Alphawave IP Group (AWE) Q2 2024 TU earnings summary

Executive summary

• Achieved third consecutive quarter of bookings above $100m, reaching $107m, up 27% year-over-year.

• Record quarter with 14 new design wins, including multiple chiplet-based solutions for hyperscalers and semiconductor companies.

• Industry adoption of chiplet architectures accelerating, with strong interest in scalable, customizable connectivity and compute chiplets.

Financial highlights

• Licence and NRE revenue rose to $94.6m in Q2 2024 from $47.7m in Q2 2023, a 98% increase.

• Royalties and silicon orders declined to $12.8m from $36.4m, down 65% year-over-year.

• New bookings totaled $107.4m, up 27% from $84.1m in Q2 2023.

Outlook and guidance

• Backlog expected to approach $500m by year-end, reflecting strong pipeline and continued momentum.

• Most chiplet design wins expected to enter production in 2025 and contribute to revenues in 2025 and beyond.

• First connectivity silicon products on schedule for shipment by end of 2024, with initial ramp in H2 2025.