20th Oct 2021 10:55
(Alliance News) - Alphawave IP Group PLC on Wednesday reported "strong" third quarter, with new client wins and improved demand in North America and South Korea.
The London and Toronto-based connectivity platform provider said total annual bookings to date exceeded USD219 million, with a robust pipeline for further bookings in the final quarter of 2021.
Bookings in the third quarter alone totalled USD23.2 million and were driven by four new customer wins, the company noted.
"As we outlined at our half year results in September, we have seen strong growth in our pipeline particularly in North America and South Korea," said President & Chief Executive Tony Pialis.
"We are driving greater diversification across customers and geographies, while demonstrating our continued technology leadership in the most advanced process technologies," added Executive Chair John Lofton.
Alphawave IP Group shares were trading 0.9% lower in London on Wednesday morning at 262.64 pence each.
In addition, the company said it has achieved an acceleration of end customer wins in China through its reseller agreement with silicon platform-as-a-service company VeriSilicon Microelectronics (Shanghai) Co Ltd.
In the third quarter, Alphawave IP Group said two end customers in China licensed its technology through this agreement, with a total transaction value of USD3.9 million, excluding potential future royalties. The revenue from these China customer wins are not included within the total bookings figure of USD219 million, the company noted.
The update on VeriSilicon comes as the article in the Financial Times at the end of September asserted that Alphawave IP Group had not "adequately disclosed its related party transactions". Alphawave IP Group said at the rime that it signed a USD54 million multi-year exclusive subscription reseller agreement with VeriSilicon in February, prior to its London float, and has not recognised any revenue from that deal to date.
Alphawave IP Group shares were trading 2.1% lower in London on Wednesday at 259.40 pence each.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Alphawave Ip