Actelis Networks Reports Full Year 2024 Results: Revenue Sees 38% Growth Reaching $7.8 Million, 125% Increase in Gross Margin, Loss Per Share Shrinks by 67% to $0.85
Actelis Networks (NASDAQ: ASNS) reported strong financial results for 2024, with revenue increasing 38% to $7.8 million from $5.6 million in 2023. The company achieved significant improvements in key metrics, including a 125% increase in gross margin to 55% and a 67% reduction in loss per share to $0.85.
Notable achievements include a 150% year-over-year growth in Federal and Military sector orders, successful expansion in the Multi-Dwelling Unit market with the GigaLine 900 solution, and continued development of the MetaShield cybersecurity offering. Operating expenses declined by 13% year-over-year through strategic cost management initiatives.
The company's net loss decreased to $4.4 million from $6.3 million, while EBITDA loss improved from $6.1 million to $3.5 million. Actelis has nearly eliminated its debt, with only a $0.77 million bank credit line remaining, improving financial flexibility for future growth initiatives.
Actelis Networks (NASDAQ: ASNS) ha riportato risultati finanziari solidi per il 2024, con un aumento del fatturato del 38% a 7,8 milioni di dollari rispetto ai 5,6 milioni di dollari del 2023. L'azienda ha ottenuto miglioramenti significativi in metriche chiave, tra cui un aumento del 125% del margine lordo al 55% e una riduzione del 67% della perdita per azione a 0,85 dollari.
Tra i risultati notevoli si annoverano una crescita del 150% anno su anno negli ordini del settore Federale e Militare, l'espansione riuscita nel mercato degli Edifici Plurifamiliari con la soluzione GigaLine 900 e lo sviluppo continuo dell'offerta di cybersecurity MetaShield. Le spese operative sono diminuite del 13% anno su anno grazie a iniziative strategiche di gestione dei costi.
La perdita netta dell'azienda è scesa a 4,4 milioni di dollari rispetto ai 6,3 milioni di dollari, mentre la perdita EBITDA è migliorata da 6,1 milioni a 3,5 milioni. Actelis ha quasi eliminato il suo debito, con solo una linea di credito bancaria di 0,77 milioni di dollari rimasta, migliorando la flessibilità finanziaria per le future iniziative di crescita.
Actelis Networks (NASDAQ: ASNS) reportó resultados financieros sólidos para 2024, con un aumento del 38% en los ingresos a 7.8 millones de dólares desde 5.6 millones de dólares en 2023. La compañía logró mejoras significativas en métricas clave, incluyendo un aumento del 125% en el margen bruto al 55% y una reducción del 67% en la pérdida por acción a 0.85 dólares.
Logros notables incluyen un crecimiento del 150% interanual en los pedidos del sector Federal y Militar, una exitosa expansión en el mercado de Unidades de Vivienda Múltiple con la solución GigaLine 900, y el continuo desarrollo de la oferta de ciberseguridad MetaShield. Los gastos operativos disminuyeron en un 13% interanual gracias a iniciativas estratégicas de gestión de costos.
La pérdida neta de la compañía disminuyó a 4.4 millones de dólares desde 6.3 millones de dólares, mientras que la pérdida EBITDA mejoró de 6.1 millones a 3.5 millones. Actelis ha casi eliminado su deuda, quedando solo una línea de crédito bancario de 0.77 millones de dólares, mejorando la flexibilidad financiera para futuras iniciativas de crecimiento.
Actelis Networks (NASDAQ: ASNS)는 2024년 강력한 재무 결과를 발표했으며, 수익이 2023년 560만 달러에서 780만 달러로 38% 증가했습니다. 회사는 주요 지표에서 상당한 개선을 이루었으며, 총 마진은 55%로 125% 증가하고, 주당 손실은 0.85달러로 67% 감소했습니다.
주목할 만한 성과로는 연간 150% 성장한 연방 및 군사 부문 주문, GigaLine 900 솔루션을 통한 다가구 시장의 성공적인 확장, 그리고 MetaShield 사이버 보안 제공의 지속적인 개발이 있습니다. 운영 비용은 전략적 비용 관리 이니셔티브를 통해 연간 13% 감소했습니다.
