Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
When the facts change, I change my mind.
Management needs to initiate NYSE listing ASAP!
ALAB currently trading at a Revenue multiple 15x higher than what LSE investors are paying for AWE.
The LSE valuation discount is egregious! Credo has been around since 2008, has a negative EBITDA margin, yet gets more than double the multiple assigned to it by investors.
I asked GPT-4 why AWE's offerings are attractive/cutting edge/different from other conventionally available options provided by large incumbent semiconductor companies:
Performance Metrics: "Alphawave Semi prides itself on delivering top-tier performance in SerDes technology, offering solutions that excel in data throughput, latency, and power efficiency. Our chiplets are designed to operate at industry-leading speeds, significantly surpassing conventional standards, while maintaining low power consumption, which is crucial for data center operations."
Technology Differentiators: "Our chiplets leverage proprietary, cutting-edge technologies that include advanced modulation schemes and sophisticated error correction algorithms to enhance signal integrity and throughput over a wide range of conditions. This unique approach not only differentiates us from traditional options but also provides our clients with a competitive edge in terms of efficiency and performance."
Compatibility and Integration: "We ensure broad compatibility with various processor architectures and data center hardware through our flexible design principles. Alphawave Semi's solutions are crafted to seamlessly integrate into diverse ecosystems, evidenced by our successful partnerships and integrations across the semiconductor industry."
Scalability and Future-Proofing: "Our chiplet designs are inherently scalable, designed to meet the current and future demands of data-intensive applications, especially in AI and machine learning. We continuously innovate to ensure our products are future-proof, enabling easy scaling and upgrades as your data center needs evolve."
Ecosystem and Partnerships: "Alphawave Semi is at the center of a robust ecosystem, supported by comprehensive software tools, development kits, and strong partnerships with key technology providers. This ecosystem is designed to facilitate the rapid deployment and optimization of our chiplets in any data center environment."
Customization and Flexibility: "We understand that one size does not fit all in the data center world. That's why we offer a high degree of customization and flexibility in our chiplets, allowing for programmability and configurability to meet specific performance criteria or integration needs."
Reliability and Durability: "Reliability is a cornerstone of our product design. Our chiplets boast excellent mean time between failures (MTBF) rates, backed by comprehensive testing under extreme conditions. We can share detailed reliability reports and testimonials from existing deployments to underscore our commitment to durability."
Support and Services: "Post-purchase, Alphawave Semi provides unparalleled technical support and services, ensuring any issues are addressed quickly to minimize potential downtime. Our global support team is dedicated to assisting with deployment, optimization, and maintenance, ensuring smooth operation."
TCO: long-term savings in energy, cooling
While the share price is determining the feelings of us public investors in the short term, a real industry veteran and deeply knowledgable expert, Daniel Nenni, recently posted a wringing endorsement of Alphawave on the industry website he runs, SemiWiki:
"Do you know who had another great year? Alphawave Semi did. Despite being relatively young in the industry (founded in 2017), the company has quickly gained recognition for its advancements in high-speed connectivity solutions.
Alphawave Semi is all about pushing the boundaries of high-speed connectivity. They design and develop semiconductor IP (Intellectual Property) solutions that enable fast and efficient data transfer within electronic devices. Their expertise lies in working closely with customers and partners developing advanced connectivity and signal processing technologies.
It has been an honor to work with Alpha Semi CEO Tony Pialis and his growing team of top notch professionals. As far as semiconductor ecosystem CEOs I would put Tony in my top 10, absolutely.
In my opinion chiplets will be one of the most disruptive semiconductor technologies and Alphawave Semi will be one of the companies leading the way...
Bottom line, to further reduce the overall risk of implementing a chiplet based design strategy, working with ecosystem experts like Alphawave Semi is critical, absolutely."
https://semiwiki.com/ip/alphawave/340060-alphawave-semiconductor-powering-progress/
Mr. Nenni knows what he is talking about better than we do, that at least is certain.
Make or break earnings/guidance coming up as far as i'm concerned. I believe in the story, but opportunity cost matters! Hindsight is 20/20, but my investment in AWE could have returned me 40% if I had plopped it in $QQQ last January instead. With corporate profits rising and interest rates likely headed down, I am getting impatient. Its clear the acquisitions have turned AWE profit and cashflow negative, with a short cash runway to boot, per last report.. Will the recent design wins make up for this in next 24 months? Market wants answers.
