Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis”
or the “Company”), a market leader in cyber-hardened, hybrid-fiber
rapid deployment networking solutions for wide area IoT
applications, today reported financial results for the fiscal full
year 2023 ended December 31, 2023.
Key Highlights:
- Strategic shift to IoT
sales: Total revenue was $5.6 million for the full year
2023, compared to $8.8 million in the prior year. The Company
nearly completed its strategic shift to IoT, with a proportional
increase of IoT sales to 77% of annual sales, and further
significant decline in Telecom revenue. A significant portion of
the decline was a result of delays in on-going customer activities,
which are expected to catch up in 2024.
- Direct margin
increase: Gross Margin was 34% for the full year 2023,
compared to 47% in the prior year. A consistently healthy direct
margin year over year was offset by an increase of indirect
expenses as % of revenues. Most indirect expenses are fixed,
related to inventory and new product introduction costs, and are
represented as a higher % of revenue against the revenue
decline.
- Substantial improvement in
operating expenses: Operating expenses declined by 9% to
$9.3 million for the full year 2023. Operating expenses for the
fourth quarter on an annualized basis declined to $8 million, or
35% from the year-ago quarter, driven by efficiencies created with
cost reduction and restructuring measures. We expect this reduction
to continue into 2024.
- Substantial improvement in
net loss: Net Loss dropped by 43% to $6.3 million for the
full year 2023 compared to $11 million in the prior year, with the
decline of financial expenses associated with warrants and
convertible facilities.
- Adjusted EBITDA loss trends
with shift of Telco to IoT revenues: Adjusted EBITDA loss
in 2023 was $6.1 million compared to $4.1 million in the prior year
due to the effects associated with the investments made in sales
and marketing, as well as the impact of the shift to the IoT
business and associated decline in Telco revenues.
“We are coming close to completing our
strategic focus shift to the growing vertical business areas in IoT
in 2023 and are driving strongly towards our goal of delivering the
world’s best, most secure, hybrid-fiber networking solutions,” said
Tuvia Barlev, Chairman and CEO of Actelis. “We remain persistent on
our vision of cyber-aware networking and protecting IoT devices
surrounding our customers’ networks. Importantly, we successfully
passed certification by the US Department of Defense (DoD) and the
National Institute of Standards and Technologies (NIST) as the only
solution of its kind certified for Cyber security and
Interoperability (FIPS). Additionally, we continue to support our
loyal Telco customers and continue to serve their needs. In fact,
during the last several months we have offered them our newly
launched multi-dwelling unit (MDU) solution set for multi-gigabit
connectivity at a fraction of the cost and time to connect MDUs
compared to a fiber-only solution. We are pleased to report that
several of our Telco customers are currently testing our new
GigaLine 800 and GigaLine 900 product series for this vast market
of Millions of underserved MDUs in the US alone”.
“In our continued efforts to create robust cyber secure and
cyber aware networking solutions, we completed our Federal
Information Protection Standard (FIPS) and Department of Defense
(DoD) interoperability and security certification, while at the
same time expanding our network of business and strategic
partnerships with resellers and integrators to reach more customers
and grow revenue. Additional partnerships will emerge soon, further
enhancing our offering and reach of monitoring and response to our
customers’ networking and IoT device security threats.”
“Operationally, I am encouraged by the efficiencies we continue
to create resulting in operational cost reductions, preparing us
well for 2024. While we have seen delays in realizing some expected
large new orders, we are ready for the new year with better market
coverage such as with the partnerships we have created with
Netceed, Carahsoft and Swarco as well as cost of sales, inventory
management and operational expenses,” Barlev continued.
Key operational highlights of 2023 to-date:
- After 18 months of development,
rigorous testing and certification process, the DoD Information
Network (DoDIN) added Actelis’ products in January 2024 to the
approved list of products (“APL”) that have met cybersecurity and
interoperability certification requirements. Actelis’
hybrid-copper-fiber networking products are the only ones of their
kind on this list.
