Actelis Networks Reports Q2 2024 Results: 372% Sequential Revenue Growth, 81% Year-Over-Year Increase, and Positive EBITDA
Actelis Networks (NASDAQ: ASNS) reported strong Q2 2024 results, showcasing 372% sequential revenue growth and 81% year-over-year increase. Revenue reached $3.43 million, up from $1.9 million in Q2 2023. The company achieved positive EBITDA of $11,000, marking the first profitable quarter since 2022. Gross margin improved significantly to 57%, driven by increased revenue and a more profitable geographical mix. Operating expenses were reduced by 20% to $1.88 million. Actelis secured a $2.3 million order from Washington D.C.'s Department of Transportation and successfully deployed its solution in Bakersfield, CA. The company raised nearly $5 million in June 2024, strengthening its liquidity position.
Actelis Networks (NASDAQ: ASNS) ha riportato risultati eccezionali nel secondo trimestre del 2024, con una crescita delle entrate sequenziale del 372% e un aumento dell'81% anno su anno. Le entrate hanno raggiunto 3,43 milioni di dollari, rispetto ai 1,9 milioni di dollari del secondo trimestre del 2023. L'azienda ha registrato un EBITDA positivo di 11.000 dollari, segnando il primo trimestre profittevole dal 2022. Il margine lordo è migliorato significativamente, raggiungendo il 57%, grazie all'aumento delle entrate e a una composizione geografica più redditizia. Le spese operative sono state ridotte del 20% a 1,88 milioni di dollari. Actelis ha ottenuto un ordine di 2,3 milioni di dollari dal Dipartimento dei Trasporti di Washington D.C. e ha implementato con successo la sua soluzione a Bakersfield, in California. L'azienda ha raccolto quasi 5 milioni di dollari a giugno 2024, rafforzando la sua posizione di liquidità.
Actelis Networks (NASDAQ: ASNS) reportó resultados sólidos en el segundo trimestre de 2024, mostrando un crecimiento secuencial de ingresos del 372% y un incremento del 81% en comparación con el año anterior. Los ingresos alcanzaron $3.43 millones, un aumento desde los $1.9 millones en el segundo trimestre de 2023. La compañía logró un EBITDA positivo de $11,000, marcando el primer trimestre rentable desde 2022. El margen bruto mejoró significativamente al 57%, impulsado por el aumento de ingresos y una mezcla geográfica más rentable. Los gastos operativos se redujeron en un 20% a $1.88 millones. Actelis aseguró un pedido de $2.3 millones del Departamento de Transporte de Washington D.C. y desplegó con éxito su solución en Bakersfield, California. La empresa recaudó casi $5 millones en junio de 2024, fortaleciendo su posición de liquidez.
Actelis Networks (NASDAQ: ASNS)는 2024년 2분기에 강력한 결과를 보고하며 372%의 sequential 수익 성장과 81%의 연간 증가율을 기록했습니다. 수익은 343만 달러에 도달하여, 2023년 2분기의 190만 달러에서 증가했습니다. 이 회사는 11,000 달러의 긍정적인 EBITDA를 달성하며 2022년 이후 첫 번째 수익성 분기를 기록했습니다. 총 마진은 57%로 크게 향상되었으며, 이는 증가한 수익과 더 수익성 있는 지리적 믹스에 의해 추진되었습니다. 운영 비용은 20% 줄어들어 188만 달러로 감소하였습니다. Actelis는 워싱턴 D.C. 교통부로부터 230만 달러의 주문을 확보하고, 캘리포니아 베이커스필드에서 솔루션을 성공적으로 배포했습니다. 이 회사는 2024년 6월에 거의 500만 달러를 모금하여 유동성 위치를 강화했습니다.
