Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) has announced two outstanding contracts should be fulfilled within the next financial year after customer-related delays.
The two contracts relate to deals signed in October 2021 and November 2022 for a wireless backhaul solution and a broadband wireless access solution respectively.
Ethernity has completed the development of circuits, known as field-programmable gate array units, for each order, but is still awaiting prototype hardware from the customers to be combined with its technology.
Each company has now confirmed their intention to deliver the hardware to Ethernity in the fourth quarter of this year, the company said in a statement.
This will allow Ethernity to complete each contract and invoice the pair for a combined US$550,000, which is outstanding from the initial US$740,000 worth of orders.
Ethernity expects this to happen within the fourth quarter of this year and the first of next respectively.
“The completion of these two contracts will demonstrate the company's ongoing success in providing unique telecommunications networking technology on low-cost field-programmable gate array,” chief executive David Levi said.