Alphawave IP Group PLC (LSE:AWE) shares jumped 15%, moving further away from recent all-time lows, after the semiconductor designer posted a 43% increase in new bookings for the third quarter.
The Canadian company, which specialises in high-speed microchips, reported licence and non-recurring engineering (NRE) revenue rose 119% to US$93.8 million, while royalties and silicon orders fell 64% to US$10.7 million.
This meant bookings totalled US$104.5 million, up from US$72.9 million a year ago, and was the fourth quarter in a row that bookings topped US$100 million.
CEO Tony Pialis noted "consistent strength" in IP licensing and NRE as well as repeat and multiple design wins with chiplets leveraging IP from Arm's Universal Chiplet Interconnect Express (UCIe).
Last month, the company's shares plunged to a new low of 70.6p after its interim results showed a swing into losses and a reduction in the full-year outlook as the microchip designer revenues fell due to a change in revenue mix towards its semiconductor business, which has longer revenue recognition cycles than the historical IP licensing business.
Pialis said "the ultimate validation of our continued technology leadership in connectivity" was Alphawave receiving the award from Taiwan Semiconductor Manufacturing Co (ADR) (NYSE:TSM) as OIP Partner of the Year for the fifth year in a row.
Executive chairman John Lofton Holt said: "2024 has been a transition year for the company, as anticipated. Now this transition is playing out favourably in the numbers. Our continued momentum gives us strong confidence in our mid-term guidance and underpins our ambition for US$1B revenue run rate in 2027."