Alphawave dines out on chips

THE world may be in the midst of a microchip shortage but that hasn’t stopped Alphawave minting it.

The Canadian chip designer, which listed in London in May, today reported surging half-year sales and revenues and upgraded full-year forecasts. Bookings surged 490% to $196.1 million (£143.3 million) and revenue jumped 140% to $27.6 million.

Alphawave, which designs chips and then licenses them to manufacturers, said it was seeing a boom in demand due to ever increasing connectivity.

Its chips are going into cars, phones, and TVs, among other things. CEO Tony Pialis called it a “breakout period” for the company.

Executive chairman John Holt said the ongoing global microchip shortage was an “opportunity” for the company as it was leading to investment in new factories to meet demand. That in turn was helping to fill order books.

Profit dipped 36% to $2.7 million as IPO costs hit the company’s bottom line. Alphawave upgraded its forecast for full year revenue growth by 25% to 125%. Shares in the business rocketed 40.6p, or 11.9% to 382.20p.