회사의 순손실은 630만 달러에서 440만 달러로 감소했으며, EBITDA 손실은 610만 달러에서 350만 달러로 개선되었습니다. Actelis는 77만 달러의 은행 신용 한도를 남겨두고 거의 모든 부채를 제거하여 향후 성장 이니셔티브를 위한 재무 유연성을 개선했습니다.
Actelis Networks (NASDAQ: ASNS) a annoncé des résultats financiers solides pour 2024, avec une augmentation de 38% des revenus à 7,8 millions de dollars contre 5,6 millions de dollars en 2023. L'entreprise a réalisé des améliorations significatives dans des indicateurs clés, notamment une augmentation de 125% de la marge brute à 55% et une réduction de 67% de la perte par action à 0,85 dollar.
Parmi les réalisations notables, on trouve une croissance de 150% d'une année sur l'autre des commandes dans le secteur fédéral et militaire, une expansion réussie sur le marché des unités d'habitation multiples avec la solution GigaLine 900, et le développement continu de l'offre de cybersécurité MetaShield. Les dépenses d'exploitation ont diminué de 13% d'une année sur l'autre grâce à des initiatives stratégiques de gestion des coûts.
La perte nette de l'entreprise a diminué à 4,4 millions de dollars contre 6,3 millions de dollars, tandis que la perte EBITDA s'est améliorée de 6,1 millions de dollars à 3,5 millions de dollars. Actelis a presque éliminé sa dette, ne restant qu'une ligne de crédit bancaire de 0,77 million de dollars, améliorant ainsi la flexibilité financière pour les initiatives de croissance futures.
Actelis Networks (NASDAQ: ASNS) hat starke finanzielle Ergebnisse für 2024 gemeldet, mit einem Umsatzanstieg von 38% auf 7,8 Millionen Dollar von 5,6 Millionen Dollar im Jahr 2023. Das Unternehmen erzielte signifikante Verbesserungen in wichtigen Kennzahlen, darunter ein Anstieg der Bruttomarge um 125% auf 55% und eine Reduzierung des Verlusts pro Aktie um 67% auf 0,85 Dollar.
Bemerkenswerte Erfolge sind ein Wachstum von 150% im Jahresvergleich bei Aufträgen aus dem Bundes- und Militärsektor, eine erfolgreiche Expansion im Markt für Mehrfamilienhäuser mit der GigaLine 900-Lösung und die kontinuierliche Entwicklung des MetaShield-Cybersicherheitsangebots. Die Betriebskosten sanken im Jahresvergleich um 13% durch strategische Kostenmanagementmaßnahmen.
Der Nettoverlust des Unternehmens verringerte sich auf 4,4 Millionen Dollar von 6,3 Millionen Dollar, während sich der EBITDA-Verlust von 6,1 Millionen Dollar auf 3,5 Millionen Dollar verbesserte. Actelis hat seine Schulden nahezu eliminiert und hat nur noch eine Bankkreditlinie von 0,77 Millionen Dollar, was die finanzielle Flexibilität für zukünftige Wachstumsinitiativen verbessert.
- Revenue increased 38% to $7.8 million
- Gross margin improved significantly to 55% from 34%
- 150% growth in Federal and Military sector orders
- Operating expenses reduced by 13% year-over-year
- Net loss decreased from $6.3M to $4.4M
- Loss per share reduced by 67% to $0.85
- Nearly debt-free status achieved
- Still operating at a net loss of $4.4 million
- Revenue decline in Europe (-42%), Middle East and Africa (-61%)
- Financial expenses increased to $0.62 million
- MetaShield solution adoption building gradually
Insights
Actelis Networks delivered remarkable financial improvement in 2024, with
The operational discipline is equally impressive, with operating expenses declining
What's particularly encouraging is the diversification of Actelis' revenue streams across three multi-billion dollar verticals (Federal/Military, IoT/Smart City/Transportation, and MDU markets), reducing dependency on any single market. The
The company's nearly debt-free status (
The trajectory toward profitability is clear, with operating losses decreasing from
Actelis Reports Strong Performance in 2024 Driven by Software and Services renewals, Federal and Military Sector Growth, New Product Adoption, and Strategic Cost Management; Gross Margin Expansion to
FREMONT, Calif., March 24, 2025 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid-deployment networking solutions for IoT and broadband applications, today announced its financial results for the full year 2024, reporting significant improvements across key financial metrics. The company showed strong performance, with revenue growth, improved margins, and continued progress in its strategic market positioning.
