PRESS RELEASE

Interim results for the six months ended 30 June 2023

  • Technology leadership and product portfolio underpin broader customer base of 85 (H1 2022: 28)
  • 16 design wins; 91% of Licence and NRE bookings from North American, EMEA and APAC (exc. China) customers
  • Bookings up 251% year-on-year to US$187m. Backlog excluding royalties of US$365m (FY 2022: US$365m)
  • Revenue up 228% year-on-year to US$187m including contribution from the acquisition of OpenFive
  • Adjusted EBITDA1 of US$32m and adjusted EBITDA margin of 17% (H1 2022: US$23m and 41%) reflect R&D investment and change in business mix including silicon
  • H1 2023 operating loss of US$3m compared to H1 2022 operating profit of US$30m
  • Cash outflow from operating activities of US$31m (H1 2022: US$32m cash inflow)
  • Net debt1 of US$100m (H1 2022: net cash US$452m)
  • FY 2023 outlook unchanged with increased profitability expected in H2 2023. Medium-term outlook unchanged and continued confidence in growth prospects

LONDON, United Kingdom and TORONTO, Ontario, Canada, 25 September 2023 – Alphawave IP Group plc (LSE: AWE, “Alphawave Semi”, the “Company”), a global leader in high-speed connectivity for the world’s technology infrastructure, has published its interim results for the six months ended 30 June 2023.

 

Financial Summary and APMs1 – US$m H1 2023 H1 2022 Change
Licence and NRE 73.6 57.1 29%
Royalties and silicon 113.6 nm
Revenue 187.2 57.1 228%
Operating (loss)/profit (2.6) 29.9 (109%)
Operating margin (1%) 52%  
EBITDA1 10.7 32.7 (67%)
EBITDA margin 6% 57%  
Adjusted EBITDA1 32.4 23.2 40%
Adjusted EBITDA margin 17% 41%  
(Loss)/profit after tax (13.4) 16.3 182%
(Loss)/profit after tax margin (7%) 28%  
Adjusted Profit after tax1 15.4 6.7 130%
Adjusted PAT margin 8% 12%  
Pre-tax operating cash flow (31.3) 32.2 (197%)
Cash and cash equivalents 122.8 451.8 (73%)
Net (debt)1/cash (100.0) 451.8 (122%)

 

Bookings2 and Design Win Activity – US$m H1 2023 H1 2022 Change
Licence and NRE 114.9 38.5 199%
Royalties and silicon3 72.2 14.9 384%
New Bookings 187.2 53.4 251%

1 See note 4 Alternative Performance Measures (APMs). Adjusted EBITDA and Adjusted Profit after Tax exclude foreign exchange
adjustments, share-based payments, deferred compensation payments, and M&A transaction costs.

2 Bookings are a non-IFRS measure representing legally binding and largely non-cancellable commitments by customers to license our technology. Bookings comprise licence fees, non-recurring engineering, support, silicon orders, and, in some instances, our estimates of potential future royalties.

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