Ethernity Networks Ltd Contract win with Tier 1 customer (1188S)
02 November 2023 - 8:00AM
UK Regulatory
TIDMENET
RNS Number : 1188S
Ethernity Networks Ltd
02 November 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
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02 November 2023
ETHERNITY NETWORKS LTD.
("Ethernity" or the "Company")
Contract win with Tier 1 military aerospace customer
-- Extended license contract signed valued at $475,000
-- Contract expected to be fulfilled in Q4 2023
-- The Company expects further revenue from customer in 2024
through support of the utilisation of the license on multiple
platforms and systems, and by applying to different platform
configurations and functionality
Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF), a leading
supplier of data processing semiconductor technology for networking
appliances, is pleased to announce that it has signed an extended
license contract for $475,000 (the "Contract") with a Tier 1 US
based military aerospace customer (the "Customer"). This Contract
is further to an advanced payment received in October 2023 of
$80,000 from the Customer. Payments for the Contract are expected
to be received during November and December 2023. As a result, the
total anticipated revenue from the Customer during Q4 2023 is
$555,000.
Since 2019, Ethernity has provided the Customer with its unique
silicon-tuned software supporting 24GE and 4 x 10GE ports utilised
on AMD's MPSOC FPGA device, for use on a specific platform. The
total license fees received under this historic license was
$715,000. With this extended license, the Customer will be able to
utilise the Ethernity ENET flow processor IP on other platforms.
This Contract brings the total license fees with the Customer to
$1.19 million. The Company is pleased to continue its relationship
with this Customer and, whilst there can be no guarantees, the
Board believes that this extended license Contract could open the
door for the Company to penetrate into other platforms through
collaboration with the Customer leading to future support and
design service revenue.
The revenue associated with this Contract, together with ongoing
business from other customers as well as work related to the two
FPGA SoC contracts announced on 9 August 2023, are expected to
represent the main revenue contributors for the Company during Q4
2023.
David Levi, CEO of Ethernity Networks, commented: "The support
and excellent delivery provided to the Customer five years ago
resulted with an outstanding product for the military aerospace
market. The Customer appreciates our support and the quality of the
Ethernity ENET flow processor code, and as a result decided to sign
on an extended license agreement. I am grateful to the Customer who
agreed to support the Company during the challenging period
Ethernity is currently facing, and look forward to continue our
long-term collaboration via possible future business
opportunities."
For further information, please contact:
Ethernity Networks Ltd Tel: +972 8 915 0392
David Levi, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0)20 3328
and Joint Broker) 5656
James Reeve / Piers Shimwell (Corporate
Finance)
Amrit Nahal (Sales and Corporate Broking)
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 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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