22nd Oct 2024 10:17
(Alliance News) - Alphawave IP Group PLC reported a comfortable climb in new bookings in the third quarter, with the company hitting a milestone.
The London-based designer of high-speed connectivity solutions said new bookings surged 43% to USD104.5 million in the third quarter of 2024 from USD72.9 million a year ago.
Alphawave shares jumped 17% to 112.97 pence each on Tuesday morning in London.
The company trades as Alphawave Semi.
"For the first time, we have secured over USD100 milliom per quarter in new bookings over an entire year. This is a major sales milestone for the company as we scale all our revenue streams," said Tony Pialis, chief executive officer of Alphawave Semi.
Bookings via licence and non-recurring engineering fees more than doubled to USD93.8 million from USD42.9 million, while royalties & silicon orders fell 64% to USD10.7 million from USD30.1 million.
John Holt, executive chair of Alphawave Semi, said: "2024 has been a transition year for the company, as anticipated. Now this transition is playing out favourably in the numbers. Our continued momentum gives us strong confidence in our mid-term guidance and underpins our ambition for USD1 billion revenue run rate in 2027."
By Tom Budszus, Alliance News slot editor
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