Alphawave Semi: 3Q23 trading update – FY23 guidance reiterated
Alphawave Semi has published its 3Q23 trading and business update, reiterating its guidance for FY23 with multiple new wins, a strong pipeline and good progress toward generating revenue from its opto-electronics connectivity products in 2024. Total new bookings of US$72.9m in the quarter fell 9% YoY, in part because a US$20m custom silicon non-recurring engineering (NRE) booking slipped into 4Q23. Alphawave Semi continues to transition the company following the acquisitions last year, re-focusing the OpenFive business on leading edge technology. The transitioning process weighed on the interim results and the share price which has left the company's ratings heavily discounted to tech sector average comparables. Nevertheless, the reiteration of guidance and positive tone of the statement confirm that transition is being executed successfully.
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