Actelis Networks (NASDAQ: ASNS) a rapporté de solides résultats au deuxième trimestre 2024, avec une croissance séquentielle des revenus de 372% et une augmentation de 81% par rapport à l'année précédente. Les revenus ont atteint 3,43 millions de dollars, contre 1,9 million de dollars au deuxième trimestre 2023. L'entreprise a réalisé un EBITDA positif de 11 000 dollars, marquant le premier trimestre rentable depuis 2022. La marge brute s'est considérablement améliorée à 57%, soutenue par l'augmentation des revenus et une composition géographique plus profitable. Les dépenses d'exploitation ont été réduites de 20% à 1,88 million de dollars. Actelis a obtenu une commande de 2,3 millions de dollars du Département des Transports de Washington D.C. et a déployé avec succès sa solution à Bakersfield, en Californie. L'entreprise a levé près de 5 millions de dollars en juin 2024, renforçant ainsi sa position de liquidité.
Actelis Networks (NASDAQ: ASNS) berichtete über starke Ergebnisse im zweiten Quartal 2024 mit einem Umsatzwachstum von 372% im Vergleich zum vorherigen Quartal und einem Jahresvergleich von 81%. Der Umsatz erreichte 3,43 Millionen Dollar, ein Anstieg von 1,9 Millionen Dollar im Q2 2023. Das Unternehmen erzielte ein positives EBITDA von 11.000 Dollar, was das erste rentable Quartal seit 2022 markiert. Die Bruttomarge verbesserte sich erheblich auf 57%, angetrieben durch gestiegene Einnahmen und eine profitablere geografische Zusammensetzung. Die Betriebskosten wurden um 20% auf 1,88 Millionen Dollar gesenkt. Actelis erhielt einen Auftrag über 2,3 Millionen Dollar von der Verkehrsbehörde von Washington D.C. und setzte seine Lösung erfolgreich in Bakersfield, Kalifornien, ein. Das Unternehmen sammelte im Juni 2024 fast 5 Millionen Dollar, was seine Liquiditätsposition stärkte.
- Revenue increased 372% sequentially and 81% year-over-year to $3.43 million in Q2 2024
- Achieved positive EBITDA of $11,000, first profitable quarter since 2022
- Gross margin improved to 57% from 30% in the previous quarter
- Operating expenses reduced by 20% to $1.88 million
- Secured a $2.3 million order from Washington D.C.'s Department of Transportation
- Raised nearly $5 million in June 2024, strengthening liquidity position
- Net loss of $78,000 in Q2 2024, although significantly reduced from $1.59 million in Q2 2023
- Interest expenses of $137,000 in Q2 2024
Insights
Actelis Networks' Q2 2024 results showcase a remarkable turnaround with 372% sequential revenue growth and 81% year-over-year increase. The company's ability to achieve positive EBITDA for the first time since 2022 is a significant milestone. The surge in gross margin to
Actelis' success in securing a
Actelis' Q2 performance reflects a growing market demand for secure, rapid-deployment networking solutions in IoT applications. The significant contract with Washington D.C.'s DoT indicates increasing government investment in smart city infrastructure. This trend could open up substantial opportunities for Actelis in other major urban centers. The company's ability to maintain operations despite Middle East tensions demonstrates resilience in its supply chain and operations. However, the extended no-shop period with Quality Industrial Corp suggests ongoing negotiations, which could potentially lead to strategic changes. Investors should monitor this development closely. The positive market response to new product launches like GigaLine 800 and 900 indicates strong product-market fit, but sustained growth will depend on Actelis' ability to capitalize on these early successes and expand its market share.
Actelis Networks achieves very strong Q2 2024 performance with
FREMONT, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for wide area IoT applications, today reported financial results for the fiscal second quarter ended June 30, 2024.
