Q3 2022 Trading and Business Update
- Extending technology leadership with a second 3nm design win
- Strong Q3 trading and design wins in the quarter reflect our hybrid business model, combining IP and custom silicon
- First time consolidation of OpenFive into the Group, from 1 September 2022
- Management remains confident in the outlook for the business and reiterates stand-alone1 mid-term and long-term guidance, despite difficult macro environment
LONDON, United Kingdom and TORONTO, Ontario, Canada 17 October 2022 – Alphawave IP Group plc (LN:AWE, “Alphawave”, the “Company”), a global leader in high-speed connectivity for the world’s technology infrastructure, is pleased to publish its trading and business update for the three months ended 30 September 2022.
| US$m | Q3 2022 | Q3 2021 | Change |
| Licence and NRE | 57.8 | 21.5 | 169% |
| Royalties and Silicon Orders | 22.2 | 1.8 | nm |
| New Bookings (excluding VeriSilicon and WiseWave multi-year subscription licences) | 80.0 | 23.3 | 245% |
| Additional design win activity – FSA drawdowns and China re-sale licences[2] | 8.5 | 3.9 | 118% |
| WiseWave multi-year subscription licences | – | – | nm |
| Number of end-customers (as at end of period)[3] | 46 | 21 | nm |
Due to rounding, numbers presented in the table may not add up to the totals provided and percentages may not precisely reflect the absolute figures.
Tony Pialis, President and Chief Executive Officer of Alphawave IP said: “During the third quarter, we continued to see strong design win momentum, particularly in North America. Alongside this, we extended our technology leadership with a second 3nm design win and are already seeing the benefits of the greater scale of the hybrid business model in which we can further monetise our differentiated IP through custom silicon. With an enhanced product portfolio of high-speed connectivity and increasingly broader customer base, we are confident in the long-term growth potential of our business”.
John Lofton Holt, Executive Chairman of Alphawave IP said: “The level of bookings in the quarter reflects the strength of our technology combined with the ongoing strong execution of the team. Our continued leadership in the most advanced technologies and our talented team underpin the long-term growth potential of our business. We are working hard to deliver on our plans and create long-term value for our shareholders.”
1Stand-alone outlook excludes the acquisition of Banias Labs and the multi-year agreement with a leading North American hyperscaler announced on 13 October 2022.
2Both FSA (Flexible Spending Account) drawdowns and China re-sale licences convert previously announced contractual commitments included within bookings reported in prior periods to new product design wins which will be recognised as revenue over time.
3Includes customers from OpenFive who were not already customers of Alphawave and who signed contracts from 1 September 2022.
