25 March 2026

Ethernity Networks Ltd

("Ethernity" or the "Company")

Expansion with U.S. Tier-1 Defence & Aerospace Customer

Ethernity Networks Limited (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing semiconductor technology for networking appliances and PON, provides an update on its engagement with its Tier-1 U.S. defence and aerospace customer (the "Customer").

Following completion of the original $1.3 million single-platform licence agreement (as announced on 28 March 2025) in August 2025, the Company has continued to generate revenue through product enhancement work for the Customer during the remainer of 2025.

During Q1 2026, Ethernity has recognised $0.2 million in revenue from this programme. Based on the agreed development roadmap, the Company expects enhancement-related revenue from this Customer to be in the range of $0.8 million to $1.0 million for FY2026, providing increased visibility on near-term revenues.

In addition, the Customer has commenced shipments of its platform incorporating Ethernity's IP and is evaluating expansion to an additional platform. While discussions are ongoing, any additional licence agreement would represent incremental revenue beyond amounts set out above.

The Company continues to work closely with the Customer on a phased enhancement programme throughout 2026.

David Levi, CEO, commented:

"This Tier-1 Customer continues to provide both near-term revenue visibility and potential for further platform expansion. The progression from initial deployment to ongoing enhancement work supports our strategy of deepening engagements with high-value customers."

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About Ethernity Networks

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF) provides innovative and comprehensive networking, security and PON semiconductor technology that enhances the capacity and efficiency of telco/cloud network infrastructure. Ethernity's silicon-proven logic provides advanced data processing functionality for various networking applications, alongside patented wireless access technology, patented routing technology and passive optical network (PON) controller. These are complemented by robust control software boasting a rich set of networking functions. Ethernity's technology adaptable solutions accelerate time-to-market and facilitate the deployment of 5G services over both wireless and fiber infrastructure.

Forward-looking statements  

This document contains forward-looking statements. Those statements reflect the current opinions, evaluations and estimations of the Company's management, and are based on the current data regarding the Company's business as is detailed in this document and in the Company's periodical, interim and immediate reports. The Company does not undertake any obligation or make any representation that actual results and events will be in line with those statements, and stresses that they may differ materially from those statements, due to changes in the Company's business, market, competition, demand for the Group's products or services, general economic factors or other factors that can influence the Company's business and results, due to the risk factors that are detailed in the Company's communication, and due to information and factors that are currently unknown to the Company's management and that, if known, would affect the management's opinions, evaluations or estimations. The Company will report the actual results and events according to its legal, accounting and regulatory obligations, and does not undertake any other obligation to report them or their deviations from the forward-looking statements.