**Summary of Alphawave IP Group PLC Interim Results for H1 2025**
**Overview**
Alphawave IP Group PLC, a global leader in high-speed connectivity for technology infrastructure, announced its interim results for the six months ended 30 June 2025. The company reported revenues of **US$103.0 million**, a **13% year-on-year increase** from H1 2024, despite global economic uncertainty and customer hesitancy due to the pending acquisition by Qualcomm. The company recorded an **operating loss of US$172.8 million**, primarily driven by non-recurring items such as acquisition-related costs, impairments, and expected credit losses.
**Key Financial Highlights**
**Revenue**US$103.0 million (H1 2024: US$91.0 million), with growth attributed to increased bookings from 2024 converting to revenue.
**Adjusted EBITDA**Loss of US$43.0 million (H1 2024: Loss of US$11.8 million), impacted by delayed customer projects, increased headcount, and additional costs.
**Operating Loss**US$172.8 million (H1 2024: US$48.3 million), including US$44.1 million in acquisition-related costs, US$10.0 million impairment of intangible assets, and US$19.7 million expected credit loss.
**Cash and Cash Equivalents**US$118.7 million (31 December 2024: US$180.2 million), with net debt at US$231.4 million.
**Operational and Strategic Updates**
**Bookings**Total bookings of US$159.4 million, down **29% year-on-year**, due to customer uncertainty related to the Qualcomm acquisition. License and NRE bookings were US$107.4 million (down 47%), while royalties and silicon bookings increased to US$52.0 million (up 139%).
**Backlog**Excluding royalties, backlog stood at US$327.7 million (H1 2024: US$486.4 million).
**Customer and Regional Breakdown**Revenue from 81 customers (H1 2024: 73), with 59% from North America, 21% from China, 13% from APAC (ex-China), and 7% from EMEA.
**Gross Margin**38% (H1 2024: 45%), impacted by higher NRE project costs and IP commissions.
**Acquisition by Qualcomm**
Alphawave confirmed the recommended acquisition by Qualcomm, valuing the company at **US$2.4 billion**. The transaction is expected to complete in Q1 2026, pending regulatory approvals.
The acquisition is seen as a strategic fit, enhancing Qualcomm’s capabilities in data centers, AI, and high-speed connectivity.
**Other Notable Items**
**WiseWave Disposal**Alphawave fully disposed of its WiseWave joint venture for no consideration, with no gain or loss recorded.
**Headcount**Increased to 1,144 employees, with 1,014 in R&D/engineering, 28 in sales and marketing, and 102 in general and administrative roles.
**Credit Agreement Amendment**Suspended testing of financial covenants until the acquisition is finalized or Q4 2025.
**Outlook**
Alphawave anticipates **significant revenue growth in H2 2025** driven by customer ASIC tapeouts and conversion of IP and NRE bookings. The company remains focused on executing its strategy and supporting Qualcomm in completing the acquisition.
**Conclusion**
Despite short-term challenges, Alphawave demonstrated resilience in H1 2025, with revenue growth and strategic progress. The pending acquisition by Qualcomm is expected to unlock new opportunities and strengthen the company’s position in high-growth markets.