Alphawave Semi has published its 4Q23 trading and business update, reiterating its guidance for FY23 with multiple new wins, a strong pipeline and good progress toward generating revenue from its Connectivity Products Group in 2024. Total new bookings of US$128.7m in 4Q23 were a record and increased by 36% YoY. Alphawave Semi continues to transition the company following the acquisitions in 2022, re-focusing the OpenFive business on leading edge technology. The transitioning process weighed on the interim results and the company's ratings remain heavily discounted to tech sector average comparables. Nevertheless, the reiteration of guidance and the positive tone of the statement confirm that transition is being executed successfully. In particular, Alphawave Semi notes combined silicon design wins in 2023 with US$500m lifetime revenue potential which is not yet reflected in bookings or backlog but which should start contributing to revenue in 2025.
