Alphawave: omegawhoops
Financial Times
23-05-19 09:20
Alphawave IP Group has announced a series of revisions to its full-year results for 2022, including $7m cut from its sales figures due to overstatement, while its operating profit was overstated by $7.4m. The income tax bill was wrong to the tune of $200,000, with R&D expenses increased by $400,000 due to a change in the amortisation period. The company also addressed its balance sheet, with an $8.2m reclassification of payables between non-current and current liabilities, and another $4.4m reclassification of payables related to deferred comp from its acquisition of Banias Labs in October 2022. And finally, the firm's CFO, Daniel Aharoni, has stepped down with immediate effect. JPMorgan, which helped organise Alphawave's £750m ($1.05bn) flotation in 2021, described the firm's changes as mixed but noted the company's cash flow remained unchanged during the audit.