Key Financial Highlights
- Major Increase in Revenue: Total revenue reached
$7.8 million for the full year 2024, representing a major increase of38% from$5.6 million in 2023. This growth was driven by strong performance across multiple strategic sectors, including government and military contracts, smart city, smart transportation and critical infrastructure, as well as substantial software and service sales. The company's 2024 expansion into the three major markets of Federal/Military, IoT/ Smart City and Smart Transportation, as well as the Multi-Dwelling Unit (“MDU”) market, combined with introduction of new, competitive solutions in networking and cyber-security has created a diversified revenue base and many success stories globally, that serve as the Company’s springboard for growth in 2025. - Gross Margin Improvement: Gross margin improved significantly to
55% for the full year 2024, compared to34% in 2023, representing a125% year-over-year improvement. This significant expansion reflects Actelis' strategic focus on higher-margin segments including software solutions, military-grade secure networking, and smart city applications where the company's differentiated technology commands premium positioning. The margin improvement demonstrates Actelis' competitive advantages in these high value sectors and validates its market approach. - Successful Execution of Cost Reduction Plan: Operating expenses declined by
13% year-over-year, building on the6% reduction achieved in 2023 compared to 2022. This disciplined cost management stems from the comprehensive expense reduction initiative launched in early 2023, which has successfully optimized payroll expenses, reduced public company costs, decreased real estate footprint, and strategically aligned resources with high-priority sales and marketing initiatives. These improvements were achieved while maintaining the company's innovation and customer support capabilities. - Substantial improvement in Net and EBITDA Loss; Loss per share shrinks significantly: Net loss decreased significantly to
$4.4 million from$6.3 million in the prior year, and EBITDA loss improved from$6.1 million to$3.5 million . These improvements reflect the combined impact of revenue growth, margin improvement, and disciplined expense management. The company's loss per share contracted by67% to$0.85 , demonstrating meaningful progress towards profitability while continuing to invest in strategic growth initiatives. - Nearly debt free: Actelis has repaid nearly all outstanding debt, with only a
$0.77 million bank credit line remaining. This deleveraging significantly improves the company's financial flexibility and reduces interest expenses. The company is evaluating limited new debt facilities with the goal of minimizing shareholder dilution while funding growth initiatives.
“I'm thrilled with the results we achieved, and proud of our excellent team,” said Tuvia Barlev, Chairman and CEO of Actelis. “These strong financial results demonstrate our ability to optimize our resources while delivering meaningful growth. We’ve more than doubled our new customer orders compared to 2023 as we've become increasingly aligned around our strategic vision, with a clear understanding of our market positioning, and we earned many customer success stories across the Federal/Military market, IoT/City/Traffic/Utility markets, as well as the MDU market. For all these markets, we are presenting a unique, much-needed offering: modernize and secure your network with the media you have in place (Fiber, Copper or Coax), and secure, with same day implementation at fiber-like quality with no need to invest and wait for new infrastructure. The market response has been encouraging, with more implementations with the Federal Government and US defense agencies, growing interest in our GigaLine 900 MDU solution for immediate connectivity of end users in buildings, and in our SaaS, AI-based MetaShield cyber management system that provides critical security for IoT networks, that comes with our Hybrid-Fiber networking solutions. While we've made significant progress in 2024, the markets are vast, and we remain focused on execution with abundant growth opportunities ahead of us.”
