Rail Vision(RVSN) - 2022 Q4 - Annual Report

Financial Performance - Revenues for Q3 2022 amounted to $202,000, attributed to the completion of the long-term pilot with Rio Tinto[5] - Net loss for Q3 2022 was $2,769,000, or $0.17 per share, compared to a net loss of $2,638,000, or $0.28 per share, in Q3 2021[5] - Net loss for the nine months ended September 30, 2022, was $8,017 million, compared to a loss of $7,766 million in the same period of 2021, reflecting an increase of 3.2%[20] - Net cash used in operating activities for the nine months ended September 30, 2022, was $7,832 million, slightly higher than $7,582 million in the prior year[20] Expenses - Research and development expenses for Q3 2022 were $1,651,000, a decrease from $1,683,000 in Q3 2021[5] - General and administrative expenses increased to $1,050,000 in Q3 2022 from $703,000 in Q3 2021, primarily due to higher professional services and share-based compensation[5] - Depreciation expenses for the nine months ended September 30, 2022, were $115 million, up from $101 million in the same period of 2021[20] - Share-based payment expenses decreased to $380 million in the nine months ended September 30, 2022, from $741 million in the prior year[20] Cash Flow and Assets - Cash and cash equivalents at the end of Q3 2022 were $10.4 million, significantly up from $1.6 million as of December 31, 2021[5] - The company ended Q3 2022 with total assets of $12.9 million, compared to $4.4 million as of December 31, 2021[10] - Cash flows from financing activities provided $16,653 million in the nine months ended September 30, 2022, significantly up from $5,127 million in the same period of 2021[20] - Cash, cash equivalents, and restricted cash at the end of the period increased to $10,655 million from $4,233 million year-over-year[20] - The company experienced a net cash increase of $8,806 million for the nine months ended September 30, 2022, compared to a decrease of $2,710 million in the same period of 2021[20] Business Development - The company successfully completed initial testing under a long-term pilot with Rio Tinto for the AutoHaul® project, the world's first automated heavy haul rail network[5] - Rail Vision showcased its AI-based solutions at InnoTrans 2022, generating strong interest from potential customers globally[5] - The company received a notice of allowance from the U.S. Patent and Trademark Office for its AI-based technology designed for railways[5] - Rail Vision is actively working to convert completed pilot programs into revenue-generating commercial contracts[2] Other Financial Activities - The company issued preferred A shares netting $2,000 million and convertible debt proceeds of $1,000 million during the nine months ended September 30, 2022[20] - The company reported a decrease in other current assets by $43 million for the nine months ended September 30, 2022, compared to a decrease of $273 million in the same period of 2021[20] - Non-cash activities included the conversion of preferred shares amounting to $11,965 million during the nine months ended September 30, 2022[20]