- Achieved National Institute of
Standards and Technology (NIST) certification for data cyber
security, as well as third-party validation for FIPS 140-2 standard
from UL labs.
- Launched the new Multi-Dwelling-Unit
(MDU) solution consisting of a last mile hybrid-fiber multi-gigabit
broadband solution for buildings and IoT applications (GigaLine
800) and the new ultra-low power in-building gigabit connectivity
solution for instant service provisioning (GigaLine 900).
- Launched new line of advanced,
software managed, temperature and cyber-hardened, layer 2 and layer
3 fiber optic switching devices, enabling the delivery of a broad
selection of solutions for large and small networks, at higher
speeds, in support of hybrid fiber-copper networks that contain a
larger portion of fiber.
- Signed partnership agreements for
distribution and resale of Actelis portfolio of products and
services with Netceed, a leading value-added distributor for the
telecom, traffic, and digital infrastructure industries in North
America and with Carahsoft, the trusted public sector IT solutions
provider, supporting federal, state and local government agencies
through its “Master Government Aggregator” model for their vendor
partners with over 2,000 professionals nationwide. In Asia Pacific,
through the hiring of Tzachy Givaty, Vice President of Sales for
the region, signed multiple resale agreements with new partners in
India, Philippines and Vietnam.
- Continued its service of the
multi-year agreement with customer SITA, a worldwide industry
leader in infrastructure provision and management for airports.
Total orders to-date have reached approximately $0.9 million.
- Multiple customer wins and
deployments in the various IoT verticals of Intelligent Traffic
Systems (“ITS”), smart cities, railways, and energy such as City of
Napa, major North American rail operator, City of Everett, US Naval
base, major European natural gas operator, major US Air-Force base,
Northern Ireland Railways and many more, extending its hybrid-fiber
cyber-hardened IoT networking connectivity and network management
software and services.
- Hired and restructured sales and
marketing presence and strategy with the hiring of Bret Harrison,
Senior Vice President of Sales, Americas, alongside new members
covering Latin America and Central Europe.
- The war in Israel has not affected
the Company’s operations, we are keeping a close look as the
situation evolves and preparing for any necessary adjustments.
Fiscal Full Year 2023 Financial Highlights:
Revenues
Revenues for the year ended December 31, 2023 amounted to $5.6
million, compared to $8.8 million for the year ended December 31,
2022. The decrease from the corresponding period was primarily
attributable to the decline of revenues generated from telco
customers as our focus shifted to IoT customers by $1.6 million
significantly impacted by a two-year software license renewal in
2022, therefore not repeated in 2023, driving a $0.5 million
decline, and to delays of IoT projects into 2024. By region, it is
primarily attributable to a decrease of $1.7 million of revenues
generated from North America and a decrease of $1.5 million of
revenues generated from Europe, the Middle East and Africa.
Cost of Revenues
Cost of revenues for the year ended December 31, 2023, amounted
to $3.7 million compared to $4.7 million for the year ended
December 31, 2022. The decrease from the corresponding period was
mainly due to the decrease in revenues, partially offset by the
higher effect of indirect costs as the percent of lower
revenues.
Research and Development Expenses
Research and development expenses for the year ended December
31, 2023, amounted to $2.7 million compared to $2.8 million for the
year ended December 31, 2022. The decrease was mainly due to a
decrease in payroll expenses.
Sales and Marketing Expenses
Sales and marketing expenses for the year ended December 31,
2023, amounted to $3.0 million compared to $3.3 for the year ended
December 31, 2022. The decrease was mainly due to a decrease in
commission expenses as a result of the decrease in revenues.
General and Administrative Expenses
General and administrative expenses for the year ended December
31, 2023, amounted to $3.5 million compared to $4.2 million for the
year ended December 31, 2022. This decrease was mainly due to a
reduction in professional services of approximately $0.2 million, a
decrease in management bonus expenses of $0.2 million, as well as a
reduction in other non-payroll expenses associated with the IPO in
2022.
