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Actelis Networks Reports Second Quarter 2023

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Actelis Networks reports Q2 2023 financial results, with revenues up 3% sequentially to $1.9 million. Revenues for the first half of 2023 at $3.74 million vs. $4.95 million in prior year. Gross margin at 35% for H1 2023. Net loss decreased 45% YoY to $3.5 million. Non-GAAP adjusted EBITDA loss down 21% sequentially to $1.26 million. New orders from SITA in the amount of $444 thousand. Cost reduction program implemented. Welcomed Bret Harrison as new Senior VP of Sales for the Americas. Component shortage challenges improved. Certification of FIPS moving forward. Successfully showcased and tested new product families. Continuing to monitor irregular trading activities. Operating loss for Q2 2023 at $1.7 million.
Positive
  • Revenues up 3% sequentially
  • Net loss decreased 45% YoY
  • Cost reduction program implemented
  • Successfully showcased and tested new product families
Negative
  • Revenues for H1 2023 decreased compared to prior year
  • Gross margin decreased compared to H1 2022
  • Operating loss increased compared to Q2 2022

FREMONT, Calif., Aug. 24, 2023 (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 and first six months ended June 30, 2023.

Second Quarter and First Half 2023 Financial Highlights:

  • Revenues up 3% sequentially to $1.9 million for the second quarter ended June 30, 2023, due to improved supply chain availability, and open order backlog delivery, as components availability is improving.   
  • Revenues at $3.74 million for the first half of 2023 vs. $4.95 million in prior year, mostly due to the increase of 8% in delivery of sales to IoT customers offset by a reduction of 64% in Telecom, as the focus of the company shifts away from telecom business to IoT. This reduction in telecom business includes a reduction in software license revenues in the second quarter of 2022 affecting such trend. New order booking for the first half of 2023 consisted of 75% from IoT customers vs. 44% in the year ago period; The Company expects to get to nearly 90% of new order booking from IoT customers by end of 2023 exemplifying our IoT growth unmasked by the decline of our Telecom business.
  • Gross Margin at 35% for the first half of 2023, compared to 50% for the first half of 2022, driven by product-software mix change associated with the focus shift to IoT.
  • Net Loss for the first half of 2023 decreased 45% year-over-year to $3.5 million, compared to a net loss of $6.3 million for the first half of 2022, due to the decrease in financial expenses, following the conversion of financial instruments as a result of the Company’s IPO in May 2022, and implementation of cost reduction measures.
  • Non-GAAP adjusted EBITDA loss is down 21% sequentially to $1.26 million for the second quarter ended June 30, 2023, as the Company implements cost reduction measures, and at the same time continues to invest in sales and marketing to drive growth.

Recent Company Highlights:

  • New orders from SITA, the largest global provider of airport operations management systems in the amount of $444 thousand from eighteen different airports as part of the previously announced three-year contract, bringing the total life-to-date new orders to $950 thousand. New airports include Los-Angeles LAX, Orlando, Boston Logan, Santiago De Chile, Pasay Philippines and more.
  • Executed a cost reduction program, estimated to result in savings measures amounting to approximately 15% of its 2022 operating expenses (excluding one-time expenses), on an annualized basis.
  • Launched nine new high performance 10gbps fiber optic product series of advanced, software managed, temperature and cyber-hardened, layer 2 and layer 3 fiber optic switching devices. This release will enable Actelis to deliver a much broader selection of solutions for large and small networks, at higher speeds, in support of hybrid-fiber-copper networks that contain a larger part of fiber networking.
  • Closed a $3.5 million private placement of 944,670 shares of its common stock (or common stock equivalents) and warrants to purchase up to 944,670 shares of its common stock at a purchase price of $3.705 per share of common stock (or common stock equivalent) and associated warrant priced at-the-market under Nasdaq rules. The warrants have an exercise price of $3.58 per share, are exercisable immediately upon issuance and will expire five and one-half years following the issuance. The Company may receive approximately $3.38 million in additional gross proceeds if the warrants are exercised in full for cash and there is no assurance that any of the warrants will be exercised.
  • Welcomed Bret Harrison as the new Senior VP of Sales for the Americas. Bret brings a wealth of experience in the areas of sales leadership, business development and key partners/alliances management roles within enterprises, cybersecurity, telecommunications, and IoT solutions companies. Bret is returning to Actelis after a successful 10-year tenure with Actelis, thereafter as VP Sales, as well as at Avaya, Checkpoint, and Palo Alto Networks, driving sales at hundreds of millions of dollars annually.
  • Component shortage challenges improved, with lead-times approaching pre COVID19 levels. As a result, the Company is seeking to reduce the amount of working capital tied to supply chains, and to improve delivery and logistics metrics.
  • Continuing to monitor to help prevent irregular trading activities through the engagement with Shareholder Intelligent Services (“ShareIntel”). Such engagement shall continue for the next 6 months to continuously monitor and actively approach identified broker-dealers.
  • Certification of Federal Information Processing Standards (FIPS), which provides advanced encryption for operating systems running on the Company’s federal and military cyber security products is moving forward.
  • Successfully showcased and tested with customers the new GL800 and GL900 next generation, gigabit-grade, hybrid fiber-copper product families. The new product families are designed to enable rapid deployment of cyber-hardened, gigabit connectivity utilizing existing infrastructure of copper and coax to locations and buildings (with GL800) as well as to connect overnight end users and devices inside buildings including multi-dwelling units (“MDUs”) (with GL900) – where fiber installation is difficult and costly. The product families target a variety of IoT applications for rail, military and campus networks, 4G/5G/mobile base stations backhaul, as well as up to 18 million residential and business multi-dwelling unit/buildings (MDUs) in the U.S. alone. The showcase and successful testing took place with rail and military customers and exceeded expectations.
  • Late June, the Company reported its successful implementation of HVAC IoT digitization for the US military partnering with Jacobs Engineering as integration partner. Replacing the military’s existing 3rd party connectivity solution, Actelis provided connectivity for Heating, Ventilation, and Air Conditioning (HVAC) system monitoring and control rapidly and cyber-safely through its hybrid fiber-copper solutions.
  • In August, the Company announced additional wins in the United States Air Force and in Japan with Highway and Rail agencies.

