Strategic acquisition to acquire 51% in Quantum Transportation to combine quantum capabilities with Rail Vision’s safety technologies, creating potential synergies Ra’anana, Israel, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), an early commercialization stage technology company seeking to revolutionize railway safety and the data-related market, recently announced the signing of a non-binding term sheet for a strategic transaction to acquire 51% ownersh ...

Valued at a market cap of $27 million, Rail Vision (RVSN) develops and sells railway detection systems that enhance operational safety, efficiency, and predictive maintenance. It uses specialized cameras and onboard computers to monitor train operations, prevent collisions, and reduce downtime. Rail Vision also offers cloud-based data services, maintenance solutions, and geographic mapping systems to railway operators worldwide. www.barchart.com Last week, Rail Vision made an unusual move into quantum co ...

Ra’anana, Israel, Sept. 30, 2025 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), an early commercialization stage technology company seeking to revolutionize railway safety and the data-related market, today announced the signing of a non-binding term sheet for a strategic transaction to acquire 51% ownership of Quantum Transportation Ltd. (the “Acquisition” and “Quantum Transportation”), a cutting-edge quantum computing and AI company specializing in error correction t ...

Core Viewpoint - Rail Vision Ltd. has been granted an additional 180-day compliance period by Nasdaq to regain compliance with the minimum bid price rule, extending the deadline to March 2, 2026 [1][2][3] Company Compliance Status - The company was initially notified on March 6, 2025, that its shares did not meet the minimum bid price of $1.00 for 30 consecutive business days, leading to a 180-day compliance period until September 2, 2025 [3] - After failing to regain compliance during the first period, the company requested and received an additional 180-day compliance period [3][5] Compliance Requirements - To regain compliance, the company's ordinary shares must close at or above $1.00 for at least 10 consecutive business days before March 2, 2026 [4] - Nasdaq may require the company to maintain the bid price for a longer period, generally not exceeding 20 consecutive business days [4] Trading Status - The current notification from Nasdaq does not affect the listing or trading of the company's shares, which will continue to trade under the symbol "RVSN" [5] Company Overview - Rail Vision is a technology company focused on enhancing railway safety and efficiency through artificial intelligence [6] - The company aims to revolutionize the railway industry by developing systems that save lives, increase operational efficiency, and reduce costs for railway operators [6] - Rail Vision's technology is positioned to advance the concept of autonomous trains into practical applications [6]

Core Viewpoint - Rail Vision Ltd. is positioned to expand its market reach and enhance railway safety through innovative technology, despite facing a significant decrease in revenue in the first half of 2025 compared to the previous year [2][6]. Financial Performance - Rail Vision reported revenues of $237,000 for the six months ended June 30, 2025, a decrease of $524,000 or 69% from $761,000 in the same period of 2024, primarily due to the timing of revenue recognition [6][11]. - The company's operating loss for the first half of 2025 was $5,705,000, compared to an operating loss of $4,185,000 for the same period in 2024 [7][17]. - GAAP net loss for the six months ended June 30, 2025, was $5,679,000 or $0.11 per share, significantly improved from a net loss of $24,324,000 or $1.99 per share in the same period of 2024 [8][11]. - Non-GAAP net loss for the same period was $4,869,000 or $0.10 per share, compared to a non-GAAP net loss of $5,394,000 or $0.44 per share in 2024 [11][25]. Cash Position - As of June 30, 2025, Rail Vision had cash and cash equivalents of $22.4 million, an increase from $17.2 million as of December 31, 2024, primarily due to proceeds from share issuances totaling $9.8 million [3][9]. Commercial Developments - Rail Vision received a purchase order from a Central American freight operator for its MainLine system, marking its initial penetration in Central America [6]. - The company secured a follow-on order worth $335,000 from a leading Latin American mining company, following a successful trial of the MainLine system [6]. - Rail Vision signed a binding Memorandum of Understanding with Sujan Ventures to introduce its safety systems to the Indian market, reflecting its intent to enter a significant rail market [6]. Research and Development - Research and development expenses for the first half of 2025 were $3,241,000, an increase from $2,458,000 in the same period of 2024, attributed to higher salaries and increased R&D activities [6][11]. General and Administrative Expenses - General and administrative expenses rose to $2,512,000 for the first half of 2025, compared to $2,116,000 in the same period of 2024, driven by salary adjustments and one-time bonuses [6][11]. Overall Strategy - The company aims to leverage its strong technological foundation and solid cash position to expand its market reach while continuing to innovate in the railway safety sector [2][12].