“Our Cyber-Aware-Networking vision continues to resonate strongly with customers in IoT environments, who seek immediate network deployment and performance, as well security for their Edge devices. We meet these requirements through our MetaShield SaaS, that integrates with the network." Barlev continued. "We're also seeing promising traction in U.S. military base modernization initiatives, where our DoD-cyber-certified solutions provide the security, instant deployment driving rapid project completion and performance. We are entering 2025 with a strong pipeline ahead and are intensifying our focus on strategic partnerships that can accelerate our market penetration and scale growth. These relationships with system integrators, value-added resellers, and technology partners will be crucial as we look to capitalize on our unique technological advantages in 2025 and beyond.”
Recent Business and Operational Highlights
- Accelerating Federal and Military Growth: The company achieved an impressive
150% year-over-year growth in new orders from Federal and Military sectors in 2024, driven by significant demand for secure network modernization across U.S. military bases. With billions in planned infrastructure modernizationacross defense installations, Actelis is well-positioned to capture additional market share. - MDU Market Expansion: Actelis' GigaLine 900 solution for Multi-Dwelling Units has generated significant market interest, with dozens of trials and initial installations currently underway in NA and globally. The solution's unique value proposition - offering simple, rapid deployment of gigabit connectivity over coax or copper without new wiring at a fraction of the power - provides a compelling competitive advantage in this growing segment, where so much of the fiber and fixed-wireless connections to buildings face major challenges when connecting to apartments and end users in millions of MDUs in the US and globally.
- Cyber-Aware Networking: The company's MetaShield solution continues its market introduction, bringing Actelis' vision for integrated network security to life. While adoption is building gradually, customer feedback validates the unique value proposition - particularly the solution's integration directly within the network infrastructure rather than as a separate security overlay. The combination of AI-driven threat detection with Actelis' networking technology to protect IoT edge devices, and address security anomalies by the network itself, creates a differentiated offering addressing a critical gap in the growing cybersecurity market, particularly in Cyber-Physical Systems (“CPS”).
- Expanding Recurring Revenue Streams: For 2025, Actelis has prioritized growth in recurring revenue through MetaShield subscriptions and its network management software offerings. The company notes that together withits hardware business that demonstrates high customer retention and strong margin, introduction of a high value SaaS offering will help create a more predictable revenue pattern and increase margin further.
- Smart City Leadership: Actelis remains a recognized leader in smart city and intelligent transportation infrastructure, with significant deployments in major cities worldwide. The company is strategically positioned for the upcoming Highways England NRTS3 and other major highways projects, which represent substantial opportunities. Existing smart city customers continue to demonstrate strong loyalty, with repeat orders validating the company's unique advantages in this sector.
- Enhanced Market Presence: Actelis is significantly expanding its industry presence in 2025, with planned participation at major industry events including Angacom, Fiberdays, multiple WISP events focused on MDU opportunities, Connected Britain/Germany, and numerous other sector-specific exhibitions. This increased visibility supports a broader branding initiative designed to raise awareness of Actelis' comprehensive capabilities across its target markets.
- New Board Members: Actelis recently hired two industry and business veterans – Julie Kunstler and Dr. Niel Ransom. Julie and Niel bring vast business and technology experience in both public and private companies in the fields of networking, edge computing, broadband technology, fiber communications and more, which are invaluable to the Company.
- Strategic Growth Initiatives: The company has implemented a comprehensive growth strategy for 2025, with particular emphasis on expanding its software and services revenue share across all three main markets of Federal, IoT/City/Transportation and MDU. Actelis has engaged specialized consultants to refine its go-to-market strategy and tactics, enhancing its ability to capitalize on its technological advantages across key vertical markets.
- Capital Structure Optimization: Having historically maintained
$3 -6 million in debt financing, Actelis is evaluating selective new debt facilities to support growth while minimizing equity dilution.
