Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis”
or the “Company”), a market leader in cyber-hardened,
rapid-deployment networking solutions for wide-area IoT networks,
today reported financial results for the fiscal second quarter and
first six months ended June 30, 2022.
Financial Highlights:
- Total revenue increased 8%
year-over-year to $4.9 million for the six-months ended June 30,
2022.
- Delivery of Sales to IoT- customers
grew 51% year-over-year for the six-months ended June 30,
2022.
- Backlog of customer open orders of
$4.0 million (of which 83% are for IoT customers) as of June 30,
2022.
- Gross margin increase for the three
months ended June 30, 2022 to 62% despite ongoing inflationary and
supply-chain pressures (compared to 57% in the prior year
period).
- Adjusted EBITDA, a non-GAAP measure
of operating performance, totaled $79,000 for the three months
ended June 30, 2022.
- As a result of the closing of the
IPO on May 17, 2022, the Company reported a transformation of the
balance sheet structure as of June 30, 2022 (compared to December
31, 2021): $19.6 million of total assets (compared to. $4.7
million), $11.8 million of total liabilities (compared to$18.7
million) and $7.6 million of shareholders’ equity (compared to a
capital deficiency of ($19.6) million).
- During 2020, 2021 and the first six
months of 2022, the Company incurred significant expenses related
to convertible loans and warrants, which are now almost entirely
converted. As a result, the Company expects those expenses to
decrease significantly in the future.
Operational Updates:
- Successful delivery of 52% of the
December 31,2021 backlog of customer open orders by June 30,
2022.
- A large customer renewed its
software license and support contract for an additional two years.
The value of the order over the lifespan of the contract renewal
period is approximately $1.45 million.
- Received additional $134,000 of new
orders from a previously announced multi-year contract with a
leading global customer specializing in airport operations
management systems. Orders were received for airports in Taiwan,
Japan, Indonesia, Hungary, as well as for Newark and JFK in the
United States. The Company expects to see an increasing number of
orders from additional airports globally.
- Selected for deployment by the City
of San Jose, CA, in a multi-year, city-wide smart traffic
infrastructure upgrade. Received a first order of $189,000, the
total city budget is estimated to be $3 million.
- Introduced a new, 10Gbps
high-switching capacity product family of advanced, cyber-hardened
and environmentally hardened building blocks for IoT networks. The
new building blocks support mixed hybrid fiber-copper networks,
256-bit encryption, remote powering for IoT devices and small
cells, and includes advanced software for automated management and
security.
Management Commentary:
“Following our successful IPO, Actelis is moving at an
accelerated pace towards delivering on its goals of successfully
penetrating the IoT market. Our balance sheet is much stronger
following the IPO and provides us with the flexibility of moving
faster and accelerating our operation, as an increasing number of
customers, channels and strategic partners select Actelis as their
long-term networking partner in various IoT verticals globally”
said Tuvia Barlev, CEO of Actelis. “We expect our continuous
investments in sales and marketing personnel and operations to
further promote strong organic growth in our IoT client base. Our
continuous introduction of new, unique technology, intelligent
software and cyber protection capabilities, positions our solutions
at the high-end of the competitive landscape. They help us to
accelerate our market penetration while maintaining a strong
margin. We are addressing supply chain issues on an on-going basis
and as a result were able to ship the majority of the December 31,
2021 backlog by June 30, 2022.”
Fiscal Second Quarter and First Half of 2022 Financial
Results:
Revenues totaled $3.1 million, compared to $3.0
million for the three months ended June 30, 2021. The
year-over-year increase in revenues was primarily attributable to
an increase of $363,000 of revenues generated from North America as
a result of increase in revenue from a service and software
contract renewal, offset by a decrease of $208,000 in revenues
generated from Europe, the Middle East and Africa, as a result of a
delay in supply due to shortages.
For the first six months of 2022, revenue amounted to $4.9
million, compared to $4.6 million for the first six months of 2021,
representing 8% growth. The increase from the corresponding period
was primarily attributable to $555,000 of revenues generated from
Europe, the Middle East and Africa offset by a decrease of $179,000
in revenues generated from North America and Asia Pacific.
Cost of revenues amounted to $1.2 million
compared to $1.3 million for the three months ended June 30, 2021,
due to product mix change.
