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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

  

Date of report (Date of earliest event reported): August 14, 2024

 

Actelis Networks, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-41375   52-2160309
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification Number)

 

4039 Clipper Court, Fremont, CA 94538
(Address of principal executive offices)

 

(510) 545-1045

(Registrant’s telephone number, including area code)

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.0001 par value per share   ASNS   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 2.02 Results of Operation and Financial Condition.

 

On August 14, 2024, Actelis Networks, Inc. issued a press release which included its results of operations for the fiscal second quarter ended June 30, 2024. The press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein in its entirety.

 

The information included in this Item 2.02 of Current Report on Form 8-K, including the attached Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in any such filing, except as expressly set forth by specific reference in such filing.

 

Item 7.01 Regulation FD Disclosures.

 

The matters described in Item 2.02 of this Current Report on Form 8-K are incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

The following exhibits are filed herewith or incorporated herein by reference:

 

Exhibit No.   Description.
99.1   Press Release, dated August 14, 2024
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ACTELIS NETWORKS, INC.
   
Dated: August 14, 2024 By: /s/ Tuvia Barlev
  Name:  Tuvia Barlev
  Title: Chief Executive Officer

 

2

Exhibit 99.1

 

 

 

Actelis Networks Reports Q2 2024 Results: 372% Sequential Revenue Growth, 81% Year-Over-Year Increase, and Positive EBITDA

 

Actelis Networks achieves very strong Q2 2024 performance with 372% sequential revenue growth, 81% year-over-year revenue increase, and positive EBITDA, highlighting strong execution and financial discipline.

 

FREMONT, Calif., August 14, 2024 — Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for wide area IoT applications, today reported financial results for the fiscal second quarter ended June 30, 2024.

 

Second Quarter and First Half 2024 Financial Highlights:

 

Major Revenue Growth: Actelis achieved revenue increase to $3.43 million in Q2 2024, reflecting an 81% year-over-year growth compared to $1.9 million in Q2 2023, and 372% sequential growth from $0.73 million in Q1 2024, driven by the accelerated execution of large contracts, including a significant deal with the Washington D.C. Department of Transportation. For the first half of 2024, revenue reached $4.2 million, up from $3.7 million in the same period last year, without a major software and services renewal valued at $1.4 million, won in July and covering 2024-2026.

 

Significant Improvement in Gross Margin: Gross margin soared to $1.9 million, or 57%, in Q2 2024, a substantial improvement from $0.2 million, or 30%, in the prior quarter. This boost was driven by increased revenue and a more profitable geographical mix, with minimal rise in fixed costs. Year-over-year, Q2 2024 gross margin jumped from $0.6 million, or 33%, in Q2 2023, and for the first half of 2024, gross margin improved to $2.2 million, or 52%, from $1.3 million, or 35%, in the same period last year, reflecting enhanced profitability.

 

Continued Reduction in Operating Expenses: Operating expenses were successfully reduced by 20% to $1.88 million (by 13% to $2.04 million excluding one-time other income) in Q2 2024, down from $2.35 million in Q2 2023. For the first half of 2024, operating expenses decreased by 20% to $3.97 million (by 16% to $4.1 million excluding one-time other Income) compared to the previous year, demonstrating the effectiveness of the company's ongoing cost reduction initiatives.

 

Substantial narrowing of Net Loss and Positive Non-GAAP Adjusted EBITDA: Actelis reported a net loss of $78,000 and a Non-GAAP adjusted EBITDA profit of $11,000 in Q2 2024, marking the first positive quarter since 2022. The net loss for the first half of 2024 was reduced by 44% to $2.06 million, and the EBITDA loss decreased by 38% to $1.78 million, reflecting the company’s improving financial health.

 

Strengthened liquidity Position: The company raised nearly $5 million in June 2024, including $2 million signed on June 30 and closed on July 2. As of June 30, 2024, shareholders’ equity stood at $1.06 million, and on a pro forma basis, including this fundraise, shareholders' equity was $3.0 million—above Nasdaq's continued listing requirement of $2.5 million.

