Alphawave IP Group PLC said the fourth quarter was the most successful period for new business in the company’s history, as it scored $185.7 million in bookings.

The London-based designer of high-speed connectivity solutions said new bookings increased by 44% in the fourth quarter to $185.7 million from $128.7 million a year before.

The company said bookings exceeded $515 million in annual value, which underpins its long-term growth target. New bookings in 2023 were $383.9 million.

Alphawave forecasts adjusted earnings before interest, tax, depreciation and amortisation to be above $50 million for all of 2024, having been $63 million in 2023.

The firm expects revenue at the lower end of its $310 million to $330 million guidance range, compared to $321.7 million in 2023.

Back in September, Alphwave shares took a tumble after the company cut its 2024 revenue guidance to the current range from its prior guidance of £345 million to £365 million. As well, its half-year pretax loss ballooned to $49.9 million from $6.6 million a year before.

Alphawave shares were up 7.7% to 134.20 pence in London on Tuesday morning and are now up 4.2% over the past 12 months.

Chief Executive Officer Tony Pialis said: ‘We are delighted to report a record performance in Q4 2024...Key drivers include strong growth in silicon orders from North American AI customers. This achievement underscores the strength of our pipeline and supports our long term outlook for the business.’

Pialis said the company will complete its transition to a semiconductor product company in 2025.

Alphawave said royalties and silicon orders multiplied to $85.8 million in the fourth quarter from $7.6 million year-on-year.

Licence and non-recurring engineering bookings in the fourth-quarter fell 18% to $99.9 million from $121.1 million in the prior year.

The company said it has successfully executed $150 million convertible notes, which strengthened the balance sheet and ‘supports the company’s ability to achieve its strategic objectives’.

Pialis said: ‘2025 is the year we will complete our transition to a semiconductor product company and start generating significant silicon revenue, which we expect to significantly grow in the following years. Additionally, the convertible note offering successfully executed at the end of Q4 strengthens the balance sheet and ensures the business is well-funded to execute its strategic initiatives.’

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