Cost of revenues for the six months ended June 30, 2022,
amounted to $2.45 million compared to $2.1 million for the six
months ended June 30, 2021. The increase from the corresponding
period was mainly due to the increase in revenues, as well as a
change in the product mix and an increase in the cost of components
and manufacturing driven by supply shortages and shipment
costs.
Gross profit amounted to $1.9 million, compared
to $1.7 million for the three months ended June 30, 2021. The
year-over-year increase in gross profit was primarily attributable
to better mix of software vs. hardware sales.
Gross profit for the six months ended June 30, 2022, was $2.5
million or 51% of revenue, compared to $2.5 million or 54% of
revenue for the six months ended June 30, 2021.
Research and development expenses amounted to
$0.7 million compared to $0.6 million for the three months ended
June 30, 2021, as a result of an increased investment in research
and development.
Research and development expenses for the six months ended June
30, 2022 amounted to $1.3 million compared to $1.3 million for the
six months ended June 30, 2021.
Sales and marketing expenses amounted to $0.8
million compared to $0.5 million for the three months ended June
30, 2021. The increase from the corresponding period was mainly
associated with increased investments in sales and marketing,
specifically in payroll expenses in the amount of $133,000, mainly
due to hiring of sales and marketing employees, increase in
commission expenses in the amount of $121,000 due to the higher
revenues and increase in travel expenses in the amount of
$59,000.
Sales and marketing expenses for the six months ended June 30,
2022 amounted to $1.6 million compared to $0.9 million for the six
months ended June 30, 2021. The increase in comparison with the
corresponding period was mainly associated with increased sales
compensation due to higher revenue of $193,000, increased
investments in sales and marketing, specifically in payroll
expenses in the amount of $263,000, mainly due to hiring of sales
and marketing employees, increase in other professional services in
the amount of $85,000 and increase in travel expenses in the amount
of $72,000.
General and administrative expenses amounted to
$1.07 million compared to $0.3 million for the three months ended
June 30, 2021. The increase was mainly due to payroll and one-time
professional services expenses attributed to our IPO, completed in
May 2022.
General and administrative expenses for the six months ended
June 30, 2022 amounted to $1.7 million compared to $0.7 million for
the six months ended June 30, 2021. The increase was mainly due to
payroll and one-time professional services expenses attributed to
the work on the Company’s IPO.
Operating loss was $0.7 million, compared to an
operating income of $0.2 million for the three months ended June
30, 2021. The increase was mainly due to a delay in supplies, due
to supply chain challenges, as well as higher one-time expenses
associated primarily with investment in sales and marketing and
expenses attributed to the IPO.
Operating loss for the six months ended June 30, 2022, was $2.1
million, compared to an operating loss of $0.4 million for the six
months ended June 30, 2021. The increase was mainly due to a delay
in supply, due to shortages, as well as higher expenses associated
primarily with investment in sales and marketing and expenses
attributed to the IPO.
Financial expense, net was $1.0 million
compared to $0.3 million for the three months ended June 30, 2021.
During the three months ended June 30, 2022, the Company incurred
financial expenses mainly due to increases in fair value of various
financial instruments, such as convertible loan, note and warrants
in the amount of $1.4 million, and had income in the amount of $0.5
million, from exchange rates differences. Since all convertible
loans and nearly all warrants the Company had outstanding converted
to equity in connection with the IPO, the Company does not expect
additional material financial expenses in future periods for these
loans and warrants compared to those the Company incurred in 2020,
2021 and the first six months of 2022.
Financial expense, net for the six months ended June 30, 2022
was $4.2 million compared to $0.3 million for the six months ended
June 30, 2021. During the six months ended June 30, 2022, the
Company incurred one-time financial expenses mainly due to
increases in fair value of various financial instruments, such as
convertible loans, and warrants in the amount of $4.5 million, and
had income in the amount of $0.5 million, from exchange rates
differences.
Net loss was $1.7 million, compared to net loss
of $0.1 million for the three months ended June 30, 2021. The
increase was primarily due to the increase in financial expenses,
resulting from the financial expenses, as well as an increase in
operating expenses mainly due to investment in sales and marketing,
as well as one-time expenses attributed to our IPO.
Net loss for the six months ended June 30, 2022 was $6.3
million, compared to net loss of $0.7 million for the six months
ended June 30, 2021. The increase was primarily due to the increase
in financial expenses, resulting from the increases in fair value
of various financial instruments, as well as an increase in
operating expenses mainly due to investment in sales and marketing,
as well as one-time expenses attributed to our IPO.
