PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DEC 2022

Companies

Alphawave IP Group (AWE)

UK 100

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Financial Summary and APMs^{^[2]} - US$m	FY 2022	FY 2021	Change
Licence and NRE	138.3	89.9	54%
Royalties and silicon	54.1	-	nm
Total Revenue	192.4	89.9	114%
Operating profit	45.0	36.0	25%
Operating margin	23%	40%
EBITDA²	56.3	39.2	44%
EBITDA margin	29%	44%
Adjusted EBITDA2	53.8	51.8	4%
Adjusted EBITDA margin	28%	58%
Profit/(Loss) after tax	6.5	9.4	-31%
Profit after tax margin	3%	10%
Pre-tax operating cash flow	7.8	26.5	-71%
Cash and cash equivalents	186.2	501.0	-63%
Net cash/(debt) balance	(24.0)	501.0

Bookings^{^[3]} and Design Win Activity - US$m	FY 2022	FY 2021	Change
Licence and related	131.3	72.9	80%
Royalties and silicon^{^[4]}	96.8	24.0	304%
New Bookings (excluding VeriSilicon and WiseWave multi-year subscription licences)	228.1	96.9	135%
WiseWave and VeriSilicon multi-year subscription licences	-	147.8	nm
Additional design win activity - FSA drawdowns and China re-sale licences^{^[5]}	23.2	3.9	494%
Number of revenue generating end-customers	80	20

Risk	Description
Managing our growth	We have a limited operating history and are growing rapidly. If we do not manage our growth successfully, fail to execute on our strategy, or fail to implement or maintain governance and control measures, our business may be adversely impacted. We have rapidly expanded our headcount and the complexity of our business and operations, both organically and through acquisitions.
Competition and failure to maintain our technology leadership	We seek to maintain our competitive advantage by being first to market with new IP as data speeds increase and manufacturing sizes decrease. If these industry transitions do not materialise, or are slower than anticipated, our competitors may be able to introduce competing IP which may diminish our competitive advantage and selling prices. Our ability to maintain our technology leadership is further dependent on our ability to attract R&D and engineering talent.
Customer dependence	Our products and technology target the data centre and network infrastructure markets, where there are a limited number of customers. Further, the cost and complexity of developing semiconductors targeted by our IP limits the number of our potential addressable customers. In any reporting period, a substantial part of our revenues may be attributable to a small number of customers.
Customer demand	Demand for our technology is dependent on the continued global growth in generation, storage and consumption of data across our target markets, as well as the increasing cost and complexity of designing and manufacturing semiconductors. We may be impacted by our customers' demand sensitivity to broader economic and social conditions. Our potential customers may seek to develop competitive IP or semiconductors internally or acquire IP or semiconductors from our competitors.
Risks associated with WiseWave	WiseWave is today an important element of our strategy to monetise our IP in China and we are a significant minority shareholder. We may be limited in our ability to influence strategy, operational, legal, commercial or financial matters. The Group and WiseWave may also face regulatory risk in terms of transfer of technology into China. There is a risk that the bookings from WiseWave do not translate into revenues and our equity investment diminishes in value. WiseWave is a new venture and if it does not effectively execute on its business plan, we may be negatively impacted
Dependence on licensing revenue	Our financial performance is highly dependent on licensing revenues and we do not anticipate a material contribution from royalty revenues for some years. If our customers delay or cancel their development projects, fail to take their products to production or those products are not successful, our royalty revenues may be delayed, diminished or not materialise
Reliance on key personnel and ability to attract talent	We rely on the senior management team and our business could be negatively impacted if we cannot retain and motivate our key employees. Our ability to grow the business is also dependent on attracting talent, particularly in R&D and engineering, and if we are unable to do so, our business may be negatively impacted.
External environment and events	Semiconductors are becoming increasingly important as countries and regions seek to guarantee supply and build domestic supply chains, as well as restrict outside access to their domestic technologies. Our business could be impacted by the actions of governments, political events or instability, or changes in public policy in the countries in which we operate. The current conflict in Ukraine potentially has wide-ranging impacts, including global economic instability, increased geopolitical tensions and disruption to supply chains.
IP protection and infringement	We protect our technology through trade secrets, contractual provisions, confidentiality agreements, licences and other methods. A failure to maintain and enforce our IP could impair our competitiveness and adversely impact our business. If other companies assert their IP rights against us, we may incur significant costs and divert management and technical resources in defending those claims. If we are unsuccessful in defending those claims, or we are obliged to indemnify our customers or partners in any such claims, it could adversely impact our business.
Reliance on third-party manufacturing foundries	We rely on third-party semiconductor foundries, both as customers and as manufacturing partners to our customers. If foundries delay the introduction of new process nodes or customers choose not to develop silicon on those process nodes, our ability to license new IP and our selling prices may be adversely impacted. By pursuing a vertically integrated model and supplying silicon products, we are reliant on the foundries' capacity for a portion of our revenues and this reliance may increase as royalty revenues become more material to us.
Reliance on complex IT systems	We rely heavily on IT systems to support our business operations. The vast majority of our design tools, software and IT system components are off-the-shelf solutions and our business would be disrupted if these components became unavailable. If our IT systems were subject to disruption, for example through malfunction or security breaches, we may be prevented from developing our IP and fulfilling our contracts with our customers.

