Networking technology company ethernet networks announced a 42.2% improvement in revenue in its annual results on Friday, to $2.64 million (£2.03 million).
The AIM-listed company said its gross margins rose 22.9% for the year ended Dec. 31 to $1.94 million, while its gross margin percentage narrowed to 73, 8% vs. 85.4% year-on-year.
Its operating costs before amortization of intangible assets, depreciation, amortization, provisions and other non-operating expenses rose 32.1% to $6.9 million.
Ethernity said its EBITDA loss widened 35.7% to a loss of $5.05 million.
The company raised $11.2 million in cash before fees during the year, compared to $3.3 million in 2020, through a placement, share subscription and warrant exercises. subscription.
Looking ahead, the company said it expects “significant” revenue growth from its Field Programmable Gate Array (FPGA) and System-on-Chip (SoC)-based programmable systems solutions. FPGA, coupled with further growth of the router on FPGA network card. .
Planned growth through 2022 and beyond existing signed contracts, beyond initial contractual commitments, was expected to continue the momentum of the company’s increased commitments for Ethernity’s solution-based offerings.
In terms of contract revenue for 2022, the board said it was already $4.3 million from existing customers.
Further growth was expected from securing new contracts with additional license fees and additional delivery of ACE-NIC cards, UEP devices and the UEP module.
“I am encouraged that with the product contracts we have already signed, the product orders we have received and the good progress we have had in accepting our offers,” said the Managing Director. David Levi.
“This will continue to position us not just as a technology company, but as a provider of validated system products with differentiated offerings enabling continued growth in revenue streams.”
At 12:17 p.m. BST, shares of Ethernity Networks rose 0.62% to 24.4 pence.