- 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 EBITDA 1 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$452m)
- FY 2023 outlook unchanged with increased profitability expected in H2 2023. Medium-term outlook unchanged and continued confidence in growth prospects
LONDON & TORONTO — (BUSINESS WIRE) — September 24, 2023 — Alphawave IP Group plc (LSE: AWE, “Alphawave Semi”, the “Company”), a global leader in high-speed connectivity for the world’s technology infrastructure, has published its interim results for the six months ended 30 June 2023.
Financial Summary and APMs1 – US$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%) |
|||
|
|
|
|
||||
| Bookings 2 and Design Win Activity – US$m |
H1 2023 |
H1 2022 |
Change |
|||
| Licence and NRE |
114.9 |
38.5 |
199% |
|||
| Royalties and silicon 3 |
72.2 |
14.9 |
384% |
|||
| New Bookings |
187.2 |
53.4 |
251% |
|||
| Additional design win activity – FSA drawdowns and China re-sale licences 4 |
3.4 |
14.7 |
(77%) |
|||
| Number of revenue generating end-customers (end of period) |
85 |
28 |
204% |
|||
| Due to rounding, numbers presented in the table may not add up to the totals provided and percentages may not precisely reflect the absolutely figures. ‘nm’, where referenced, means ‘not meaningful’. |
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