Alphawave forced to suspend shares
Data center chip and IP company Alphawave IP Group plc – which trades as Alphawave Semiconductor – has been forced to suspend trading in its shares on London Stock Exchange starting Tuesday May 2.
This is because its auditors, KPMG, have asked for more time to sign-off on the accounts. The shares lost about 20 percent of their value on the news. Trading in the shares is set to resume after publication of the audited results, anticipated to be on or before 12 May 2023.
The reason given for the delay was because of additional procedures required in connection with auditing the company following its significant enlargement by way of three acquisitions in the year to December 31, 2022. Alphawave bought OpenFive for about $210 million and Banis Labs for about US$240 million in the last year (see Chiplet opportunity prompts Alphawave to buy SiFive design arm for $210 million).
However, Alphawave did announce strong results in preliminary form and strong preliminary 1Q23 guidance and said it does not expect any changes in the audited results.
The company announced a net profit after tax of US$6.5 million on revenues of US$192.4 million. This compares to a net profit after tax of US$9.4 million on revenues of US$89.9 million in the previous year. Full year revenue increased by 114 percent.
For the first quarter of 2023 Alphawave expects revenues of US$103 million, more than four times that in 1Q22 and Alphawave said its full-year revenue forecast of between US$340 million and US$360 million remains unchanged.
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