Silynxcom(US:SYNX)2025-09-26 20:06Financial Performance - Total revenue for the six-month period ended June 30, 2025, was $2,265,000, a decrease of 57.8% compared to $5,356,000 for the same period in 2024[7] - Gross profit for the same period was $813,000, down 69.4% from $2,650,000 in 2024[7] - Operating loss increased to $1,609,000 for the six-month period, compared to an operating profit of $267,000 in 2024[7] - Net loss for the period was $1,636,000, compared to a net loss of $696,000 in the prior year, representing a 134.4% increase in losses[7] - Revenue for the six months ended June 30, 2025, was $2.265 million, a decrease of 57.8% compared to $5.356 million for the same period in 2024[34] - The Company reported a loss of $1.636 million for the six months ended June 30, 2025, compared to a loss of $696,000 in the same period of 2024[41] Assets and Liabilities - Total current assets increased to $8,288,000 as of June 30, 2025, up from $7,654,000 at the end of 2024, reflecting a growth of 8.3%[4] - Total liabilities decreased to $2,905,000 as of June 30, 2025, down from $3,244,000 at the end of 2024, a reduction of 10.5%[5] - Shareholders' equity increased to $6,604,000 as of June 30, 2025, compared to $5,547,000 at the end of 2024, marking an increase of 19.1%[5] - Cash and cash equivalents rose to $3,536,000 at the end of June 2025, up from $3,178,000 at the beginning of the year, an increase of 11.3%[10] Research and Development - Research and development expenses increased to $384,000 for the six-month period, up 48.2% from $259,000 in 2024[7] Share Offering - The company completed an underwritten public offering of 1,290,000 ordinary shares at a price of $2.25 per share, raising approximately $2,900,000[16] - The Company closed a public offering of 1,290,000 ordinary shares at a price of $2.25 per share, raising approximately $2.9 million in gross proceeds[32] Customer Dependence - The Company has a significant reliance on key customers, with Customer 1 contributing $1.178 million in revenue for the six months ended June 30, 2025, down from $2.032 million in 2024[34] - Demand for the Company's products from the Israel Defense Forces significantly increased since October 7, 2023, although this increase moderated during 2025[25] Trade Receivables - Trade receivables from key customers totaled $759,000 as of June 30, 2025, compared to $1.013 million as of December 31, 2024[36] Risk Factors - The Company’s commercial insurance does not cover losses from war and terrorism, which poses a risk to its financial stability[24] - The exercise price for granted options was revised to $1.80 in August 2025, down from $3.97[31] Share Count - The weighted average number of ordinary shares used to calculate basic and diluted earnings per share increased to 5,980,000 in 2025 from 5,124,000 in 2024[41]