Core Insights - Silynxcom Ltd. has received its first order for a new tactical communication system configuration specifically designed for the U.S. Air Force, marking a significant milestone for the company [1] - The CEO of Silynxcom expressed that this order reflects strong confidence in the company's solutions and its understanding of the evolving needs of the market, highlighting a growing demand from military and law enforcement organizations [2] Company Overview - Silynxcom Ltd. specializes in developing, manufacturing, and selling ruggedized tactical communication headset devices and accessories that are field-tested and combat-proven [3] - The company's In-Ear Headsets are utilized in various high-stakes environments, including combat, riot control, and training, providing users with active sound protection while maintaining situational awareness [3] - Silynxcom collaborates closely with military and law enforcement clients to enhance product functionality and quality based on real-world feedback [3]

Financial Performance - Total revenue for the six-month period ended June 30, 2024, was $5,356,000, representing an increase of 73% compared to $3,096,000 for the same period in 2023[12] - Gross profit for the same period was $2,650,000, up from $1,195,000, indicating a gross margin improvement[12] - Operating profit for the six-month period was $267,000, a significant recovery from an operating loss of $2,328,000 in the prior year[12] - Net loss for the period was $696,000, compared to a net loss of $2,326,000 in the same period last year, showing a reduction in losses[12] - Revenue from Israel increased significantly to $3,613,000 in June 2024, up from $1,260,000 in June 2023, marking a 187% growth[72] - The loss for the six months ended June 30, 2024, is $696,000, a decrease from a loss of $2,326,000 for the same period in 2023[81] Assets and Liabilities - Total current assets increased to $8,682,000 as of June 30, 2024, from $5,961,000 at the end of 2023, reflecting a growth of 45%[6] - Total liabilities decreased to $2,310,000 as of June 30, 2024, down from $3,945,000 at the end of 2023, a reduction of 41%[10] - Shareholders' equity increased to $6,616,000 as of June 30, 2024, compared to $2,221,000 at the end of 2023, marking a growth of 198%[10] - Cash and cash equivalents at the end of the period were $668,000, up from $568,000 at the beginning of the year, indicating a positive cash flow[16] - The company has a marketable securities fair value of $2,991,000 as of June 30, 2024[65] IPO and Equity - The company issued common stock in the IPO, netting $4,254,000, which contributed to the increase in shareholders' equity[14] - On January 17, 2024, the company completed its IPO, raising gross proceeds of $5,000,000 from the sale of 1,250,000 ordinary shares at $4.00 per share[61] - The company incurred direct equity transaction costs of $575,000 in cash and $2,839,000 in non-cash costs related to the IPO[61] - On July 11, 2024, the company issued 36,982 ordinary shares as part of the SAFE conversion and investment agreement in connection with the IPO[82] Research and Development - Research and development expenses for the period were $259,000, down from $569,000 in the previous year, reflecting a focus on cost management[12] - Research and development expenses for the six months ended June 30, 2024, are $29,000, down from $69,000 in the same period in 2023[80] Market and Operational Conditions - The company experienced a significant increase in demand for its products from the Israel Defense Forces since October 7, 2023[39] - The ongoing geopolitical instability in Israel may adversely affect the company's operations and future sales[33] - The company has not experienced significant supply chain disruptions since the outbreak of hostilities on October 7, 2023[35] - The company’s commercial insurance does not cover losses from war and terrorism, which could materially affect its business[38] - The company’s management believes that its current resources are sufficient for the foreseeable future following the IPO[29] Other Financial Metrics - The company reported a gross profit increase driven by higher sales in the In-Ear Headset systems, which generated $3,389,000 in revenue for June 2024, compared to $2,143,000 in June 2023[72] - The company reported a current loss of $696,000 and an accumulated loss of $20,969,000[29] - The company exercised 456,000 SAFE and 165,000 warrants, impacting the balance of liabilities measured at level 3[70] - The expected volatility in Silynxcom's share price is estimated at 41%[66] - As of December 31, 2023, the estimated value of the SAFE is $409,000, while the value of the warrants is $165,000[69][66]

