Alphawave Semi - Interim results for the six months ended 30 June 2025

LONDON, United Kingdom and TORONTO, Ontario, Canada, 29 September 2025 - 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 2025.

Tony Pialis, President and Chief Executive Officer of Alphawave Semi said: “Since announcing the agreement for the recommended acquisition of the Group by Qualcomm, which values the Group at an implied enterprise value of approximately US$2.4 billion, we have continued to deliver against our strategy and maintain strong momentum in the business. This transaction reflects the significant progress we have made and the quality of our platform and people, and we remain focused on executing for our customers and stakeholders as we move through the second half of the year. We are continuing to support Qualcomm in obtaining the approvals required to complete the transaction and, as announced on 5 August 2025, we received clearance from the UK government in respect of the notification made under the National Security and Investment Act 2021.”

Interim Results Highlights

• H1 2025 revenues of US$103.0m (H1 2024: US$91.0m) reflect the global economic uncertainty and the nature of the imposed tariff regimes described in the 2024 Annual Report, as well as certain customers deferring or revising their purchase decisions due to the uncertainty arising from the announcement in early April 2025 of the recommended acquisition of the Group by Qualcomm, as described in the Scheme Document published on 7 July 2025. Anticipated tapeouts of customer ASICs and the timing of conversion of IP and NRE bookings into revenue is expected to help drive significant revenue growth in H2 2025 compared to H1 2025.
• Adjusted EBITDA in H1 2025 was a loss of US$43.0m (negative 42% margin) compared to a loss of US$11.8m (negative 13% margin) in H1 2024. This decrease is primarily driven by certain customer projects taking longer to complete than expected, increased headcount, US$10.0m (H1 2024: US$nil) impairment of a purchased intangible asset and an additional US$4.5m commission payment due to a customer.
• H1 2025 results were impacted by certain non-recurring items including the US$10.0m (H1 2024: US$nil) impairment of a purchased intangible asset mentioned above, US$19.8m (H1 2024: US$nil) impairment of warrants, US$44.1m (H1 2024: US$nil) costs related to the acquisition by Qualcomm and a US$19.7m (H1 2024: US$nil) expected credit loss relating to a customer.
• Cash outflow from pre-tax operating activities in H1 2025 was US$15.3m (H1 2024 cash inflow: US$50.4m), reflective of lower revenues in H1 2025, and the continued investment in leading connectivity technology products. In line with previously flagged impacts, bookings of US$159.4m were down 29% vs H1 2024, and the current backlog excluding royalties was US$327.7m (H1 2024: US$486.4m)
• Working capital improvement of US$90.6m, with an increase in contract liabilities of US$32.7m, an increase in trade and other payables of US$28.9m, a decrease in contract assets of US$19.1m, a decrease in trade and other receivables of US$8.4m, and a decrease in inventories of US$1.6m.
• Cash and cash equivalents held by the Group were US$118.7m with net debt of US$231.4m. On 30 June 2025, the Group executed the Sixth Amendment to the Credit Agreement which suspended the testing of the minimum interest coverage ratio and secured net leverage ratio covenants.

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