Second Quarter and First Half 2024 Financial Highlights:
- Major Revenue Growth: Actelis achieved revenue increase to
$3.43 million in Q2 2024, reflecting an81% year-over-year growth compared to$1.9 million in Q2 2023, and372% sequential growth from$0.73 million in Q1 2024, driven by the accelerated execution of large contracts, including a significant deal with the Washington D.C. Department of Transportation. For the first half of 2024, revenue reached$4.2 million , up from$3.7 million in the same period last year, without a major software and services renewal valued at$1.4 million , won in July and covering 2024-2026. - Significant Improvement in Gross Margin: Gross margin soared to
$1.9 million , or57% , in Q2 2024, a substantial improvement from$0.2 million , or30% , in the prior quarter. This boost was driven by increased revenue and a more profitable geographical mix, with minimal rise in fixed costs. Year-over-year, Q2 2024 gross margin jumped from$0.6 million , or33% , in Q2 2023, and for the first half of 2024, gross margin improved to$2.2 million , or52% , from$1.3 million , or35% , in the same period last year, reflecting enhanced profitability. - Continued Reduction in Operating Expenses: Operating expenses were successfully reduced by
20% to$1.88 million (by13% to$2.04 million excluding one-time other income) in Q2 2024, down from$2.35 million in Q2 2023. For the first half of 2024, operating expenses decreased by20% to$3.97 million (by16% to$4.1 million excluding one-time other Income) compared to the previous year, demonstrating the effectiveness of the company's ongoing cost reduction initiatives. - Substantial narrowing of Net Loss and Positive Non-GAAP Adjusted EBITDA: Actelis reported a net loss of
$78,000 and a Non-GAAP adjusted EBITDA profit of$11,000 in Q2 2024, marking the first positive quarter since 2022. The net loss for the first half of 2024 was reduced by44% to$2.06 million , and the EBITDA loss decreased by38% to$1.78 million , reflecting the company’s improving financial health. - Strengthened liquidity Position: The company raised nearly
$5 million in June 2024, including$2 million signed on June 30 and closed on July 2. As of June 30, 2024, shareholders’ equity stood at$1.06 million , and on a pro forma basis, including this fundraise, shareholders' equity was$3.0 million —above Nasdaq's continued listing requirement of$2.5 million .
“I am extremely proud of our progress in the second quarter of 2024,” said Tuvia Barlev, Chairman and CEO. “Our team's relentless efforts have translated into significant customer successes and the successful execution for key customers. We are delivering on the commitments we made to drive growth and innovation, and the results speak to the impact of our strategic initiatives.”
Recent Company Highlights:
- Secured and delivered a
$2.3 million order from Washington D.C.’s Department of Transportation, contributing to the city’s infrastructure modernization efforts as part of its smart city initiatives. - Successfully deployed our hybrid-fiber, cyber-hardened solution in Bakersfield, CA, further demonstrating our technology's ability to enhance urban infrastructure and security.
- Our expense reduction program continues to yield results, with operating expenses in the first half of 2024 reduced by
16% compared to the same period last year, in line with our strategic cost structure optimization plan. - The newly launched GigaLine 800 and GigaLine 900 Multi-Dwelling Unit (MDU) solutions are generating significant market interest, with a growing list of customer trials underway.
A first order for GigaLine 800 worth
- Reported multiple customer wins across various markets in the past 90 days, reinforcing our position as a leader in networking solutions.
- We continue to work on the deal with Quality Industrial Corp and have extended the no-shop period until August 16.
- Despite ongoing tensions and conflicts in the Middle East, Actelis’ operations remain unaffected. We are closely monitoring the situation and are prepared to make necessary adjustments as events unfold.
“Our second quarter performance reflects the tangible progress we’re making in executing our growth strategy, especially in key sectors like intelligent transportation and critical infrastructure,” said Tuvia Barlev, Chairman and CEO of Actelis. “The significant order from Washington D.C.’s Department of Transportation and our successful deployments in cities like Bakersfield demonstrate not only the strength of our technology but also the trust that major urban centers place in Actelis to modernize and secure their infrastructure.”
“As we move forward, our focus is on scaling these successes, expanding our SaaS offerings through strategic partnerships, and continuing to reduce operational costs while maintaining high margins. As we navigate an increasingly complex global environment, our focus remains on executing our business plan with precision and adapting to any challenges that arise,” added Barlev.