Adjusted EBITDA, a non-GAAP measure of
operating performance, was $79,000 compared to an adjusted EBITDA
of $446,000 in the comparable year-ago period. This was primarily a
result of higher investment in sales and marketing.
Non-GAAP adjusted EBITDA loss was $888,000 in the six months
ended June 30, 2022, compared to $60,000 EBITDA in the comparable
year-ago period. This was primarily attributed to product mix
changes, increase in sales and marketing investments, and
additional legal and audit expenses related to our public filing
requirements that commenced during the quarter ended June 30, 2022
as we became a public company.
The Company reported a balance sheet with,
$19.6 million of total assets compared to $4.7 million as of
December 31, 2021, $11.8 million of total liabilities compared to
$18.7 million as of December 31, 2021 and $7.8 million of
shareholders’ equity compared to a capital deficiency of ($19.6)
million as of December 31, 2021.
Conference Call
Actelis management will hold a conference call today, August 11,
2022, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss
these results.
Company CEO Tuvia Barlev and CFO Yoav Efron will host the
call.
U.S. dial-in: (800) 715-9871International dial-in: +1 (646)
307-1963Conference ID: 2342820
Please call the conference telephone number 10 minutes prior to
the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Group at (949)
574-3860.
The conference call will be broadcast live and available for
replay here and via the Investor Relations section of Actelis
Network’s website.
A telephonic replay of the conference call will be available
after 8:30 p.m. Eastern time on the same day through August 18,
2022.
Toll-free replay number: (800) 770-2030International replay
number: +1(609) 800-9909Conference ID: 2342820
About Actelis Networks,
Inc.
Actelis Networks is a market leader in
cyber-hardened, rapid-deployment networking solutions for wide-area
IoT applications including federal, state and local government,
ITS, military, utility, rail, telecom and campus applications.
Actelis’ unique portfolio of hybrid fiber-copper, environmentally
hardened aggregation switches, high density Ethernet devices,
advanced management software and cyber-protection capabilities,
unlocks the hidden value of essential networks, delivering safer
connectivity for rapid, cost-effective deployment. For more
information, please visit www.actelis.com.
Use of Non-GAAP Financial
Information
Non-GAAP Adjusted EBITDA, and backlog of open
orders are Non-GAAP financial measures. In addition to reporting
financial results in accordance with GAAP, we provide Non-GAAP
operating results adjusted for certain items, including: financial
expenses, which are interest, financial instrument fair value
adjustments, exchange rate differences of assets and liabilities,
stock based compensation expenses, depreciation and amortization
expense, tax expense, and impact of development expenses ahead of
product launch. We adjust for the items listed above and show
Non-GAAP financial measures in all periods presented, unless the
impact is clearly immaterial to our financial statements. When we
calculate the tax effect of the adjustments, we include all current
and deferred income tax expense commensurate with the adjusted
measure of pre-tax profitability.
Cautionary Statement Concerning
Forward-Looking StatementsThis press release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
Words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates” and similar expressions or
variations of such words are intended to identify forward-looking
statements. Forward-looking statements are not historical facts,
and are based upon management’s current expectations, beliefs and
projections, many of which, by their nature, are inherently
uncertain. Such expectations, beliefs and projections are expressed
in good faith. However, there can be no assurance that management’s
expectations, beliefs and projections will be achieved, and actual
results may differ materially from what is expressed in or
indicated by the forward-looking statements. Forward-looking
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the forward-looking statements. For a more detailed
description of the risks and uncertainties affecting the Company,
reference is made to the Company’s reports filed from time to time
with the SEC, including, but not limited to, the risks detailed in
the Company’s final prospectus (Registration No. 333-264321), filed
with the SEC on May 16, 2022. Investors and security holders are
urged to read these documents free of charge on the SEC's web site
at http://www.sec.gov. Forward-looking statements speak only as of
the date the statements are made. The Company assumes no obligation
to update forward-looking statements to reflect actual results,
subsequent events or circumstances, changes in assumptions or
changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release. Actelis is not responsible for the contents of third-party
websites.
