ZOOZ Power Reports H2 and Full Year 2024 Financial Results

Core Insights - ZOOZ Power reported a significant increase in revenue for 2024, with a 36% rise from $0.76 million in 2023 to $1.04 million in 2024, and doubled the number of systems sold compared to the previous year [2][9] - The company is focusing on global expansion, particularly in key markets such as Germany and France, to enhance the efficiency of ultra-fast EV charging infrastructure [3][4] Financial Highlights - For the six months ended December 31, 2024, ZOOZ Power generated approximately $498 thousand in revenue, compared to no revenue for the same period in 2023 [7][11] - The full year revenue for 2024 was approximately $1,041 thousand, up from $764 thousand in 2023 [9][11] - The net loss for the six months ended December 31, 2024, was approximately $5,753 thousand, or $0.50 per diluted share, an improvement from a net loss of $6,353 thousand, or $1.07 per diluted share, in the same period of 2023 [11][9] - For the full year 2024, the net loss was approximately $10,990 thousand, or $1.09 per diluted share, compared to a net loss of $11,755 thousand, or $1.99 per diluted share, in 2023 [11][21] Operational Highlights - ZOOZ Power expanded its operations in Germany, with power boosters now operational at four sites, and a fifth deployment underway [7] - The company appointed Erez Zimerman as CEO in August 2024, who has a strong background in hardware and software, aiming to drive global sales [7][11] - ZOOZ Power's ZOOZTER-100 system was successfully piloted at a gas station in Israel, leading to increased charging sessions and a quick return on investment [7] - The company entered into a Standby Equity Purchase Agreement (SEPA) in November 2024, securing access to up to $12 million in financing over two years [7] Research and Development - Research and development expenses for the six months ended December 31, 2024, were approximately $2,633 thousand, slightly up from $2,563 thousand in the same period of 2023 [11] - For the full year 2024, R&D expenses were approximately $5,062 thousand, compared to $5,215 thousand in 2023 [11] Market Position - ZOOZ Power is positioned as a leading provider of flywheel-based power boosting and energy management solutions, facilitating the deployment of ultra-fast charging infrastructure for electric vehicles [12][13] - The company's technology is designed to enhance the efficiency and reliability of EV charging, addressing existing grid limitations [12][13]