FY 2022	Female	Male	Total
Board	4	6	10
Total employees	141	554	695
Senior management¹	1	11	12

FY 2021	Female	Male	Total
Board	4	6	10
Total employees	21	128	149
Senior management¹	-	5	5

	Baseline	Baseline
Activity	year 2021	year 2022
In metric tonnes CO₂e
Total Scope 1 emissions (natural gas)	14.18	208.86
Total Scope 2 emissions (electricity consumption)	6.33	341.49
Total Scope 3 emissions (transmissions and distribution, non-controlled electricity, hotel stays, homeworkers, well to tank, flights, hire car, taxi and grey fleet travel)	45.33	601.67
Total gross (Scope 1, 2 & 3) location-based emissions	65.84	1,152.02
Intensity ratios
tCO₂e (gross Scope 1, 2 & 3) per employee	0.49	1.78
tCO₂e (gross Scope 1, 2 & 3) per US$m revenue¹	0.73	nm
Underlying energy consumption (kWh)
Total global energy consumed	285,414	2,618,460
Total UK energy consumed²	273	na
UK-based emissions	0.1%	nm
UK-based energy consumption	0.1%	nm

Related to the transition to a low-carbon economy
Risks	Opportunities
Policy and legal Low	Resource efficiency Low
Alphawave Semi is a young and high-growth company setting the foundations of its reporting on a range of environmental, social and governance topics. In 2022, we used the Sustainability Accounting Standards to guide our reporting. In 2022, our business model expanded from IP to silicon. We continue to adapt and comply with regulatory standards, including evolving product standards. As a fabless business with low capital intensity we do not have a significant amount of assets at risk of impairment or early retirement as a result of changes in environmental legislation.	Our technology contributes to improving the energy efficiency of the digital infrastructure, enabling savings in the amount of energy required to transmit data in data centres or 5G base stations.
Technology Low	Energy source Low
Alphawave Semi is at the forefront of connectivity technology. Our leading-edge technology advances push the boundaries of wired connectivity capabilities, enabling data to travel faster, more reliably, and using lower power. Our focus on connectivity and R&D investment seeks to ensure we remain ahead of our competitors.	All our premises are leased. Our offices in Canada (Toronto and Ottawa) and the US (Milpitas and San Jose) are based in modern, smart buildings with energy-saving systems and modern HVAC systems. Our premises in Pune and Bangalore, India, which we brought in with the acquisition of OpenFive in 2022, were evaluate Energy from renewables is not available in all our locations, but where possible, we try to improve the mix of purchased energy towards renewables.
Market Low	Products and services Medium
As a fabless business, energy costs are not a major direct cost driver. Our business has a low risk exposure from scarcity of 'rare Earth materials'. Higher energy costs could potentially impact the direct costs of our manufacturing partners. Our foundry partners are the leading manufacturing companies in the industry and continuously invest in the adoption of next generation manufacturing technologies.	The semiconductor industry is well placed to support the transition to a lower carbon emission economy. Our technology enables semiconductors with lower power consumption, contributing to a more energy-efficient digital infrastructure, such as data centres, 5G base stations and other data intensive applications.
Reputation Low	Markets Medium
Although our direct carbon footprint is relatively small compared to other business activities, we have committed to work towards achieving carbon neutrality. In 2023, we intend to baseline our activities and define a clear level from which we can define specific environmental goals.	We work with the leading companies in the semiconductor industry, as well as hyperscalers. Our connectivity technology aims to address the hardest-to-solve problems for customers in digital infrastructure markets. We have not identified any opportunities to access new low carbon emission markets.
Related to the physical impact of climate change
Acute risk (event driven)	Low to Medium
As a fabless semiconductor company, our own operations are unlikely to face any specific material risks as a result of the physical impacts of climate change, such as property damage due to extreme weather events (such as changes in temperature, wind patterns, or water‑related). We have not yet formulated a science-based study to assess current and future climate risks, acute and chronic, in our most critical locations. The purpose of such a study would be to inform the risk assessment of business interruption, mitigation and adaptation plans, as well as any other resilience issues.	All our employees can work remotely and the majority of our offices are located in city centres. Our manufacturing partners have implemented multiple initiatives to reduce their carbon footprint, review water and energy usage, and understand and manage the effects of climate change on their own operations. We work with leading companies like TSMC, which follow the recommendations of the TCFD and have initiatives in place to manage these risks. Our key assets are our employees, our intellectual property and our expertise.
Chronic risk (long-term shifts in climate patterns)	Low to Medium
In the longer term, changes in greenhouse gas emissions regulations could result in increased costs in our supply chain due to higher compliance, raw materials or energy costs to our suppliers.	It could potentially become more difficult or expensive to insure certain locations.

