Actelis(US:ASNS)2025-11-14 13:02Financial Performance - Q3 2025 revenue was $0.64 million, a decline from approximately $2.54 million in Q3 2024, attributed to the non-recurrence of a large software and support contract and backend-loaded revenues for 2025[4] - The company reported an operating loss of $1.9 million for Q3 2025, compared to $0.3 million for the same period in 2024, due to lower sales and consistent operating expenditures[16] - Net loss for Q3 2025 was $2 million, an increase from a net loss of approximately $0.5 million in Q3 2024, driven by lower sales and higher expenditures from foreign exchange impacts[20] - Adjusted EBITDA loss for Q3 2025 was $1.82 million, compared to a loss of $0.23 million in Q3 2024[22] - Gross profit for the three months ended September 30, 2025, was $183,000, down 89.5% from $1,743,000 in the same quarter of 2024[34] - Operating loss for the nine months ended September 30, 2025, was $(5,514,000), compared to $(2,123,000) for the same period in 2024, reflecting a significant increase in losses[34] - Net comprehensive loss for the three months ended September 30, 2025, was $(1,980,000), compared to $(511,000) in the same quarter of 2024, indicating worsening financial performance[34] - Total revenues for the nine months ended September 30, 2025, were $2,305,000, a decrease of 65.6% compared to $6,698,000 for the same period in 2024[34] Operating Expenses - Operating expenses in Q3 2025 were $2.11 million, slightly up from $2.06 million in the prior year, impacted by foreign exchange rate differences and stock-based compensation[3] - Research and development expenses for Q3 2025 amounted to $0.6 million, up from $0.5 million in Q3 2024, primarily due to increased utilization of professional services[9] - The company aims for a 15-20% reduction in baseline operating expenses through its restructuring plan, with full effects expected in early 2026[5] Cash Flow and Financing - Cash used in operating activities for the nine months ended September 30, 2025, was $(5,637,000), compared to $(4,781,000) for the same period in 2024, indicating increased cash outflow[36] - The company reported a net cash provided by financing activities of $5,121,000 for the nine months ended September 30, 2025, compared to $1,624,000 in the same period of 2024, showing improved financing efforts[36] - Actelis raised $1.85 million in two private placements and entered into a $30 million equity line of credit to enhance liquidity and maintain Nasdaq compliance[5] Balance Sheet - Total current liabilities decreased to $3,480,000 as of September 30, 2025, from $4,583,000 as of December 31, 2024, a reduction of 24%[34] - Total liabilities decreased to $3,967,000 as of September 30, 2025, down from $5,240,000 as of December 31, 2024, representing a decline of 24.3%[34] - The company’s accumulated deficit increased to $(49,803,000) as of September 30, 2025, from $(44,062,000) as of December 31, 2024, indicating a growing financial challenge[34] Customer Metrics - Customer bookings reached $1.26 million in Q3 2025, nearly double the levels from Q2 2025, with a backlog entering Q4 of $0.73 million compared to less than $0.1 million at the start of Q3[3] - Gross margin for Q3 2025 was 28%, while for the nine months ended September 30, 2025, it was 32%, benefiting from high-value cybersecurity software upgrades[3]