Operating Loss
Operating loss for the year ended December 31, 2023, was $7.4
million, compared to an operating loss of $6.1 million for the year
ended December 31, 2022. The increase was mainly due to the
decrease in Revenues and Gross Margin while continuing to invest in
Sales and Marketing and Research and Development expenses, which
was offset by a decrease in sales commission expenses as well as
general and administrative one-time expenses due to the IPO in
2022.
Financial Expenses (income), Net
Financial expenses (income), net for the year ended December 31,
2023, was ($1.1) million (including $0.8 million interest expenses)
compared to $4.9 million (including $0.8 million interest expenses)
for the year ended December 31, 2022. In 2023, the Company recorded
financial income in connection with a decrease in fair value of
warrants in the amount of $1.7 million, while in 2022 the Company
recorded finance expenses as a result of increase in fair value of
various financial instruments prior to the IPO completed in May
2022, such as a convertible loan, note and warrants, in the amount
of $4.5 million. The decrease in the finance expenses, net
partially offset by a decrease in income from exchange rate
differences in the amount of $0.3 million for the year ended
December 31, 2023, compared to $0.5 during the year ended December
31, 2022.
Net Loss
Net loss for the year ended December 31, 2023, was $6.3 million,
compared to a net loss of $11.0 million for the year ended December
31, 2022. This decrease was primarily due to the decrease in
Revenues and Gross Margin offset by a decrease in financial
expenses, net resulting from the expenses incurred by the
conversion of the financial instruments the Company had such as a
convertible loan, note and warrants from the IPO completed in May
2022 for the year ended December 31, 2022, compared to income in
connection with a decrease in fair value of warrants for the year
ended December 31, 2023.
Adjusted EBITDA loss, a non-GAAP measurement of
operating performance (reconciled below to Net Loss), for the full
year ended December 31, 2023, was $6.1 million, compared to $4.1
million in the comparable year-ago period. This was primarily a
result of decrease in Revenues and Gross Margin while continuing to
invest in Sales and Marketing and Research and Development
expenses.
About Actelis Networks, Inc.
Actelis Networks, Inc. (NASDAQ: ASNS) is a
market leader in cyber-hardened, rapid-deployment hybrid fiber
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. More detailed
information about the Company and the risk factors that may
affect the realization of forward-looking statements is set forth
in the Company’s filings with the Securities and Exchange
Commission (SEC), including the Company's Annual Report on
Form 10-K and its Quarterly Reports on Form 10-Q. 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:Kirin SmithPCG
Advisory, Inc.ksmith@pcgadvisory.com
ACTELIS NETWORKS, INC.CONSOLIDATED BALANCE
SHEETS(U. S. dollars in thousands except for share and per share
amounts) |
|
|
|
|
December 31 |
|
|
|
Note |
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
620 |
|
|
|
3,943 |
|
Restricted cash equivalents |
|
|
|
|
1,565 |
|
|
|
- |
|
Short-term deposits |
|
|
|
|
197 |
|
|
|
1,622 |
|
Restricted bank deposits |
|
|
|
|
- |
|
|
|
