Investors

The following amendment has been made to the 'Final Results for the Year Ended 31 December 2022' announcement released on 24/05/2023 at 07:00 BST under RNS No 4088A.

Under the Financial Highlights section Adjusted EBITDA should be a loss of £1.1 million.

All other details remain unchanged.

The full amended text is shown below.

Strong financial and operational progress; positive outlook

Sondrel (Holdings) plc (AIM:SND), the fabless semiconductor business providing turnkey services in the design and delivery of 'application specific integrated circuits' ("ASICs") and 'system on chips' ("SoCs") for leading global technology brands, is pleased to announce its audited full year results for the year ended 31 December 2022 ("FY 22").

Financial Highlights

• Revenue up 116% to £17.5 million (FY 21:  £8.1 million), exceeding pre-pandemic levels
• Record new orders received, with growth of over 130% YoY FY22 £25.6 million (FY21: £10.8 million) and providing strong visibility over FY23 revenue
• ASIC revenues growth of 313% YoY, representing 73% of total revenues (FY 21:  38%)
• Adjusted EBITDA £(1.1) million (FY 21: loss of £2.5 million)
• Adjusted Loss Before Tax (excl amortisation and IPO costs) of £2.6 million (FY 21:  loss £3.4 million)*(see note 4)
• Cash balance at year end £4.4 million (FY 21:  £(1.2) million)
• Repayment in FY22 of £1.8m of debt (FY21: nil) - Group is now debt free
• Net assets of £8.5million (FY21 £(6.6) million) 
  

Operational Highlights

• Successful IPO on AIM in October 2022, raising £20 million excl costs
• Record new design orders received in the automotive, Edge AI, mobile, networking, and aerospace markets totalling £25.6 million
• Significant progress made both during 2022 and the start of 2023 in respect of a material turnkey ASIC engagement secured in Q2 2022 for a Tier 1 OEM Automotive customer
• Extended key partner software supply relationships for a further three years
• Expanded US sales operation
  

Post Period End Highlights

• Maiden post IPO tapeout of an ASIC design for a leading provider of Edge AI Hardware Accelerator solution
• Successful design tapeout for a leading provider of home network devices, estimated to be worth £1.8 million in FY 23
  

Outlook

• New design wins in line with Board expectations, delivering a strong increase in the pipeline for volume supply
• Strong design pipeline identified for 2023 providing good visibility of future growth

Graham Curren, Chief Executive Officer of Sondrel, commented:

"I am delighted to present our first set of results since our IPO on AIM with the strong increase in revenue clearly demonstrating the significant potential of our full-service ASIC offering.  Our focus on end markets that are supported by enduring megatrends, including high performance computing, automotive, artificial intelligence, VR/AR, video analytics, image processing, mobile networking and data centres, means Sondrel is well positioned for material future growth.

"With a strong pipeline of new designs, continued progress on tapeouts and prototyping, and the near-term benefit of production revenues, I am incredibly excited about our future growth prospects and look forward to updating shareholders as we progress to our medium-term target of revenues of over £100 million."

Analyst presentation

There will be an in-person presentation for analysts at 9:30 a.m. (BST) today.  If you would like to join, please contact Buchanan at [email protected]

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended.  On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.

FOR FURTHER ENQUIRIES:

About Sondrel

Sondrel is a UK-based fabless semiconductor company specialising in high end, complex digital Application Specific Integrated Circuits (ASICs) and System on Chips (SoCs). It provides a full turnkey service in the design, prototyping, testing, packaging and production of ASICs and SoCs.

The Company is one of only a few companies capable of designing and supplying the higher-spec chips built on the most advanced semiconductor technologies, selling into a range of hyper growth end markets such as high-performance computing, automotive, artificial intelligence, VR/AR, video analytics, image processing, mobile networking and data centres.  Sondrel designs have enabled products by leading technology brands including Apple (iPhone), Sony (PlayStation), Meta's (Oculus), Samsung, Google and Sony smartphones, JVC (prosumer camcorders), Tesla and Mercedes-Benz cars.

Sondrel is well-established, with a 20-year track record of successful delivery, supported by long standing ecosystem partnerships including Arm, TSMC and Samsung. Headquartered in the UK, Sondrel has a global presence with offices in UK, USA, China, India and Morocco.

For more information please visit: ir.sondrel.com.