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 $104.5 million in the third quarter of 2024 from $72.9 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 $100 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 $93.8 million from $42.9 million, while royalties & silicon orders fell 64% to $10.7 million from $30.1 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 $1 billion revenue run rate in 2027.’
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