451 |
|
Trade receivables, net of allowance for credit losses of $168 and
$125 as of December 31, 2023, and December 31, 2022,
respectively |
|
|
|
|
664 |
|
|
|
3,034 |
|
Inventories |
|
3 |
|
|
2,526 |
|
|
|
1,179 |
|
Prepaid expenses and other current assets, net of allowance for
doubtful debts of $144 and $0 as of December 31, 2023, and December
31, 2022, respectively |
|
4 |
|
|
340 |
|
|
|
678 |
|
TOTAL CURRENT ASSETS |
|
|
|
|
5,912 |
|
|
|
10,907 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
5 |
|
|
61 |
|
|
|
80 |
|
Prepaid expenses |
|
|
|
|
592 |
|
|
|
492 |
|
Restricted cash and cash equivalents |
|
|
|
|
3,330 |
|
|
|
336 |
|
Restricted bank deposits |
|
|
|
|
94 |
|
|
|
2,027 |
|
Severance pay fund |
|
|
|
|
238 |
|
|
|
239 |
|
Operating lease right of use assets |
|
6 |
|
|
918 |
|
|
|
726 |
|
Long-term deposits |
|
|
|
|
78 |
|
|
|
12 |
|
TOTAL NON-CURRENT ASSETS |
|
|
|
|
5,311 |
|
|
|
3,912 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
|
11,223 |
|
|
|
14,819 |
|
F-3
ACTELIS NETWORKS,
INC.CONSOLIDATED BALANCE SHEETS (continued)(U. S. dollars
in thousands except for share and per share amounts)
|
|
|
|
December 31 |
|
|
|
Note |
|
2023 |
|
|
2022 |
|
Liabilities, Mezzanine Equity and shareholders’
equity |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
Current maturities of long-term loans |
|
8 |
|
|
1,335 |
|
|
|
553 |
|
Trade payables |
|
|
|
|
1,769 |
|
|
|
1,781 |
|
Deferred revenues |
|
|
|
|
389 |
|
|
|
484 |
|
Employee and employee-related obligations |
|
|
|
|
737 |
|
|
|
793 |
|
Accrued royalties |
|
11 |
|
|
1,062 |
|
|
|
900 |
|
Operating lease liabilities |
|
6 |
|
|
498 |
|
|
|
445 |
|
Other current liabilities |
|
7 |
|
|
1,122 |
|
|
|
1,246 |
|
TOTAL CURRENT LIABILITIES |
|
|
|
|
6,912 |
|
|
|
6,202 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
Long-term loan, net of current maturities |
|
8 |
|
|
3,154 |
|
|
|
4,625 |
|
Deferred revenues |
|
|
|
|
71 |
|
|
|
164 |
|
Operating lease liabilities |
|
|
|
|
405 |
|
|
|
237 |
|
Accrued severance |
|
|
|
|
270 |
|
|
|
278 |
|
Other long-term liabilities |
|
|
|
|
23 |
|
|
|
48 |
|
TOTAL NON-CURRENT LIABILITIES |
|
|
|
|
3,923 |
|
|
|
5,352 |
|
TOTAL LIABILITIES |
|
|
|
|
10,835 |
|
|
|
11,554 |
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
|
|
|
|
|
|
Redeemable Convertible Preferred Stock $0.0001 par value,
10,000,000 authorized; None issued and outstanding as of December
31, 2023 and December 31, 2022. |
|
|
|
|
- |
|
|
|
- |
|
Warrants to Placement Agent |
|
14d |
|
|
159 |
|
|
|
- |
|
SHAREHOLDERS’ EQUITY : (*) |
|
14 |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value: 30,000,000 shares authorized;
3,007,745 and 1,737,986 shares issued and outstanding as of
December 31, 2023, and December 31, 2022, respectively. |
|
|
|
|
1 |
|
|
|
1 |
|
Non-voting common stock, $0.0001 par value: 2,803,774 shares
authorized; No shares issued and outstanding as of December 31,
2023, and December 31, 2022. |
|
|
|
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
|
|
|
39,916 |
|
|
|
36,666 |
|
Accumulated deficit |
|
|
|
|
(39,688 |
) |
|
|
(33,402 |
) |
TOTAL SHAREHOLDERS’ EQUITY |
|
|
|
|
229 |
|
|
|
3,265 |
|
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’
EQUITY |
|
|
|
|
11,223 |
|
|
|
14,819 |
|
* |
Adjusted to reflect reverse stock split, see note 2(ff). |
