Alphawave IP: Interim results for the 6 months to 30 June 2021

September 21, 2021 -- Alphawave IP Group plc (LSE: AWE, “Alphawave IP”, the “Company”), a global leader in high-speed connectivity for the world’s leading technology infrastructure, has published its interim results for the 6 months to 30 June 2021. In addition to the results, the Company is pleased to announce several business and technology execution highlights.

Interim Results Highlights

• US$196.1m of bookings2 in H1 2021, over 490% growth compared to H1 2020 (over 460% excluding royalties), underpinning strong future growth
• H1 2021 revenues of US$27.6m, representing 140% growth compared to H1 2020 (US$11.5m)
• Adjusted EBITDA1 of US$13.9m and margin of 50% (H1 2020: US$6.3m and 55%)
• Increased revenue diversification across customers, end markets and regions with 6 new customer wins spanning storage, networking, 5G wireless, AI and optical
• All definitive agreements from China Product Partnership (“CPP”) executed with first revenues expected to be recognised in H2 2021
• Successful IPO on the London Stock Exchange, raising net proceeds of £347.1m (US$492.1m)

Outlook & Guidance

• Following a strong first half in 2021, we are increasing our FY2021 guidance based on our order book and visibility on new opportunities
• Continued and accelerated momentum in new contract wins with FY2021 bookings expected to exceed US$230m, reflecting exceptional H1 multi-year subscription deals and with multiple US wins expected in H2 2021
• FY2021 revenue expected to exceed US$75m, representing over 125% year-on-year growth and ahead of 100% year-on-year guidance at IPO
• FY2021 adjusted EBITDA margins expected to increase to over 55%

1 Adjusted EBITDA excludes IPO-related costs, foreign exchange adjustments, share-based payments and one-time legal fees associated with CPP. See note 4 (Alternative Performance Measures) on page 19 of the full report

2 Bookings comprise license fees, non-recurring engineering and support and maintenance from contracted and typically non-cancellable orders in addition to, where appropriate, company estimates of potential future royalties. See note 4 (Alternative Performance Measures) on page 19 of the full report

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