Half Year Accounts
Sydney, Aug 24, 2020 AEST (ABN Newswire) - Etherstack plc (
ASX:ESK), the developer, manufacturer and licensee of mission critical radio technologies across the globe, is pleased to announce results for the half year ended 30 June 2020.
Results Highlights - All amounts are in USD'000.
Revenue Growth: revenue is $2,405 up 40% on the prior corresponding period ("pcp")
Strong Positive Operating Cashflow: the Company generated $1,354 net cash from operating activities ($919 for the pcp)
Strong EBITDA result: EBITDA for the half year is $829 (loss of $66 for the pcp)
Underlying profit after tax for the period is $99 (2019 loss of $874). This result excludes a $2,383 Non cash Finance charge.
Non Cash Finance charge: as a result of the sharp increase in the Company share price on 30 June 2020 the market value of the convertible note liability increased requiring the Company to recognise a Non Cash finance charge of $2,383. The conversion of the convertible notes on 30 June 2020 and 1 July 2020 results in an increase in issued capital of $3,592. Importantly, the 2 conversion transactions reduce debt and increase net assets by $1,209. This item is further detailed in the Directors Report and in Note 6 to the financial statements.
Strategic Wins:
o Etherstack entered into a strategic multi-year Global Teaming Agreement with consumer electronics giant, Samsung, to deliver next generation Mission Critical Push To Talk (MCPTT) over LTE solutions.
o The Company has also won a material deal to supply digital radio network equipment to a resources sector customer in Western Australia.
To view the report, please visit:
https://abnnewswire.net/lnk/3C36IQBB
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.
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