Core Viewpoint - Rail Vision Ltd. has received a Decision to Grant from the European Patent Office for a novel system aimed at enhancing railway safety through improved imaging technology [1][4]. Group 1: Patent and Technology - The patented system consists of an imaging device and a processing unit that work together to capture and analyze visual data from a train's forward-facing camera [2]. - The system allows for higher sampling rates by acquiring partial datasets from a Selected Region Of Interest (SROI) during residual time within handling cycles [2][3]. - The processing unit includes a tracking module that detects rails, calculates a safe braking line, and establishes a safe zone for early hazard detection [3]. Group 2: Company Vision and Impact - The CEO of Rail Vision emphasized that the technology will enable train operators to detect hazards sooner and improve operational efficiency, contributing to safer railway transportation [4]. - Rail Vision aims to enhance railway safety and operational efficiency globally, with the potential to advance the concept of autonomous trains [5].

Core Insights - Rail Vision Ltd. has secured a $335,000 follow-on order from a prominent Latin American mining company for its MainLine system, marking a significant commercial milestone and indicating continued expansion in the Latin American market [1][2][4] - The MainLine system enhances safety and optimizes rail transport efficiency within the mining company's extensive operations, following a successful long-term trial [2][3] - The technology provides real-time obstacle detection and alerting capabilities up to two kilometers ahead, ensuring safer railway operations under extreme conditions [3] Company Overview - Rail Vision is focused on revolutionizing railway safety through AI-driven vision technology, integrating advanced electro-optics, deep learning, and big data analytics [5] - The company's solutions aim to enhance safety, optimize efficiency, and facilitate the transition toward autonomous railway operations [5] - Increasing customer adoption and repeat orders reinforce Rail Vision's position as a key technology provider in the railway industry [5]

New CEO previously served as Rail Vision's CTO and is well positioned to lead the company Ra'anana, Israel, April 24, 2025 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (NASDAQ:RVSN) ("Rail Vision" or the "Company"), an early commercialization stage technology company seeking to revolutionize railway safety and the data-related market, announced today that Mr. Shahar Hania will step down from his role as Chief Executive Officer, per his request, effective April 24, 2025, to pursue new opportunities. Mr. Hania will c ...

Company Overview - Rail Vision Ltd. is a development stage technology company focused on revolutionizing railway safety and the data-related market through advanced artificial intelligence technology [3] - The company's technology aims to enhance railway safety, increase operational efficiency, and significantly reduce costs for railway operators [3] - Rail Vision believes its innovations could facilitate the practical implementation of autonomous trains, benefiting passengers and companies reliant on rail transport [3] Upcoming Events - Rail Vision will participate in the 15th Annual LD Micro Invitational investor conference in New York on April 9-10, 2025 [1] - CEO Shahar Hania is scheduled to present to investors on April 10 at 10:00 AM ET and will be available for one-on-one meetings throughout the day [2]

Introduction [Emerging Growth Company Status](index=5&type=section&id=EMERGING%20GROWTH%20COMPANY%20STATUS) Rail Vision is an "emerging growth company" under the JOBS Act, benefiting from reporting exemptions until specific revenue or time thresholds are met - The company is classified as an "emerging growth company," which exempts it from certain SEC reporting requirements, such as auditor attestation on internal controls[17](index=17&type=chunk)[21](index=21&type=chunk) - This status will be maintained until the earliest of: reaching **$1.07 billion** in annual gross revenues, December 31, 2027, becoming a "large accelerated filer," or issuing over **$1.0 billion** in non-convertible debt within a three-year period[18](index=18&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=6&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) The report contains forward-looking statements subject to risks, including limited operating history, capital needs, and market acceptance - The report includes forward-looking statements concerning objectives, operational results, financial conditions, and product development, which are subject to significant risks and uncertainties[23](index=23&type=chunk)[24](index=24&type=chunk) - Key risk factors that could cause actual results to differ materially include the company's limited operating history, capital needs, ability to commercialize products, and political instability in the Middle East[26](index=26&type=chunk)[37](index=37&type=chunk) PART I [Item 3. Key Information](index=7&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section details significant financial, business, IP, and geopolitical risks, including historical losses and capital needs [Risk Factors](index=8&type=section&id=D.