Investor Relations Michal Efraty Ra'anana, Israel, July 02, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (the "Company"), a technology company at the forefront of revolutionizing railway safety and the data-related market, today announced an upcoming collaboration with Railway-News.com, a leading railway industry news and information portal, for hosting a monthly podcast with industry leaders called "Rail Evolution". The podcast, which is expected to launch in July 2024, will cover pressing deve ...

The customer requested and ordered new add-ons on top of a $5 million contract with the company Ra'anana, Israel, June 25, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (the "Company"), a technology company at the forefront of revolutionizing railway safety and the data-related market, announced today a follow-on order from one of its customers, a leading US-based rail and leasing services company. The Company announced at the beginning of 2024, it has signed a contract valued at up to $5 million ...

The customer requested and ordered new add-ons on top of a $5 million contract with the company The current follow-on order, in the amount of approximately $200,000, is in addition to the existing contract, and refers to additional services requested by the customer. Forward-Looking Statements The Company announced at the beginning of 2024, it has signed a contract valued at up to $5 million for ShuntingYard products. In April 2024, Rail Vision received an initial purchase order amounting to approximately $ ...

Key features of the patent include: Shahar Hania, CEO of Rail Vision, stated, "Securing this patent in Japan is a testament to Rail Vision's dedication to pioneering railway safety technologies. We believe that our AI-driven obstacle detection system represents a crucial advancement in ensuring real-time identification and assessment of obstacles, which is essential for preventing accidents and promoting operational efficiency. We are excited about the opportunities this patent opens for us in the Japanese ...

Ra'anana, Israel, June 14, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (NASDAQ:RVSN) (the "Company"), a technology company at the forefront of revolutionizing railway safety and the data-related market, today announced the successful delivery and installation of its AI-driven Shunting Yard product to Loram, a leading US-based provider of railway track maintenance equipment and services. Shahar Hania, CEO of Rail Vision, commented, "We are thrilled to deliver our AI-driven Shunting Yard product to Loram, which ...

Core Viewpoint - Rail Vision Ltd. has successfully installed its AI-driven ShuntingYard product for a Class 1 freight rail company in North America, aiming to enhance safety and efficiency in the railway industry [4][5]. Company Overview - Rail Vision Ltd. is a technology company focused on revolutionizing railway safety and the data-related market through advanced artificial intelligence-based technology [7]. - The company aims to save lives, increase efficiency, and reduce expenses for railway operators, while also advancing the concept of autonomous trains [7]. Product Details - The ShuntingYard product utilizes artificial intelligence and machine learning algorithms to improve railway safety and operational efficiency [6]. - The installed system provides real-time monitoring and obstacle detection, ensuring high safety standards for rail operations [5]. Market Impact - The successful installation of the safety system demonstrates the critical role of Rail Vision's technology in the market, where safety is a top priority [2][5]. - The project aligns with the company's goal of enhancing the safety and efficiency of the American railway industry [5].

Core Insights - Rail Vision Ltd. is focused on revolutionizing railway safety and the data-related SaaS market, achieving significant commercial and technological milestones in 2024 [1][2]. Group 1: Commercial Achievements - The company secured over $5 million through financing transactions to support its business operations [2]. - Rail Vision announced its first-ever commercial installation of AI-driven systems in a national railway line [5]. - The company received an order from a Class 1 US railroad company for its AI-based safety products [5]. - A national distributor engagement was established to expand Rail Vision's footprint in the US market [5]. Group 2: Technological Advancements - Rail Vision has developed cutting-edge, AI-based technology aimed at enhancing railway safety and efficiency [3]. - The company achieved significant regulatory certification in Europe, allowing for railway operations [2][5]. - A next-generation computing unit for accident prevention AI-based ADAS products was revealed [6]. - The company received patent approvals, including a notice of allowance for a US patent on an AI-powered railway obstacle detection system [5][6]. Group 3: Partnerships and Collaborations - Rail Vision joined NVIDIA Metropolis to enhance railway safety through advanced technology [5]. - The company received a $1 million order as part of a contract valued at up to $5 million with a leading US-based rail and leasing services company [6].

Ra'anana, Israel, May 24, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (NASDAQ:RVSN) (the "Company"), a technology company at the forefront of revolutionizing railway safety and the data-related SaaS market, today shared several commercial and technological accomplishments since the start of 2024, including valuable developments with tier one rail companies in the United States, the expansion of its distribution network and additional new partnerships and technological advancements. As Rail Vision progresses t ...

Ra'anana, Israel, May 21, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (the "Company"), a technology company at the forefront of revolutionizing railway safety and the data-related market, today announced that it has received a notice of allowance from the United States Patent and Trademark Office for its innovative AI-based railway obstacle detection system. This patent outlines an advanced method for enhancing rail safety through the use of electro-optical imaging technologies combined with ar ...

Financial Performance - Revenues for the year ended December 31, 2023, amounted to $142,000, representing a decrease of $279,000 or 66% compared to $421,000 for the year ended December 31, 2022[262]. - Operating loss for the year ended December 31, 2023, was $11,403,000, compared to an operating loss of $10,735,000 for the year ended December 31, 2022, an increase of $668,000 or 6%[265]. - Net loss for the year ended December 31, 2023, was $11,148,000 compared to $10,475,000 for the year ended December 31, 2022, an increase of $673,000 or 6%[267]. - The company has not generated significant revenues and expects to continue incurring substantial operating losses, funding operations primarily through current financial resources and capital raises[289]. Expenses - Research and development expenses for the year ended December 31, 2023, amounted to $7,145,000, representing an increase of $915,000 or 15% compared to $6,230,000 for the year ended December 31, 2022[263]. - General and administrative expenses totaled $4,339,000 for the year ended December 31, 2023, representing an increase of $74,000 or 2% compared to $4,265,000 for the year ended December 31, 2022[264]. - Net cash used in operating activities for the year ended December 31, 2023, was $10,448,000, primarily for salaries and related personnel expenses totaling approximately $7,487,000[270]. Cash Position and Funding - Cash and cash equivalents as of December 31, 2023, were approximately $3.1 million[268]. - As of December 31, 2023, the company's cash and cash equivalents were $3.1 million, indicating a need for substantial additional capital for future operations[288]. - The company has funded operations with approximately $68.7 million from the issuance of shares and warrants since inception[268]. - In January 2024, the company completed a PIPE resulting in aggregate gross proceeds of approximately $3.5 million, including $0.5 million from the partial conversion of a Credit Facility[290]. - The company has exercised 920,000 January 2024 Facility Warrants, resulting in gross proceeds of approximately $0.375 million[281]. - The company issued 493,424 Concurrent Warrants in May 2023, which were exercised on a cashless basis, resulting in the issuance of 181,002 ordinary shares[282]. - The company expects cash and cash equivalents and future cash flow from sales to be sufficient for 12 months of operations, but may seek additional funds in 2024[291]. Contracts and Orders - The company signed a supply contract valued at up to $5,000,000 for AI-based Switch Yard Systems with a US-based rail and leasing services company in January 2024[254]. - A purchase order for a single Main Line System valued at $500,000 was received from a leading Latin American mining company in October 2023[254]. Market and Exchange Rate Impact - Changes of 5% and 10% in the U.S. dollar/NIS exchange rate would increase/decrease operating expenses for the year ended December 31, 2023 by approximately -4.23% and -8.07%, respectively[528]. Initial Public Offering and Obligations - The company completed its initial public offering in April 2022, raising approximately $15.6 million in gross proceeds[285]. - The company has contractual obligations totaling $849,000, with $313,000 due within one year[293].