The company is seeking to support ongoing growth with this potential acquisition Tel Aviv, Israel, May 20, 2024 (GLOBE NEWSWIRE) -- Jeffs' Brands Ltd ("Jeffs' Brands" or the "Company") (NASDAQ:JFBR, JFBRW))), a data-driven e-commerce company operating on the Amazon Marketplace, announced the signing of a memorandum of understanding ("MOU") to acquire a company that operates a strategically located logistics center in New Jersey. Pursuant to the MOU, the potential acquisition encompasses a 100,000-square-foo ...

Financial Performance - Fort Products Ltd, a wholly owned subsidiary of Jeffs' Brands, reported preliminary unaudited revenues of approximately $2.125 million for the first quarter of 2024, marking a 55% increase compared to $1.375 million in the same period of 2023 [2] - Profit for the same period reached $266 thousand, which is a 106.6% increase from $129 thousand in the first quarter of 2023 [2] Company Strategy and Market Position - The CEO of Jeffs' Brands expressed optimism regarding Fort's performance, indicating that the acquisition made about a year ago has proven successful, leveraging the company's expertise in online sales within the Amazon marketplace [3] - Jeffs' Brands aims to transform e-commerce by creating and acquiring products to establish them as market leaders, focusing on the growing pest control market [3]

Tel Aviv, Israel, May 16, 2024 (GLOBE NEWSWIRE) -- Jeffs' Brands Ltd ("Jeffs' Brands" or the "Company") (NASDAQ:JFBR, JFBRW))), a data-driven e-commerce company operating on the Amazon Marketplace, today announced preliminary unaudited financial results for Fort Products Ltd. ("Fort"), its wholly owned subsidiary, on its revenue for sales on Amazon Marketplace, according to the data received from the Amazon seller central. The following results are for the first quarter of 2024, starting on January 1, 2024, ...

FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 001-41482 Jeffs' Brands Ltd (Exact name of registrant as sp ...

[Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited interim financial position, results of operations, changes in equity, and cash flows of Jeffs' Brands Ltd. for the six months ended June 30, 2023 [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets decreased slightly to **$15.0 million** from **$15.8 million** at year-end 2022, primarily due to a reduction in cash and cash equivalents, partially offset by increases in inventory, intangible assets, and new investments Condensed Consolidated Balance Sheet Highlights (USD in thousands) | Account | June 30, 2023 (Unaudited) | December 31, 2022 (Audited) | | :--- | :--- | :--- | | **Total Current Assets** | 5,386 | 11,034 | | Cash and cash equivalents | 2,153 | 8,137 | | Inventory | 2,542 | 1,791 | | **Total Non-Current Assets** | 9,629 | 4,741 | | Intangible assets, net | 6,136 | 4,452 | | Investment in SciSparc Nutraceuticals Inc. | 2,944 | - | | **TOTAL ASSETS** | **15,015** | **15,775** | | **Total Current Liabilities** | 1,771 | 640 | | **Total Non-Current Liabilities** | 1,963 | 2,314 | | **TOTAL LIABILITIES** | **3,734** | **2,954** | | **TOTAL SHAREHOLDERS' EQUITY** | **11,281** | **12,821** | [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2023, revenues increased by **65%** to **$3.9 million**, but gross profit decreased due to faster growth in cost of sales, leading to a widened operating loss of **$2.0 million** and a net loss of **$1.8 million** Statement of Operations Summary (USD in thousands, except per share data) | Metric | Six months ended June 30, 2023 | Six months ended June 30, 2022 | | :--- | :--- | :--- | | Revenues | 3,871 | 2,343 | | Gross Profit | 373 | 410 | | Operating Loss | (1,967) | (1,098) | | Net Loss | (1,828) | (1,526) | | Loss per share (basic and diluted) | (0.22) | (0.53) | - General and administrative expenses more than doubled to **$2,067 thousand** from **$891 thousand** in the prior-year period, significantly impacting the operating loss[6](index=6&type=chunk) [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity decreased from **$12.8 million** at year-end 2022 to **$11.3 million** as of June 30, 2023, primarily due to the **$1.8 million** net loss, partially offset by the issuance of ordinary shares to SciSparc Ltd Changes in Shareholders' Equity for Six Months Ended June 30, 2023 (USD in thousands) | Description | Amount | | :--- | :--- | | Balance at December 31, 2022 | 12,821 | | Net loss for the period | (1,828) | | Issuance of ordinary shares to SciSparc Ltd. | 288 | | **Balance at June 30, 2023** | **11,281** | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2023, the company experienced a significant net decrease in cash and cash equivalents of **$5.9 million**, driven by **$1.2 million** used in operating activities and **$4.7 million** used in investing activities Cash Flow Summary (USD in thousands) | Cash Flow Activity | Six months ended June 30, 2023 | Six months ended June 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | (1,169) | (1,054) | | Net cash used in investing activities | (4,683) | (3) | | Net cash from (used in) financing activities | (86) | 731 | | **Net Decrease in Cash** | **(5,938)** | **(326)** | - Significant cash outflows for investing activities included **$2,993 thousand** for the purchase of SciSparc Nutraceuticals Inc. and **$1,682 thousand** for the purchase of another intangible asset (Fort Products Ltd.)[11](index=11&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's operations, accounting policies, and significant events, including acquisitions, share exchanges, concentration risks, liquidity, intangible assets, derivative liabilities, and related-party transactions [Note 1 — General Information](index=7&type=section&id=NOTE%201%20%E2%80%94%20GENERAL%20INFORMATION) Jeffs' Brands Ltd. primarily acquires and operates virtual stores on Amazon.com, facing significant concentration risk due to platform reliance and limited suppliers, yet management expects sufficient cash flows despite a **$1.8 million** net loss and negative operating cash flow in H1 2023 - The Group's primary business is acquiring, improving, and operating virtual stores (Brands) on the Amazon.com website[14](index=14&type=chunk) - The company is exposed to concentration risk due to its heavy reliance on the Amazon platform and a small number of suppliers[18](index=18&type=chunk)[19](index=19&type=chunk) - For the six months ended June 30, 2023, the Group incurred a net loss of **$1,828 thousand** and used **$1,169 thousand** in cash from operations[21](index=21&type=chunk) [Note 2 — Basis of Presentation and Significant Accounting Policies](index=8&type=section&id=NOTE%202%20%E2%80%94%20BASIS%20OF%20PRESENTATION%20AND%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The unaudited interim condensed financial statements are prepared in accordance with U.S. GAAP, applying accounting policies consistent with the prior annual statements, and involve management estimates and assumptions - The financial statements