Actelis(ASNS)2025-03-24 12:43Financial Performance - Total revenue for 2024 reached $7.8 million, a 38% increase from $5.6 million in 2023, driven by strong performance in government, military, and smart city sectors[2] - Gross margin improved to 55% in 2024, up from 34% in 2023, representing a 125% year-over-year increase, reflecting a strategic focus on higher-margin segments[2] - Net loss decreased to $4.4 million in 2024 from $6.3 million in 2023, with loss per share shrinking by 67% to $0.85, indicating progress towards profitability[2][13] - Total revenues for 2024 increased to $7,760,000 from $5,606,000 in 2023, representing a growth of approximately 38.5%[26] - Gross profit for 2024 was $4,270,000, compared to $1,900,000 in 2023, indicating a significant improvement in profitability[26] - The net comprehensive loss for 2024 was $4,374,000, an improvement from a loss of $6,286,000 in 2023[26] - The company reported a basic and diluted net loss per share of $0.85 for 2024, compared to $2.61 in 2023, showing a reduction in loss per share[26] - GAAP net loss for 2024 was $(4,374) compared to $(6,286) in 2023, indicating an improvement in financial performance[34] - Non-GAAP adjusted EBITDA margin for 2024 was 44.8%, up from 10.8% in 2023, reflecting significant operational efficiency gains[34] - The adjusted EBITDA for 2024 was $3,481, compared to $606 in 2023, showcasing a strong recovery in profitability[34] Cost Management - Operating expenses declined by 13% year-over-year, building on a 6% reduction achieved in 2023, due to a comprehensive cost management initiative[2] - Operating expenses decreased to $8,028,000 in 2024 from $9,263,000 in 2023, a decline of approximately 13.3%[26] - Interest expense for the year was $6,187, indicating a stable cost of capital management[34] - Other financial expenses amounted to $(1,893), suggesting a focus on controlling non-operational costs[34] Asset and Liability Management - Total current assets rose to $6,903,000 in 2024 from $5,912,000 in 2023, an increase of about 16.8%[22] - Total liabilities decreased to $5,240,000 in 2024 from $10,835,000 in 2023, a reduction of approximately 51.7%[24] - The total shareholders' equity increased to $2,757,000 in 2024 from $229,000 in 2023, indicating a significant improvement in the company's financial position[24] - Cash and cash equivalents at the end of 2024 were $1,967,000, up from $620,000 in 2023, reflecting a substantial increase[29] - The company has nearly repaid all outstanding debt, with only a $0.77 million bank credit line remaining, enhancing financial flexibility[3] Market Growth and Strategy - New orders from Federal and Military sectors grew by 150% year-over-year, positioning the company to capture additional market share in infrastructure modernization[5] - Actelis is prioritizing growth in recurring revenue through MetaShield subscriptions and network management software offerings for 2025[7] - The company plans to expand its industry presence in 2025 through participation in major events and exhibitions to raise awareness of its capabilities[7] - The company is focusing on strategic partnerships to accelerate market penetration and scale growth in 2025 and beyond[3] - The GigaLine 900 solution for Multi-Dwelling Units (MDUs) has generated significant interest, with numerous trials and installations underway globally[5] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[34] Research and Development - Research and development expenses totaled $444, demonstrating the company's commitment to innovation and product development[34] - Fixed asset depreciation expense was $262, highlighting ongoing investments in capital assets[34]