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Cloud networking and security company Ethernity Networks reported narrowed losses as revenue more than doubled thanks to new business wins in the latter part of last year.
For the six months ended 30 June 2019, operating losses were reduced by 23% to $0.98m as revenue increased 220% to $0.97m.
The downward trends of 2017 and 2018 were reversed amid a surge in revenue growth, mainly from the two contracts signed in the latter part of 2018 along with increased recurring revenues, the company said.
'The goal of the company's development activities is to build stable recurrent revenues from technology licensing and supply of our ACENIC-100 and UEP products,' the company said.
'Development of the "Router on a NIC" offering, ACE-NIC FPGA, Smart NIC, and the progress achieved in accepting virtualization especially in the 5G mobile market should, we believe, fuel major revenue streams for the Company going forward,' it added.
At 8:49am: (LON:ENET) Ethernity Networks Ltd share price was +2.5p at 40p