Alphawave Semi: FY23 trading update, amended forward guidance
Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. However, the reduced guidance mainly appears to reflect a more conservative approach to revenue recognition under new CFO, Rahul Mathur, coupled with a more rapid withdrawal from China, consistent with the current strategy, than indicating a more negative outlook or weakening in Alphawave Semi's competitive position. Indeed, the company noted a stronger-than-expected start to 2024 with over ten new design wins and over US$110m in bookings for 1Q24.
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