Continuing operations	Note	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
Revenue	5	192,410	89,931
Cost of sales		(60,777)	(5,199)
Gross profit		131,633	84,732
Research and development/engineering	6	(68,968)	(29,444)
Sales and marketing		(4,647)	(1,275)
General and administration		(17,167)	(5,364)
Other expenses		4,170	(12,614)
Operating profit		45,021	36,035
'Other expenses' charged in arriving at operating profit:
Non-recurring Initial Public Offering costs	11	-	(9,961)
M&A costs/professional costs		(16,973)	(533)
Share-based payment	27	(15,695)	(6,143)
Exchange gain		36,838	4,023
Other expenses		4,170	(12,614)
Finance income	10	1,684	312
Finance expense	10	(3,588)	(320)
Share of post-tax loss of equity-accounted joint ventures	18	(18,481)	(12,939)
Profit before tax		24,636	23,088
Tax expense	12	(18,153)	(13,657)
Profit for the year		6,483	9,431
Other comprehensive expense
Items that may be reclassified subsequently to profit or loss:
Exchange (losses) arising on translation of foreign operations		(74,988)	(23,096)
Other comprehensive expense for the period, net of tax		(74,988)	(23,096)
Total comprehensive expense for the year		(68,505)	(13,665)
Profit per ordinary share attributable to the shareholders (expressed in cents per ordinary share):
Basic (loss)/earnings per share (US$ cents)	13	0.95	1.51
Diluted (loss)/earnings per share (US$ cents)	13	0.86	1.34

	Note	31 December 2022 US$'000	31 December 2021 US$'000
Assets
Current assets
Trade and other receivables	19	105,571	13,103
Accrued revenue	5	58,534	31,719
Taxes receivable		7,225	2,605
Inventories	20	18,061	-
Cash and cash equivalents	34	186,231	500,964
Total current assets		375,622	548,391
Non-current assets
Property and equipment	14	13,421	1,626
Intangible assets	15	161,796	1,167
Goodwill	16	332,370	-
Right-of-use assets	17	14,553	7,672
Investments in equity-accounted joint venture	18	-	9,421
Trade and other receivables	19	19,272	-
Total non-current assets		541,412	19,886
Total assets		917,034	568,277
Liabilities
Current liabilities
Trade and other payables	21	80,261	5,805
Lease liabilities	17	3,756	2,160
Deferred revenue	5	85,213	12,661
Income tax payable		130	6,970
Flexible spending account	5	5,200	6,819
Loans and borrowings	22	5,000	-
Total current liabilities		179,560	34,415
Non-current liabilities
Lease liabilities	17	11,177	5,668
Deferred income taxes	24	30,968	422
Trade and other payables	21	14,286	-
Flexible spending account	5	-	-
Loans and borrowings	22	205,201	-
Total non-current liabilities		261,632	6,090
Total liabilities		441,192	40,505
Net assets		475,842	527,772
Issued capital and reserves attributable to owners of the parent
Share capital	25	9,751	9,399
Preference shares	25	-	-
Share premium account	26	775	-
Share-based payment reserve	27	18,189	4,777
Merger reserve	26	(793,216)	(793,216)
Foreign exchange reserve	26	(96,707)	(21,718)
Retained earnings	26	1,337,050	1,328,530
Total equity		475,842	527,772