Fiscal Full Year 2024 Financial Highlights
Revenues: Our revenues for the year ended December 31, 2024 amounted to
Cost of Revenues: Our cost of revenues for the year ended December 31, 2024, amounted to
Research and Development Expenses: Our research and development expenses for the year ended December 31, 2024, amounted to
Sales and Marketing Expenses: Our sales and marketing expenses for the year ended December 31, 2024, amounted to
General and Administrative Expenses: Our general and administrative expenses for the year ended December 31, 2024, amounted to
Other Income: Our Other Income for the year ended December 31, 2024, amounted to
Operating Loss: Our operating loss for the year ended December 31, 2024, was
Financial (Expenses) income, Net: Our financial expenses, net for the year ended December 31, 2024, amounted to
Net Loss: Our net loss for the year ended December 31, 2024, was
Adjusted EBITDA loss: Non-GAAP EBITDA loss was
About Actelis Networks, Inc.
Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in hybrid fiber-copper, cyber-hardened networking solutions for rapid deployment in wide-area IoT applications, including government, ITS, military, utility, rail, telecom, and campus networks. Actelis’ innovative portfolio offers fiber-grade performance with the flexibility and cost-efficiency of hybrid fiber-copper networks. Through its “Cyber Aware Networking” initiative, Actelis also provides AI-based cyber monitoring and protection for all edge devices, enhancing network security and resilience. For more information, please visit www.actelis.com.
Use of Non-GAAP Financial Information
Non-GAAP Adjusted EBITDA, and backlog of open orders are non-GAAP financial measures. In addition to reporting financial results in accordance with GAAP, we provide non-GAAP operating results adjusted for certain items, including: financial expenses, which are interest, financial instrument fair value adjustments, exchange rate differences of assets and liabilities, stock based compensation expenses, depreciation and amortization expense, tax expense, and impact of development expenses ahead of product launch. We adjust for the items listed above and show non-GAAP financial measures in all periods presented, unless the impact is clearly immaterial to our financial statements.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov.
Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Actelis is not responsible for the contents of third-party websites.
Contact
ARX | Capital Markets Advisors
North American Equities Desk
actelis@arxadvisory.com
-Financial Tables to Follow-
| ACTELIS NETWORKS, INC. CONSOLIDATED BALANCE SHEETS (U. S. dollars in thousands except for share and per share amounts) | ||||||||
| December 31 | ||||||||
| Note | 2024 | 2023 | ||||||
| Assets | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | 1,967 | 620 | ||||||
| Restricted cash equivalents | 300 | 1,565 | ||||||
| Short-term deposits | - | 197 | ||||||
| Trade receivables, net of allowance for credit losses of | 1,616 | 664 | ||||||
| Inventories | 3 | 2,436 | 2,526 | |||||
| Prepaid expenses and other current assets, net of allowance for doubtful debts of | 4 | 584 | 340 | |||||
| TOTAL CURRENT ASSETS | 6,903 | 5,912 | ||||||
| NON-CURRENT ASSETS: | ||||||||
| Property and equipment, net | 5 | 38 | 61 | |||||
| Prepaid expenses | 492 | 592 | ||||||
