Ethernity Networks Ltd on Friday reported a significant increase in its annual revenue, resulting in a narrowed loss for the company in 2023.

Shares in Ethernity Networks were up 18% at 1.03 pence each in London on Friday morning.

The Lod, Israel-based supplier of data processing semiconductor technology for networking appliances said revenue rose 31% to $3.8 million in 2023 from $2.9 million the year before, despite market headwinds.

This growth mainly came from a US wireless broadband solution customer, Ethernity said.

Pretax loss narrowed to $6.4 million, from $8.0 million as a result.

Looking ahead, Ethernity said it expects to secure new contracts for its Carrier Ethernet and PON technology, generating approximately $2.2 to $3 million in incremental non-recurring engineering revenue in 2024 on top of its established business.

‘This momentum positions us for significant future growth as our OEM partners leverage our solutions to win market share and generate revenue for themselves. We anticipate this will translate into substantial new revenue opportunities for Ethernity in 2025,’ it said.

Chief Executive Officer David Levi said: ‘During this past year, we achieved significant growth in revenue and gross margin, with a major turnaround in the second half. This success came despite facing headwinds from the global economic climate.’

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