%20Risk%20Factors) - The company is an early commercialization stage entity with a limited operating history, having incurred a net loss of approximately **$29 million** for the year ended December 31, 2024, and an accumulated deficit of about **$95 million** as of that date[48](index=48&type=chunk) - On March 6, 2025, the company received a notification from Nasdaq for failing to meet the minimum bid price requirement of **$1.00 per share**, and it has until September 2, 2025, to regain compliance[147](index=147&type=chunk) - The company's headquarters and significant operations are located in Israel, exposing it to risks from political, economic, and military instability, including the ongoing conflict that began in October 2023[132](index=132&type=chunk)[133](index=133&type=chunk) - There is a risk that the company may be classified as a "passive foreign investment company" (PFIC) for U.S. federal income tax purposes, which could result in negative tax consequences for U.S. shareholders[123](index=123&type=chunk) [Item 4. Information on the Company](index=32&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) Rail Vision, an Israeli tech company, develops AI-based railway detection systems for safety and efficiency, targeting a growing global market [History and Development of the Company](index=32&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) - Rail Vision Ltd. was incorporated in Israel in April 2016 and is an early commercialization stage technology company focused on revolutionizing railway safety[156](index=156&type=chunk)[157](index=157&type=chunk) - The company qualifies as an "emerging growth company" under the JOBS Act, which allows it to utilize certain exemptions from public company reporting requirements until as late as December 31, 2027[159](index=159&type=chunk) [Business Overview](index=33&type=section&id=B.%20Business%20Overview) - Rail Vision develops AI-based railway detection systems using high-resolution visible light and thermal cameras to identify hazards up to **2,000 meters** away, aiming to save lives, increase efficiency, and reduce operator expenses[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) Recent Commercial Traction | Customer/Partner | Date | Details | Value | | :--- | :--- | :--- | :--- | | Israel Railways | Jan 2023 | Purchase of 10 Main Line Systems | - | | Latin American Mining Co. | Oct 2023 | Purchase order for one Main Line System | **$500,000** | | US Rail & Leasing Co. | Jan 2024 | Supply contract for AI-based Switch Yard Systems | Up to **$5M** | | US Class 1 Freight Rail Co. | Mar 2024 | Order for a Switch Yard System for evaluation | - | | Loram (US) | Apr 2024 | Order for a Switch Yard System for a pilot project | - | | Sujan Ventures (India) | Jan 2025 | MOU to introduce technology to the Indian rail market | - | Global Driver Assistance Systems for Locomotives Market Forecast | Year | Market Value (USD) | Projected CAGR (2024-2034) | | :--- | :--- | :--- | | 2023 | **$9.5 billion** | **4.24%** | | 2034 (Projected) | **$15.1 billion** | **4.24%** | - The company's product portfolio includes the Main Line System for passenger and freight trains, the Shunting Yard System for operational areas, and the D.A.S.H. SaaS platform for data analysis and reporting[207](index=207&type=chunk)[221](index=221&type=chunk)[230](index=230&type=chunk) - Rail Vision's business strategy focuses on three main segments: shunting yards, passenger/freight trains, and data services. Key target markets include North America, Latin America, Israel, and India[235](index=235&type=chunk)[236](index=236&type=chunk) [Organizational Structure](index=56&type=section&id=C.%20Organizational%20Structure) - The company currently has no subsidiaries[282](index=282&type=chunk) [Property, Plant and Equipment](index=56&type=section&id=D.