Investor Relations Contact:Matt Glover and Ralf
EsperGateway Investor Relations+1
949-574-3860ASNS@gatewayir.com
ACTELIS NETWORKS, INC.CONDENSED
CONSOLIDATED BALANCE SHEETSUNAUDITED
|
|
June 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
U. S. dollarsin thousands (except
forshare and per share amounts) |
|
Assets |
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
12,286 |
|
|
|
693 |
|
Short term bank deposit |
|
|
71 |
|
|
|
- |
|
Restricted cash |
|
|
770 |
|
|
|
- |
|
Trade receivables, net of allowance for doubtful debts of $61 as of
June 30, 2022, and December 31, 2021 |
|
|
3,109 |
|
|
|
2,147 |
|
Inventories |
|
|
908 |
|
|
|
897 |
|
Prepaid expenses and other current assets |
|
|
1,133 |
|
|
|
398 |
|
TOTAL CURRENT
ASSETS |
|
|
18,277 |
|
|
|
4,135 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
99 |
|
|
|
103 |
|
Restricted cash |
|
|
91 |
|
|
|
102 |
|
Severance pay fund |
|
|
234 |
|
|
|
266 |
|
Operating lease right of use assets |
|
|
776 |
|
|
|
- |
|
Long term deposits |
|
|
82 |
|
|
|
78 |
|
TOTAL NON-CURRENT
ASSETS |
|
|
1,282 |
|
|
|
549 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
19,559 |
|
|
|
4,684 |
|
ACTELIS NETWORKS, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS (continued)UNAUDITED
|
|
June 30,2022 |
|
|
December 31,2021 |
|
|
|
U.S. dollarsin thousands (except
forshare and per share amounts) |
|
Liabilities and redeemable convertible preferred stock and
shareholders’ equity (capital deficiency) |
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Current maturities of long-term loans |
|
|
768 |
|
|
|
758 |
|
Warrants |
|
|
74 |
|
|
|
177 |
|
Trade payables |
|
|
1,659 |
|
|
|
1,920 |
|
Deferred revenues |
|
|
669 |
|
|
|
673 |
|
Employee and employee-related obligations |
|
|
780 |
|
|
|
703 |
|
Accrued royalties |
|
|
968 |
|
|
|
818 |
|
Operating lease liabilities |
|
|
505 |
|
|
|
- |
|
Other accrued liabilities |
|
|
1,054 |
|
|
|
902 |
|
TOTAL CURRENT LIABILITIES |
|
|
6,477 |
|
|
|
5,951 |
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Long-term loan, net of current maturities |
|
|
4,564 |
|
|
|
5,473 |
|
Deferred revenues |
|
|
231 |
|
|
|
- |
|
Warrants |
|
|
- |
|
|
|
1,972 |
|
Convertible loan |
|
|
- |
|
|
|
4,905 |
|
Operating lease liabilities |
|
|
190 |
|
|
|
- |
|
Accrued severance |
|
|
279 |
|
|
|
315 |
|
Other long-term liabilities |
|
|
61 |
|
|
|
79 |
|
TOTAL NON-CURRENT
LIABILITIES |
|
|
5,325 |
|
|
|
12,744 |
|
TOTAL
LIABILITIES |
|
|
11,802 |
|
|
|
18,695 |
|
COMMITMENTS AND
CONTINGENCIES (Note 8) |
|
|
|
|
|
|
|
|
REDEEMABLE CONVERTIBLE PREFERRED STOCK: |
|
|
|
|
|
|
|
|
CONVERTIBLE SERIES A PREFERRED
STOCK,$0.0001 par value, 4,986,039 shares authorized as of December
31, 2021; 0 and 4,986,039 shares issued and outstanding as of June
30, 2022 and December 31, 2021; aggregate liquidation preference of
$5,091 as of December 31, 2021. |
|
|
- |
|
|
|
2,858 |
|
CONVERTIBLE SERIES B PREFERRED
STOCK,$0.0001 par value, 3,002,652 shares authorized as of December
31, 2021; 0 and 2,745,004 shares issued and outstanding as of June
30, 2022 and December 31, 2021; aggregate liquidation preference of
$4,271 as of December 31, 2021. |
|
|
- |
|
|
|
2,727 |
|
TOTAL REDEEMABLE
CONVERTIBLE PREFERRED STOCK |
|
|
- |
|
|
|
5,585 |
|
SHAREHOLDERS' EQUITY
(CAPITAL DEFICIENCY): |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value: 30,000,000 and 11,009,315 shares
authorized as of June 30, 2022, and December 31, 2021,
respectively; 17,317,572 and 2,047,641 shares issued and
outstanding as of June 30, 2022 and December 31, 2021,
respectively |
|
|
1 |
|
|
|
* |
|
Non-voting common stock, $0.0001 par value: 2,803,774 shares
authorized as of June 30, 2022 and December 31, 2021, respectively;
0 and 1,783,773 shares issued and outstanding as of June 30, 2022,
and December 31, 2021. |
|
|
- |
|
|
|
* |
|
Additional paid-in capital |
|
|
36,469 |
|
|
|
2,824 |
|
Accumulated deficit |
|
|
(28,713 |
) |
|
|
(22,420 |
) |
TOTAL SHAREHOLDERS’
EQUITY (CAPITAL DEFICIENCY) |
|
|
7,757 |
|
|
|
(19,596 |
) |
TOTAL LIABILITIES AND
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY
(CAPITAL DEFICIENCY) |
|
|
19,559 |
|
|
|
4,684 |
|
* Represents an amount less than $1
thousands.
