SaverOne 2014 .(US:SVRE)2024-03-25 21:19Revenue and Profitability - Revenue for 2023 increased by 128% year-over-year to NIS 2.7 million ($0.75 million) compared to NIS 1.193 million ($0.329 million) in 2022[4] - Gross profit in 2023 was NIS 0.752 million ($0.207 million), representing a gross margin of 27.6%, up from NIS 0.364 million ($0.1 million) and a gross margin of 30.5% in 2022[9] - Total revenues for 2023 reached $2,720 million, a significant increase of 128% compared to $1,193 million in 2022[26] - Gross profit for the year was $752 million, up from $364 million in 2022, reflecting a gross margin improvement[26] - The company reported a comprehensive loss of $33,835 million for 2023, compared to a loss of $24,962 million in 2022[26] - Basic and diluted loss per share improved slightly to $(1.08) in 2023 from $(1.44) in 2022, reflecting a reduction in loss per share despite overall losses[26] Expenses and Financial Position - Net loss for 2023 was NIS 33.8 million ($9.3 million), compared to NIS 25.0 million ($6.9 million) in 2022, attributed to increased expenses from expanded business activities[4] - Research and development expenses for 2023 were NIS 22.9 million ($6.3 million), compared to NIS 21.5 million ($5.9 million) in 2022[9] - Operating loss widened to $34,223 million in 2023 from $29,209 million in 2022, indicating increased operational challenges[26] - Cash and cash equivalents decreased to $17,112 million at the end of 2023 from $19,240 million at the end of 2022[27] - Total current liabilities surged to $14,804 million in 2023, compared to $6,781 million in 2022, highlighting increased financial obligations[26] - Net cash used in operating activities was $35,020 million in 2023, an increase from $28,370 million in 2022, indicating higher cash outflows[27] - Total assets decreased to $26,990 million in 2023 from $34,435 million in 2022, reflecting a decline in the company's asset base[26] Business Development and Market Presence - 4,600 systems have been ordered by customers as of March 12, 2024, with approximately 3,200 already installed[4] - The company signed its first OEM agreement with Volvo Bus Corporation, allowing for the installation of its safety solution in new and existing buses in Mexico[12] - In 2023, 93% of revenues were generated from Israel, while 7% came from Europe, marking the company's first international revenue[8] - The company launched several pilot projects in Europe and North America, including a significant pilot with Cemex in Spain covering ten trucks[7] - SaverOne's patent portfolio now includes 23 patents, with 10 granted and 13 pending, reflecting its strategic focus on global expansion[7]