| Restricted cash and cash equivalents | - | 3,330 | ||||||
| Restricted bank deposits | 91 | 94 | ||||||
| Severance pay fund | 205 | 238 | ||||||
| Operating lease right of use assets | 6 | 410 | 918 | |||||
| Long-term deposits | 86 | 78 | ||||||
| TOTAL NON-CURRENT ASSETS | 1,322 | 5,311 | ||||||
| TOTAL ASSETS | 8,225 | 11,223 | ||||||
F-3
| ACTELIS NETWORKS, INC. CONSOLIDATED BALANCE SHEETS (continued) (U. S. dollars in thousands except for share and per share amounts) | ||||||||
| December 31 | ||||||||
| Note | 2024 | 2023 | ||||||
| Liabilities, Mezzanine Equity and shareholders’ equity | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Credit lines | 8 | 774 | - | |||||
| Current maturities of long-term loans | 8 | - | 1,335 | |||||
| Trade payables | 982 | 1,769 | ||||||
| Deferred revenues | 246 | 389 | ||||||
| Employee and employee-related obligations | 688 | 737 | ||||||
| Accrued royalties | 9 | 673 | 1,062 | |||||
| Current maturities of operating lease liabilities | 6 | 415 | 498 | |||||
| Other current liabilities | 7 | 805 | 1,122 | |||||
| TOTAL CURRENT LIABILITIES | 4,583 | 6,912 | ||||||
| NON-CURRENT LIABILITIES: | ||||||||
| Long-term loans, net of current maturities | 8 | 150 | 3,154 | |||||
| Deferred revenues | 92 | 71 | ||||||
| Operating lease liabilities, net of current maturities | 6 | 405 | ||||||
| Accrued severance | 229 | 270 | ||||||
| Other long-term liabilities | 180 | 23 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 657 | 3,923 | ||||||
| TOTAL LIABILITIES | 5,240 | 10,835 | ||||||
| COMMITMENTS AND CONTINGENCIES | 9 | |||||||
| MEZZANINE EQUITY | ||||||||
| Redeemable Convertible Preferred Stock | - | - | ||||||
| Warrants to Placement Agent | 11d | 228 | 159 | |||||
| SHAREHOLDERS’ EQUITY : | 11 | |||||||
| Common stock, | 1 | 1 | ||||||
| Non-voting common stock, | - | - | ||||||
| Additional paid-in capital | 46,818 | 39,916 | ||||||
| Accumulated deficit | (44,062 | ) | (39,688 | ) | ||||
| TOTAL SHAREHOLDERS’ EQUITY | 2,757 | 229 | ||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 8,225 | 11,223 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-4
| ACTELIS NETWORKS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (U. S. dollars in thousands except for share and per share amounts) | ||||||||||
| Year ended December 31 | ||||||||||
| Note | 2024 | 2023 | ||||||||
| REVENUES | 14 | 7,760 | 5,606 | |||||||
| COST OF REVENUES | 3,490 | 3,706 | ||||||||
| GROSS PROFIT | 4,270 | 1,900 | ||||||||
| OPERATING EXPENSES: | ||||||||||
| Research and development expenses | 2,383 | 2,702 | ||||||||
| Sales and marketing expenses | 2,639 | 3,030 | ||||||||
| General and administrative expenses | 3,169 | 3,531 | ||||||||
| Other Income | (163) | - | ||||||||
| TOTAL OPERATING EXPENSES | 8,028 | 9,263 | ||||||||
| OPERATING LOSS | (3,758) | (7,363 | ) | |||||||
| Interest expenses | (618) | (766 | ) | |||||||
| Other financial income (expenses), net | 15 | 2 | 1,843 | |||||||
| NET COMPREHENSIVE LOSS FOR THE YEAR | (4,374 | ) | (6,286 | ) | ||||||
| Net loss per share attributable to common shareholders – basic and diluted | 13 | $ | (0.85 | ) | $ | (2.61 | ) | |||
| Weighted average number of common stocks used in computing net loss per share – basic and diluted | 5,146,048 | 2,412,717 | ||||||||
The accompanying notes are an integral part of these consolidated financial statements.