The accompanying notes are an integral
part of these condensed consolidated financial statements
(Unaudited).
ACTELIS NETWORKS, INC.CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(UNAUDITED)
|
|
Three months endedJune 30, |
|
|
Six months endedJune 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
U.S. dollars in thousands (except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES |
|
|
3,081 |
|
|
|
3,027 |
|
|
|
4,949 |
|
|
|
4,573 |
|
COST OF
REVENUES |
|
|
1,159 |
|
|
|
1,288 |
|
|
|
2,445 |
|
|
|
2,106 |
|
GROSS
PROFIT |
|
|
1,922 |
|
|
|
1,739 |
|
|
|
2,504 |
|
|
|
2,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses, net |
|
|
676 |
|
|
|
646 |
|
|
|
1,326 |
|
|
|
1,266 |
|
Sales and marketing expenses,
net |
|
|
837 |
|
|
|
538 |
|
|
|
1,567 |
|
|
|
949 |
|
General and administrative
expenses, net |
|
|
1,067 |
|
|
|
329 |
|
|
|
1,702 |
|
|
|
651 |
|
TOTAL OPERATING
EXPENSES |
|
|
2,580 |
|
|
|
1,513 |
|
|
|
4,595 |
|
|
|
2,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS) |
|
|
(658 |
) |
|
|
226 |
|
|
|
(2,091 |
) |
|
|
(399 |
) |
Financial expenses, net |
|
|
(996 |
) |
|
|
(259 |
) |
|
|
(4,202 |
) |
|
|
(313 |
) |
NET COMPREHENSIVE LOSS
FOR THE PERIOD |
|
|
(1,654 |
) |
|
|
(33 |
) |
|
|
(6,293 |
) |
|
|
(712 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common shareholders – basic and diluted |
|
$ |
(0.17 |
) |
|
$ |
(0.02 |
) |
|
$ |
(1.09 |
) |
|
$ |
(0.35 |
) |
Weighted average number of
common stock used in computing net loss per share – basic and
diluted |
|
|
9,522,719 |
|
|
|
2,047,641 |
|
|
|
5,787,503 |
|
|
|
2,047,641 |
|
Non GAAP adjusted EBITDA
(U.S. dollars in thousands) |
|
Three monthsEndedJune
30,2022 |
|
|
Three monthsEndedJune
30,2021 |
|
|
Six monthsEndedJune
30,2022 |
|
|
Six monthsEndedJune
30,2021 |
|
Revenues |
|
|
3,081 |
|
|
|
3,027 |
|
|
$ |
4,949 |
|
|
$ |
4,573 |
|
GAAP net Income (loss) |
|
|
(1,654 |
) |
|
|
(33 |
) |
|
|
(6,293 |
) |
|
|
(712 |
) |
Interest Expense |
|
|
996 |
|
|
|
259 |
|
|
$ |
4,202 |
|
|
$ |
312 |
|
Tax Expense |
|
|
62 |
|
|
|
26 |
|
|
|
74 |
|
|
|
63 |
|
Fixed asset depreciation expense |
|
|
10 |
|
|
|
12 |
|
|
|
20 |
|
|
|
24 |
|
Stock based compensation |
|
|
14 |
|
|
|
10 |
|
|
|
28 |
|
|
|
20 |
|
Research and development, capitalization |
|
|
138 |
|
|
|
172 |
|
|
|
280 |
|
|
|
353 |
|
Other one-time costs and expenses |
|
|
513 |
|
|
|
- |
|
|
|
801 |
|
|
|
- |
|
Non-GAAP Adjusted EBITDA |
|
|
79 |
|
|
|
446 |
|
|
|
(888 |
) |
|
$ |
60 |
|
GAAP net loss margin |
|
|
(53.67 |
%) |
|
|
(1.09 |
%) |
|
|
(127.2 |
%) |
|
|
(15.57 |
%) |
Adjusted EBITDA margin |
|
|
2.6 |
% |
|
|
14.73 |
% |
|
|
(17.94 |
%) |
|
|
1.3 |
% |
(U.S. dollars in thousands Revenues |
|
For the three months endedJune
30 |
|
|
For the six months endedJune
30 |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
3,081 |
|
|
|
3,027 |
|
|
$ |
4,949 |
|
|
$ |
