Ethernity secures $1.05m licence agreement

28th Jun 2024 15:28

(Sharecast News) - Data processing semiconductor technology specialist Ethernity Networks announced on Friday that it had secured a $1.05m licence agreement with a new tier one US-based aerospace system products provider.

The AIM-traded firm said the majority of the project was expected to be delivered in the second half of 2024.

It said the agreement would see it delivering its silicon-tuned software to enable specific networking functionalities on a field-programmable gate array (FPGA) device for the customer's platform.

The company said it believed the collaboration had the potential to lead to further discussions in 2024 and 2025, potentially increasing the deal's value.

The project's implementation and development, based on Ethernity's ENET data flow processor, remained conditional on US government approval, which was expected by August.

Similar approvals had been granted to Ethernity's previous aerospace customers in the US.

"We are excited to partner with this prestigious aerospace Customer to empower their next-generation solutions," said chief executive officer David Levi.

"We are committed to delivering exceptional value and exceeding their expectations throughout this collaboration."

At 1501 BST, shares in Ethernity Networks were up 35.17% at 0.98p.

Reporting by Josh White for Sharecast.com.