	Note	Ordinary share capital US$'000	Share premium account US$'000	Share-based payment reserve US$'000	Merger reserve US$'000	Currency translation reserve US$'000	Retained earnings equity US$'000	Total US$'000
Balance at 1 January 2022		9,399	-	4,777	(793,216)	(21,718)	1,328,530	527,772
Comprehensive income for the year
Profit for the year		-	-	-	-	-	6,483	6,483
Other comprehensive expense		-	-	-	-	(74,989)	-	(74,989)
Total comprehensive income/(expense) for the year		-	-	-	-	(74,989)	6,483	(68,506)
Contributions by and distributions to owners
Issue of shares	25	106	775	-	-	-	-	881
Effect of exercise price below nominal value		246	-	(246)	-	-	-	-
Transfer on exercise of share options	27	-	-	(2,037)	-	-	2,037	-
Share-based payments	27	-	-	15,695	-	-	-	15,695
Total contributions by and distributions to owners		352	775	13,412	-	-	2,037	16,576
Balance at 31 December 2022		9,751	775	18,189	(793,216)	(96,707)	1,337,050	475,842

	Ordinary share capital US$'000	Preference share capital US$'000	Share premium account US$'000	Share-based payment reserve US$'000	Merger reserve US$'000	Currency translation reserve US$'000	Retained earnings equity US$'000	Total US$'000
Balance at 1 January 2021	1,881	-	-	331	-	1,378	14,201	17,791
Reorganisation accounting	(1,881)	-	-	-	-	-	-	(1,881)
	-	-	-	331	-	1,378	14,201	15,910
Comprehensive income for the year
Profit for the year	-	-	-	-	-	-	9,431	9,431
Other comprehensive expense	-	-	-	-	-	(23,096)	-	(23,096)
Total comprehensive income/(expense) for the year	-	-	-	-	-	(23,096)	9,431	(13,665)

	Year ended 31 December 2022 US$m	Year ended 31 December 2021 US$m
Backlog (end of the prior year)	168.6	37.3
Add: New bookings excluding IP royalties	213.0	220.8
Add: Backlog acquired with OpenFive and Precise-ITC	176.5	-
Less: Revenues recognised in the period¹	(192.4)	(89.4)
Backlog (end of the year)	365.8	168.6

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
EBITDA	56,298	39,162
Add backs:
Non-recurring Initial Public Offering costs	-	9,961
M&A-related costs	16,973	533
Share-based payment	15,695	6,143
Exchange gain	(36,838)	(4,023)
Retention payments	1,703	-
Adjusted EBITDA	53,831	51,776

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
Revenue by type:
IP and NRE	76,842	51,224
IP and NRE - Reseller	3,270	8,861
IP and NRE- JV	58,207	29,846
Silicon and royalties	54,091	-
	192,410	89,931

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
Revenue by region:
North America	51,883	37,642
China	111,094	43,063
APAC (ex-China)	16,982	9,226
EMEA	12,451	-
	192,410	89,931

Year ended 31 December 2022	As reported US$'000	+10% US$'000	-10% US$'000
Revenue stream
WiseWave SLA revenue	31,091	34,200	27,982
WiseWave SLA accrued revenue	14,906	16,397	13,415

Year ended 31 December 2021	As reported US$'000	+10% US$'000	-10% US$'000
Revenue stream
WiseWave SLA revenue	27,700	25,229	30,714
WiseWave SLA accrued revenue	3,700	1,229	6,714

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
Remuneration (including benefits in kind)	660	740
Defined contribution pension costs	45	4
	705	744
Number of options, in thousands, exercised by Director	-	4,000

