Ethernity Networks on the rise as revenues soar

AIM-listed Ethernity Networks (LON:ENET) watched its share price climb by 8.27% to 40.60p (as of 13:20 BST) as revenues grew by 120% for the six months to 30th June. The company’s EBITDA loss narrowed by 56%.

CEO David Levi commented: “The first half results and growth are in-line with our expectations with the focus being on the Company moving from an IP/technology provider to a solutions provider for virtual networking and security appliances. The licensing contracts signed with Tier1 OEM’s represents part of the change we anticipated and is expected to develop into stable recurrent revenue from royalties. The goal of the Company’s development activities is to build stable recurrent revenues from technology licensing and supply of our ACENIC-100 and UEP products.

“We have continued with the successful advancement of our UEP hardware platform that will host our field proven flow processor for general edge access deployment with a complete programmable platform. Furthermore, development of the ‘Router on a NIC’ offering, ACE-NIC FPGA, Smart NIC, and the progress achieved in accepting virtualization especially in the 5G mobile market should, we believe, fuel major revenue streams for the Company going forward.”

“We remain confident that Ethernity will meet its long-term objectives and is well positioned to become one of the key solutions providers in its marketplace“.