Management Commentary:

“As we close out the first half of the year, Actelis continues to experience strong momentum in growing our pipeline of IoT customers and channels to further accelerate growth,” said Tuvia Barlev, Chairman and CEO of Actelis. “We launched the Gigaline fiber optic series and we are about to launch additional hybrid fiber-copper-coax enabled products that would complete the picture for our customers in any of the environments we serve including multi-dwelling units and including FIPS enabled, cyber-hardened, encrypted products. We also introduced our newest roadmap concept of cyber-aware-networking recently and we are working both organically as well as inorganically to achieve it. Our telco business has continued to decline but is being offset by our focus on serving our IoT verticals well and the growth opportunity there is exciting. As we approach a clear inflection point as the growth in IoT fully offsets our telco business we are investing in global sales and marketing to ensure we deliver strong performance in the coming quarters.”

"While we continue to reach new customers, we have carefully implemented cost savings measures as internal projects are coming to completion and freeing up resources. As a result, we are re-focusing our investment in IoT opportunities and cyber-aware-networking while keeping the cash burn-rate as low as needed,” Barlev added. “Our newly raised funding of $3.5M in gross proceeds, alongside the expense reduction efforts bolsters our balance sheet as we continue to make solid progress. We are also focused on improving our working capital as the supply chain availability is improving, as well as with regards to releasing restricted cash we own against our debt.”

“We have not been affected by the recent political climate in Israel and we enjoy a foreign exchange advantage for expenses related to our Israel office,” Barlev added.

Fiscal Second Quarter and First Half 2023 Financial Results:

Revenues for the for the three months ended June 30, 2023, amounted to $1.9 million, compared to $3.1 million for the three months ended June 30, 2022. The decrease from the corresponding period was primarily attributable to a decrease of $1.3 million of revenues generated from North America and Asia Pacific, offset by an increase of $0.1 million in revenues generated from Europe, the Middle East and Africa.

Revenues for the six months ended June 30, 2023, amounted to $3.74 million, compared to $4.95 million for the six months ended June 30, 2022. The decrease from the corresponding period was primarily attributable to a decrease of $1.3 million in revenues generated from North America and Europe, the Middle East and Africa, offset by an increase of $0.1 million in revenues generated from Asia Pacific.

Cost of revenues for the three months ended June 30, 2023, amounted to $1.3 million compared to $1.2 million for the three months ended June 30, 2022. The increase from the corresponding period was primarily attributable to change in product mix.

Cost of revenues for the six months ended June 30, 2023, amounted to $2.4 million compared to $2.45 million for the six months ended June 30, 2022.

Gross profit for the three months ended June 30, 2023, amounted to $0.6 million or 33% of revenue, compared to $1.9 million, or 62% of revenue for the three months ended June 30, 2022. The decrease from the corresponding period was mainly due to change in product mix.

