14th Jun 2021 10:17
(Alliance News) - Alphawave IP Group PLC on Monday hailed record results in the group's "strongest-ever first half performance" as booking numbers continue to grow.
The chip developer reported record year to date bookings of more than USD190 million, following USD82 million of bookings in first quarter 2021 and USD75 million in financial year 2020.
Multiple "strategic design wins" and a rise in 5G demand were listed as contributing factors for growth.
All agreements for the company's China Product Partnership have now been executed, it said, with subscription licensing revenue tipped to begin in the first half.
Toronto-based Alphawave develops chip technology that enables high-speed connectivity. It floated on the Main Market of London Stock Exchange in May, with a market value of GBP2.51 billion at the time. Funds of USD500 million were raised to fuel the group's continued expansion.
President & Chief Executive Tony Pialis said: "I am pleased that we have delivered another record quarter of bookings in 2021 driven by several strategic design wins with new and existing Tier 1 North American customers in 5G wireless communication products for our core IP and product IP offerings.
"In addition, Alphawave IP was selected by one of the largest hyperscaler companies in the world to provide its solutions."
Shares in Alphawave were up 2.9% to 324.00 pence in London on Monday morning, valuing the company at GBP2.15 billion.
By Will Paige; [email protected]
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