%20Property%2C%20Plants%20and%20Equipment) - The company's corporate headquarters and R&D facility are located in a leased space of approximately **16,900 square feet** in Ra'anana, Israel. The current lease ends in September 2026, with an option to extend for an additional five years[283](index=283&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=56&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) FY2024 revenue increased to $1.3M, operating loss narrowed, but a $20.2M non-cash expense led to a $29.0M net loss [Operating Results](index=57&type=section&id=A.%20Operating%20Results) Results of Operations (FY 2024 vs. FY 2023) | Metric | 2024 (in thousands USD) | 2023 (in thousands USD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | **1,300** | **142** | **+815%** | | Gross profit | **450** | **81** | **+456%** | | Research and development expenses | **(5,279)** | **(7,145)** | **-26.1%** | | General and administrative expenses | **(4,175)** | **(4,339)** | **-3.8%** | | Operating loss | **(9,004)** | **(11,403)** | **-21.0%** | | Revaluation of derivatives and warrants liabilities | **(20,181)** | - | N/A | | Net Loss | **(30,708)** | **(11,148)** | **+175%** | - The **815%** increase in revenue for FY 2024 was primarily driven by sales to a LATAM mining company, initial installations for Israel Railways, and deliveries to Loram and a Class 1 US Railroad company[297](index=297&type=chunk) - Research and development expenses decreased by **26.1%** in 2024, mainly due to a reduction in workforce, including **12 R&D employees**, and lower equipment purchases[299](index=299&type=chunk) - The significant increase in net loss to **$29.0 million** was primarily caused by a **$20.2 million** non-cash expense related to the revaluation of derivatives and warrants liabilities from financing activities in January 2024[302](index=302&type=chunk)[304](index=304&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) Cash and Cash Equivalents | Date | Amount (in thousands USD) | | :--- | :--- | | December 31, 2024 | **17,500** | Cash Flow Summary (FY 2024 vs. FY 2023) | Activity | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Net cash used in operating activities | **(9,682)** | **(10,518)** | | Net cash used in investing activities | **(30)** | **(152)** | | Net cash provided by financing activities | **23,918** | **5,397** | - The company secured significant funding through a Standby Equity Purchase Agreement (SEPA) with Yorkville in October 2024, with aggregate gross proceeds of approximately **$18.3 million** as of the report date[312](index=312&type=chunk)[316](index=316&type=chunk) - In January 2024, the company raised funds through a private placement (PIPE) and a credit facility, which have resulted in gross proceeds of approximately **$12.3 million** from the exercise of associated warrants[317](index=317&type=chunk)[321](index=321&type=chunk)[332](index=332&type=chunk) - Management expects that its cash and cash equivalents as of the report's issuance date, along with future cash flow from sales, will be sufficient for at least **27 months** of operations[333](index=333&type=chunk) [Critical Accounting Estimates](index=65&type=section&id=E.%20Critical%20Accounting%20Estimates) - A critical accounting estimate involves the valuation of derivatives and warrants liabilities. Warrants that are not indexed to the company's own equity are classified as liabilities and measured at fair value at each reporting period, with changes recognized in the statement of comprehensive loss[343](index=343&type=chunk)[658](index=658&type=chunk) [Item 6. Directors, Senior Management and Employees](index=66&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) Details leadership, compensation, and board practices, including executive officers, classified board, and Israeli corporate governance exemptions [Directors and Senior Management](index=66&type=section&id=A.%20Directors%20and%20Senior%20Management) - The company's leadership includes Shahar Hania as Chief Executive Officer and Ofer Naveh as Chief Financial Officer. The Board of Directors is chaired by Eli Yoresh[344](index=344&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk)[351](index=351&type=chunk) [Compensation](index=69&type=section&id=B.%20Compensation) Aggregate Compensation for Directors and Senior Management (FY 2024) | Category | Amount (in thousands USD) | | :--- | :--- | | Salary and Related Benefits | **1,319** | | Share Based Compensation | **177** | Compensation of 5 Most Highly Compensated Officers (FY 2024) | Executive Officer | Total Compensation (in thousands USD) | | :--- | :--- | | Shahar Hania, CEO | **349** | | Ofer Naveh, CFO | **299** | | Amit Klir, VP R&D | **226** | | Zachi Bar-Yehoshua, former COO | **178** | | Noam Shloper, COO | **165** | [Board Practices](index=72&type=section&id=C.