19th Jul 2022 11:30
(Alliance News) - Alphawave IP Group PLC on Tuesday reported growth in licence and related bookings, as well as new bookings in its second quarter, due to elevated levels of customer activity.
The semiconductor designer, which operates from London, Toronto and San Jose, California, reported total bookings of USD28.4 million in the quarter ended June 30, down 75% from USD113.8 million in the same period a year before.
The company explained that total bookings dropped in the quarter, due to a multi-year subscription licence agreement signed with WiseWave Technologies Inc in the prior period. The deal was worth USD93.8 million.
New bookings, excluding WiseWave, amounted to USD28.4 million, up 42% from USD20.0 million a year before.
Licence and related bookings grew 50% to USD19.0 million from USD12.7 million in the same quarter a year ago.
The company attributed this growth to a wider customer base and "strong" levels of customer activity.
Alphawave backed its mid-term and long-term guidance. The company expects to reach revenue of between USD325 million and USD360 million in 2023. In 2021 the company reported revenue of USD89.9 million.
Over the longer term, Alphawave expects to achieve annual revenue run rates in excess of USD500 million in 2024 and in excess of USD1 billion by 2027.
Shares in Alphawave were up 3.4% to 126.20 pence in London on Tuesday morning.
By Abby Amoakuh; [email protected]
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