Shares of Alphawave IP (LON: AWE) are rallying after the company reported its interim results for the six months ended June 30.
The wired connectivity solutions firm reported a first-half revenue of $27.6m, representing a 140% growth compared to H1 2020, which saw revenues of $11.5m.
Bookings of $196.1 million during the six months grew 490% compared to the previous year.
Adjusted EBITDA came in at $13.9m with a margin of 50%. In H1 2020, adjusted EBITDA was $6.3m with 55%.
Alphawave saw increased revenue diversification across customers end markets and regions with six new customer wins spanning storage, networking, 5G wireless, AI and optical.
Its IPO back in May saw the company raise net proceeds of £347.1m ($492.1m).
As a result of its strong first-half performance, the company is increasing its FY2021 guidance based on its order book and visibility on new opportunities. FY2021 bookings are expected to exceed $230m, due to “exceptional H1 multi-year subscription deals and with multiple US wins expected in H2 2021.”
FY2021 revenue is expected to exceed $75m, representing over 125% year-on-year growth and ahead of 100% year-on-year guidance at its IPO.
FY2021 adjusted EBITDA margins are expected to increase to over 55%.
Tony Pialis, President and CEO of Alphawave IP said: “The first half of 2021 was a breakout period for us, with exceptional growth in revenue and bookings which underpins our confidence in raising full year guidance.
“The strength of demand for our market-leading IP, combined with the platform provided by our successful IPO, will enable us to continue to expand our leadership position in the connectivity space and sustain our long-term growth trajectory.”
The results have seen Alphawave IP shares surge on Tuesday, currently trading at 403.8p, up 18.21% from Monday's close.
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