Gross profit for the six months ended June 30, 2023, amounted to $1.3 million or 35% of revenue, compared to $2.5 million, or 50% of revenue for the six months ended June 30, 2022. The decrease from the corresponding period was mainly due to change in product mix.

Research and development expenses for the three months ended June 30, 2023, amounted to $0.7 million compared to $0.7 million for the three months ended June 30, 2022.

Research and development expenses for the six months ended June 30, 2023, amounted to $1.4 million compared to $1.3 million for the six months ended June 30, 2022. The increase was mainly due to an increase in payroll expenses for research and development personnel in the amount of $25,000, and an increase in professional services related to research and development in the amount of $51,000. 

Sales and marketing expenses for the three months ended June 30, 2023, amounted to $0.7 million compared to $0.8 for the three months ended June 30, 2022. The decrease was mainly due to a decrease in commission expenses.

Sales and marketing expenses for the six months ended June 30, 2023, amounted to $1.6 million compared to $1.6 for the six months ended June 30, 2022, with sales and marketing investments made in 2023, offsetting lower sales commission expenses.

General and administrative expenses for the three months ended June 30, 2023, amounted to $0.97 million compared to $1.07 million for the three months ended June 30, 2022. The decrease is driven by cost reduction measures.

General and administrative expenses for the six months ended June 30, 2023, amounted to $1.8 million compared to $1.7 million for the six months ended June 30, 2022. This increase was mainly due to payroll, insurance expenses and professional services expenses, in connection with our IPO completed in May 2022 and those costs associated with being a public company.

Operating loss for the three months ended June 30, 2023, was $1.7 million, compared to an operating loss of $0.7 million for the three months ended June 30, 2022. The increase was mainly due to the decrease in revenues and gross margin.

Operating loss for the six months ended June 30, 2023, was $3.6 million, compared to an operating loss of $2.1 million for the six months ended June 30, 2022. The increase was mainly due to the decrease in revenues and gross margin.

Other Financial income, net and interest expenses for the three months ended June 30, 2023, were $0.1 million (including $0.2 million interest expenses) compared to financial expense of $1.0 million (including $0.2 million interest expenses) for the three months ended June 30, 2022. During the three months ended June 30, 2023, the Company recorded financial income in connection with a decrease in fair value of warrants in the amount of $0.4 million, compared to an increase in fair value of various financial instruments prior to the IPO completed in May 2022, such as a convertible loan, note and warrants in the amount of $1.4 million, for the three months ended June 30, 2022. In addition, the Company recorded income in the amount of $0.1 from exchange rate differences during the three months ended June 30, 2023, compared to $0.5 million, during the three months ended June 30, 2022.

Other Financial income, net and interest expenses for the six months ended June 30, 2023, were $0.1 million (including $0.35 million interest expenses) compared to financial expense of $4.2 million (including $0.4 million interest expenses) for the six months ended June 30, 2022. During the six months ended June 30, 2023, the Company recorded financial income in connection with a decrease in fair value of warrants in the amount of $0.4 million, compared to an increase in fair value of various financial instruments prior to the IPO completed in May 2022, such as a convertible loan, note and warrants in the amount of $4.5 million. In addition, the Company recorded income in the amount of $0.25 million from exchange rate differences, compared to $0.65 during the three months ended June 30, 2022.

Net loss for the three months ended June 30, 2023, was $1.6 million, compared to net loss of $1.7 million for the three months ended June 30, 2022.

Net loss for the six months ended June 30, 2023, was $3.5 million, compared to net loss of $6.3 million for the six months ended June 30, 2022. This decrease was primarily due to the decrease in revenues and gross margin offset by a decrease in financial expenses, resulting from the conversion of the financial instruments the Company had such as a convertible loan, note and warrants from the IPO completed in May 2022. 

Adjusted EBITDA income (loss), a non-GAAP measurement of operating performance (reconciled below to Net Loss), for the three months ended June 30, 2023, was $(1.26) million, compared to $0.1 million in the comparable year-ago period. This was primarily a result of product mix change which resulted in a decreased gross profit and a decrease in other one-time costs and expenses.

Adjusted EBITDA loss, a non-GAAP measurement of operating performance (reconciled below to Net Loss), for the six months ended June 30, 2023, was $(2.85) million, compared to $(0.9) million in the comparable year-ago period. This was primarily attributed to product mix changes, as well as expenses associated with being a public company and a decrease in other one-time costs and expenses.

