Half Year Results and Financial Report
All amounts are in USD 000 unless otherwise specified.
Revenue Growth: revenue is $4,316 up 79% on the prior corresponding period ("pcp"), with growth across all revenue streams:
o Recurring revenues from long term support contracts have increased 30% from pcp
o Royalty revenues driven by sales of licencee products which incorporate Etherstack technology and have increased 129% from pcp
o Strong project revenues
Strong EBITDA result: $1,451 EBITDA for the half year ($829 for the pcp)
Net profit after tax: $799 profit for the half year ($2,284 loss for the pcp)
Strategic Business development and contract wins:
o Samsung: In July 2021 Etherstack announced a $8,500 contract (AUD $11.6 million) with Samsung Electronics Co. Limited of Korea ('Samsung') to supply Etherstack network elements to Samsung for provision to a telecommunications carrier client of Samsung's. This is the first binding agreement with a carrier.
o Defence and Government: Etherstack was awarded contracts with UK Ministry of Defence and the Commonwealth of Australia.
o Resources: Etherstack won a follow-on order delivering technology to a Pilbara region iron ore mining company.
Reduced Borrowings: the Company continued to pay down debt during the first half of FY2021
Increased investment in R&D and development of new office and engineering facility in Sydney
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About Etherstack Plc
Etherstack (ASX:ESK) is a wireless technology company specialising in developing, manufacturing and licensing mission critical radio technologies for wireless equipment manufacturers and network operators around the globe. With a particular focus in the public safety, defence, utilities, transportation and resource sectors, Etherstack's technology and solutions can be found in radio communications equipment used in the most demanding situations. The company has Research and Development facilities in London, Sydney, New York and Yokohama.