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no - the style of the investor relations pack changed last year (with adjustments this year) two days after an email to the chair / fd / ceo from myself on 17th january 2023. this the final paragraph of a very long email.
"if someone asked me what represented ethernity networks i would point them to your most up to date company presentation from september 2021 situated on your investor relations site. september 2021, are you joking - getting on for 18 month old, factually incorrect and completely out of date. i put more effort in an hour on sunday night into the monthly powerpoint presentation i make to my team, why ? i have pride in myself and the organisation i work for and deep respect for the individuals who work for / along side me. this just says, excuse my french, you really just can't be ****d".
Hull.
- It is very hard for ENET to attract talent and it looks like he has the right background, but every tech sales / bd / marketing has just the most incredible CV in an "apprentice" way.
- If you look at an average tech company and the ratio of r&d to sg&a compared to ENET and youll realise ENET are way off the bd / sales resource levels required to manage pipeline, even with DL covering the 3 existing contractual relationships with $ attached to them. Really need to be very, very highly selective to focus on key customers / opportunities and not kiss a lot of frogs.
- ENET still has the problem of being taken out at very early stages of potential opportunities due to stability (personnel and financial), I think even and early purchasing screen would wipe out 75-90%.
- Even if they do contract the three (or four) contracts post IPO of post IPO products have proven a disaster - the Chinese OEM leading ENET up the path manufacturing product and not paying, the indian oem not getting near 10 units a year let alone 10k, and the israeli company agreeing to mutually break the contract. You have to ask are ENETS post IPO products competitive or even working.
Just seen the video, can't see what the fuss is about.
Whilst a better presenter than DL still incredible light on any detail on strategy and execution. No detail on pipeline, perhaps start with the "advanced discussions from 4 oems" from 13 months ago.
It sure how posters gain any independent verification of how ENET products stand in the market ?
Finally ENE T is not a "leading" supplier and doesn't have "vast experience".
Tricky mickey - boys / girls, your complete and total lack of any understanding of business development, pipeline management and contracts that ENET will go through is just a joy to behold, they a not trying to sell pick n mix in woolworths.
Please tell me the newsflow you expect, not in any detail just generally in products, timings and vague values.
I very much doubt it, probably a forward quarterly run rate of $150k between the two contract extensions RNSed in November - an RNS here really would be scrapping the barrel showing so little else to shout about.
Hull,
As usual with ENET since IPO it's show me the money.
They continue to be unable to convert anything of what they call pipeline, I would call vague enquiries, further into hard cash from post IPO products.
From an accounting perspective it's usual to take a prepayment to revenue on contract signature as the supplier has performed all of the obligations.
There must be repayment clauses in the contract in case the customer does not use the contracted volume. From this clearly a big discount for cash.
You have not stated the contract correctly. The customer does not pay in addition to the $300k upfront, it only pays when the $300k has been drawdown in the quarterly royalty reports - sometime in 2025.
Tricky,
If you've been here for a long time you would know that DL simply hasn't followed through on executing on what he calls "no brainer", "world class" products. Unfortunately the market for products simply doesn't share his view.
I remember DL stating to a group of PI " we know more than anyone in the world about telecoms" which he then repeated for emphasis - possibly the most stupid ever comment. Having worked with many world leading tech companies I have never heard such arrogance from a CEO (even those who are world leading). DL is arrogant and deluded, unfortunately with a chair who nods his head.
Decent CEOs I have found are slightly paranoid behind the bluster, always questioning what they can improve, what the competition are doing, focus on nps - in the face to face s with DL / MR I didn't get the impression of a decent leadership team.
Tricky - a great deal of misunderstanding in the way you have posted here.
Compatability is around protocols, not usage and there is suddenly not an fpga on the market which opens the market.
Intel, xilinx ext are already produced AI badged fpgas but a not a great deal different and everyone has access to these they are not ENE T unique. What you have interpreted as compatability from DLs ramblings is the benefit of an fpga vs asics, the main benefit of AI to network providers is the sheer increase in data volume which will need a reassessment of how the network can be used more efficiently without the same multiple of kit, energy usage etc.
From ENETs perspective they haven't got a toe hold in the market with their uep platforms (which they have been trying to sell for y ears) so why will AI change this ? Their solutions need to be far better than solutions from financially stable, well run companies for them to overcome a buyers risk premium using ENET.
As I've said previously a very unique rsu deal based on the circumstances enet is in especially as 1. it involves non employees 2. Quarterly exercise 3. three years.
The saving grace is the 1.5p which means they can't just keep driving the price lower with share issuance at a discount, however each quarter of they don't hit 1.5p it is rolled forward rather than most.
The chair should hold his head in shame taking these from shareholders.
As I said before it is more of a staff retention scheme than performance incentive scheme, and stops cash drain.
For newer posters you always think DL must have something round the corner, only to see an rns which is giving more shares out, contracts folding etc. The Chinese contracts being on a firm footing would take this to 2p.
Hull.
There is nothing DL can do to stop the "drift" apart from positive business news rather than spin, but there hasn't been any.
At the start of the year zero backlog, now near the end of the quarter and no new orders just cash heading out the door.
Learning, I couldn't make the agm but was in conversation with those on the call, just incredible he is still chair not understanding the very basics of the Bergen deal and not knowing how to run the meeting.
Remember this is the person holding DL and the leadership team to account, appointing bookeepers as cfos etc.
Coco.
The response to the two "contract" rnss was completely irrational, it was used by Miton and all the other long term holders I know to get out.
The two rnss were in part protection mechanisms from these two customers ensuring they had their contracts aligned to their use of ENETs IP should the worst happen.
Best.
Didn't quite understand this rns, I'm a holder of Herald it and they have been a long term holder, I don't know whether with this rns they have added / reduced.