(Alliance News) - Alphawave IP Group PLC on Friday said it grew its customer base at the end of 2022, and also set out targets for 2023, expecting a jump in revenue and adjusted earnings before interest, tax, depreciation and amortisation.

The connectivity technology provider's number of end-customers at the conclusion of 2022 was 69, up sharply from 20 a year prior. New bookings surged to USD94.8 million in the fourth quarter from USD25.5 million.

"We ended financial year 2022 with strong design win momentum and a rapidly expanded customer base. Building on a broader product portfolio, our design win pipeline remains strong as we can now address more of our customers' connectivity needs, via both silicon IP and custom silicon," Chief Executive Tony Pialis said.

For 2023, the company expects revenue in the range of USD340 million to USD360 million. Revenue in 2021 totalled USD89.9 million. It anticipates a revenue run rate of around USD500 million by 2025.

Alphawave expects adjusted Ebitda of USD87 million for 2023, surging 68% from USD51.8 million in 2021. By 2025, the company expects this to grow to USD150 million. Alphawave didn't provide Ebitda guidance for 2022.

Alphawave shares were down 0.5% to 122.40 pence each on Friday morning in London.

By Tom Budszus, Alliance News reporter

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