Fiscal Second Quarter and First Half 2024 Financial Results:
- Revenues: Q2 2024 revenues were
$3.43 million , reflecting an impressive81% year-over-year increase from$1.90 million in Q2 2023. This also represents a remarkable372% sequential growth from$0.73 million in Q1 2024. For the first half of 2024, revenues totaled$4.16 million , up from$3.74 million in the same period in 2023. - Cost of Revenues: Cost of revenues for Q2 2024 was
$1.49 million , slightly higher than$1.26 million in Q2 2023. For the first half of 2024, the cost of revenues was$1.99 million , compared to$2.42 million for the first half of 2023. - Gross Profit: Gross profit for Q2 2024 was
$1.94 million , up from$632,000 in Q2 2023. For the first half of 2024, gross profit reached$2.16 million , compared to$1.32 million in the first half of 2023. - Research and Development Expenses: R&D expenses for Q2 2024 were
$603,000 , down from$669,000 in Q2 2023. For the first half of 2024, R&D expenses were$1.25 million , compared to$1.43 million in the same period last year. - Sales and Marketing Expenses: Sales and marketing expenses for Q2 2024 were
$647,000 , compared to$712,000 in Q2 2023. For the first half of 2024, these expenses totaled$1.27 million , down from$1.64 million in the first half of 2023. - General and Administrative Expenses: G&A expenses were
$790,000 in Q2 2024, down from$969,000 in Q2 2023. For the first half of 2024, G&A expenses were$1.61 million , compared to$1.83 million for the same period last year. - Other Income: Other income was
$163,000 in Q2 2024 and first half of 2024, driven by a government grant from the state of Israel associated with the Swords of Iron war - Operating Profit/Loss: Operating profit for Q2 2024 was
$66,000 , compared to an operating loss of$1.72 million in Q2 2023. For the first half of 2024, the operating loss was reduced to$1.81 million , down from$3.58 million in the first half of 2023. - Interest Expenses/(income): Interest Expense was
$137,000 in Q2 2024, a decrease from an expense of$171,000 in Q2 2023. For the first half of 2024, interest expenses were$344,000 , compared to$351,000 in the first half of 2023. - Other Financial Income/Expenses, Net : Q2 2024 Other Financial income/(expense) was
$57,000 , compared to an income of$296,000 in Q2 2023. For the first half of 2024, financial income/(expense) were$149,000 , compared to$444,000 for the first half of 2023. - Net Comprehensive Profit/(Loss): Net comprehensive Loss for Q2 2024 was
$78,000 , a significant turnaround from a net loss of$1.59 million in Q2 2023. For the first half of 2024, the net loss was$2.06 million , compared to a net loss of$3.49 million in the first half of 2023. - Non-GAAP EBITDA: Non-GAAP EBITDA was
$11,000 in Q2-2023, compared to a non-GAAP EBITDA loss of$1.3 million in the year ago period, driven by increased revenue, better gross margin and reduced operating expenses. For the first half of 2024, non-GAAP EBITDA loss was$1.8 million , down38% from$2.86 million in the year ago period.
About Actelis Networks, Inc.
Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment hybrid fiber networking solutions for wide-area IoT applications including federal, state and local government, ITS, military, utility, rail, telecom and campus applications. Actelis’ unique portfolio of hybrid fiber-copper, environmentally hardened aggregation switches, high density Ethernet devices, advanced management software and cyber-protection capabilities, unlocks the hidden value of essential networks, delivering safer connectivity for rapid, cost-effective deployment. 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. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.
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.
