17th Jan 2022 13:19
(Alliance News) - Alphawave IP Group on Monday said it exceeded its total booking guidance for 2021 on a "strong booking performance" and multiple chiplet design wins in its fourth quarter.
A chiplet is a sub processing unit used in combination to create computer processors.
The London and Toronto-based connectivity technology provider said total new bookings in the fourth quarter of 2021 totalled USD25.5 million. The new bookings were primarily driven by new North American and South Korean customers, Alphawave noted.
Bookings for 2021 as a whole amounted to USD244.7 million. This was more than tripled from total bookings of USD75 million in 2020 and exceeded the target the company set out at the time of its initial public offering in London in May last year.
Bookings were in line with the guidance the company provided in September that anticipated bookings would exceed USD230 million.
Alphawave credited the "strength" of its pipeline and the signing of new global customers as part of its chiplet strategy.
Alphawave diversified its sales streams in the past year by closing its first chiplet design wins. These were for the North American and Chinese markets. Initial royalties of all chiplet design wins are expected in 2023, it added.
"We are pleased to have surpassed our original bookings estimates provided during the initial public offering, and even our own expectations for the year." Chief Executive Tony Pialis stated.
Shares were down 2.2% at 171.22 pence each on Monday morning in London. The stock is trading 58% down from its 410p IPO price.
By Abby Amoakuh; [email protected]
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