Alphawave announced a third consecutive quarter of bookings over US$100m with bookings for 2Q24 of US$107m, up 27% YoY. The company also had a record quarter for design wins with 14 in total from new and existing customers, several of which were for hyperscalers and leading semiconductor companies. Wins included not just those for the company's advanced connectivity products but also for its new ARM-based compute chiplet solutions, as the company broadens out its product offering. Evidence continues to grow that the market is moving structurally toward the use of chiplet architecture in which Alphawave holds a leading position. The company has also refinanced its debt. Perhaps most telling, Alphawave expects its backlog to grow to nearly US$0.5bn by the end of the year from US$384m at YE23. Alphawave trades at a c60% average discount to peers on EV/revenue and a c40% discount on EV/EBITDA.
