Rail Vision(RVSN) - 2023 Q4 - Annual Report

Financial Performance - Revenues for the year ended December 31, 2023, amounted to $142,000, representing a decrease of $279,000 or 66% compared to $421,000 for the year ended December 31, 2022[262]. - Operating loss for the year ended December 31, 2023, was $11,403,000, compared to an operating loss of $10,735,000 for the year ended December 31, 2022, an increase of $668,000 or 6%[265]. - Net loss for the year ended December 31, 2023, was $11,148,000 compared to $10,475,000 for the year ended December 31, 2022, an increase of $673,000 or 6%[267]. - The company has not generated significant revenues and expects to continue incurring substantial operating losses, funding operations primarily through current financial resources and capital raises[289]. Expenses - Research and development expenses for the year ended December 31, 2023, amounted to $7,145,000, representing an increase of $915,000 or 15% compared to $6,230,000 for the year ended December 31, 2022[263]. - General and administrative expenses totaled $4,339,000 for the year ended December 31, 2023, representing an increase of $74,000 or 2% compared to $4,265,000 for the year ended December 31, 2022[264]. - Net cash used in operating activities for the year ended December 31, 2023, was $10,448,000, primarily for salaries and related personnel expenses totaling approximately $7,487,000[270]. Cash Position and Funding - Cash and cash equivalents as of December 31, 2023, were approximately $3.1 million[268]. - As of December 31, 2023, the company's cash and cash equivalents were $3.1 million, indicating a need for substantial additional capital for future operations[288]. - The company has funded operations with approximately $68.7 million from the issuance of shares and warrants since inception[268]. - In January 2024, the company completed a PIPE resulting in aggregate gross proceeds of approximately $3.5 million, including $0.5 million from the partial conversion of a Credit Facility[290]. - The company has exercised 920,000 January 2024 Facility Warrants, resulting in gross proceeds of approximately $0.375 million[281]. - The company issued 493,424 Concurrent Warrants in May 2023, which were exercised on a cashless basis, resulting in the issuance of 181,002 ordinary shares[282]. - The company expects cash and cash equivalents and future cash flow from sales to be sufficient for 12 months of operations, but may seek additional funds in 2024[291]. Contracts and Orders - The company signed a supply contract valued at up to $5,000,000 for AI-based Switch Yard Systems with a US-based rail and leasing services company in January 2024[254]. - A purchase order for a single Main Line System valued at $500,000 was received from a leading Latin American mining company in October 2023[254]. Market and Exchange Rate Impact - Changes of 5% and 10% in the U.S. dollar/NIS exchange rate would increase/decrease operating expenses for the year ended December 31, 2023 by approximately -4.23% and -8.07%, respectively[528]. Initial Public Offering and Obligations - The company completed its initial public offering in April 2022, raising approximately $15.6 million in gross proceeds[285]. - The company has contractual obligations totaling $849,000, with $313,000 due within one year[293].