Shares in Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) soared 83% in early trading on Wednesday after the semiconductor specialist unveiled a strategic shift into ASIC development and signalled early interest from major telecoms vendors. While full-year revenue fell to $1.38 million in 2024 from $3.78 million, and losses narrowed modestly, investors focused on signs of traction for the company's UEP-2025 platform.
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) told investors it has extended its existing aerospace contract with a Tier 1 US-based customer. An original $1.05 million deal arrangement, first announced in June, was increased by $290,000 to $1.34 million, with the work due to be delivered over the next three months.
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) has announced a change in its executive team, with chief financial officer (CFO) and board member Ayala Deutsch stepping down with immediate effect. Tomer Assis will take up the role on an interim basis, meanwhile, a new executive search process will be undertaken.
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) chief executive David Levi highlighted what it sees as “a positive transition during the second half of 2024”, as the company today reported its interim results. “[The company] anticipates further revenue growth in royalties, licensing, NRE and hardware components sales, both from existing customers and from new customers for our IP and UEP FPGA based solutions,” Levi said in the statement.
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) said there has been a government approval delay to the US$1.05m contract recently signed with a Tier 1 US-based aerospace system products provider. The licensing deal involves Ethernity delivering its silicon-tuned software to enable specific networking functionalities on the customer's unique platform and is contingent on US government approval.
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) has announced a $200,000 (£156,000) product enhancement order from an existing US-based broadband system provider customer. The enhancement will be integrated into the customer's Remote PON OLT platform during the second half of 2024.
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) has secured a $1.05 million license agreement with a new customer, described as a ‘Tier 1 US-based aerospace system products provider'. The contract sees the delivery of Ethernity's silicon-tuned software to enable networking functionalities on an FPGA device for the customer's platform.
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) announced it has entered into a structured investment deed which will see up to £800,000 of gross investment into the company. Proceeds are earmarked for general working capital purposes.