Shares in Alphawave Semi rose as much as 15% in early London trade after the semiconductor company posted a record-breaking quarter.

The London, UK and Toronto, Canada-based business said it had seen its most successful bookings quarter in its history with $185.7m (£151.6m) in bookings for the final three months of the year, including $99.9m in new intellectual property and $85.8m in new silicon orders.

Alphawave said its adjusted earnings wewre now expected to exceed $50m for the year, but warned total turnover for 2024 was likely to come in at the lower end of its previously guided range of $310m to $330m.

President and CEO Tony Pialis said strong growth in silicon orders from North American AI customers was among the biggest contributors to the strong performance.

“This achievement underscores the strength of our pipeline and supports our long term outlook for the business,” he said.

“2025 is the year we will complete our transition to a semiconductor product company and start generating significant silicon revenue, which we expect to significantly grow in the following years.”

The rallying shares has helped pare back the losses the company’s stock made last month after the firm priced its $150m convertible bond raise.

Pialis said the raise “strengthens the balance sheet and ensures the business is well-funded to execute its strategic initiatives.”

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