| ACTELIS NETWORKS, INC. CONOSLIDATED STATEMENTS OF CASH FLOWS U.S. DOLLARS IN THOUSANDS | ||||||||
| Year ended December 31 | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss for the year | (4,374 | ) | (6,286 | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 26 | 27 | ||||||
| Changes in fair value related to warrants to lenders and investors | (8 | ) | (1,658 | ) | ||||
| Warrant issuance costs | -- | 223 | ||||||
| Inventory write-downs | 101 | 239 | ||||||
| Exchange rate differences | (265 | ) | (460 | ) | ||||
| Share-based compensation | 337 | 377 | ||||||
| Interest expenses | 176 | 295 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Trade receivables | (952 | ) | 2,370 | |||||
| Net change in operating lease assets and liabilities | 26 | 19 | ||||||
| Inventories | (11 | ) | (1,585 | ) | ||||
| Prepaid expenses and other current assets | (143 | ) | 357 | |||||
| Other long-term assets | -- | (100 | ) | |||||
| Trade payables | (787 | ) | (25 | ) | ||||
| Deferred revenues | (122 | ) | (188 | ) | ||||
| Other current liabilities | (515 | ) | (172 | ) | ||||
| Other long-term liabilities | (38 | ) | (10 | ) | ||||
| Net cash used in operating activities | (6,549 | ) | (6,577 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Short term deposit, net | 198 | 1,418 | ||||||
| Long- term deposit | - | (56 | ) | |||||
| Proceeds from restricted long term bank deposits | - | 4,827 | ||||||
| Deposit of restricted long-term bank deposits | - | (2,810)228 | ||||||
| Restricted short term bank deposit | - | 451 | ||||||
| Purchase of property and equipment | (1 | ) | (9 | ) | ||||
| Net cash provided by investing activities | 197 | 3,821 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from exercise of options | 32 | - | ||||||
| Proceeds from credit line with bank, net | 774 | - | ||||||
| Proceeds from issuance of common stocks | 2,063 | - | ||||||
| Offering cost from issuance of common stocks | (125 | ) | - | |||||
| Proceeds from warrant inducement agreement | 5,248 | |||||||
| Proceeds from issuance of common stocks, pre-funded warrants and warrants | * | 5,000 | ||||||
| Underwriting discounts and commissions and other offering costs | (668 | ) | (420 | ) | ||||
| Repurchase of common stock | - | (50 | ) | |||||
| Early repayment of long-term loan | (4,038 | ) | - | |||||
| Repayment of long-term loan | (193 | ) | (769 | ) | ||||
| Net cash provided by financing activities | 3,093 | 3,761 | ||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 11 | 231 | ||||||
| INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (3,248 | ) | 1,236 | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR | 5,515 | 4,279 | ||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | 2,267 | 5,515 | ||||||
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||||||||
| Cash and cash equivalents | 1,967 | 620 | ||||||
| Restricted cash equivalents, current | 300 | 1,565 | ||||||
| Restricted cash and cash equivalents, non-current | - | 3,330 | ||||||
| Total cash, cash equivalents and restricted cash | 2,267 | 5,515 | ||||||
| * Represents an amount less than | ||||||||
F-7
| ACTELIS NETWORKS, INC. CONOSLIDATED STATEMENTS OF CASH FLOWS (continued) U.S. DOLLARS IN THOUSANDS | |||||||
| Year ended December 31 | |||||||
| 2024 | 2023 | ||||||
| SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
| Cash paid for interest | 624 | 431 | |||||
| SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS: | |||||||
| Right of use assets obtained in exchange for new operating lease liabilities | - | 702 | |||||
| Issuance costs of common stock, pre-funded warrants and warrants | - | 159 | |||||
| Reclassification of warrants from liability to equity upon amendment to private placement agreement (see Note 12(d)) | - | 314 | |||||
| Issuance costs of the Warrant inducement agreement | 2,651 | - | |||||
| Warrant to lender | 84 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-8
Non-GAAP Financial Measures
| (U.S. dollars in thousands) | Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||
| Revenues | $ | 7,760 | $ | 5,606 | ||||
| GAAP net loss | (4,374 | ) | (6,286 | ) | ||||
| Interest Expense | 618 | 766 | ||||||
| Other financial expenses (income), net | (2 | ) | (1,843) | |||||
| Tax Expense | 103 | 78 | ||||||
| Fixed asset depreciation expense | 26 | 27 | ||||||
| Stock based compensation | 337 | 377 | ||||||
| Research and development, capitalization | - | 444 | ||||||
| Other one-time costs and expenses | (189 | ) | 371 | |||||
| Non-GAAP Adjusted EBITDA | (3,481 | ) | (6,066 | ) | ||||
| GAAP net loss margin | (56.37 | )% | (112.14 | )% | ||||
| Adjusted EBITDA margin | (44.86 | )% | (108.20 | )% | ||||
FAQ
What was Actelis Networks (ASNS) revenue growth in 2024?
How much did ASNS improve its gross margin in 2024?
What was the reduction in ASNS loss per share for 2024?
How much growth did ASNS achieve in Federal and Military orders in 2024?
What is ASNS's current debt position as of 2024?
