Proactive Investors - Ethernity Networks (LON:ENET) saw revenue growth of 29% in the year to the end of December 2023 with losses substantially reduced.
David Levi, chief executive, commented "During this past year, we achieved significant growth in revenue and gross margin, with a major turnaround in the second half.
“This success came despite facing headwinds from the global economic climate.
“Based on the scopes of work being discussed with potential new customers, Ethernity expects to secure new contracts for our Carrier Ethernet and PON technology, in incremental non-recurring engineering (NRE) revenue in 2024 on top of our established business.
“This momentum positions us for significant future growth as our OEM partners leverage our solutions to win market share and generate revenue for themselves.
“We anticipate this will translate into substantial new revenue opportunities for Ethernity in 2025".
Revenues in 2023 rose to US$3.8 million (US$2.9 million), with cash collections of US$4.9 million.
Underlying losses [EBITDA loss] reduced to US$3.9 million from US$7.3 million.
Cash at the end of the period was US$2 million.