RE: Fundamentals25 Jan 2024 07:11
Dec 5th RNS
Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing and fibre access semiconductor technology for networking appliances, is pleased to provide an update on the Company's anticipated trading for the year ending 31 December 2023 ("FY 2023").
Subject to completion of the FY2023 audit, the Company anticipates that its headline results for 2023 will be:
· revenue of between US$3.6m and US$3.8m (2022: US$2.97m);
· underlying gross profit of between US$2.4m and US$2.6m (2022: US$1.59m) representing an underlying gross margin of 67%-68% (2022: 54%);
· EBITDA loss of not more than US$3.8m (2022: EBITDA loss of US$6.4m); and
· a reduction in monthly operating expenses from US$660k in June 2023 to US$300k in December 2023.
The Company's current cash balance is c. US$954k.