Revenue Performance - Revenues for Q3 2024 reached $2.54 million, a significant increase from $0.85 million in Q3 2023, primarily driven by a $1.4 million increase in North America due to volume growth and contract renewals[139] - For the nine months ended September 30, 2024, revenues totaled $6.7 million, up from $4.6 million in the same period last year, with a $3.4 million increase in North America offset by a $1.3 million decrease in Asia Pacific and EMEA[140] - Revenue for the nine months ended September 30, 2024, was $6.7 million, a 46.0% increase from $4.6 million for the same period in 2023[155] Cost and Profitability - Cost of revenues for Q3 2024 was $0.8 million, compared to $0.6 million in Q3 2023, attributed to increased revenues and changes in product mix[141] - Gross profit for Q3 2024 was $1.74 million, a substantial increase from $0.23 million in Q3 2023, reflecting improved operational efficiency[138] - Operating loss for Q3 2024 was $0.32 million, significantly reduced from a loss of $2.13 million in Q3 2023, indicating better cost management[138] - Operating loss for the nine months ended September 30, 2024, was $2.1 million, a 63.2% improvement compared to an operating loss of $5.7 million for the same period in 2023[150] - Net loss for the nine months ended September 30, 2024, was $2.6 million, a 40.9% decrease from a net loss of $4.4 million for the same period in 2023[154] Expenses - Research and development expenses for Q3 2024 were $0.54 million, down from $0.69 million in Q3 2023, suggesting a focus on cost control[138] - Research and development expenses for the nine months ended September 30, 2024, were $1.7 million, down 19.0% from $2.1 million for the same period in 2023[144] - General and administrative expenses for the nine months ended September 30, 2024, were $2.4 million, a 14.3% decrease from $2.8 million for the same period in 2023[147] Cash Flow and Financial Position - Cash on hand as of September 30, 2024, was approximately $2.3 million, with additional long-term deposits and restricted cash of $300,000[166] - The company has incurred significant losses, with an accumulated deficit of $42.2 million as of September 30, 2024[165] - Net cash used in operating activities decreased to $4.7 million for the nine months ended September 30, 2024, from $5.2 million for the same period in 2023, primarily due to cost reduction measures[168] - Net cash provided by investing activities improved to $0.2 million for the nine months ended September 30, 2024, compared to cash used of $1.4 million in the prior year, mainly due to a reduction in short-term bank deposits[169] - Net cash provided by financing activities was $1.6 million for the nine months ended September 30, 2024, down from $2.6 million in the same period of 2023, attributed to long-term loan repayments offset by funds raised from an investor warrant exercise[170] - As of September 30, 2024, the company had cash, cash equivalents, and restricted cash totaling $2.5 million, a decrease from $3.1 million as of September 30, 2023[167] Strategic Initiatives - The company is focused on expanding its IoT business while maintaining commitments to existing telecommunications customers, with new product offerings introduced in 2023[133] - The company received a delist determination letter from Nasdaq in March 2024 but subsequently demonstrated compliance with listing requirements by August 2024[134][135] - The ongoing conflict in Israel has not impacted clinical and business development activities, which remain on track[135] - The company is exploring potential acquisitions, having entered into a term sheet for acquiring 61% to 75% of Quality Industrial Corp, although the term sheet was later terminated[136] Other Income - Other income for the nine months ended September 30, 2024, amounted to $163,000, compared to none for the same period in 2023, due to a government grant received[148] - Financial income, net for the nine months ended September 30, 2024, was $138,000, down from $1.9 million for the same period in 2023[152] Securities Offering - The company filed a shelf registration statement allowing for the potential offering of securities up to $50.0 million[164]

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FREMONT, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ:ASNS) ("Actelis" or the "Company"), a market leader in cyber-hardened, rapid deployment networking solutions for IoT applications, today announced that it has received a follow-on order for the expansion of its hybrid-fiber networking technology for a Major German Municipality. This order further strengthens Actelis' footprint in Germany, and further bolsters its presence in the field of intelligent transportation systems (ITS ...

FREMONT, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ:ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for IoT applications, today announced that it has received a new follow-on order in new geographies from a major aerial transportation agency operating underneath the umbrella of the U.S. Department of Transportation. This follows the significant order previously announced by Actelis in September, for the same agency, d ...

FREMONT, Calif., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ:ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for IoT applications, today announced that it has received a new order for its cyber-hardened temperature hardened networking technology for a major Italian motorways operator. This order is an expansion of an order previously announced in June for an Italian National Transportation Infrastructure Project of over $300,0 ...

FREMONT, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ:ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for IoT applications, today announced that it has received a $200,000 order from the United States Department of Military Affairs to supply a US Army National Guard base with its cyber-hardened hybrid-fiber networking solution. Actelis continues to build on its momentum in the federal government sector, having just rec ...

FREMONT, Calif., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ:ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for IoT applications, today announced that it has received a new significant order for a major aerial transportation agency operating underneath the umbrella of the U.S. Department of Transportation. Actelis continues to expand its presence in the transportation sector with its cyber-hardened, hybrid-fiber networking t ...

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 19, 2024 Actelis Networks, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | |------------------------------------|------------------------------|--------------------------| | Delaware | 001-41375 | 52-2160309 | | (State or other jurisdiction | (Commission F ...

FREMONT, Calif., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for IoT applications, today announced a strategic partnership with an advanced cybersecurity provider to develop and deliver a novel, AI-Powered SaaS offering, under Actelis’ ‘Cyber Aware Networking’ initiative. This software, designed as an intelligence layer integrated into Actelis’ networking devices, leverages the ...

FREMONT, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- 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 milli ...