Significant progress made on major projects
Half Yearly Report and Accounts
Sydney, Aug 25, 2023 AEST (ABN Newswire) - Etherstack Plc (ASX:ESK) has delivered scheduled milestones on the LMR-IWF deployment with Samsung for the AT&T Firstnet project in the United States and are moving into the "Controlled Introduction" stage of the project in H2.
o Strategic business development: in the half year, and up to the date of this report, the Group:
- Continued to pursue and develop opportunities for our MCX IWF product in conjunction with Samsung including the second MCX-IWF licence transaction announced 4th October 2022. This generates $1 million for Etherstack's H2 revenues
- Continued to pursue and develop opportunities within the Australian defence sector. Activity has commenced on the follow-on project for the Defence project announced on 7 September 2022 with major deliverables scheduled for H2 and additional deliverables next financial year
- Continued to pursue and develop opportunities in the digital land mobile radio sector. Collectively, resource projects in this sector contributed more than $620 in the half year although none were individually large enough to be separately announced.
- Awarded contracts by new public safety agency clients in Western Australia and a Commonwealth nation for our innovative PTT (push-to-talk)-over-Satellite product known as the IVX
o Secured medium term funding: a funding agreement was completed with Icom Inc on 29 June 2023 securing 4 year funding terms for Etherstack to provide additional working capital in support of growth objectives.
David Deacon, Etherstack's Chief Executive Officer, commented:
"Our primary focus in three related market verticals, digital mobile radio, mission critical push to talk over cellular and defence communications is progressing well with material advances in all areas. The headline revenue number for the half does not reflect the underlying health and achievements of the business during the period. Due to an end customer project timing issue beyond Etherstack's control, the company was unable to deliver key milestones during H1. These milestones are expected to be delivered in H2 and form the basis of our full year guidance as recently advised to the market.
*To view the full half yearly report, please visit:
About Etherstack Plc
Etherstack (ASX:ESK) is the world's leading licensor of wireless technologies for the digital LMR industry and the Company develops wireless products for the main digital radio communications standards known as APCO P25, TETRA and DMR. Over the past 25 years, over twenty wireless equipment manufacturers have licensed LMR technologies from Etherstack for use in their products.
MCPTT over LTE is an emerging cellular standard that provides public safety grade PTT (Push-To-Talk) solutions within 4G and 5G cellular networks. Demand for MCPTT services and equipment by telecommunications carriers and end user agencies has been steadily growing in the past few years and is expected to rise rapidly over the next 36-48 months.