ACTELIS NETWORKS, INC.CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS(U. S. dollars in thousands except for share and
per share amounts) |
|
|
|
|
Year ended December 31 |
|
|
|
Note |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
REVENUES |
|
17 |
|
|
5,606 |
|
|
|
8,831 |
|
COST OF REVENUES |
|
|
|
|
3,706 |
|
|
|
4,721 |
|
GROSS PROFIT |
|
|
|
|
1,900 |
|
|
|
4,110 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
|
|
|
2,702 |
|
|
|
2,766 |
|
Sales and marketing expenses, net |
|
|
|
|
3,030 |
|
|
|
3,282 |
|
General and administrative expenses |
|
|
|
|
3,531 |
|
|
|
4,163 |
|
TOTAL OPERATING EXPENSES |
|
|
|
|
9,263 |
|
|
|
10,211 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS |
|
|
|
|
(7,363 |
) |
|
|
(6,101 |
) |
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
|
(766 |
) |
|
|
(830 |
) |
Other financial income (expenses), net |
|
18 |
|
|
1,843 |
|
|
|
(4,051 |
) |
NET COMPREHENSIVE LOSS FOR THE YEAR |
|
|
|
|
(6,286 |
) |
|
|
(10,982 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common shareholders – basic and
diluted |
|
16 |
|
$ |
(*)(2.61 |
) |
|
$ |
(*)(9.45 |
) |
Weighted average number of common stocks used in computing net loss
per share – basic and diluted |
|
|
|
|
(*)2,412,717 |
|
|
|
(*)1,162,124 |
|
* |
Adjusted to reflect reverse stock split, see note 2(ff). |
ACTELIS NETWORKS, INC.CONSOLIDATED STATEMENTS OF
CASH FLOWSU.S. DOLLARS IN THOUSANDS |
|
|
|
|
|
|
|
Year ended December 31 |
|
|
|
2023 |
|
2022 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net loss for the year |
|
|
(6,286 |
) |
|
|
(10,982 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
27 |
|
|
|
23 |
|
Changes in fair value related to warrants to lenders and
investors |
|
|
(1,658 |
) |
|
|
1,049 |
|
Warrant issuance costs |
|
|
223 |
|
|
|
- |
|
Inventory write-downs |
|
|
239 |
|
|
|
147 |
|
Exchange rate differences |
|
|
(460 |
) |
|
|
(627 |
) |
Share-based compensation |
|
|
377 |
|
|
|
220 |
|
Changes in fair value related to convertible loan |
|
|
- |
|
|
|
1,648 |
|
Changes in fair value related to convertible note |
|
|
- |
|
|
|
1,753 |
|
Interest expenses |
|
|
295 |
|
|
|
830 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade receivables |
|
|
2,370 |
|
|
|
(887 |
) |
Net change in operating lease assets and liabilities |
|
|
19 |
|
|
|
(44 |
) |
Inventories |
|
|
(1,585 |
) |
|
|
(429 |
) |
Prepaid expenses and other current assets |
|
|
357 |
|
|
|
(280 |
) |
Other long-term assets |
|
|
(100 |
) |
|
|
(492 |
) |
Trade payables |
|
|
(25 |
) |
|
|
(139 |
) |
Deferred revenues |
|
|
(188 |
) |
|
|
(25 |
) |
Other current liabilities |
|
|
(172 |
) |
|
|
508 |
|
Other long-term liabilities |
|
|
(10 |
) |
|
|
(41 |
) |
Net cash used in operating activities |
|
|
(6,577 |
) |
|
|
(7,768 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Short term deposit, net |
|
|
1,418 |
|
|
|
(1,622 |
) |
Long- term deposit |
|
|
(56 |
) |
|
|
66 |
|
Proceeds from restricted long term bank deposits |
|
|
4,827 |
|
|
|
|
|
Deposit of restricted long-term bank deposits |
|
|
(2,810 |
) |
|
|
(27 |
) |
Restricted short term bank deposit |
|
|
451 |
|
|
|
(2,451 |
) |
Purchase of property and equipment |
|
|
(9 |
) |
|
|
- |
|
Net cash provided by (used in) investing activities |
|
|
3,821 |
|
|
|
