Actelis Networks Reports Q2 2024 Results: 372% Sequential Revenue Growth, 81% Year-Over-Year Increase, and Positive EBITDA
14 August 2024 - 11:45PM
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.
- 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.
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:ASNS@actelis.com
-Financial Tables to Follow-
ACTELIS NETWORKS, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(UNAUDITED)(U. S. dollars in thousands) |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Assets |
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
2,412 |
|
|
|
620 |
|
Restricted cash and cash equivalents |
|
|
790 |
|
|
|
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 |
|
|
6,541 |
|
|
|
5,912 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
55 |
|
|
|
61 |
|
Prepaid expenses |
|
|
592 |
|
|
|
592 |
|
Restricted cash and cash equivalents |
|
|
160 |
|
|
|
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 |
|
|
1,816 |
|
|
|
5,311 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
8,357 |
|
|
|
11,223 |
|
ACTELIS NETWORKS, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(UNAUDITED)(U. S. dollars in thousands) |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Liabilities, Mezzanine
Equity and shareholders’ equity |
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Credit line |
|
|
1,045 |
|
|
|
- |
|
Current maturities of long-term loans |
|
|
460 |
|
|
|
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 |
|
|
6,471 |
|
|
|
6,912 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Long-term loan, net of current maturities |
|
|
263 |
|
|
|
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 |
|
|
749 |
|
|
|
3,923 |
|
TOTAL
LIABILITIES |
|
|
7,220 |
|
|
|
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 7) |
|
|
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 |
|
|
(41,752 |
) |
|
|
(39,688 |
) |
TOTAL SHAREHOLDERS’
EQUITY |
|
|
936 |
|
|
|
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).
ACTELIS NETWORKS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS(UNAUDITED)(U. S. dollars in
thousands) |
|
|
|
Six months endedJune 30 |
|
|
Three months endedJune 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 |
|
Other income |
|
|
(163 |
) |
|
|
- |
|
|
|
(163 |
) |
|
|
- |
|
TOTAL OPERATING
EXPENSES |
|
|
3,968 |
|
|
|
4,901 |
|
|
|
1,877 |
|
|
|
2,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT
(LOSS) |
|
|
(1,805 |
) |
|
|
(3,581 |
) |
|
|
66 |
|
|
|
(1,718 |
) |
Interest expenses |
|
|
(344 |
) |
|
|
(351 |
) |
|
|
(137 |
) |
|
|
(171 |
) |
Other Financial income,
net |
|
|
85 |
|
|
|
444 |
|
|
|
7 |
|
|
|
296 |
|
NET COMPREHENSIVE LOSS
FOR THE PERIOD |
|
|
(2,064 |
) |
|
|
(3,488 |
) |
|
|
(78 |
) |
|
|
(1,593 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common shareholders – basic and diluted |
|
$ |
(0.51 |
) |
|
$ |
(1.72 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.68 |
) |
Weighted average number of
common stocks used in computing net profit (loss) per share – basic
and diluted |
|
|
4,000,994 |
|
|
|
2,033,747 |
|
|
|
4,257,674 |
|
|
|
2,333,381 |
|
ACTELIS NETWORKS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(UNAUDITED) |
|
|
|
Six months endedJune 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
U.S. dollars in thousands |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net loss for the period |
|
|
(2,064 |
) |
|
|
(3,488 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
8 |
|
|
|
13 |
|
Changes in fair value related to warrants to lenders and
investors |
|
|
- |
|
|
|
(396 |
) |
Warrant issuance costs |
|
|
- |
|
|
|
223 |
|
Inventory write-downs |
|
|
25 |
|
|
|
97 |
|
Exchange rate differences |
|
|
(79 |
) |
|
|
(226 |
) |
Share-based compensation |
|
|
179 |
|
|
|
192 |
|
Interest expenses |
|
|
(41 |
) |
|
|
- |
|
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 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, net |
|
|
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 AND
CASH EQUIVALENTS |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH
EQUIVALENTS |
|
|
(2,153 |
) |
|
|
508 |
|
BALANCE OF CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING
OF THE PERIOD |
|
|
5,515 |
|
|
|
4,279 |
|
BALANCE OF CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF THE
PERIOD |
|
|
3,362 |
|
|
|
4,787 |
|
(U.S. dollars in thousands) |
|
Six monthsEndedJune
30,2024 |
|
|
Six monthsEndedJune
30,2023 |
|
|
Three monthsEndedJune
30,2024 |
|
|
Three monthsEndedJune
30,2023 |
|
Revenues |
|
$ |
4,157 |
|
|
$ |
3,744 |
|
|
$ |
3,431 |
|
|
$ |
1,896 |
|
GAAP net loss |
|
|
(2,064 |
) |
|
|
(3,488 |
) |
|
|
(78 |
) |
|
|
(1,593 |
) |
Interest Expense |
|
|
344 |
|
|
|
351 |
|
|
|
137 |
|
|
|
171 |
|
Other Financial expenses (income), net |
|
|
(85 |
) |
|
|
(444 |
) |
|
|
(7 |
) |
|
|
(296 |
) |
Tax Expense |
|
|
32 |
|
|
|
40 |
|
|
|
15 |
|
|
|
19 |
|
Fixed asset depreciation expense |
|
|
8 |
|
|
|
13 |
|
|
|
3 |
|
|
|
6 |
|
Stock based compensation |
|
|
179 |
|
|
|
192 |
|
|
|
90 |
|
|
|
97 |
|
Research and development, capitalization |
|
|
0 |
|
|
|
258 |
|
|
|
- |
|
|
|
112 |
|
Other one-time costs and expenses |
|
|
(189 |
) |
|
|
223 |
|
|
|
(163 |
) |
|
|
223 |
|
Non-GAAP Adjusted EBITDA |
|
|
(1,775 |
) |
|
|
(2,855 |
) |
|
|
11 |
|
|
|
(1,261 |
) |
GAAP net loss margin |
|
|
(49.65 |
)% |
|
|
(93.16 |
)% |
|
|
(2.27 |
)% |
|
|
(84.02 |
)% |
Adjusted EBITDA margin |
|
|
(42.70 |
)% |
|
|
(76.25 |
)% |
|
|
0.03 |
% |
|
|
(66.51 |
)% |
Actelis Networks (NASDAQ:ASNS)
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