Brenmiller Energy(US:BNRG)2025-09-30 13:30Financial Performance - Total revenues for the six months ended June 30, 2025, were $387,000, compared to $0 for the same period in 2024[11] - Operating loss for the six months ended June 30, 2025, was $6,572,000, an increase from a loss of $5,375,000 in 2024[11] - Net loss for the six months ended June 30, 2025, was $7,454,000, compared to a net loss of $1,581,000 in 2024, reflecting a significant increase in losses[11] - Basic and diluted loss per ordinary share for the six months ended June 30, 2025, was $(3.79), compared to $(2.25) for the same period in 2024[66] Cash Flow and Liquidity - Cash and cash equivalents decreased to $2,127,000 as of June 30, 2025, down from $4,101,000 at the end of 2024[4] - Cash used in operating activities for the six months ended June 30, 2025, was $5,266,000, compared to $3,864,000 in 2024, reflecting higher operational costs[19] - The company expects to continue incurring losses and negative cash flows until its products reach profitability[28] Assets and Liabilities - Total assets decreased to $9,340,000 as of June 30, 2025, from $11,914,000 at December 31, 2024[4] - Total liabilities increased to $8,147,000 as of June 30, 2025, compared to $7,428,000 at December 31, 2024[7] - Shareholders' equity decreased to $1,193,000 as of June 30, 2025, down from $4,486,000 at the end of 2024[7] Research and Development - Research and development expenses for the six months ended June 30, 2025, were $2,411,000, compared to $1,808,000 in 2024, indicating increased investment in innovation[11] - Research and development expenses increased to $2,411 thousand for the six months ended June 30, 2025, from $1,808 thousand in the same period of 2024, representing a 33% increase[59] Share Issuance and Equity - The company issued 1,061,250 shares during the six months ended June 30, 2025, raising $3,348,000 net of issuance costs[14] - The company has issued 599,711 ordinary shares for a total net consideration of approximately $2,127 thousand during the first half of 2025[45] - The company has a total of 1,965,475 ordinary shares outstanding as of June 30, 2025, reflecting a significant increase in the weighted average number of shares compared to 588,276 in the same period of 2024[66] Operational Developments - The company commenced operations of a new production line in late 2024, facilitating the shift to commercial operations and began producing thermal energy storage systems under sale type lease agreements with two Israeli customers[28] - A joint venture in Spain was established in the second half of 2024, commencing non-significant operations in the first quarter of 2025[26] - The Company has signed a system purchase agreement with Baran Energy for the operational launch of two bGen™ ZERO TES systems, with total milestone payments of $2.8 million during construction and commissioning phases[74] - The Company will retain all intellectual property related to the bGen™ ZERO systems and will continue to provide operations and maintenance services[74] Expenses - General and administrative expenses decreased to $2,075 thousand for the six months ended June 30, 2025, from $2,313 thousand in the same period of 2024, a reduction of 10%[61] - Total share-based compensation expenses for the six months ended June 30, 2025, amounted to $513 thousand, a decrease of 44% from $915 thousand in the same period of 2024[58] - The company recognized $1,855 thousand in cost of revenues for the six months ended June 30, 2025, compared to $408 thousand in the same period of 2024, indicating increased operational costs[58] Financing Activities - Brenmiller Energy Ltd. has taken steps to secure long-term financing, including a Securities Purchase Agreement with Alpha, to support ongoing commercialization efforts[30] - The company entered into a Securities Purchase Agreement with Alpha Capital Anstalt to issue up to $25 million in securities, with an initial closing amount of $1.395 million[70] Currency and Accounting - The company changed its functional currency to the U.S. dollar effective January 1, 2024, from the New Israel Shekel[33] - Current expected credit loss expense was $0 thousand for the six-month period ended June 30, 2025, compared to $289 thousand for the same period in 2024[36] Inventory - The total inventory as of June 30, 2025, was $1,237 thousand, down from $1,568 thousand as of December 31, 2024[43] Unrecognized Expenses - As of June 30, 2025, there is an unrecognized share-based compensation expense of $96 thousand to be recognized over an average remaining vesting period of 1.3 years[50]