4,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog of open Orders(1) |
|
|
3,996 |
|
|
|
4,852 |
|
|
$ |
3,996 |
|
|
$ |
4,852 |
|
|
(1)
Presented as of June 30 for each year. |
ACTELIS NETWORKS, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)
|
|
Six months ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
U.S. dollars in thousands |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net loss for the period |
|
|
(6,293 |
) |
|
|
(712 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
20 |
|
|
|
23 |
|
Changes in fair value related to warrants to lenders |
|
|
1,115 |
|
|
|
- |
|
Inventories write-downs |
|
|
80 |
|
|
|
55 |
|
Exchange rate differences |
|
|
(739 |
) |
|
|
(37 |
) |
Share-based compensation |
|
|
28 |
|
|
|
18 |
|
Changes in fair value related to convertible loan |
|
|
1,648 |
|
|
|
- |
|
Changes in fair value related to convertible note |
|
|
1,753 |
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade receivables |
|
|
(962 |
) |
|
|
(1,240 |
) |
Net change in operating lease assets and liabilities |
|
|
(82 |
) |
|
|
- |
|
Inventories |
|
|
(91 |
) |
|
|
18 |
|
Prepaid expenses and other current assets |
|
|
(735 |
) |
|
|
(525 |
) |
Other non-current asset |
|
|
(4 |
) |
|
|
18 |
|
Trade payables |
|
|
(261 |
) |
|
|
(45 |
) |
Deferred revenues |
|
|
227 |
|
|
|
573 |
|
Other current liabilities |
|
|
225 |
|
|
|
270 |
|
Other long-term liabilities |
|
|
136 |
|
|
|
112 |
|
Other accrued liabilities |
|
|
153 |
|
|
|
(77 |
) |
Net cash used in operating
activities |
|
|
(3,782 |
) |
|
|
(1,549 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Short term bank deposit |
|
|
(71 |
) |
|
|
- |
|
Purchase of property and equipment |
|
|
(16 |
) |
|
|
(2 |
) |
Net cash used in investing
activities |
|
|
(87 |
) |
|
|
(2 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from exercise of options |
|
|
* |
|
|
|
* |
|
Proceeds from long-term debt, net of issuance costs |
|
|
- |
|
|
|
2,070 |
|
Proceeds from initial public offering and private placement |
|
|
18,712 |
|
|
|
- |
|
Underwriting discounts and commissions and other offering
costs |
|
|
(2,175 |
) |
|
|
- |
|
Repayment of long-term loan |
|
|
(316 |
) |
|
|
(192 |
) |
Net cash provided by financing
activities |
|
|
16,221 |
|
|
|
1,878 |
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
(739 |
) |
|
|
(37 |
) |
|
|
|
|
|
|
|
|
|
INCREASE IN CASH, CASH
EQUIVALENTS AND RESTRICTED CASH |
|
|
12,352 |
|
|
|
327 |
|
|
|
|
|
|
|
|
|
|
BALANCE OF CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE
PERIOD |
|
|
795 |
|
|
|
671 |
|
|
|
|
|
|
|
|
|
|
BALANCE OF CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD |
|
|
13,147 |
|
|
|
998 |
|
|
|
|
|
|
|
|
|
|
* Represents an amount less than $1 thousands.
Actelis Networks (NASDAQ:ASNS)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Actelis Networks (NASDAQ:ASNS)
Historical Stock Chart
Von Jul 2023 bis Jul 2024