I have been reading 'The Everything Blueprint' by James Ashton; very turbulent first decade for the stock!
When is Q4 earnings being reported? Will management do another investor day? Does not appear so, judging from the company website financial calendar.
Alphawave Semi
Sales Trend ($millions)
Q1 '23 - $103.1
Q4 '22 - $95.0
Q3 '22 - $80.0
Q2 '22 - $28.4
Q1 '22 - $30.7
Q4 '21 - $25.5
Q3 '21 - $23.3
Q2 '21 - $20.0
Q1 '21 - $7.6
TTM Sales = $306.5m
Proj '23 Sales = $350m
Market Cap = $889m
ttm P/S = 2.9x
Fwd P/S = 2.5x
Comparables' ttm P/S multiples:
Rambus = 11.2x
Marvell = 5.8x
Synopsys = 10.8x
Lattice Semi = 16.5x
Data from Koyfin.com
Alphawave is not alone in missing their audit release deadline. Amongst London-listed companies recently, Card Factory plc & Oxford Biomedica plc had their filings delayed within the last two weeks. Both also audited by KPMG.
If I had to guess, KPMG is understaffed in the LSE small-cap space, and Aharoni is simply not good at his job.
With two late audits in two years, he needed to be shown the door.
Where can I find a full accounting of Sutardja's AWE trading history post-IPO?
A couple posts down, Shearclass mentioned: "Sutardja Family LLC' sold 17,442,100 shares in the IPO at £4.10 for a total of £71,512,610" just wondering where you found that info. Thanks in advance!
I wonder if the market is anticipating something like what happened to Credo occurring with AWE.
I have a limit order for 96p queued for tomorrow's open. Thanks for the info you have provided.
1. Mgmt has said the rationale for listing in the UK is to take advantage of UK investor community's appreciation & enthusiasm for Semi-IP companies like ARM, which was an investor favorite prior to Softbank taking ARM private.
2. Speculation/opinion
3. Very interesting, would love to see those photos/your source.
4. Financials show strong sales growth YoY and QoQ for the last 12 months, according to S&P Capital IQ. These are not inclusive of the Verisilicon Chinese re-seller deal.
5. Alphawave on January 13 said they now have 7/10 of the largest semiconductor companies as customers, and 69 total end-customers following OpenFive acquisition.
6. Have not found any evidence to support that allegation.
On Monday, Director Sehat Sutardja purchased another 630,000 shares.
“Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.”
I am of the opinion that Sutardja (founder and former CEO of Marvell) knows more than us speculators, and is & has been putting serious money down betting that the company will increase in value.
Hello all. I am wondering what is the bear case for this stock. Clearly there is more negative sentiment around it than positive, just judging by the constant decline in share price for almost 2 years now. Given that sales and EBITDA have grown meaningfully in that time span, I am thinking there must be more to the story. It has materially underperformed the rest of the semiconductor space, especially since October.
What are the specific issues with this company that most concern you guys? Thanks in advance.
Hello folks, I'm an American individual investor who's been attempting to do DD on Alphawave for a couple weeks now. This comment thread has been illuminating; I figured British investors would have a better grip on this company. I am open-minded and not biased either way regarding the company. Just looking for more info that is not publicly available and informed opinions.
One question: If this company and its mgmt are bad actors and/or misleaders, then why has Alphawave won TSMC's partner of the year in 2020, 2021, and again in 2022?
"TSMC recognized Alphawave IP with the TSMC 2022 OIP Partner of the Year award for its contribution to the OIP design ecosystem," said Dan Kochpatcharin, Head of Design Infrastructure Management Division at TSMC. "Alphawave IP's continuous collaboration with TSMC and effort ensure our mutual customers can benefit from the significant power and performance improvements of TSMC's advanced technologies and achieve the best possible design results."
https://www.prnewswire.com/news-releases/alphawave-ip-receives-2022-tsmc-oip-partner-of-the-year-award-for-high-speed-serdes-ip-innovations-301672296.html