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
Finance income
Interest income from customer	-	202
Interest income from contracts with customers containing significant financing components	235	-
Bank interest	1,449	110
	1,684	312
Finance expense
Bank charges	-	(26)
Lease interest	(391)	(294)
Term loan interest	(3,134)	-
NPV interest	(27)	-
IIA interest	(36)	-
	(3,588)	(320)
Net finance expense	(1,904)	(8)

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
At 1 January	31,719	10,328
On acquisition of subsidiaries	2,714	-
Revenue accrued in the period	56,231	30,482
Accrued revenue invoiced in the period	(31,983)	(8,959)
Foreign exchange difference	(147)	(132)
At 31 December	58,534	31,719

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
At 1 January 2022	12,661	7,381
On acquisition of subsidiaries	41,845	-
Revenue recognised in the period	(45,964)	(6,450)
Revenue deferred in the period	76,205	11,554
Cumulative catch-up adjustments	-	8
Foreign exchange difference	466	168
At 31 December	85,213	12,661

	Group Year ended 31 December 2022 US$'000	Group Year ended 31 December 2021 US$'000	Company Year ended 31 December 2022 US$'000	Company Period ended 31 December 2021 US$'000
Wages, salaries and benefits	45,301	19,216	1,444	328
Defined contribution pension costs	1,300	253	27	10
Social security costs	3,959	1,447	411	41
Share-based payment expense	15,695	6,143	235	342
Investment tax credit	(5,198)	(3,039)	-	-
Government grants	-	(56)	-	-
Total	61,057	23,964	2,117	721

	Group 2022	Group 2021	Company 2022	Company 2021
Research and development/engineering	321	110	-	-
General and administration	29	10	7	3
Sales and marketing	11	4	-	-
Total	361	124	7	3

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
Audit of the financial statements	1,713	725
Audit-related assurance services	124	155
Other assurance services	-	1,135
	1,837	2,015

	Year ended 31 December 2022 US$'000	Year ended 31 December 2021 US$'000
Current taxation
UK corporation tax	4,308	257
UK corporation tax adjustment to prior periods	(543)	125
Tax on non-deductible expenses	5,132	-
Overseas tax	3,406	13,349
Tax on losses not recognised	4,622	-
Change in benefit of tax asset not recognised	998	-
Total current tax	18,153	13,731
Deferred tax
Origination and reversal of timing differences	-	(74)
Total deferred tax	(630)	(74)
Taxation on profit	18,153	13,657

(US$ thousands except number of shares)	Year ended 31 December 2022	Year ended 31 December 2021
Numerator:
Profit for the year	6,483	9,431
Denominator:
In issue at 1 January	664,965,934	27,927,252
Effect of 20 for 1 share exchange	-	558,545,040
Effect of pre-IPO option conversion	-	3,986,807
Effect of primary share issue at IPO	-	54,776,719
Effect of exercise of options at IPO	-	8,138,237
Effect of share issue post IPO	14,883,503	137,957
Weighted average number of common shares outstanding for basic earnings per share	679,849,437	625,584,760
Adjustment for share options and RSUs	77,773,807	76,905,071
Weighted average number of common shares outstanding for diluted earnings per share	757,623,244	702,489,831
Basic earnings per share (US$ cents)	0.95	1.51
Diluted earnings per share (US$ cents)	0.86	1.34

Group	Computer equipment US$'000	Furniture and fixtures US$'000	Leasehold improvements US$'000	Lab equipment US$'000	Total US$'000
Cost
Balance at 1 January 2021	508	57	140	-	705
Additions	1,595	5	268	-	1,868
Foreign exchange	(15)	-	(4)	-	(19)
Balance at 31 December 2021	2,088	62	404	-	2,554
Additions	10,128	286	1,261	93	11,768
On acquisition of subsidiaries	913	111	264	1,279	2,567
Foreign exchange	(5)	(1)	(6)	-	(12)
Balance at 31 December 2022	13,124	458	1,923	1,372	16,877
Accumulated depreciation
Balance at 1 January 2021	232	24	37	-	293
Depreciation charge for the year	540	7	95	-	642
Foreign exchange	(6)	-	(1)	-	(7)
Balance at 31 December 2021	766	31	131	-	928
Depreciation charge for the year	1,886	58	456	72	2,472
Disposals	-	-	-	-	-
Foreign exchange	16	9	31	-	56
Balance at 31 December 2022	2,668	98	618	72	3,456
Net book value
At 31 December 2020	276	33	103	-	412
At 31 December 2021	1,322	31	273	-	1,626
At 31 December 2022	10,456	360	1,305	1,300	13,421

