Alphawave Semi - Interim results for the six months ended 30 June 2024

LONDON, United Kingdom and TORONTO, Ontario, Canada -- September 23, 2024 – Alphawave IP Group plc (LSE: AWE, “Alphawave Semi”, or the “Company” and together with its subsidiaries, the “Group”), a global leader in highspeed connectivity for the world’s technology infrastructure, announces its interim results for the six months ended 30 June 2024.

Financial Summary and APMs1 – US$m	H1 2024	H1 2023	Change
Licence and NRE	64.8	73.6	(11%)
Royalties and silicon	26.2	113.6	(77%)
Revenue	91.0	187.2	(51%)
Gross Profit	41.3	82.5	(41.2)
Gross margin	(45%)	(44%)
Operating loss	(48.3)	(2.6)	(45.7)
Operating margin	(53%)	(1%)
EBITDA1	(31.5)	10.7	(42.2)
EBITDA margin1	(35%)	6%
Adjusted EBITDA1	(11.8)	32.4	(44.2)
Adjusted EBITDA margin1	(13%)	17%
Loss after tax2	(40.0)	(8.9)	(31.1)
Loss after tax margin	(44%)	(5%)
Adjusted (loss)/profit after tax1,2	(13.5)	20.0	(33.5)
Adjusted (loss)/profit after tax margin	(15%)	11%
Pre-tax operating cash flow	50.4	(31.3)	81.7
Cash and cash equivalents	76.3	122.8	(46.5)
Net debt1	(141.6)	(100.0)	(41.6)

Bookings3 and Design Win Activity – US$m	H1 2024	H1 2023	Change
Licence and NRE	203.5	114.9	77%
Royalties and silicon	21.8	72.2	(70%)
New Bookings	225.3	187.2	20%
Additional design win activity – FSA drawdowns and China re-sale licences4	–	3.4	nm
Number of revenue generating end-customers (end of period)	73	85	27%

Note: Due to rounding, numbers presented in the table may not add up to the totals provided and percentages may not precisely reflect the absolutely figures. ‘nm’, where referenced, means ‘not meaningful’.

¹ See Alternative Performance Measures (APMs) section on page 30. Adjusted EBITDA and adjusted profit after tax exclude foreign exchange adjustments, share-based payments, deferred compensation payments, and M&A transaction costs.

² H1 2023 restated – see note 2 ‘interim 2023 restatement’ paragraph.

³ 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.

⁴ Both FSA (Flexible Spending Account) drawdowns and China re-sale licences convert previously announced contractual commitments included within bookings reported in prior periods to new product design wins which will be recognised as revenue over time.

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