Ethernity Networks Ltd on Tuesday said it expected its headline revenue to grow and its loss to narrow in the current year.

The Israel-based supplier of data processing semiconductor technology for networking appliances said for 2023 it anticipates headline revenue to grow by at least 21% to between $3.6 million and $3.8 million from $3.0 million in 2022.

Loss before interest, tax, depreciation and amortisation for 2023 is set to narrow by 41% to $3.8 million from $6.4 million. Further, the firm expects underlying gross profit between $2.4 million and $2.6 million in 2023, a jump of at least 51% from $1.6 million in 2022.

Chief Executive Officer David Levi said: ‘While we have had an extremely challenging year, particularly over the last three months, the team has been working tirelessly to release the universal edge platform products with the required functionalities for our targeted customers.’

Ethernity Networks shares fell 18% to 1.65 pence per share on Tuesday morning in London.

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