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Update re. U.S Aerospace Project

13th Mar 2025 09:21

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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