LONDON (ShareCast) - (Sharecast News) - Alphawave's chief financial officer Daniel Aharoni resigned with immediate effect on Thursday, as the company released its audited 2022 results, which showed notable differences from the preliminary figures previously reported.
The company's audited revenue for 2022 was disclosed as $185.41m, whereas the preliminary unaudited revenue had been reported as $192.41m - a $7m difference.

Similarly, the audited operating profit was $37.63m, compared to the preliminary figure of $45.01m, resulting in a decrease of $7.39m.

The firm's audited adjusted EBITDA stood at $46.82m, while the preliminary figure was $53.81m, reflecting a decrease of $7m.

Alphawave attributed the revenue adjustment and related balance sheet entries to the reversal of 86% of the adjustment to the fair value of deferred revenue acquired with OpenFive.

The adjustment to goodwill reflected a change in the assumption of the fair value adjustment to the deferred revenue acquired with OpenFive.

Additionally, the board said the change in research and development and engineering expenses was due to the amortisation charge of Precise-ITC intangibles, amortised over four years instead of five.

The company also mentioned four reclassifications, including one of trade and other payables between non-current and current liabilities amounting to $8.2m, and a reversal of a prepayment in trade and other receivables of $0.9m.

Moreover, there was a reclassification between taxes receivable, resulting in the creation of a deferred income tax asset of $2.7m and a reduction in the deferred income tax liability of $1.7m.

Lastly, a reclassification of $4.4m between current and non-current trade and other payables was associated with the deferred compensation related to the acquisition of Banias Labs.

Despite the adjustments, Alphawave reiterated its previous outlook for the 2023 fiscal year, as well as its mid-term and long-term projections.

The company said it expected to achieve revenue between $340m and $360m in 2023, with an adjusted EBITDA of about $87m, or 25% of revenue.

"On 4 May Alphawave announced that Daniel Aharoni would step down as CFO and as an executive director following the publication of its audited results for the 2022 financial year," the board said in its statement.

"Having published its audited results this morning, the company has now agreed with Daniel Aharoni that he is stepping down as CFO and as an executive director with immediate effect."

Reporting by Josh White for Sharecast.com.

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