 

“I am extremely proud of our progress in the second quarter of 2024,” said Tuvia Barlev, Chairman and CEO. “Our team's relentless efforts have translated into significant customer successes and the successful execution for key customers. We are delivering on the commitments we made to drive growth and innovation, and the results speak to the impact of our strategic initiatives.”

 

 

 

Recent Company Highlights:

 

Secured and delivered a $2.3 million order from Washington D.C.’s Department of Transportation, contributing to the city’s infrastructure modernization efforts as part of its smart city initiatives.

 

Successfully deployed our hybrid-fiber, cyber-hardened solution in Bakersfield, CA, further demonstrating our technology's ability to enhance urban infrastructure and security.

 

Our expense reduction program continues to yield results, with operating expenses in the first half of 2024 reduced by 16% compared to the same period last year, in line with our strategic cost structure optimization plan.

 

The newly launched GigaLine 800 and GigaLine 900 Multi-Dwelling Unit (MDU) solutions are generating significant market interest, with a growing list of customer trials underway.

 

A first order for Gigaline 800 worth $160,000 from a contractor to a major military carrier was received, a major milestone in executing on the new products’ potential.

 

Reported multiple customer wins across various markets in the past 90 days, reinforcing our position as a leader in networking solutions.

 

We continue to work on the deal with Quality Industrial Corp and have extended the no-shop period until August 16.

 

Despite ongoing tensions and conflicts in the Middle East, Actelis’ operations remain unaffected. We are closely monitoring the situation and are prepared to make necessary adjustments as events unfold.

 

“Our second quarter performance reflects the tangible progress we’re making in executing our growth strategy, especially in key sectors like intelligent transportation and critical infrastructure,” said Tuvia Barlev, Chairman and CEO of Actelis. “The significant order from Washington D.C.’s Department of Transportation and our successful deployments in cities like Bakersfield demonstrate not only the strength of our technology but also the trust that major urban centers place in Actelis to modernize and secure their infrastructure.”

 

“As we move forward, our focus is on scaling these successes, expanding our SaaS offerings through strategic partnerships, and continuing to reduce operational costs while maintaining high margins. As we navigate an increasingly complex global environment, our focus remains on executing our business plan with precision and adapting to any challenges that arise,” added Barlev.

 

Fiscal Second Quarter and First Half 2024 Financial Results:

 

Revenues: Q2 2024 revenues were $3.43 million, reflecting an impressive 81% year-over-year increase from $1.90 million in Q2 2023. This also represents a remarkable 372% sequential growth from $0.73 million in Q1 2024. For the first half of 2024, revenues totaled $4.16 million, up from $3.74 million in the same period in 2023.

 

Cost of Revenues: Cost of revenues for Q2 2024 was $1.49 million, slightly higher than $1.26 million in Q2 2023. For the first half of 2024, the cost of revenues was $1.99 million, compared to $2.42 million for the first half of 2023.

 

Gross Profit: Gross profit for Q2 2024 was $1.94 million, up from $632,000 in Q2 2023. For the first half of 2024, gross profit reached $2.16 million, compared to $1.32 million in the first half of 2023.

 

2

 

 

Research and Development Expenses: R&D expenses for Q2 2024 were $603,000, down from $669,000 in Q2 2023. For the first half of 2024, R&D expenses were $1.25 million, compared to $1.43 million in the same period last year.

 

Sales and Marketing Expenses: Sales and marketing expenses for Q2 2024 were $647,000, compared to $712,000 in Q2 2023. For the first half of 2024, these expenses totaled $1.27 million, down from $1.64 million in the first half of 2023.

 

General and Administrative Expenses: G&A expenses were $790,000 in Q2 2024, down from $969,000 in Q2 2023. For the first half of 2024, G&A expenses were $1.61 million, compared to $1.83 million for the same period last year.

 

Other Income: Other income was $163,000 in Q2 2024 and first half of 2024, driven by a government grant from the state of Israel associated with the Swords of Iron war

 

Operating Profit/Loss: Operating profit for Q2 2024 was $66,000, compared to an operating loss of $1.72 million in Q2 2023. For the first half of 2024, the operating loss was reduced to $1.81 million, down from $3.58 million in the first half of 2023.