Core Insights - Silynxcom Ltd. reported significant growth in revenue and gross profit for the first half of 2024, indicating successful market expansion and enhanced financial stability [2][3] Financial Performance - Revenues for the six months ended June 30, 2024, were $5,356 thousand, a 73% increase from $3,096 thousand in the same period of 2023 [2] - Gross profit for the same period was $2,650 thousand, reflecting a 121% increase from $1,195 thousand in 2023 [2] - Gross margin improved to 49.47% compared to 38.59% in the equivalent period in 2023 [2] - Operating profit was $267 thousand, a turnaround from an operating loss of $2,328 thousand in 2023 [2] - Net loss was $696 thousand, which included $879 thousand in listing expenses, compared to a net loss of $2,326 thousand in 2023 [2] Liquidity and Capital Structure - Cash and cash equivalents increased to $3,659 thousand as of June 30, 2024, up from $568 thousand at the end of 2023, demonstrating strong liquidity [2] - The company raised $5 million through its IPO in January 2024, issuing 1.25 million ordinary shares [2] Strategic Developments - The company expanded its collaboration with 3M PELTOR to develop next-generation headset solutions [4] - Silynxcom secured orders totaling $4.85 million from the Israel Defense Forces and Israeli police forces since October 2023 [4] - The company launched a new system for law enforcement compatible with commonly used communication systems in March 2024 [4] Market Position and Product Development - Silynxcom has been developing ruggedized tactical communication headsets for over a decade, which are used in various high-stakes environments [6] - The company has established relationships with key players in the global defense and law enforcement sectors, leading to purchase orders in 2024 [3]

Silynxcom has received a total of approximately $1,550,000 in orders from the Israel Defense Forces since the beginning of the third quarter of 2024 Netanya, Israel, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices, has received additional orders from the Israel Defense Forces ("IDF") in the amount of $740,000, adding to the $815,000 worth of orders secured since the begin ...

The order, totaling over $270,000, is a repeat order from this elite unit Netanya, Israel, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices, announced that it has received a follow-on order from a high-level security agency, valued at over $270,000. This significant order indicates the growing trust and demand for Silynxcom's advanced communication solutions within the glo ...

The Company received two follow-on orders and gained one new end user through its European distribution partners Netanya, Israel, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices, announces the three new orders through its European distribution partners. Two of the orders are from repeat law enforcement end users in Switzerland. The other order is from a regional police en ...

Core Viewpoint - Silynxcom Ltd. has received additional orders from the Israel Defense Forces, totaling approximately $815,000 since early July 2024, indicating strong demand for its tactical communication headset devices [1][10]. Group 1: Company Performance - The company reported estimated revenue of approximately $5.31 million for the first half of 2024, reflecting accelerated operational and business growth [1]. - As of June 30, 2024, the company had cash and cash equivalents and marketable securities amounting to approximately $3.69 million [1]. Group 2: Product Offering - Silynxcom specializes in ruggedized tactical communication headset devices that are field-tested and combat-proven, designed for military, law enforcement, and industrial applications [3]. - The company's In-Ear Headsets provide active sound protection while maintaining situational awareness, allowing users to communicate clearly in hazardous environments [3]. Group 3: Market Potential - The global tactical headset market is projected to reach $3.8 billion by 2027, indicating significant growth opportunities for the company [2][10]. - The company aims to scale its revenue growth within this expanding addressable market [2].

Netanya, Israel, July 09, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, received product orders of $500,000 from the Israel Defense Forces for its advanced military headset system family of products. Silynxcom's tactical communication solutions are designed to meet the rigorous demands of modern military operations. By delivering high-q ...

Netanya, Israel, July 09, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, received product orders of $500,000 from the Israel Defense Forces for its advanced military headset system family of products. Silynxcom's tactical communication solutions are designed to meet the rigorous demands of modern military operations. By delivering high-q ...

Financial Performance - Silynxcom's revenue for the year ended December 31, 2023, increased to $7.6 million, reflecting a 5% growth compared to $7.26 million in 2022[5] - The company achieved positive cash flow from operating activities amounting to $730 thousand, a significant improvement from a cash outflow of $1.7 million in 2022[5] - Silynxcom reported a net loss of $2.8 million for 2023, compared to a net income of $1.8 million in 2022, which included $1.2 million in finance income from warrant buybacks[5] - Non-IFRS net income for 2023 totaled $1.3 million, representing a growth of over 150% year over year compared to $561 thousand in 2022[5] - The company ended 2023 with cash and cash equivalents of $568 thousand, up from $69 thousand in the previous year, demonstrating strong liquidity[5] - Operating loss for 2023 was $2.8 million, a decline from an operating profit of $480 thousand in 2022, attributed to increased investments in R&D and market expansion[5] Market Expansion - Silynxcom secured orders exceeding $4.85 million from the Israel Defense Forces and Israeli police forces since October 2023[6] - The company launched a new system for law enforcement in March 2024, compatible with TETRA and P25 systems[6] - In April 2024, Silynxcom announced a strengthened collaboration with 3M PELTOR to deliver next-generation headset solutions[6] - The company entered new markets in East Asia and Asia Pacific, indicating ongoing market expansion efforts[6]