Alphawave IP new bookings down in Q3, but guidance maintained

Semiconductor group Alphawave IP reported a mixed third quarter, with falls in licence and non-recurring engineering (NRE) contract wins dragging down new bookings by 9%.

Alphawave IP, which provides wired connectivity solutions for data to travel faster, said new bookings totalled $72.9m during the three months to 30 September, down from $80m a year earlier.

Licence and NRE booking were down 26% at $42.9m, though that was mainly due to the timing of a $20m deal which slipped into the fourth quarter.

However, royalties and silicon orders were up 35% at $30.1m.

The company said its outlook for the full year remains unchanged with a "strong pipeline of opportunities in Q4", guiding to 2023 revenues of $340m to $360m, and adjusted EBITDA of around $87m.

"Despite the uncertain macroeconomic environment, our growing pipeline reflects positive secular growth trends in data infrastructure markets and the continued investment in next-generation AI-centric connectivity solutions. This, combined with our talented team and strong balance sheet, give us confidence in our future," the company said.

Shares were more or less flat at 99.4p in early deals on Tuesday.