Member Info for ExMS

Interestingly, and you are absolutely correct, Ethernity didn’t disclose that amount in their interims.

But their NOMAD and broker Allenby did in a research note:

Ethernity Networks Ltd* (ENET.L, 0.02p/£0.8m)

Interims: Headcount reduction led to operating losses narrowing (30.09.25)

• Revenue increased 3% to $0.6m, with the majority down to a Tier 1 US Aerospace customer. The Group

focused on licensing fees and royalty revenue, resulting in gross margin increasing to 100% (H1 FY24: 97.4%),

leading gross profit to grow 6% to $0.6m.

• Operating expenses were cut 19% to $2.4m, as the Group reduced headcount. This led EBITDA loss to decline

36% to $1m, which translated to a 25% reduction in operating loss to $1.8m. Ethernity ended H1 FY25 with

$37.7k in net cash (H1 FY24 end: $0.58m).

• Ethernity continues to pursue ASIC opportunities, engaging with a leading wireless backhaul OEM. Ethernity

plans to pursue a partnership model with a semiconductor vendor, who would fund the full ASIC cost, with

Ethernity receiving an upfront non-recurring engineering (NRE) income along with an ongoing revenue share.

• The Company stated that is has immediate cash requirement to continue operating as a going concern and is

actively exploring ways to fund the business.

Chase 1

You must dig deeper…..

How many new contracts have Ethernity signed in the past 8 years?

Chase

Just look at the accounts and the RNSs

They in the 6 months to June 2025 they lost £250k per month. Oh and at that point they had £29k in the bank too.

Morning meeting

DL

Look guys it’s looking a little pear-shaped and I blame all of you. Get on the phones and make some calls. My patented technology is a world-beater and should sell itself you absolute morons

Team

Yes boss. Of course boss. You’re the best boss. It’s totally our fault.

DL

Has anybody called Hotard recently?

Team

No boss. He always shouts at us and tells us to p off boss.

DL

Do I have to do everything myself?

Hello Mr Hotard it’s David Levy here. David Levy. David Levy you know from Ethernity Networks? Oh ok it’s E, T, H, E, R, N, I, T, Y then Networks. I was just wondering if you’d had any further thoughts on deploying my world-beating tech? Oh ok. Is there any chance at all, however small? No? Oh. Not even a one in a million chance ? Great so there is a one in a million chance. That’s amazing thank you Mr Hotard.

Now team I have some very good news. Firstly Mr Ortberg is not ruling out using our tech. Go spread the news.

RNS

After extensive talks with a Tier 1 behemoth we are confident……

This one costs £250k pm to run down from £600k!!!

A quarter of a bar torched each and every month. Let that sink in. I think a round of applause for DL. His lies, untruths, exaggerations and implausibilities have raised close to £50m over the years. Without sanction.

100% ‘chance’ of a placement.

15bn at around 0.03. Enough to cover short-term debts (salaries) and then not a great deal left to run the coffee machine and gravy train

99% likelihood of losing it all.

Nah not much downside…..

Hey Pot, Lumbar et al….what are your thoughts on the cash runway?

Notwithstanding the fact that the shift to a possible partnership with semiconductor partner would not require the significant fundraising that was necessary under the original ASIC plan, the Company still has an immediate cash requirement to continue operating as a going concern. The Board is actively exploring ways to address this and further announcements will be made as appropriate.

Bunse

You forgot to mention the imminent placement.

What is genuinely impressive is how they keep managing to fleece PIs whilst puking bunse every month!

🎈🎈🎈 sorry I meant 🚀🚀🚀

For allowing us all the opportunity to enter at such a low price. I couldn’t be happier. Thank you. I could cry I’m so pleased 😢🤣🤣🤣

DL

Look guys it’s looking a little pear-shaped and I blame all of you. Get on the phones and make some calls. My patented technology is a world-beater and should sell itself you absolute morons

Team

Yes boss. Of course boss. You’re the best boss. It’s totally our fault.

DL

Has anybody called Ortberg recently.

Team

No boss. He always shouts at us and tells us to p off boss.

DL

Do I have to everything myself?

Hello Mr Ortberg it’s David Levy here. I was just wondering if you’d had any further thoughts on deploying my world-beating tech? Oh ok. Is there any chance at all, however small? No? Oh. Not even a one in a million chance ? Great so there is a one in a million chance. That’s amazing thank you Mr Ortberg.

Now team I have some very good news. Firstly Mr Ortberg is not ruling out using our tech. Go spread the news. Hollywood is coming!

RNS

We have been in discussions with a Tier 1 behemoth for some time now and are confident…….

David Levy sent to me

3000 shares for 17p 🤣🤣🤣

He is not the Messiah, he’s a very naughty boy

Come on Brim cheer up sunshine

I’ll be alone in a bedsit Brim, I could use some company 🤣🤣🤣

MM is working a seller. He prints the buyer and the seller goes on…..

Can a rocket really fly…….on hot air 🎈 alone?