Ethernity Net Share News (ENET)

Ethernity Net Information

Share Price Information for Ethernity Net (ENET)

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0.0012 -0.0002 (-14.29%)

Bid:

0.001

Ask:

0.0014

Spread: 0.0004 (40.00%)

Market Cap: £12.00k

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IN BRIEF: Ethernity Networks shares down despite narrowed annual loss

Fri, 30th Jun 2023 10:46

Ethernity Networks Ltd - Airport City, Israel-based supplier of data processing semiconductor technology for networking appliances - Posts revenue of USD2.9 million for 2022, up 12% from USD2.6 million in 2021. Pretax loss narrows to USD8.0 million from USD9.2 million, as financing income rises to USD1.3 million from USD228,404 a year earlier. Loss before interest, tax, depreciation and amortisation widens to USD6.4 million from USD5.1 million. Looking ahead, notes that first six months of the current year have presented unexpected challenges, due to "delays in expected orders from existing customers".

Chief Executive Officer David Levi says: "While it is a challenging period due to the world financial situation, I am encouraged by the fact that there is demand for our PON offerings that have captured interest from larger corporations, and I am hopeful that, with the cost reductions implemented and the modified business plan, engagement in multiple design wins for our PON technology will fulfil our further anticipated growth."

Current stock price: 2.00 pence each, down 22% on Friday morning in London

12-month change: down 87%

By Xindi Wei, Alliance News reporter

Comments and questions to newsroom@alliancenews.com