Investor Relations Contact:
ASNS@actelis.com
-Financial Tables to Follow-
| ACTELIS NETWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (U. S. dollars in thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | 2,412 | 620 | ||||||
| Restricted cash and cash equivalents | 790 | 1,565 | ||||||
| Short term deposits | - | 197 | ||||||
| Trade receivables, net of allowance for credit losses of | 690 | 664 | ||||||
| Inventories | 2,158 | 2,526 | ||||||
| Prepaid expenses and other current assets, net of allowance for doubtful debts of | 491 | 340 | ||||||
| TOTAL CURRENT ASSETS | 6,541 | 5,912 | ||||||
| NON-CURRENT ASSETS: | ||||||||
| Property and equipment, net | 55 | 61 | ||||||
| Prepaid expenses | 592 | 592 | ||||||
| Restricted cash and cash equivalents | 160 | 3,330 | ||||||
| Restricted bank deposits | 89 | 94 | ||||||
| Severance pay fund | 235 | 238 | ||||||
| Operating lease right of use assets | 608 | 918 | ||||||
| Long term deposits | 77 | 78 | ||||||
| TOTAL NON-CURRENT ASSETS | 1,816 | 5,311 | ||||||
| TOTAL ASSETS | 8,357 | 11,223 | ||||||
| ACTELIS NETWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (U. S. dollars in thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Liabilities, Mezzanine Equity and shareholders’ equity | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Credit line | 1,045 | - | ||||||
| Current maturities of long-term loans | 460 | 1,335 | ||||||
| Trade payables | 1,421 | 1,769 | ||||||
| Deferred revenues | 206 | 389 | ||||||
| Employee and employee-related obligations | 782 | 737 | ||||||
| Accrued royalties | 1,119 | 1,062 | ||||||
| Operating lease liabilities | 443 | 498 | ||||||
| Other accrued liabilities | 995 | 1,122 | ||||||
| TOTAL CURRENT LIABILITIES | 6,471 | 6,912 | ||||||
| NON-CURRENT LIABILITIES: | ||||||||
| Long-term loan, net of current maturities | 263 | 3,154 | ||||||
| Deferred revenues | 45 | 71 | ||||||
| Operating lease liabilities | 151 | 405 | ||||||
| Accrued severance | 263 | 270 | ||||||
| Other long-term liabilities | 27 | 23 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 749 | 3,923 | ||||||
| TOTAL LIABILITIES | 7,220 | 10,835 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 6) | ||||||||
| MEZZANINE EQUITY | ||||||||
| Redeemable Convertible Preferred Stock | - | - | ||||||
| WARRANTS TO PLACEMENT AGENT (Note 7) | 201 | 159 | ||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, | 1 | 1 | ||||||
| Non-voting common stock, | - | - | ||||||
| Additional paid-in capital | 42,687 | 39,916 | ||||||
| Accumulated deficit | (41,752 | ) | (39,688 | ) | ||||
| TOTAL SHAREHOLDERS’ EQUITY | 936 | 229 | ||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 8,357 | 11,223 | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).
| ACTELIS NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (U. S. dollars in thousands) | ||||||||||||||||
| Six months ended June 30 | Three months ended June 30 | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| REVENUES | 4,157 | 3,744 | 3,431 | 1,896 | ||||||||||||
| COST OF REVENUES | 1,994 | 2,424 | 1,488 | 1,264 | ||||||||||||
| GROSS PROFIT | 2,163 | 1,320 | 1,943 | 632 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development expenses | 1,250 | 1,426 | 603 | 669 | ||||||||||||
| Sales and marketing expenses, net | 1,274 | 1,641 | 647 | 712 | ||||||||||||
| General and administrative expenses | 1,607 | 1,834 | 790 | 969 | ||||||||||||
| Other income | (163 | ) | - | (163 | ) | - | ||||||||||
| TOTAL OPERATING EXPENSES | 3,968 | 4,901 | 1,877 | 2,350 | ||||||||||||
| OPERATING PROFIT (LOSS) | (1,805 | ) | (3,581 | ) | 66 | (1,718 | ) | |||||||||
| Interest expenses | (344 | ) | (351 | ) | (137 | ) | (171 | ) | ||||||||
| Other Financial income, net | 85 | 444 | 7 | 296 | ||||||||||||
| NET COMPREHENSIVE LOSS FOR THE PERIOD | (2,064 | ) | (3,488 | ) | (78 | ) | (1,593 | ) | ||||||||
| Net loss per share attributable to common shareholders – basic and diluted | $ | (0.51 | ) | $ | (1.72 | ) | $ | (0.01 | ) | $ | (0.68 | ) | ||||
