Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) chief executive David Levi highlighted what it sees as “a positive transition during the second half of 2024”, as the company today reported its interim results.
“[The company] anticipates further revenue growth in royalties, licensing, NRE and hardware components sales, both from existing customers and from new customers for our IP and UEP FPGA based solutions,” Levi said in the statement.
“Together with the above detailed transformative ASIC business operation, we anticipate a bright future for the company.”
Ethernity, a supplier of data processing semiconductor networking appliances, reported $582,008 of revenue, compared to $1.40 million a year ago, and a $566,602 gross profit for the first half of 2024.
The company, meanwhile, noted a 45% reduction in operating expenses and highlighted that its adjusted earnings (EBITDA) loss narrowed by 46% to $1.65 million, from $3.04 million.
Levi acknowledged that its been a challenging year for its sector, whilst saying that Ethernity “stands out” for its cost-effective functionality, and that its products offer “a compelling value proposition for OEM customers”.
Moreover, he added: “During the first six months, the company was mainly focused on enhancement of the UEP2025 software application functionality and engaged with several large OEMs.
“These OEMs are evaluating the company's UEP product offering, and this has so far generated excellent results.
“We are confident that these relationships will fuel the company's future growth.”