Ethernity Networks Ltd AIM:ENET
- Incorporated
- Israel
- Chief executive
- David Levi
- Reports in
- USD
Read straight from the annual reports
0.0c at close on 5 Oct 2026 · 9 reported years, 2016–2025
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USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
9 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Sales of programmable devices / solutions (FPGA-based products)
Sales USD 662,098 in 2025 vs 1,043,600 in 2024 (-37%); 63% of revenue in 2025 by one customer (Customer A).
page 67Royalties from third-party sales of products containing Company IP
Royalties USD 307,824 in 2025 vs 210,473 in 2024 (+46%); recognised on the customer's reported sales; described as 'recurring royalty income from previously deployed products'.
page 67Mix shift to 100% gross-margin licensing and royalty revenue (no cost of sales in 2025)
Gross margin 100.0% in 2025 vs 92.1% in 2024 (+7.9pp), attributed to licensing revenues carrying 100% margin versus sales of hardware and FPGA SoC.
page 11Operating cost reduction
Operating expenses net of adjustments down 28% to USD 3.14m (2024: 4.37m); R&D net of amortisation and adjustments down 33% to 1.71m on employee cost savings; G&A down 22%; S&M down 20%.
page 12$1.6m charge: Impairment of intangible assets (capitalised development asset)
page 33Board priority is to maximise the value of the Company's IP portfolio while maintaining a disciplined approach to cost management and capital allocation.
page 5Feb 2026: further equity raise of GBP 597,500 (USD 820,000) before expenses by issuing 14,937,500,000 shares, each with a warrant (exercisable within 12 months at 0.0004p; accelerator price 0.006p).
page 79Audit by Fahn Kanne & Co. Grant Thornton Israel (report dated 30 June 2026), with an unmodified opinion that the statements present fairly under IFRS as issued by the IASB. It contains a 'Material uncertainty related to going concern' paragraph (opinion not modified in respect of it). Basis: accumulated deficit USD 54.5m; net comprehensive loss 5.7m; operating cash outflow 1.1m; negative working capital 3.5m; arrears on liabilities (Notes 11 and 14); cash not sufficient to fund current obligations. Continuation depends on further design services, monetising the patent portfolio and a strategic deal, which are 'not assured'. Key audit matter: impairment of intangible assets (IAS 36).
page 27- Material uncertainty over going concern: accumulated deficit USD 54.5m, negative working capital USD 3.5m, cash insufficient for current obligations, and reliance on uncertain funding and a strategic deal.p.27
- Failure to monetise the patent portfolio or secure further design services; licensing outcomes are uncertain.p.37
- Customer concentration: Customer A 63% and Customer B 20% of 2025 revenue; a few customers have a credit-loss provision.p.75
- Inability to fund the ASSP/semiconductor transition, which was not implemented.p.5
Read from C000433-AR-2025-website.
7 annual reports read, FY2017 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (7)
FY2026Next report expected 6 Jul 2027
FY2018–FY2019No annual reports read for these 2 years