Alphawave IP Group PLC on Tuesday said its third-quarter new booking declined, after the signing of a custom silicon deal slipped into the fourth quarter.
The London-based company designer of high-speed connectivity solutions said new bookings in third quarter of 2023 totalled $72.9 million, down around 8.9% from $80.0 million a year prior.
Licence and non-recurring engineering bookings alone were 26% below the prior year at £42.9 million.
‘The signature of a custom silicon NRE booking slipped into Q4 2023,’ Alphawave explained.
The company added: ‘Our pipeline of opportunities in Q4 2023 is very strong. The level of bookings in the quarter reflects the scalability of our technology through IP licensing and custom silicon. Our vertically integrated business model enables us to generate larger revenue streams and capture the full value embedded in our custom silicon offering. Our Connectivity Products Group continues to make made good progress toward our plan to start generating revenue in 2024.’
Its outlook for 2023 is unmoved. It still expects revenue between $340 million to $360 million, as well as adjusted earnings before interest, tax, depreciation, and amortisation of $87 million.
Total revenue in 2022 amounted to $185.4 million and its adjusted Ebitda totalled $46.8 million.
Shares in the firm traded 0.5% lower at 99.04 pence each in London on Tuesday morning.
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