| Weighted average number of common stocks used in computing net profit (loss) per share – basic and diluted | 4,000,994 | 2,033,747 | 4,257,674 | 2,333,381 | ||||||||||||
| ACTELIS NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| Six months ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| U.S. dollars in thousands | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss for the period | (2,064 | ) | (3,488 | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 8 | 13 | ||||||
| Changes in fair value related to warrants to lenders and investors | - | (396 | ) | |||||
| Warrant issuance costs | - | 223 | ||||||
| Inventory write-downs | 25 | 97 | ||||||
| Exchange rate differences | (79 | ) | (226 | ) | ||||
| Share-based compensation | 179 | 192 | ||||||
| Interest expenses | (41 | ) | - | |||||
| Financial income from long term bank deposit | 4 | (64 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Trade receivables | (26 | ) | 1,275 | |||||
| Net change in operating lease assets and Liabilities | 1 | 24 | ||||||
| Inventories | 342 | (726 | ) | |||||
| Prepaid expenses and other current assets | (150 | ) | 208 | |||||
| Trade payables | (347 | ) | 137 | |||||
| Deferred revenues | (209 | ) | (155 | ) | ||||
| Other current liabilities | 14 | (36 | ) | |||||
| Other long-term liabilities | - | (17 | ) | |||||
| Net cash used in operating activities | (2,343 | ) | (2,939 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Short term deposits | 198 | 810 | ||||||
| Short term Restricted bank deposits | - | (125 | ) | |||||
| Long term deposits | - | (5 | ) | |||||
| Purchase of property and equipment | (1 | ) | (3 | ) | ||||
| Net cash Provided by investing activities | 197 | 677 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from exercise of options | 32 | 10 | ||||||
| Repurchase of common stock | - | (50 | ) | |||||
| Proceeds from common stocks, pre-funded warrants and warrants | * | 3,500 | ||||||
| Proceeds from Warrant inducement agreement | 2,999 | - | ||||||
| Underwriting discounts and commissions and other offering costs | (397 | ) | (291 | ) | ||||
| Proceeds from credit lines with bank, net | 1,045 | - | ||||||
| Early repayment of long-term loan | (3,483 | ) | - | |||||
| Repayment of long-term loan | (193 | ) | (389 | ) | ||||
| Net cash Provided by financing activities | 3 | 2,780 | ||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | (10 | ) | (10 | ) | ||||
| INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | (2,153 | ) | 508 | |||||
| BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 5,515 | 4,279 | ||||||
| BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 3,362 | 4,787 | ||||||
| (U.S. dollars in thousands) | Six months Ended June 30, 2024 | Six months Ended June 30, 2023 | Three months Ended June 30, 2024 | Three months Ended June 30, 2023 | ||||||||||||
| Revenues | $ | 4,157 | $ | 3,744 | $ | 3,431 | $ | 1,896 | ||||||||
| GAAP net loss | (2,064 | ) | (3,488 | ) | (78 | ) | (1,593 | ) | ||||||||
| Interest Expense | 344 | 351 | 137 | 171 | ||||||||||||
| Other Financial expenses (income), net | (85 | ) | (444 | ) | (7 | ) | (296 | ) | ||||||||
| Tax Expense | 32 | 40 | 15 | 19 | ||||||||||||
| Fixed asset depreciation expense | 8 | 13 | 3 | 6 | ||||||||||||
| Stock based compensation | 179 | 192 | 90 | 97 | ||||||||||||
| Research and development, capitalization | 0 | 258 | - | 112 | ||||||||||||
| Other one-time costs and expenses | (189 | ) | 223 | (163 | ) | 223 | ||||||||||
| Non-GAAP Adjusted EBITDA | (1,775 | ) | (2,855 | ) | 11 | (1,261 | ) | |||||||||
| GAAP net loss margin | (49.65 | )% | (93.16 | )% | (2.27 | )% | (84.02 | )% | ||||||||
| Adjusted EBITDA margin | (42.70 | )% | (76.25 | )% | 0.03 | % | (66.51 | )% | ||||||||
FAQ
What was Actelis Networks' revenue growth in Q2 2024?
Did Actelis Networks achieve profitability in Q2 2024?
How did Actelis Networks' gross margin perform in Q2 2024?
What significant order did Actelis Networks secure in Q2 2024?