The Company reported a balance sheet with $13.6 million of total assets compared to $14.8 million as of December 31, 2022, $12.3 million of total liabilities compared to $11.6 million as of December 31, 2022, and $1.3 million of shareholders’ equity compared to shareholders equity of $3.3 million as of December 31, 2022.

About Actelis Networks, Inc.

Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment 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. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the SEC, including, but not limited to, the risks detailed in the Company’s final prospectus (Registration No. 333-264321), filed with the SEC on May 16, 2022. 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.

-Financial Tables to Follow-

ACTELIS NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(U. S. dollars in thousands except for share and per share amounts)

 June 30,
2023
  December 31,
2022
 
Assets     
CURRENT ASSETS:     
Cash and cash equivalents 2,573   3,943 
Short term deposits 809   1,622 
Restricted bank deposits 454   451 
Trade receivables, net of allowance for credit losses of $125 as of June 30, 2023, and December 31, 2022. 1,759   3,034 
Inventories 1,808   1,179 
Prepaid expenses and other current assets 470   678 
TOTAL CURRENT ASSETS 7,873   10,907 
        
NON-CURRENT ASSETS:       
Property and equipment, net 70   80 
Prepaid expenses 492   492 
Restricted cash 2,214   336 
Restricted bank deposits 2,213   2,027 
Severance pay fund 231   239 
Operating lease right of use assets 464   726 
Long term deposits 17   12 
TOTAL NON-CURRENT ASSETS 5,701   3,912 
        
TOTAL ASSETS 13,574   14,819 
        

ACTELIS NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
UNAUDITED
(U. S. dollars in thousands except for share and per share amounts)

 June 30,
2023
  December 31,
2022
 
Liabilities and redeemable convertible preferred stock, warrants to placement agent and shareholders’ equity     
CURRENT LIABILITIES:     
Current maturities of long-term loans 1,223   553 
Warrants 8   8 
Trade payables 1,918   1,781 
Deferred revenues 493   484 
Employee and employee-related obligations 772   793 
Accrued royalties 996   900 
Current maturities of operating lease liabilities 303   445 
Other accrued liabilities 1,003   1,238 
TOTAL CURRENT LIABILITIES 6,716   6,202 
        
NON-CURRENT LIABILITIES:       
Long-term loan, net of current maturities 3,456   4,625 
Warrants 1,576   - 
Deferred revenues -   164 
Operating lease liabilities 141   237 
Accrued severance 264   278 
Other long-term liabilities 32   48 
TOTAL NON-CURRENT LIABILITIES 5,469   5,352 
TOTAL LIABILITIES 12,185   11,554 
        
COMMITMENTS AND CONTINGENCIES (Note 10)       
        
REDEEMABLE CONVERTIBLE PREFERRED STOCK:       
Redeemable convertible preferred stock - $0.0001 par value, 10,000,000 authorized as of June 30, 2023, December 31, 2022. None issued and outstanding as of June 30, 2023, December 31, 2022. -   - 
        
WARRANTS TO PLACEMENT AGENT (Note 11(e)) 104   - 
        
SHAREHOLDERS' EQUITY (**):       
Common stock, $0.0001 par value: 3,000,000 shares authorized as of June 30, 2023, and December 31, 2022, respectively; 1,930,718 and 1,737,986 shares issued and outstanding as of June 30,2023 and December 31, 2022, respectively 1   1 
Non-voting common stock, $0.0001 par value: 2,803,774 shares authorized as of June 30, 2023, and December 31, 2022, respectively; None issued and outstanding as of June 30, 2023, and December 31, 2022, respectively. -   - 
Additional paid-in capital 38,174   36,666 
Accumulated deficit (36,890)  (33,402)
TOTAL SHAREHOLDERS’ EQUITY 1,285   3,265 
TOTAL LIABILITIES AND REDEEMABLE CONVERTIBLE PREFERRED STOCK, WARRANTS TO PLACEMENT AGENT AND SHAREHOLDERS’ EQUITY 13,574   14,819 
        

(**) Adjusted to reflect reverse stock split, see note 3(f).