%20Board%20Practices) - The Board of Directors is divided into three staggered classes with three-year terms[377](index=377&type=chunk) - The company has adopted reliefs under Israeli regulations for companies listed on foreign exchanges, which currently exempt it from the requirement to appoint external directors, as a majority of its directors are independent and it has no controlling shareholder[359](index=359&type=chunk)[386](index=386&type=chunk) - The Audit Committee is comprised of Yossi Daskal, Hila Kiron-Revach, and Oz Adler[407](index=407&type=chunk) - The Compensation Committee is comprised of Yossi Daskal, Oz Adler, and Hila Kiron-Revach[415](index=415&type=chunk) [Employees](index=85&type=section&id=D.%20Employees) - As of March 30, 2025, the company has **5 senior management members** and **47 other employees**, all located in Israel[279](index=279&type=chunk) [Share Ownership](index=85&type=section&id=E.%20Share%20Ownership) - As of March 30, 2025, the company has **4,061,098 ordinary shares** reserved for issuance under its equity incentive plan. There are **179,638 options** and **2,565,519 RSUs** outstanding[451](index=451&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=86&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) No major shareholders own over 5% as of March 2025; Knorr-Bremse's stake decreased, and significant 2024 financing occurred [Major Shareholders](index=86&type=section&id=A.%20Major%20Shareholders) - As of March 30, 2025, there are no shareholders known to beneficially own more than **5%** of the company's outstanding ordinary shares[462](index=462&type=chunk) - The beneficial ownership of Knorr-Bremse Systeme für Schienenfahrzeuge GmbH has decreased from **48.1%** as of June 21, 2023, to **3.35%** currently[464](index=464&type=chunk) [Related Party Transactions](index=88&type=section&id=B.%20Related%20Party%20Transactions) - In January 2024, the company entered into a private placement (PIPE) and a **$6 million** credit facility agreement with a global investment firm, which was also an investor in the PIPE[471](index=471&type=chunk)[475](index=475&type=chunk) - The January 2024 PIPE raised **$3.0 million** through the sale of units consisting of ordinary shares, pre-funded warrants, and common warrants[472](index=472&type=chunk) - As of the report date, all warrants and pre-funded warrants from the January 2024 PIPE have been exercised, resulting in gross proceeds of approximately **$5.25 million**[474](index=474&type=chunk) [Item 8. Financial Information](index=90&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) Full financial statements are in Item 18; the company has never paid dividends and does not plan to in the foreseeable future - The company has never declared or paid cash dividends and does not plan to in the foreseeable future[483](index=483&type=chunk) - Under Israeli law, dividend distributions are limited to the greater of retained earnings or earnings from the previous two years, and the board must determine that the payment will not jeopardize the company's ability to meet its obligations[484](index=484&type=chunk) [Item 9. The Offer and Listing](index=91&type=section&id=ITEM%209.%20THE%20OFFER%20AND%20LISTING) This section provides details about the trading of the company's securities. The ordinary shares and warrants of Rail Vision Ltd. began trading on the Nasdaq Capital Market on March 31, 2022 - The company's ordinary shares and warrants commenced trading on the Nasdaq Capital Market on March 31, 2022, under the ticker symbols "RVSN" and "RVSNW," respectively[487](index=487&type=chunk) [Item 10. Additional Information](index=91&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) Covers material contracts, exchange controls, and Israeli/U.S. tax implications, including PFIC risk for U.S. shareholders [Taxation](index=92&type=section&id=E.