LONDON (Reuters) -Alphawave, the chip technology company whose shares have lost 60% since listing a year ago, said it had made a good start to the year, with bookings of over $30 million in the first quarter.
However its shares, which have struggled since it floated in London in May 2021, reversed early gains to trade down 5% at 0908 GMT, as the company stuck to guidance issued last month when it announced the acquisition of OpenFive for $210 million.
The Canadian company licenses its high-speed data transmission technology to five of the top eight global semiconductor companies, and it counts Intel, TSMC, and Samsung among its manufacturing partners.
Alphawave reported revenue of $89.9 million for 2021 on Friday and adjusted core earnings of $51.8 million, ahead of forecasts by analysts at Jefferies.
It raised its medium-term guidance last month when it announced the OpenFive deal, saying it was aiming for a target run rate for the combined group of at least $500 million by 2024.
The stock declined sharply in September when a Financial Times article raised questions about its disclosure of related party transactions. The company said it had disclosed all related party transactions in its IPO prospectus.
The shares were hit again earlier this month by a delay in publishing its results, which it said was caused by staff absences at its auditor KPMG.
Executive Chairman John Lofton Holt said the company had raised its numbers and beaten its guidance since it listed in London last year, but it had been a tough global market for semiconductor stocks.
"But we think today will be the beginning of something new for us," he said.
(Reporting by Paul Sandle Editing by James Davey and Mark Potter)