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 except for share and per share amounts)

 Three months ended
June 30,
  Six months ended
June 30,
 
 2023  2022  2023  2022 
            
REVENUES 1,896   3,081   3,744   4,949 
COST OF REVENUES 1,264   1,159   2,424   2,445 
GROSS PROFIT 632   1,922   1,320   2,504 
                
OPERATING EXPENSES:               
Research and development expenses, net 669   676   1,426   1,326 
Sales and marketing expenses, net 712   837   1,641   1,567 
General and administrative expenses, net 969   1,067   1,834   1,702 
TOTAL OPERATING EXPENSES 2,350   2,580   4,901   4,595 
                
OPERATING LOSS (1,718)  (658)  (3,581)  (2,091)
Interest expense (171)  (204)  (351)  (424)
Other Financial income (expenses), net 296   (792)  444   (3,778)
NET COMPREHENSIVE LOSS FOR THE PERIOD (1,593)  (1,654)  (3,488)  (6,293)
                
Net loss per share attributable to common shareholders – basic and diluted (*)$(0.68) $(1.74) $(1.72) $(10.9)
Weighted average number of common stock used in computing net loss per share – basic and diluted (*) 2,333,381   952,223   2,033,747   578,726 
                

(*) Adjusted to reflect reverse stock split, see note 3(f).

The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).

Non-GAAP adjusted EBITDA

(U.S. dollars in thousands) Three months
Ended
June 30,
2023
  Three months
Ended
June 30,
2022
  Six months
Ended
June 30,
2023
  Six months
Ended
June 30,
2022
 
Revenues $1,896  $3,081  $3,744  $4,949 
GAAP net loss  (1,593)  (1,654)  (3,488)  (6,293)
Interest Expense  171   204   351   424 
Other Financial expenses (income), net  (296)  792   (444)  3,778 
Tax Expense  19   62   40   74 
Fixed asset depreciation expense  6   10   13   20 
Stock based compensation  97   14   192   28 
Research and development, capitalization  112   138   258   280 
Other one-time costs and expenses  223   513   223   801 
Non-GAAP Adjusted EBITDA  (1,261)  79   (2,855)  (888)
GAAP net loss margin  (84.02)%  (53.67)%  (93.16)%  (127.2)%
Adjusted EBITDA margin  (66.51)%  2.6%  (76.25)%  (17.94)%


  For the three months ended
June 30
  For the six months ended
June 30
 
(U.S. dollars in thousands) 2023  2022  2023  2022 
Revenues $1,896  $3,081  $3,744  $4,949 
                 
Non-GAAP Adjusted EBITDA  (1,261)  79   (2,855)  (888)
                 
As a percentage of revenues  (66.51)%  2.6%  (76.25)%  (17.94)%
                 

ACTELIS NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 Six months ended
June 30,
 
 2023  2022 
 U.S. dollars in thousands 
CASH FLOWS FROM OPERATING ACTIVITIES:     
Net loss for the period (3,488)  (6,293)
Adjustments to reconcile net loss to net cash used in operating activities:       
Depreciation 13   20 
Changes in fair value related to warrants to lenders and investors (396)  1,115 
Warrant issuance costs 223   - 
Inventories write-downs 97   80 
Exchange rate differences (226)  (739)
Share-based compensation 192   28 
Changes in fair value related to convertible loan -   1,648 
Changes in fair value related to convertible note -   1,753 
Financial income from long term bank deposit (64)  (4)
Changes in operating assets and liabilities:       
Trade receivables 1,275   (962)
Net change in operating lease assets and liabilities 24   (82)
Inventories (726)  (91)
Prepaid expenses and other current assets 208   (735)
Trade payables 137   (261)
Deferred revenues (155)  227 
Other current liabilities (36)  378 
Other long-term liabilities (17)  136 
Net cash used in operating activities (2,939)  (3,782)
CASH FLOWS FROM INVESTING ACTIVITIES:       
Short term deposits 810   (71)
Long term Restricted bank deposits (125)  - 
Long term deposits (5)  - 
Purchase of property and equipment (3)  (16)
Net cash provided by (used in) investing activities 677   (87)
CASH FLOWS FROM FINANCING ACTIVITIES:       
Proceeds from exercise of options 10   * 
Proceeds from common stocks, pre-funded warrants and warrants (see Note 11d) 3,500   - 
Proceeds from initial public offering and private placement -   18,712 
Underwriting discounts and commissions and other offering costs (291)  (2,175)
Repurchase of common stock (50)  - 
Repayment of long-term loan (389)  (316)
Net cash provided by financing activities 2,780   16,221 
        
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (10)  (739)
        
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 508   12,352 
        
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD 4,279   795 
        
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD 4,787   13,147 
        

* Represents an amount less than $1 thousands.

The accompanying notes are an integral part of these condensed consolidated financial statements (Unaudited).


Actelis Networks, Inc.

NASDAQ:ASNS

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Communication Equipment
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United States of America
FREMONT