Ethernity Networks announced that it has secured a license agreement (Agreement) with a new Tier 1 US-based aerospace system products provider (the Customer). Value: $1.05 million total license fees, with majority of delivery expected to be completed during second half of 2024; the Agreement will utilise Ethernity Networks' silicon-tuned software supporting specific networking capabilities on a Field-Programmable Gate Array (FPGA) device for the Customer's platform. The Agreement with a Tier 1 US aerospace leader marks a significant win for Ethernity Networks, demonstrating Ethernity leadership.

Under the Agreement, Ethernity will deliver its silicon-tuned software, enabling specific networking functionalities on an FPGA device for the Customer's unique platform. The Agreement represents a total license fee of $1.05 million. The Directors of Ethernity also believe that collaboration with this Tier 1 Customer presents the potential for further discussions in second half of 2024 and 2025 to address the Customer's evolving needs, potentially expanding the deal value in the coming years.

The implementation of the project and tight collaboration with the Customer for the development of their product, which is based on the ENET Data Flow Processor, is conditional on approval from the U.S. Government, as is customary for U.S. Aerospace projects. This approval is estimated to be granted no later than August 2024. An equivalent approval was previously granted to a different US Aerospace customer of Ethernity.