Group	Developed IP US$'000	Developed technology US$'000	Customer relationships US$'000	RISC-V licences US$'000	Other intangibles US$'000	Total US$'000
Cost
Balance at 1 January 2021	140	-	-	-	-	140
Additions	1,038	-	-	-	-	1,038
Foreign exchange	(11)	-	-	-	-	(11)
Balance at 31 December 2021	1,167	-	-	-	-	1,167
On acquisition of subsidiaries	31,087	83,900	25,700	5,200	8,186	154,073
Additions	4,343	4,255	-	-	3,747	12,345
Foreign exchange	(50)	-	-	-	-	(50)
Balance at 31 December 2022	36,547	88,155	25,700	5,200	11,933	167,535
Accumulated amortisation
Balance at 1 January 2021	-	-	-	-	-	-
Amortisation charge for the year	-	-	-	-	-	-
Foreign exchange	-	-	-	-	-	-
Balance at 31 December 2021	-	-	-	-	-	-
Amortisation charge for the year	2,780	-	714	347	1,928	5,769
Foreign exchange	(30)	-	-	-	-	(30)
Balance at 31 December 2022	2,750	-	714	347	1,928	5,739
Net book value
At 31 December 2020	140	-	-	-	-	140
At 31 December 2021	1,167	-	-	-	-	1,167
At 31 December 2022	33,797	88,155	24,986	4,853	10,005	161,796

	2022 US$'000	2021 US$'000
At the beginning of the year	-	-
Businesses acquired during the year (note 33)	332,370	-
At the end of the year	332,370	-

Group	Buildings US$'000	Equipment US$'000	Total US$'000
Cost
Balance at 1 January 2021	6,115	1,706	7,821
Additions	2,321	898	3,219
Disposal	-	(22)	(22)
Foreign exchange	24	(3)	21
Balance at 31 December 2021	8,460	2,579	11,039
Additions	4,308	3,023	7,331
On acquisition of subsidiaries	2,786	-	2,786
Disposal	-	-	-
Foreign exchange	(248)	(104)	(352)
Balance at 31 December 2022	15,306	5,498	20,804
Accumulated depreciation
Balance at 1 January 2021	718	188	906
Depreciation charge for the year	1,144	1,341	2,485
Foreign exchange	(10)	(14)	(24)
Balance at 31 December 2021	1,852	1,515	3,367
Depreciation charge for the year	1,706	1,330	3,036
Disposal	-	-	-
Foreign exchange	(90)	(62)	(152)
Balance at 31 December 2022	3,468	2,783	6,251
Net book value
At 31 December 2020	5,397	1,518	6,915
At 31 December 2021	6,608	1,064	7,672
At 31 December 2022	11,838	2,715	14,553

Group	Total US$'000
At 1 January 2021	6,801
Additions	3,219
Disposals	(32)
Interest expense	294
Lease payments	(2,494)
Foreign exchange	40
At 31 December 2021	7,828
Additions	7,196
Interest expense	391
Lease payments	(3,038)
On acquisition of subsidiaries	2,616
Foreign exchange	(60)
At 31 December 2022	14,933

	Group 31 December 2022 US$'000	Group 31 December 2021 US$'000
Not later than one year	3,417	2,160
Between one and five years	9,158	5,525
Over five years	2,358	143
	14,933	7,828

