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SaverOne 2014 Ltd. (NASDAQ: SVRE, TASE: SVRE) is a leading technology company committed to enhancing transportation safety through its advanced driver-assistance systems (ADAS). Founded in 2014, SaverOne specializes in developing and deploying solutions aimed at preventing distracted driving, one of the major causes of road accidents globally.
The company's core product, the SaverOne system, restricts the driver's access to distracting mobile applications while allowing essential functionalities like navigation and calls. This sophisticated yet user-friendly system is designed to minimize in-route distractions, providing a safer driving environment for drivers, passengers, and pedestrians alike.
SaverOne has made significant strides in recent years, driven by an ambitious agenda and strategic partnerships. In 2023, the company reported a revenue increase to NIS 2.7 million, showcasing its strong market momentum. SaverOne has also secured transformative OEM deals, including agreements with major players like IVECO and Volvo Bus Corporation. These collaborations involve the integration of SaverOne's safety technology into commercial vehicles, highlighting the company's growing influence in the transportation sector.
The company's initiatives extend beyond individual partnerships. SaverOne has launched pilot projects and secured multiple contracts across various markets, including public transportation and tour bus fleets in Israel and a pilot program in the United States with Motor Supply, Inc. These endeavors emphasize SaverOne's commitment to expanding its reach and impact globally.
Financially, SaverOne has shown robust growth, with a 128% increase in year-over-year revenues in 2023 and a 107% rise in gross profit. The company is well-capitalized, with approximately $4.7 million in cash as of the end of 2023, providing a solid foundation for its 2024 growth agenda.
SaverOne's technology is not only aimed at current market demands but also positions the company for future growth. The company is developing a sensor system for early detection of vulnerable road users, leveraging cellphone footprints under all visibility conditions, a crucial development for the future of autonomous driving and enhanced vehicle safety.
With a comprehensive portfolio of 23 patents and a strategic focus on key global markets like the U.S., China, and the European Union, SaverOne is poised to lead in the field of driver protection technology. The company's mission to save lives by preventing accidents due to mobile distractions is as relevant today as it was at its inception, making SaverOne a crucial player in the ongoing effort to enhance road safety worldwide.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE), a transportation safety solutions company, has announced a strategic asset purchase agreement for Micronet 's Generation-3 camera products and intellectual property (IP). The acquisition includes IP and inventory related to Micronet's Generation 3 camera at no upfront cost, with future royalty payments contingent on sales. This move aligns with SaverOne's strategy to expand its product portfolio and enhance offerings.
CEO Ori Gilboa stated that the acquisition supports their intention to create a unique combined product with both camera and cellular distraction prevention solutions. The company sees this as a significant opportunity for future revenue growth and potential for new customer acquisition, particularly in the United States.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) reported its results for the first half of 2024 and shared recent business updates. The company, which develops transportation safety and ADAS technologies, highlighted a significant reduction in operating expenses of NIS 2.3 million ($612,000), reducing operating loss and cash burn. Key developments include OEM agreements with Volvo Group and IVECO, and plans for a spinoff company focused on the VRU sensor solution with an estimated annual market potential of $1.5 billion by 2035.
Financial highlights show revenues of NIS 483,000 ($129,000) in H1 2024, down from NIS 1.5 million in H1 2023. The company reduced its net loss to NIS 16.3 million ($4.4 million) in H1 2024 from NIS 17.8 million in H1 2023. SaverOne's CEO, Ori Gilboa, noted challenges in the Israeli market but expressed optimism about international expansion and future growth prospects.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) has announced the expansion of its SaverOne system installation across Egged Tours' entire bus fleet at its central hub. Following a successful pilot project, the company will install the system on an additional 60 buses, bringing the total to 130 vehicles. The SaverOne system aims to prevent cell phone distractions for bus drivers, enhancing safety for passengers and other road users.
Egged Tours, a subsidiary of Israel's largest public bus fleet operator, Egged Transportation, represents a significant potential market for SaverOne. The company's Vice President of Operations and Traffic, Saadi Mohand Hamoudi, emphasized that passenger and driver safety is their top priority, highlighting the system's role in reducing distraction-related accidents.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE), a transportation safety solutions company, has announced a new order for its SaverOne Systems from the Israeli subsidiary of a leading global food manufacturer. Following a successful pilot, the customer ordered the installation of SaverOne Systems on 46 trucks in their supply chain fleet. This order comes after the customer recently contracted SaverOne to install systems across their full fleet of employee vehicles in Israel.
CEO Ori Gilboa highlighted the order's significance in validating SaverOne's growth strategy and its potential for international expansion. The SaverOne System aims to protect the customer's supply chain from disruptions caused by driver distraction-related accidents. The company sees this as an opportunity to further penetrate the customer's global organization and expand to additional subsidiaries worldwide.
SaverOne 2014, a company specializing in transportation safety solutions, announced a significant follow-on order for 50 SaverOne Systems from the Israeli subsidiary of a major global food manufacturer. This order follows successful trials and a prior order in November 2022 involving 80 employee vehicles, which saw a notable reduction in accidents. Feedback has been very positive, highlighting the system's effectiveness. CEO Ori Gilboa emphasized that this order underscores the product's success and represents substantial growth potential for SaverOne, as they aim to expand sales within the customer's global organization and other multinational clients.
SaverOne announced the formation of a new company to advance its Vulnerable Road User (VRU) sensor solution leveraging the RF Advanced Driver Assistance System (ADAS) technology. This decision follows a comprehensive analysis by a leading consultancy firm, projecting an annual market potential of $1.5 billion by 2035. The RF-ADAS technology enhances vehicle safety by detecting pedestrians and cyclists in non-line-of-sight scenarios. SaverOne has also secured a paid proof-of-concept order from European OEM IVECO. The company is actively seeking investors and strategic partners to support the new subsidiary's development and commercialization.
SaverOne received a notice from Nasdaq on May 17, 2024, about not meeting the minimum bid price requirement of $1.00 per share for its American Depositary Shares. This non-compliance is based on the share price for the last 31 consecutive business days. The company has 180 days, until November 13, 2024, to regain compliance by maintaining a closing bid price of at least $1.00 per share for 10 consecutive business days. If unsuccessful, SaverOne may receive an additional 180-day extension to comply, possibly through a reverse stock split. The company is actively monitoring the situation and prioritizes its continued listing on Nasdaq.
SaverOne 2014, a technology firm specializing in transportation safety, has been granted a new patent by the European Patent Office. This patent, numbered EP3158718, is titled 'System and Methods to Facilitate Safe Driving'.
The patent leverages machine learning and channel fingerprinting to selectively restrict driver phone functions without affecting other mobile devices in the vehicle, enhancing road safety. With this patent, SaverOne now holds a portfolio of 23 patents (11 granted and 12 pending) in major markets including the US, China, Israel, UK, and the EU. This development aligns with SaverOne's strategy for global expansion and reinforces its leadership in transportation safety innovation.
SaverOne 2014 expands collaboration with IVECO by receiving a new purchase order to develop a proof-of-concept solution for vulnerable road user detection. The solution will be integrated into IVECO's vehicles to enhance safety. The partnership aims to improve road safety and protect all road users by detecting vulnerable road users like pedestrians and cyclists using radio frequency (RF) technology.
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