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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Alphawave IP Group
Alphawave IP Group (AWE) investor relations material
Alphawave IP Group has been acquired by Qualcomm Incorporated
Alphawave IP Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary29 Sep, 2025
Executive summary
Revenue for H1 2025 increased 13% year-over-year to $103.0m, but bookings fell 29% to $159.4m due to customer uncertainty following the announced Qualcomm acquisition.
Operating loss widened to $172.8m from $48.3m in H1 2024, driven by higher R&D, acquisition-related costs, and impairments.
Adjusted EBITDA loss deepened to $43.0m (negative 42% margin) from $11.8m (negative 13% margin) in H1 2024.
The Group disposed of its WiseWave joint venture in June 2025, recording no gain or loss as the investment was previously written down.
The recommended acquisition by Qualcomm, valuing the Group at $2.4bn, is expected to close in Q1 2026, pending regulatory approvals.
Financial highlights
Gross margin declined to 38% from 45% year-over-year due to higher NRE project costs and increased commissions.
Cash and cash equivalents at period end were $118.7m, down from $180.2m at December 2024 and $76.3m at June 2024.
Net debt increased to $231.4m from $171.9m at December 2024 and $141.6m at June 2024.
Pre-tax operating cash outflow was $15.3m, compared to an inflow of $50.4m in H1 2024, despite a $90.6m working capital improvement.
Bookings for License and NRE dropped 47% year-over-year, while Royalties and Silicon bookings rose 139%.
Outlook and guidance
Anticipated customer ASIC tapeouts and conversion of bookings into revenue are expected to drive significant revenue growth in H2 2025.
The acquisition by Qualcomm is expected to enhance the Group’s platform and market reach, subject to regulatory and shareholder approvals.
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Latest events from Alphawave IP Group
- Bookings up 20% to $225m, but H1 revenue fell 51%; H2 rebound and strong AI demand expected.AWE
H1 2024 - Q3 2024 bookings exceeded $100M for the fourth consecutive quarter, driven by strong design wins.AWETrading Update
- Bookings hit $107m with record design wins and accelerating chiplet adoption.AWEQ2 2024 TU
- Vertically integrated, launching AI chiplets, targeting $1B revenue by 2027 and 20% CAGR.AWECMD 2024
- Royalties and silicon orders up 143% in Q1 2025, despite lower total bookings.AWEQ1 2025 TU
- FY 2023 bookings up 70% and revenue up 74% YoY, with strong global expansion.AWECorporate Presentation
- Record bookings and strong design wins position Alphawave Semi for robust growth in 2025.AWETrading Update
- Record bookings, margin gains, and $520M backlog drive growth, but 2025 outlook is cautious.AWEH2 2024
Alphawave IP Group
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Frequently asked questions
Alphawave IP Group plc is a semiconductor technology company that designs high-performance connectivity solutions for data centers, networking, and various digital infrastructure applications. The company specializes in providing silicon intellectual property (IP) for data transmission at high speeds and low power consumption. Its products are used in a range of industries, including telecommunications, artificial intelligence, and cloud computing, where efficient data transfer is critical. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.