Name of subsidiary	Principal activity	Country of incorporation and principal place of business	Class of share	Proportion of ownership interest and voting rights held by the Group
Alphawave IP Inc.	Developing and licensing high performance connectivity silicon IP for the semiconductor industry	Canada	Ordinary	100%
Alphawave IP Corp.	Sales and sales support for silicon IP licencing and custom silicon solutions.	United States (Delaware)	Ordinary	100%
Alphawave IP (BVI) Ltd.	To facilitate silicon IP licensing to WiseWave Technology Co., LTD	British Virgin Islands	Ordinary	100%
Alphawave Call. Inc.	Non-trading	Canada	Ordinary	100%
Alphawave Exchange Inc.	Non-trading	Canada	Ordinary	100%
Alphawave IP Limited	To facilitate the investment in WiseWave Technology Co., LTD	China	Ordinary	100%
Precise-ITC, Inc.	Developing and licensing high performance connectivity silicon IP for the semiconductor industry	Canada	Ordinary	100%
AWIPInsure Limited	Captive insurance company	Barbados	Ordinary	100%
Alphawave Holdings Corp.	Holding company provides operational support in Taiwan for Open-Silicon, Inc	United States (Delaware)	Ordinary	100%
Open-Silicon, Inc	Provides custom silicon solutions and high‑speed connectivity silicon IP	United States (Delaware)	Ordinary	100%
Open-Silicon Holding Corp.	Holding company	Mauritius	Ordinary	100%
Open-Silicon Development Corp.	Dormant	United States (Delaware)	Ordinary	100%
Open-Silicon Engineering, Inc.	Dormant	United States (Delaware)	Ordinary	100%
Open-Silicon International, Inc.	Dormant	United States (Delaware)	Ordinary	100%
Open-Silicon Japan	Dormant	Japan	Ordinary	100%
Open-Silicon Research Private Ltd	Provides research and development contracting services to Open-Silicon International, Inc.	India	Ordinary	100%
Yuanfang Silicon Technology (Nanjing) Co. Ltd	Provides sales and marketing contracting services to Open-Silicon, Inc.	China	Ordinary	100%
Alphawave 102022 Limited	Dormant	United Kingdom (England & Wales)	Ordinary	100%
Solanium Labs Ltd	Developing optical Digital Signal Processing chips for data centres	Israel	Ordinary	100%
Solanium Labs, Inc	Provides Sales support for Solanium Labs, Ltd. Dissolved on 21 December 2022	United States (Delaware)	Ordinary	100%

Company	Subsidiaries US$'000
Cost
On incorporation	-
Addition	18,236
Share-based payment capital contribution	4,155
At 31 December 2021	22,391
Addition	260,642
Share-based payment capital contribution	17,847
Carrying amount
At 31 December 2021	22,391
At 31 December 2022	300,880

Group	Joint venture US$'000
Cost and net book value
At 1 January 2021	-
Additions	22,360
Share of loss	(12,939)
At 31 December 2021	9,421
Additions	9,060
Share of loss	(18,481)
At 31 December 2022	-

Current	Group 2022 US$'000	Group 2021 US$'000	Company 2022 US$'000	Company 2021 US$'000
Trade receivables from contracts with customers	16,455	12,074	-	-
Less: expected credit loss provision	(2,184)	-	-	-
Trade receivables at amortised cost - net	14,271	12,074	-	-
Other receivables - current	18,888	158	12,220	-
Other receivables - non-current	19,272	-	18,793	-
Total financial assets other than cash and cash equivalents carried at amortised cost	52,431	12,232	31,013	-
Prepayments	71,538	262	272	146
Amounts owed from Group subsidiaries - current	-	-	14,769	-
Amounts owed from Group subsidiaries - non - current	-	-	260,011	22,997
Capitalised contract costs	874	609	-	-
Total trade and other receivables	124,843	13,103	306,065	23,143

	Group 31 December 2022 US$'000	Group 31 December 2021 US$'000	Company 31 December 2022 US$'000	Company 31 December 2021 US$'000
Finished goods	3,573	-	-	-
Work in progress	10,862	-	-	-
Raw materials	3,626	-	-	-
Total inventories	18,061	-	-	-

Non-current	Group 31 December 2022 US$'000	Group 31 December 2021 US$'000	Company 31 December 2022 US$'000	Company 31 December 2021 US$'000
Other payables	14,286	-	18,793	-
Total non-current trade and other payables	14,286	-	-	-
Total trade and other payables	94,547	5,805	37,330	1,013

	Group US$'000	Company US$'000
2022
At 1 January 2022	422	-
Credit to profit or loss	630	-
On acquisition of subsidiaries	29,916	-
Foreign exchange	-	-
At 31 December 2022	30,968	-
2021
At 1 January 2021	492	-
Credit to profit or loss	(74)	-
Foreign exchange	4	-
At 31 December 2021	422	-