are prepared in accordance with U.S. GAAP for interim financial information[23](index=23&type=chunk) - Significant accounting policies are identical to those applied in the financial statements for the year ended December 31, 2022[29](index=29&type=chunk) [Note 3 — Significant Events During the Period](index=9&type=section&id=NOTE%203%20%E2%80%94%20SIGNIFICANT%20EVENTS%20DURING%20THE%20PERIOD) During the first half of 2023, the company acquired a **49%** stake in SciSparc Nutraceuticals Inc. for approximately **$3.0 million**, acquired Fort Products Ltd. for approximately **$2.4 million**, conducted a share exchange with SciSparc Ltd., and received a Nasdaq non-compliance notice regarding its minimum bid price - Acquired approximately **49%** of SciSparc Nutraceuticals Inc. (Wellution) for about **$3.0 million** in cash, accounted for as an asset purchase using the equity method[34](index=34&type=chunk) - Acquired all issued and outstanding share capital of Fort Products Ltd., a seller of pest control products, for approximately **£2 million** (approx. **$2.4 million**)[42](index=42&type=chunk) - Received a non-compliance notification from Nasdaq on May 30, 2023, for failing to meet the **$1.00** minimum bid price requirement[45](index=45&type=chunk) [Note 4 — Intangible Assets](index=12&type=section&id=NOTE%204%20%E2%80%94%20INTANGIBLE%20ASSETS) The company's intangible assets, primarily 'Brands', increased to a net balance of **$6.1 million** as of June 30, 2023, from **$4.5 million** at year-end 2022, driven by a **$2.0 million** recognition from the Fort Acquisition, with **$347 thousand** in amortization expense for the period Intangible Assets (Brands) Summary (USD in thousands) | Date | Gross Amount | Accumulated Amortization | Net Balance | | :--- | :--- | :--- | :--- | | June 30, 2023 | 7,814 | (1,678) | 6,137 | | Dec 31, 2022 | 5,783 | (1,331) | 4,452 | - On March 9, 2023, the company recognized **$2,031 thousand** in intangible assets from the Fort Acquisition, which is being amortized over **10 years**[46](index=46&type=chunk) [Note 5 — Derivative Liabilities](index=12&type=section&id=NOTE%205%20%E2%80%94%20DERIVATIVE%20LIABILITIES) The company's derivative liability from 'Additional Warrants' with a revenue-sharing feature decreased from **$2.2 million** at year-end 2022 to **$1.9 million** as of June 30, 2023, resulting in a non-cash gain of **$341 thousand** for the period - The derivative liability stems from Additional Warrants that entitle holders to a semi-annual 'Revenue Sharing Payment' of approximately **2.3%** of the company's revenues[48](index=48&type=chunk) Change in Fair Value of Derivative Liability (USD in thousands) | Description | Amount | | :--- | :--- | | Balance as of December 31, 2022 | (2,216) | | Change in fair value | 341 | | **Balance as of June 30, 2023** | **(1,875)** | [Note 6 — Related Parties — Transactions and Balances](index=14&type=section&id=NOTE%206%20%E2%80%94%20RELATED%20PARTIES%20%E2%80%94%20TRANSACTIONS%20AND%20BALANCES) During the first half of 2023, the company engaged in various related-party transactions, including **$560 thousand** in total expenses for consulting and inventory storage, and **$158 thousand** in other income from management services provided to Wellution - The company paid consulting fees of **$95 thousand** and inventory storage fees of **$313 thousand** to Pure Capital Ltd. and its affiliate[53](index=53&type=chunk) - The company earned **$158 thousand** in other income from a consulting agreement with Wellution, where it provides management services for a monthly fee of **$20 thousand** plus a signing bonus[53](index=53&type=chunk)[54](index=54&type=chunk) - Balances with related parties as of June 30, 2023, included **$158 thousand** in receivables from Wellution and **$135 thousand** in total liabilities to various related entities[57](index=57&type=chunk) [Note 7 — Subsequent Events](index=15&type=section&id=NOTE%207%20%E2%80%94%20SUBSEQUENT%20EVENTS) On September 5, 2023, shareholders approved a reverse stock split of ordinary shares, with the board of directors retaining discretion to implement the split at a ratio between **1:2** and **1:10** on a future date - Shareholders approved a reverse stock split on September 5, 2023, at a ratio between **1:2** and **1:10**, to be implemented at the board's discretion[58](index=58&type=chunk)

FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 001-41482 Jeffs' Brands Ltd (Exact name of registrant as sp ...

| | June 30, | December 31, | | --- | --- | --- | | | 2022 | 2021 | | | U.S. dollars in thousands | | | Assets | | | | CURRENT ASSETS: | | | | Cash and cash equivalents | 67 | 393 | | Trade receivables | 17 | 366 | | Other receivables | 71 | 36 | | Inventory | 1,831 | 1,227 | | | 1,986 | 2,022 | | NON-CURRENT ASSETS: | | | | Deferred offering costs | 863 | 366 | | Property, plant and equipment, net | 5 | 3 | | Intangible assets, net | 4,739 | 5,021 | | | 5,607 | 5,390 | | TOTAL ASSETS | 7,593 | 7,412 | | Li ...