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LONDON - Ethernity Networks Ltd (AIM:ENET.L; OTCMKTS:ENETF) reported a 63% decrease in annual revenue to $1.38 million for the fiscal year ended December 31, 2024, compared to $3.78 million in 2023, according to a press release statement issued Monday.
Despite the revenue decline, the networking technology supplier saw its gross margin percentage increase to 92.1% from 61.9% in the previous year. The company’s operating loss narrowed slightly to $5.1 million from $5.3 million in 2023, representing a 4% improvement.
EBITDA loss decreased by 10% to $3.48 million compared to $3.86 million in 2023. Cash and cash equivalents stood at $0.05 million at year-end, with an additional $0.1 million in restricted cash, down from $1.99 million at the end of 2023.
The company raised $1.86 million in net cash during 2024 and collected $0.39 million from customers in January 2025.
Ethernity Networks, which supplies data processing and PON semiconductor technology for networking appliances, entered a Temporary Suspension of Proceedings process in October 2023. The company has since completed full repayment to all creditors under its settlement plan.
CEO David Levi stated that the company is now focused on establishing an ASIC (Application-Specific Integrated Circuit) business targeting wireless backhaul and broadband access markets.
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