RE: Great results 🚀🚀🚀🚀🚀19 Apr 2024 10:12
Ethernity Networks Ltd (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, today announces its audited results for the year ended 31 December 2023.
Highlights
· FY 2023 revenue of $3.8 million represents 29% growth vs. 2022 revenues (2022: $2.9 million).
· FY 2023 cash collections from customers amounted to $4.9 million.
· Gross profit increased by 46% to $2.3 million (2022: $1.6 million).
· Operating loss decreased from $8.7 million in 2022 to $5.3 million in 2023 reflecting a decrease of 27%.
· EBITDA loss for 2023 decreased by 47% to $3.9 million (2022: $7.3 million).
· EBITDA loss for H2 2023 decreased by 74% to $0.8 million from $3.1 million in H1 2023.
· Net cash funds raised during the year amounted to $3.6 million.
· Cash at 31 December 2023 of $2 million (31 December 2022: $0.7 million)
David Levi, Chief Executive, said "During this past year, we achieved significant growth in revenue and gross margin, with a major turnaround in the second half. This success came despite facing headwinds from the global economic climate. Based on the scopes of work being discussed with potential new customers, Ethernity expects to secure new contracts for our Carrier Ethernet and PON technology, in incremental non-recurring engineering (NRE) revenue in 2024 on top of our established business. This momentum positions us for significant future growth as our OEM partners leverage our solutions to win market share and generate revenue for themselves. We anticipate this will translate into substantial new revenue opportunities for Ethernity in 2025".
Sign In
Follow the stocks
