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Alphawave Semi: Interim results for the six months ended 30 June 2023
LONDON, United Kingdom and TORONTO, Ontario, Canada, 25 September 2023 – Alphawave IP Group plc (LSE: AWE, “Alphawave Semi”, the “Company”), a global leader in high-speed connectivity for the world’s technology infrastructure, has published its interim results for the six months ended 30 June 2023.
Highlights
- Technology leadership and product portfolio underpin broader customer base of 85 (H1 2022: 28)
- 16 design wins; 91% of Licence and NRE bookings from North American, EMEA and APAC (exc. China) customers
- Bookings up 251% year-on-year to US$187m. Backlog excluding royalties of US$365m (FY 2022: US$365m)
- Revenue up 228% year-on-year to US$187m including contribution from the acquisition of OpenFive
- Adjusted EBITDA1 of US$32m and adjusted EBITDA margin of 17% (H1 2022: US$23m and 41%) reflect R&D investment and change in business mix including silicon
- H1 2023 operating loss of US$3m compared to H1 2022 operating profit of US$30m
- Cash outflow from operating activities of US$31m (H1 2022: US$32m cash inflow)
- Net debt1 of US$100m (H1 2022: net cash US$452m)
- FY 2023 outlook unchanged with increased profitability expected in H2 2023. Medium-term outlook unchanged and continued confidence in growth prospects
| Financial Summary and APMs1 – US$m | H1 2023 | H1 2022 | Change |
| Licence and NRE | 73.6 | 57.1 | 29% |
| Royalties and silicon | 113.6 | – | nm |
| Revenue | 187.2 | 57.1 | 228% |
| Operating (loss)/profit | (2.6) | 29.9 | (109%) |
| Operating margin | (1%) | 52% | |
| EBITDA1 | 10.7 | 32.7 | (67%) |
| EBITDA margin | 6% | 57% | |
| Adjusted EBITDA1 | 32.4 | 23.2 | 40% |
| Adjusted EBITDA margin | 17% | 41% | |
| (Loss)/profit after tax | (13.4) | 16.3 | 182% |
| (Loss)/profit after tax margin | (7%) | 28% | |
| Adjusted Profit after tax1 | 15.4 | 6.7 | 130% |
| Adjusted PAT margin | 8% | 12% | |
| Pre-tax operating cash flow | (31.3) | 32.2 | (197%) |
| Cash and cash equivalents | 122.8 | 451.8 | (73%) |
| Net (debt)1/cash | (100.0) | 451.8 | (122%) |
| Bookings2 and Design Win Activity – US$m | H1 2023 | H1 2022 | Change |
| Licence and NRE | 114.9 | 38.5 | 199% |
| Royalties and silicon3 | 72.2 | 14.9 | 384% |
| New Bookings | 187.2 | 53.4 | 251% |
1 See note 4 Alternative Performance Measures (APMs). Adjusted EBITDA and Adjusted Profit after Tax exclude foreign exchange
adjustments, share-based payments, deferred compensation payments, and M&A transaction costs.
2 Bookings are a non-IFRS measure representing legally binding and largely non-cancellable commitments by customers to license our technology. Bookings comprise licence fees, non-recurring engineering, support, silicon orders, and, in some instances, our estimates of potential future royalties.
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