Ethernity Networks hails US contract success, expects extension
Ethernity Networks Ltd on Thursday said it expects to win an additional $290,000 in a contract extension with a US-based aerospace system products provider.
The Israel-based supplier of data processing semiconductor technology for networking appliances said it has completed all scheduled deliveries in its $1.05 million licensing deal with an unnamed tier one US aerospace vendor.
The deal involves Ethernity delivering its silicon-tuned software to enable networking functionalities for the customer.
Ethernity said it has invoiced $890,000 as part of the contract to date.
It said it has received ‘the highest performance ratings’ across all aspects of the contract so far.
It expects the contract to be extended by an additional $290,000 to allocate development resources for additional functions beyond the original scope of the contract. Implementation of the extension is 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,’ Ethernity said.
Despite the news, Ethernity Networks shares closed down 6.7% at 0.063 pence in London on Thursday.
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