 

Interest Expenses/(income): Interest Expense was $137,000 in Q2 2024, a decrease from an expense of $171,000 in Q2 2023. For the first half of 2024, interest expenses were $344,000, compared to $351,000 in the first half of 2023.

 

Other Financial Income/Expenses, Net : Q2 2024 Other Financial income/(expense) was $57,000, compared to an income of $296,000 in Q2 2023. For the first half of 2024, financial income/(expense) were $149,000, compared to $444,000 for the first half of 2023.

 

Net Comprehensive Profit/(Loss): Net comprehensive Loss for Q2 2024 was $78,000, a significant turnaround from a net loss of $1.59 million in Q2 2023. For the first half of 2024, the net loss was $2.06 million, compared to a net loss of $3.49 million in the first half of 2023.

 

Non-GAAP EBITDA: Non-GAAP EBITDA was $11,000 in Q2-2023, compared to a non-GAAP EBITDA loss of $1.3 million in the year ago period, driven by increased revenue, better gross margin and reduced operating expenses. For the first half of 2024, non-GAAP EBITDA loss was $1.8 million, down 38% from $2.86 million in the year ago period.

 

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.

 

3

 

 

Cautionary Statement Concerning Forward-Looking Statements

 

This 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:

 

ASNS@actelis.com

 

-Financial Tables to Follow-

 

4

 

 

ACTELIS NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(U. S. dollars in thousands except for share and per share amounts)

 

   June 30,   December 31, 
   2024   2023 
Assets        
CURRENT ASSETS:        
Cash and cash equivalents   2,412    620 
Restricted cash equivalents   724    1,565 
Short term deposits   -    197 
Trade receivables, net of allowance for credit losses of  $168 as of June 30, 2024, and December 31, 2023.   690    664 
Inventories   2,158    2,526 
Prepaid expenses and other current assets, net of allowance for doubtful debts of $181 and $144 as of June 30, 2024, and December 31, 2023, respectively   491    340 
TOTAL CURRENT ASSETS   6,475    5,912 
           
NON-CURRENT ASSETS:          
Property and equipment, net   55    61 
Prepaid expenses   592    592 
Restricted cash and cash equivalents   226    3,330 
Restricted bank deposits   89    94 
Severance pay fund   235    238 
Operating lease right of use assets   608    918 
Long term deposits   77    78 
TOTAL NON-CURRENT ASSETS   1,882    5,311 
           
TOTAL ASSETS   8,357    11,223 

 

5

 

 

ACTELIS NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(U. S. dollars in thousands except for share and per share amounts)

 

   June 30,   December 31, 
   2024   2023 
Liabilities, Mezzanine Equity and shareholders’ equity        
CURRENT LIABILITIES:        
Credit line   1,045    - 
Current maturities of long-term loans   103    1,335 
Trade payables   1,421    1,769 
Deferred revenues   206    389 
Employee and employee-related obligations   782    737 
Accrued royalties   1,119    1,062 
Operating lease liabilities   443    498 
Other accrued liabilities   995    1,122 
TOTAL CURRENT LIABILITIES   6,114    6,912 
           
NON-CURRENT LIABILITIES:          
Long-term loan, net of current maturities   498    3,154 
Deferred revenues   45    71 
Operating lease liabilities   151    405 
Accrued severance   263    270 
Other long-term liabilities   27    23 
TOTAL NON-CURRENT LIABILITIES   984    3,923 
TOTAL LIABILITIES   7,098    10,835 
           
COMMITMENTS AND CONTINGENCIES (Note 6)          
           
MEZZANINE EQUITY          
Redeemable Convertible Preferred Stock $0.0001 par value, 10,000,000 authorized; None issued and outstanding as of June 30, 2024 and December 31, 2023.        - 
           
WARRANTS TO PLACEMENT AGENT (Note 7d)   201    159 
SHAREHOLDERS’ EQUITY:          
Common stock, $0.0001 par value: 30,000,000 shares authorized; 5,017,322 and 3,007,745 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively.   1    1 
Non-voting common stock, $0.0001 par value: 2,803,774 shares authorized as of June 30, 2024, and December 31, 2023, None issued and outstanding as of June 30, 2024, and December 31, 2023.        - 
Additional paid-in capital   42,687    39,916 
Accumulated deficit   (41,630)   (39,688)
TOTAL SHAREHOLDERS’ EQUITY   1,058    229 
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY   8,357    11,223 

 

The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).

