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The final results for Ethernity Networks Ltd for the year ended December 31, 2023, seem positive overall. Here are some highlights:
1. **Revenue Growth**: The company experienced a 29% growth in revenue compared to 2022, reaching $3.8 million in FY 2023.
2. **Cash Collections**: Cash collections from customers amounted to $4.9 million in FY 2023.
3. **Gross Profit**: Gross profit increased by 46% to $2.3 million in 2023.
4. **Operating Loss Reduction**: The operating loss decreased by 27% from $8.7 million in 2022 to $5.3 million in 2023.
5. **EBITDA Improvement**: The EBITDA loss for 2023 decreased by 47% to $3.9 million compared to $7.3 million in 2022. Additionally, the EBITDA loss for H2 2023 decreased by 74% to $0.8 million.
6. **Cash Position**: Cash at the end of December 2023 was $2 million, showing an increase from $0.7 million at the end of December 2022.
7. **Strategic Measures**: The company implemented strategic measures including expense cuts and restructuring, leading to improved results in the second half of the year.
8. **Outlook**: The company's CEO expressed optimism about securing new contracts and substantial future growth opportunities, particularly in Carrier Ethernet and PON technology, with potential revenue increases expected in 2024 and beyond.
The Chairman also noted improvements and growth despite challenges faced earlier in the year, highlighting the company's resilience and strategic actions.
Overall, the results suggest positive momentum and indicate that the company is on track for future growth and expansion.
Yes, it is typically best to flow both oil wells in order to get the most comprehensive and accurate data on the pressure and production capabilities of the field. By testing both wells simultaneously, operators can assess the overall performance of the reservoir and determine if any adjustments or optimization measures are needed to maximize production. Additionally, flowing both wells can help to identify any potential communication between the two wells, which could impact overall production.
Chat AI.
Thank you for your reply.
I'm excited at the turn around in the company. The fact it is is Sonagol drilling and the obvious need for the Angolan government to secure more revenue from their declining oil output that gives me more confidence in a possible great result.
Best of luck to you.
Hi guys.
I was wondering whether they will release the results for the first well immediately, or, complete both for reasons to do with ascertaining if the pressure is uniform through the area?
I'm just speculating, have no idea about oil drilling really. Just wondering if this is a possibility?
RP2020:
RE: Day Traders only negative here. 8 Feb 2024 15:56
Result will be soon in and this will open another 100% higher as downside is limited...ignore TROLL as we know last few days....base is set so, no more lower than this...finance sorted too:)
Really?
Https://www.londonstockexchange.com/news-article/RCGH/resignation-of-auditor/16251553
Another company.