REG - Ethernity Networks - Update re. U.S Aerospace Project

Ethernity NetworksAnnouncement

13/03/2025 09:30

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RNS Number : 5605A  Ethernity Networks Ltd  13 March 2025

 

13 March 2024

 

ETHERNITY NETWORKS LTD

("Ethernity" or the "Company")

 

Update on U.S Aerospace Project

 

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data
processing semiconductor technology for networking appliances, provides an
update on the $1.05m contract signed with a Tier 1 U.S.-based aerospace system
products provider (the "Customer").

 

As previously disclosed, the $1.05 million licensing deal with the Tier-1 U.S.
aerospace vendor involves Ethernity delivering its silicon-tuned software to
enable specific networking functionalities on the Customer's unique platform.

 

The Company obtained U.S Government approval for the project in September
2024, and over the course of six months, the Company has successfully
completed all scheduled deliveries focused on porting Ethernity's existing
silicon tuned software onto the customer's platform, and has invoiced $890,000
to date. Additionally, the Company is pleased to have received the highest
performance ratings across all aspects of the contract so far, including
technical support, adherence to scheduled deliveries, and overall management.

 

It is anticipated that the contract will be extended by an additional $290,000
to allocate dedicated development resources for additional functionalities
beyond the original scope, with implementation planned over the next three
months. Combined with the remaining $160,000 from the original contract, the
additional $290,000 will bring the total anticipated collection to $450,000 in
the near term. The Company anticipates further revenue from the Customer
during H2 2025.

 

 

For further information, please contact:

 

 Ethernity Networks Ltd                                         Tel: +972 3 748 9846
 David Levi, Chief Executive Officer

 Tomer Asis, Chief Financial Officer

 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: +44 (0)20 3328 5656
 James Reeve / Piers Shimwell (Corporate Finance)

 Amrit Nahal / Stefano Aquilino (Sales and Corporate Broking)

 CMC Markets UK plc (Joint Broker)                              Tel: +44 (0)20 3003 8632
 Douglas Crippen

 Peterhouse Capital Limited (Joint Broker)                      Tel: +44 (0)20 7562 0930
 Lucy Williams / Duncan Vasey / Eran Zucker

 

About Ethernity (www.ethernitynet.com)

 

Ethernity Networks (AIM: ENET.L) provides innovative, comprehensive networking
and security solutions on programmable hardware for accelerating telco/cloud
networks. Ethernity's semiconductor logic offers complete Carrier Ethernet
Switch Router data plane processing and control software with a rich set of
networking features, robust security, and a wide range of virtual function
accelerations to optimize telecommunications networks. Ethernity's complete
solutions quickly adapt to customers' changing needs, improving
time-to-market, and facilitating the deployment of 5G, edge computing, and
Broadband Networks.

 

 

 

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