(4,034 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from exercise of options |
|
|
- |
|
|
|
5 |
|
Proceeds from initial public offering |
|
|
- |
|
|
|
18,697 |
|
Proceeds from issuance of common stocks, pre-funded warrants and
warrants (see note 14d) |
|
|
5,000 |
|
|
|
- |
|
Underwriting discounts and commissions and other offering
costs |
|
|
(420 |
) |
|
|
(2,175 |
) |
Repurchase of common stock |
|
|
(50 |
) |
|
|
|
|
Repayment of long-term loan |
|
|
(769 |
) |
|
|
(1,241 |
) |
Net cash provided by financing activities |
|
|
3,761 |
|
|
|
15,286 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents and restricted cash |
|
|
231 |
|
|
|
(72 |
) |
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH |
|
|
1,236 |
|
|
|
3,484 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF
YEAR |
|
|
4,279 |
|
|
|
795 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF
YEAR |
|
|
5,515 |
|
|
|
4,279 |
|
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED
CASH: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
620 |
|
|
|
3,943 |
|
Restricted cash equivalents, current |
|
|
1,565 |
|
|
|
- |
|
Restricted cash and cash equivalents, non-current |
|
|
3,330 |
|
|
|
336 |
|
Total cash, cash equivalents and restricted cash |
|
|
5,515 |
|
|
|
4,279 |
|
F-7
ACTELIS NETWORKS, INC.CONSOLIDATED STATEMENTS OF
CASH FLOWS (continued)U.S. DOLLARS IN THOUSANDS |
|
|
2023 |
|
|
2022 |
|
SUPPLEMENTARY
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
Cash paid for interest |
|
|
431 |
|
|
|
818 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING
ACTIVITIES NOT INVOLVING CASH FLOWS: |
|
|
|
|
|
|
|
|
Right of use assets obtained in exchange for new operating lease
liabilities |
|
|
702 |
|
|
|
237 |
|
Conversion of convertible loan to common stock upon initial public
offering |
|
|
- |
|
|
|
6,553 |
|
Conversion of convertible note to common stock upon initial public
offering |
|
|
- |
|
|
|
3,600 |
|
Conversion of warrants to common stock upon initial public
offering |
|
|
- |
|
|
|
3,190 |
|
Conversion of convertible redeemable preferred stock to common
stock upon initial public offering |
|
|
- |
|
|
|
5,585 |
|
Repurchase of common stock |
|
|
- |
|
|
|
15 |
|
Issuance costs of common stock, pre-funded warrants and
warrants |
|
|
159 |
|
|
|
- |
|
Reclassification of warrants from liability to equity upon
amendment to private placement agreement (see Note 14(d)) |
|
|
314 |
|
|
|
- |
|
The accompanying notes are an integral
part of these consolidated financial statements.
F-8
Non-GAAP Financial Measures
(U.S. dollars in thousands) |
|
Year Ended
December 31,2023 |
|
|
Year
EndedDecember 31,2022 |
|
Revenues |
|
$ |
5,606 |
|
|
$ |
8,831 |
|
GAAP net loss |
|
|
(6,286 |
) |
|
|
(10,982 |
) |
Interest Expense |
|
|
766 |
|
|
|
830 |
|
Other financial expenses (income), net |
|
|
(1,843 |
) |
|
|
4,051 |
|
Tax Expense |
|
|
78 |
|
|
|
94 |
|
Fixed asset depreciation expense |
|
|
27 |
|
|
|
23 |
|
Stock based compensation |
|
|
377 |
|
|
|
220 |
|
Research and development, capitalization |
|
|
444 |
|
|
|
525 |
|
Other one-time costs and expenses |
|
|
371 |
|
|
|
1,174 |
|
Non-GAAP Adjusted EBITDA |
|
|
(6,066 |
) |
|
|
(4,065 |
) |
GAAP net loss margin |
|
|
(112.14 |
)% |
|
|
(124.36 |
)% |
Adjusted EBITDA margin |
|
|
(108.20 |
)% |
|
|
(46.03 |
)% |
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