ACEV - ACEV STOCK NEWS

ACE Convergence Acquisition Corp. (Nasdaq: ACEV) has restated its financial statements for the year ended December 31, 2020, due to new SEC guidance on accounting for warrants. The restatement reflects no cash impact on ACE's historical financials or ongoing operations. The warrants will now be treated as a liability and marked-to-market, potentially affecting noncash expenses based on stock price fluctuations. Despite this change, ACE remains on track to complete its announced business combination with Achronix Semiconductor Corporation.

Achronix Semiconductor Corporation announced impressive financial results for Q1 2021, with revenue soaring to $29.9 million, up from $5.5 million in Q1 2020. The gross margin improved to 78%, and GAAP net income reached $8.8 million, or $0.18 per diluted share, reversing a net loss of $5.3 million in the same quarter last year. Non-GAAP net income stood at $10.2 million, or $0.21 per diluted share. The company began shipping 7nm Speedster®7t FPGAs and announced key partnerships to enhance its product offerings.

Achronix Semiconductor and Napatech have partnered to introduce high-speed, programmable FPGA-based SmartNICs aimed at data center operators. This collaboration integrates Achronix's Speedster7t FPGAs with Napatech's SmartNIC software, optimizing performance, power efficiency, and cost. The Speedster7t FPGA supports advanced capabilities, including 692k LUTs, 400G Ethernet interfaces, and >20Tbps bandwidth. This partnership enhances data processing acceleration for various sectors, including cloud services and telecoms. Achronix is in the process of merging with ACE Convergence Acquisition Corp. (ACEV), expected to close in H1 2021.

Achronix Semiconductor Corporation and Napatech have announced a partnership to develop high-speed, programmable FPGA-based SmartNICs for data center network operators. This collaboration leverages Achronix's Speedster7t FPGAs and Napatech's SmartNIC software, aiming to enhance data processing and accelerate CPU offloading. The Speedster7t FPGA features 692k LUTs, 400G Ethernet, and a 2D network on chip for high-speed data transfers exceeding 20 Tbps. Achronix's merger with ACE Convergence Acquisition Corp. is expected to close in H1 2021, enhancing its market position.

Achronix Semiconductor Corporation has commenced shipping its 7nm Speedster^®7t AC7t1500 FPGAs ahead of schedule, targeting high-bandwidth applications like AI/ML and 5G. The Speedster7t family, built on TSMC's cutting-edge 7nm technology, offers the industry's highest performance for data acceleration tasks. Key features include a revolutionary 2D network-on-chip enabling over 20 Tbps of bandwidth. Achronix anticipates completing full device validation by late 2021 and will begin production shipments. The company has a merger agreement with ACE Convergence Acquisition Corp. (Nasdaq: ACEV) expected to finalize soon.

Achronix announced the shipment of 10 million Speedcore eFPGA IP cores, showcasing its leadership in high-performance FPGA solutions. Speedcore eFPGA IP is tailored for 5G, networking, computational storage, and automotive applications, allowing for significant cost and power savings—up to 90% and 75%, respectively. The technology supports the rapid development of ASIC designs, enhancing product lifecycle and flexibility. A definitive merger agreement with ACE Convergence Acquisition Corp. (Nasdaq: ACEV) is expected to close in the first half of 2021, listing Achronix on Nasdaq.

Achronix Semiconductor Corporation has partnered with Mobiveil to offer Mobiveil's soft IP portfolio for designers utilizing Achronix devices. This collaboration aims to expedite FPGA development by providing robust interconnect solutions tailored for storage, networking, and compute applications. Achronix targets a $10 billion data acceleration market with a double-digit CAGR through 2025. Their FPGA solutions deliver optimal performance per watt, catering to growing demands in AI, Cloud, and 5G sectors. The merger agreement with ACE Convergence Acquisition Corp. is expected to close in H1 2021.

Achronix Semiconductor Corporation reported financial results for the year ended December 31, 2020, with revenues of $104.9 million and a GAAP net income of $30.4 million. The company highlighted a revenue increase driven by mainstream Speedster^®22i products and launched the Speedster7t 7nm FPGA family. Achronix plans to merge with ACE Convergence Acquisition Corp. in Q2 2021, aiming to enhance capital for growth initiatives.

Achronix Semiconductor and Logic Fruit have partnered to enhance Test & Measurement (T&M) applications using Achronix's Speedster^®7t FPGA devices. The Speedster7t family, particularly the AC7t1500, supports advanced features like 112G SerDes, enabling high-performance data interfaces for T&M system development. Logic Fruit's expertise in FPGA development and a portfolio of over 50 IP blocks will accelerate T&M customers' project timelines. This partnership aims to provide optimized solutions that meet the latest T&M requirements.