Ethernity Networks, an Israel-based provider of data-processing technology for networking, announced that it has signed an extended license contract worth $475,000 with a tier-1 U.S.-based military aerospace customer. This news has caused Ethernity Networks’ shares to rise by 28% to 4.10 pence as of 0822 GMT.
Anticipated Revenue in 2024
Ethernity Networks expects to generate additional revenue from this customer in 2024. For the fourth quarter, the total anticipated revenue from the customer amounts to $555,000. The company predicts that payments for this contract will be received in November and December, contributing to a total of $1.2 million in license fees with the customer.
Fourth Quarter Revenue Contributions
Ethernity Networks highlights that revenue associated with this license contract, along with other items, is expected to be the main contributors to their overall revenue in the fourth quarter.
“I am grateful to the customer who agreed to support the company during the challenging period Ethernity is currently facing, and look forward to continuing our long-term collaboration through potential future business opportunities,” expressed Chief Executive David Levi.
