--News Direct--
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) CEO David Levi provided an overview of the company's 2023 performance, highlighting significant growth despite economic challenges.
In an interview with Proactive's Stephen Gunnion, Levi noted the company achieved a 29% increase in revenue, totalling $3.8 million, and a 46% increase in gross profit, reaching $2.3 million. These improvements were bolstered by exceptional cash collections amounting to $4.09 million. The company also reduced its annual loss to $3.9 million, with the EBITDA loss in the second half of the year decreasing by 47% to $800,000.
Levi emphasised the company's strategic advancements, including optimised R&D efforts and the accelerated development of its Universal Edge platform. This initiative aims to expand the market reach by providing complete system solutions to original equipment manufacturers (OEMs), transitioning from offering FPGA SoC components to comprehensive system products. This shift has reduced product deployment time from over 18 months to as little as six months, potentially leading to faster revenue generation and growth.
Regarding customer engagement, Levi noted the continuation of support for existing customers and the delivery of a $440,000 contract with a tier-one aerospace and military vendor. The company is actively developing a second-generation product and expects further orders in the coming months.
Ethernity Networks is also engaging with new and legacy customers across various sectors, including fixed wireless broadband, aerospace, and military industries, and is involved in discussions with potential new clients in these fields.
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View source version on newsdirect.com: https://newsdirect.com/news/ethernity-networks-achieves-strong-growth-and-strategic-advancements-in-2023-835555785