%20Taxation) - The corporate tax rate in Israel is **23%**. Capital gains for an Israeli resident company are also taxed at this rate[500](index=500&type=chunk)[501](index=501&type=chunk) - A non-Israeli resident may be exempt from Israeli capital gains tax on the sale of shares listed on a non-Israeli stock exchange, provided certain conditions are met[528](index=528&type=chunk) - The company has not determined its PFIC status for 2024 or 2025. If classified as a PFIC, U.S. Holders could face adverse tax consequences. The company does not intend to provide the information necessary for U.S. Holders to make a QEF election[554](index=554&type=chunk)[556](index=556&type=chunk) [Item 11. Quantitative and Qualitative Disclosures About Market Risk](index=103&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Primary market risks include foreign exchange fluctuations (USD/NIS), liquidity, and equity price volatility impacting fundraising - The company's main market risk is foreign currency exchange risk due to a majority of its expenses being denominated in NIS while its functional currency is the U.S. dollar[571](index=571&type=chunk)[572](index=572&type=chunk) - The company is exposed to liquidity risk but believes its existing funds are sufficient for at least the next **twelve months** of operations[573](index=573&type=chunk) - Equity price risk is present, as a decrease in the company's share price could make future fundraising more difficult. The SEPA with Yorkville may also impact the trading price[574](index=574&type=chunk)[575](index=575&type=chunk) PART II [Item 15. Controls and Procedures](index=104&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and internal financial reporting controls were effective as of December 31, 2024 - Management concluded that as of December 31, 2024, the company's disclosure controls and procedures were effective[583](index=583&type=chunk) - Based on an evaluation using the COSO framework, management concluded that the company's internal control over financial reporting was effective as of December 31, 2024[584](index=584&type=chunk) [Item 16G. Corporate Governance](index=106&type=section&id=ITEM%2016G.%20CORPORATE%20GOVERNANCE) As a foreign private issuer, Rail Vision follows Israeli corporate governance, exempting it from certain Nasdaq Listing Rules - The company follows Israeli law for shareholder meeting quorum requirements, which allows for a quorum of **two or more shareholders** holding at least **25% of voting rights**, and any number of shareholders for an adjourned meeting[598](index=598&type=chunk) - The company is exempt from Nasdaq's requirement for a majority of the board to be independent directors and instead complies with Israeli law regarding external directors[598](index=598&type=chunk) - Rail Vision follows Israeli law for shareholder approval of corporate actions, which differs from Nasdaq Rule 5635, particularly concerning equity issuances and compensation plans[602](index=602&type=chunk) [Item 16K. Cybersecurity](index=109&type=section&id=ITEM%2016K.%20CYBERSECURITY) The company maintains an ISO 27001 certified cybersecurity program with internal management and audit committee oversight - The company has a cybersecurity risk management program that is integrated into its overall risk management system and is managed internally[603](index=603&type=chunk) - Oversight of cybersecurity is handled by the Chief Operating Officer, with support from a local subcontractor for CISO activities, and the audit committee is responsible for monitoring risk[604](index=604&type=chunk)[605](index=605&type=chunk) - The company is ISO 27001 certified and is not aware of any material risks from cybersecurity threats that have materially affected its operations or financial condition[604](index=604&type=chunk)[605](index=605&type=chunk) PART III [Item 18. Financial Statements](index=109&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) Audited FY2024 financials show $20.6M total assets, $2.9M liabilities, $17.7M equity, and a $30.7M net loss Balance Sheet Highlights (as of Dec 31, 2024) | Account | Amount (in thousands USD) | | :--- | :--- | | **Assets** | | | Cash and cash equivalents | **17,238** | | Total current assets | **19,703** | | **Total Assets** | **20,597** | | **Liabilities & Equity** | | | Total current liabilities | **2,678** | | **Total Liabilities** | **2,895** | | **Total Shareholders' Equity** | **17,702** | Statement of Comprehensive Loss Highlights (Year ended Dec 31, 2024) | Account | Amount (in thousands USD) | | :--- | :--- | | Revenues | **1,300** | | Gross profit | **450** | | Operating loss | **(9,004)** | | Net loss | **(30,708)** | | Basic and diluted loss per share | **(1.85)** | Statement of Cash Flows Highlights (Year ended Dec 31, 2024) | Activity | Amount (in thousands USD) | | :--- | :--- | | Net cash used in operating activities | **(9,682)** | | Net cash used in investing activities | **(30)** | | Net cash provided by financing activities | **23,918** | | Net increase in cash | **14,179** | - Subsequent to year-end, the company amended its SEPA to increase the commitment amount to **$30.0 million** and continued to issue shares under the agreement, raising an additional **$7.5 million**[725](index=725&type=chunk)[766](index=766&type=chunk)