024 to exceed $50m, while full-year revenue was anticipated to reach the lower end of the guidance range of $310m to $330m.
The company also recorded its first silicon product revenue from its connectivity products group, supporting optical interconnect needs within hyperscale data centres, with further orders expected in the second half of 2025.
Alphawave IP said it continued to expand its market presence with 10 new design wins in the fourth quarter from both new and existing customers.
The company said its technology leadership in connectivity IP was demonstrated through wins related to 224G and UCIe standards, including a 3nm UCIe-based chiplet design.
It also secured wins at major hyperscalers, while the UALink, UEC, and UCIe Gen3 at 64G standards contributed to new engagements in AI and high-performance computing markets.
In December, Alphawave IP successfully completed a $150m convertible notes offering, enhancing its balance sheet to support ongoing investment in research and development, capital expenditures, and corporate growth initiatives.
The company said that financing positioned it well to achieve its strategic objectives.
Alphawave added that it remained focussed on advancing its technology leadership in connectivity and compute solutions, joining the Ultra Accelerator Link Consortium during the quarter and collaborating with South Korean AI chip company Rebellions to integrate Alphawave's connectivity chiplets into its next-generation compute accelerator system-on-chip.
Looking ahead, Alphawave said it expected to continue benefiting from its strong order pipeline, with further growth driven by progress in engineering projects, licensing agreements, and product qualification schedules.
"We are delighted to report a record performance in the fourth quarter of 2024," said president and chief executive officer Tony Pialis.
"Key drivers include strong growth in silicon orders from North American AI customers.
"This achievement underscores the strength of our pipeline and supports our long term outlook for the business."
Pialis said 2025 would be the year the company would complete its transition to a semiconductor product company and start generating significant silicon revenue, which it expected to "significantly grow" in the following years.
"Additionally, the convertible note offering successfully executed at the end of the fourth quarter strengthens the balance sheet and ensures the business is well-funded to execute its strategic initiatives."
At 0933 GMT, shares in Alphawave IP Group were up 7.38% at 133.8p.
Reporting by Josh White for Sharecast.com.
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