 

6

 

 

ACTELIS NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

(U. S. dollars in thousands except for share and per share amounts)

 

   Six months ended
June 30
   Three months ended
June 30
 
   2024   2023   2024   2023 
                 
REVENUES   4,157    3,744    3,431    1,896 
COST OF REVENUES   1,994    2,424    1,488    1,264 
GROSS PROFIT   2,163    1,320    1,943    632 
                     
OPERATING EXPENSES:                    
Research and development expenses   1,250    1,426    603    669 
Sales and marketing expenses, net   1,274    1,641    647    712 
General and administrative expenses   1,607    1,834    790    969 
TOTAL OPERATING EXPENSES   4,131    4,901    2,040    2,350 
                     
OPERATING LOSS   (1,968)   (3,581)   (97)   (1,718)
Interest expenses   (286)   (351)   (79)   (171)
Other Financial income, net   149    444    57    296 
Other income   163    -    163    - 
NET COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD   (1,942)   (3,488)   44    (1,593)
                     
Net profit (loss) per share attributable to common shareholders – basic and diluted  $(0.50)   (1.72)   0.01    (0.68)
Weighted average number of common stocks used in computing net profit (loss)  per share – basic and diluted   4,257,674    2,033,747    4,000,994    2,333,381 

 

The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).

 

7

 

 

ACTELIS NETWORKS, INC.

CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

(UNAUDITED)

U.S. dollars in thousands (except number of shares)

 

   Warrants To
Placement
Agent
   Redeemable
Convertible
Preferred Stock
   Common Stock   Non-voting
Common Stock
   Additional       Total shareholders’ 
Six Months Ended  Amount   Number of shares   Amount   Number of shares   Amount   Number of shares   Amount   paid-in capital   Accumulated deficit  

equity (capital deficiency)

 
                                        
BALANCE AS OF JANUARY 1, 2023   -    -    -    1,737,986    1    -    -    36,666    (33,402)   3,265 
Share based compensation   -    -    -    -    -    -    -    192    -    192 
Repurchase of common stock   -    -    -    (7,920)   *    -    -    (50)   -    (50)
Issuance of common stock and pre-funded warrants upon private placement, net of offering costs   104    -    -    190,000    *    -    -    1,356    -    1,356 
Exercise of options into common stock   -    -    -    10,652    *    -    -    10    -    10 
Net comprehensive loss for the period   -    -    -    -    -    -    -    -    (3,488)   (3,488)
BALANCE AS OF JUNE 30, 2023   104    -    -    1,930,718    1    -    -    38,174    (36,890)   1,285 
BALANCE AS OF JANUARY 1, 2024   159    -    -    3,007,745    1    -    -    39,916    (39,688)   229 
Share based compensation                  -                   179         179 
Exercise of options into common stock                  21,225    *              32         32 
Vesting of RSUs                  18,495    *              -         - 
Warrant inducement agreement, net of offering costs (Note 7d)   42    -    -    999,670    *              2,560         2,560 
Exercise of Pre funded warrants into common stock (Note 7b)                  970,187    *                        * 
Net comprehensive loss for the period                  -    -              -    (1,942)   (1,942)
BALANCE AS OF JUNE 30, 2024   201    -    -    5,017,322    1    -    -    42,687    (41,630)   1,058 

 

*Represents an amount less than $1 thousands.

 

The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).

 

8

 

 

ACTELIS NETWORKS, INC.

CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY)

(UNAUDITED)

U.S. dollars in thousands (except number of shares)

 

   Warrants To Placement Agent    Redeemable Convertible Preferred Stock   Common Stock   Non-voting
Common Stock
    Additional       Total shareholders’ 
Three Months Ended  Amount   Number of shares   Amount   Number of shares   Amount   Number of shares   Amount   paid-in capital   Accumulated deficit   equity (capital deficiency) 
                                        
BALANCE AS OF APRIL 1, 2023   -    -    -    1,730,066    1    -    -    36,711    (35,297)   1,415 
Share based compensation   -    -    -    -    -    -    -    97    -    97 
Issuance of common stock and pre-funded warrants upon private placement, net of offering costs   104    -    -    190,000    *    -    -    1,356    -    1,356 
Exercise of options into common stock   -    -    -    10,652    *    -    -    10    -    10 
Net comprehensive loss for the period   -    -    -    -    -    -    -    -    (1,593)   (1,593)
BALANCE AS OF JUNE 30, 2023   104    -    -    1,930,718    1    -    -    38,174    (36,890)   1,285 
BALANCE AS OF APRIL 1, 2024   159    -    -    3,010,244    1    -    -    40,005    (41,674)   (1,668)
Share based compensation   -    -    -    -    -    -    -    90    -    90 
Vesting of RSUs   -    -    -    15,996    -    -    -    -    -    - 
Exercise of options into common stock                  21,225    -              32    -    32 
Exercise of Pre funded warrants into common stock(Note 7b)                  970,187    *                        * 
Warrant inducement agreement, net of offering costs (Note 7d)   42    -    -    999,670    -              2,560    -    2,560 
Net comprehensive profit for the period                  -    -              -    44    44 
BALANCE AS OF JUNE 30, 2024   201    -    -    5,017,322    1    -    -    42,687    (41,630)   1,058 

 

*Represents an amount less than $1 thousands.

 

The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).

 

9

 

 

ACTELIS NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

  

Six months ended

June 30,

 
   2024   2023 
   U.S. dollars in thousands 
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss for the period   (1,942)   (3,488)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation   8    13 
Inventory write-downs   25    97 
Exchange rate differences   (139)   (226)
Share-based compensation   179    192 
Interest expenses   (103)   - 
Financial income from long term bank deposit   4    (64)
Changes in operating assets and liabilities:          
Trade receivables   (26)   1,275 
Net change in operating lease assets and Liabilities   1    24 
Inventories   342    (726)
Prepaid expenses and other current assets   (150)   208 
Trade payables   (347)   137 
Deferred revenues   (209)   (155)
Other current liabilities   14    (36)
Other long-term liabilities   -    (17)
Net cash used in operating activities   (2,343)   (2,939)
CASH FLOWS FROM INVESTING ACTIVITIES:          
Short term deposits   198    810 
Short term Restricted bank deposits   -    (125)
Long term Restricted bank deposits   -    - 
Long term deposits   -    (5)
Purchase of property and equipment   (1)   (3)
Net cash Provided by investing activities   197    677 
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from exercise of options   32    10 
Repurchase of common stock   -    (50)
Proceeds from common stocks, pre-funded warrants and warrants   -    3,500 
Proceeds from Warrant inducement agreement   2,999    - 
Underwriting discounts and commissions and other offering costs   (397)   (291)
Proceeds from credit lines with bank   1,045    - 
Early repayment of long-term loan   (3,483)   - 
Repayment of long-term loan   (193)   (389)
Net cash Provided by financing activities   3    2,780 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH   (10)   (10)
           
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (2,153)   508 
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD   5,515    4,279 
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD   3,362    4,787 

 

The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).

 

10

 

 

ACTELIS NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(UNAUDITED)

 

   June 30 
   2024   2023 
   U.S. dollars in thousands 
         
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:          
Cash and cash equivalents   2,412    2,573 
Restricted cash equivalents, current   724    - 
Restricted cash and cash equivalents, non-current   226    2,214 
Total cash, cash equivalents and restricted cash   3,362    4,787 

 

   Six months ended
June 30
 
   2024   2023 
SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION:        
Cash paid for interest  $326   $351 
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:          
Issuance costs of common stock, pre-funded warrants and warrants   -   $104 
Issuance costs of the Warrant inducement agreement   1,493    - 

 

The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).

 

 

11

 

v3.24.2.u1
Cover
Aug. 14, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 14, 2024
Entity File Number 001-41375
Entity Registrant Name Actelis Networks, Inc.
Entity Central Index Key 0001141284
Entity Tax Identification Number 52-2160309
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 4039 Clipper Court
Entity Address, City or Town Fremont
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94538
City Area Code 510
Local Phone Number 545-1045
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol ASNS
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false

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