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Ethernity Networks Ltd - Airport City, Israel-based supplier of data processing semiconductor technology for networking appliances - Posts revenue of $2.9 million for 2022, up 12% from $2.6 million in 2021. Pretax loss narrows to $8.0 million from $9.2 million, as financing income rises to $1.3 million from $228,404 a year earlier. Loss before interest, tax, depreciation and amortisation widens to $6.4 million from $5.1 million. Looking ahead, notes that first six months of the current year have presented unexpected challenges, due to ‘delays in expected orders from existing customers’. Chief Executive Officer David Levi says: ‘While it is a challenging period due to the world financial situation, I am encouraged by the fact that there is demand for our PON offerings that have captured interest from larger corporations, and I am hopeful that, with the cost reductions implemented and the modified business plan, engagement in multiple design wins for our PON technology will fulfil our further anticipated growth.’ Current stock price: 2.00 pence each, down 22% on Friday morning in London 12-month change: down 87% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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