Clarification to fibre controller business update

Ethernity Networks Ltd

08 June 2023

 

8 June 2023

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

Clarification to Fibre controller business update

Ethernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, announces, further to the Company's announcement on 6 June 2023, the following clarification.

Of the $7.6 million contracts announced on 18 October 2021 and 20 September 2022, the Company anticipated that c. $4.2 million would be recognised in 2023, with the balance being recognised in 2024. As the Company has now secured the supply of the components required to fulfil certain deliveries under these contracts, the Directors of Ethernity are confident that $3.3 million of the $4.2 million can be recognised under the contracts in 2023. Subject to securing the necessary components during the second half of 2023, the Company still expects to be able to recognise the balance of the $4.2 million of revenue under these contracts in 2023. This will largely contribute to the targeted $9 million in revenues for 2023 which, as announced on 11 May 2023, the Directors believe is achievable, planned from a variety of revenue streams from current contracts and other anticipated engagements, including design kit, licenses, royalties and UEP link bonding technology and associated software.

For further information, please contact:

Ethernity Networks Ltd	Tel: [phone]
David Levi, Chief Executive Officer
Mark Reichenberg, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
James Reeve / Piers Shimwell (Corporate Finance) Amrit Nahal / Stefano Aquilino (Sales and Corporate Broking)
Peterhouse Capital Limited (Joint Broker)	Tel: [phone]
Lucy Williams / Duncan Vasey / Eran Zucker

About Ethernity ( www.ethernitynet.com )

Ethernity Networks (AIM: ENET.L OTCQB: ENETF) provides innovative, comprehensive networking and security solutions on programmable hardware that increase telco/cloud network infrastructure capacity. Ethernity's semiconductor logic offers data processing functionality for different networking applications, innovative patented wireless access technology, and fibre access media controllers, all equipped with control software with a rich set of networking features. Ethernity's solutions quickly adapt to customers' changing needs, improving time-to-market, and facilitating the deployment of 5G over wireless and fibre infrastructure.

 

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