ZOOZ Power Reports H2 and Full Year 2024 Financial Results
ZOOZ Power (Nasdaq and TASE: ZOOZ), a provider of flywheel-based power boosters for ultra-fast EV charging solutions, has reported its H2 and full year 2024 financial results. The company achieved notable growth, with revenue increasing by 36% from $0.76 million in 2023 to $1.04 million in 2024.
The company doubled its system sales compared to 2023, noting that while 2023 revenue included installation services as part of early market penetration, 2024 revenue was purely system-based. ZOOZ is currently expanding operations in Germany and France and developing partnerships with leading charge point operators to enhance their global presence in the EV charging infrastructure market.
ZOOZ Power (Nasdaq e TASE: ZOOZ), fornitore di potenziatori di energia basati su volani per soluzioni di ricarica ultra-rapida per veicoli elettrici, ha riportato i risultati finanziari del secondo semestre e dell'intero anno 2024. L'azienda ha registrato una crescita notevole, con un aumento del fatturato del 36%, passando da $0.76 milioni nel 2023 a $1.04 milioni nel 2024.
L'azienda ha raddoppiato le vendite di sistemi rispetto al 2023, notando che mentre il fatturato del 2023 includeva servizi di installazione come parte della penetrazione iniziale nel mercato, il fatturato del 2024 è stato esclusivamente basato sui sistemi. ZOOZ sta attualmente espandendo le operazioni in Germania e Francia e sviluppando partnership con i principali operatori di punti di ricarica per migliorare la propria presenza globale nel mercato delle infrastrutture di ricarica per veicoli elettrici.
ZOOZ Power (Nasdaq y TASE: ZOOZ), proveedor de potenciadores de energía basados en volantes para soluciones de carga ultra-rápida de vehículos eléctricos, ha informado sobre sus resultados financieros del segundo semestre y del año completo 2024. La empresa logró un crecimiento notable, con un aumento del 36% en los ingresos, pasando de $0.76 millones en 2023 a $1.04 millones en 2024.
La compañía duplicó sus ventas de sistemas en comparación con 2023, señalando que, mientras que los ingresos de 2023 incluían servicios de instalación como parte de la penetración temprana en el mercado, los ingresos de 2024 fueron puramente basados en sistemas. ZOOZ está actualmente expandiendo sus operaciones en Alemania y Francia y desarrollando asociaciones con los principales operadores de puntos de carga para mejorar su presencia global en el mercado de infraestructura de carga de vehículos eléctricos.
ZOOZ Power (Nasdaq 및 TASE: ZOOZ)는 초고속 전기차 충전 솔루션을 위한 플라이휠 기반 전력 증폭기의 공급업체로, 2024년 하반기 및 연간 재무 결과를 발표했습니다. 이 회사는 매출이 36% 증가하여 2023년 76만 달러에서 2024년 104만 달러로 증가하며 주목할 만한 성장을 달성했습니다.
회사는 2023년에 비해 시스템 판매를 두 배로 늘렸으며, 2023년 수익은 초기 시장 침투의 일환으로 설치 서비스를 포함했지만, 2024년 수익은 순수하게 시스템 기반이었다고 언급했습니다. ZOOZ는 현재 독일과 프랑스에서 운영을 확장하고 있으며, 전기차 충전 인프라 시장에서 글로벌 입지를 강화하기 위해 주요 충전소 운영자와 파트너십을 개발하고 있습니다.
ZOOZ Power (Nasdaq et TASE : ZOOZ), fournisseur de boosters d'énergie basés sur des volants pour des solutions de recharge ultra-rapide pour véhicules électriques, a annoncé ses résultats financiers pour le second semestre et l'année entière 2024. L'entreprise a connu une croissance notable, avec une augmentation de 36% de son chiffre d'affaires, passant de 0,76 million de dollars en 2023 à 1,04 million de dollars en 2024.
L'entreprise a doublé ses ventes de systèmes par rapport à 2023, notant que si le chiffre d'affaires de 2023 incluait des services d'installation dans le cadre de la pénétration précoce du marché, le chiffre d'affaires de 2024 était purement basé sur les systèmes. ZOOZ est actuellement en train d'étendre ses opérations en Allemagne et en France et de développer des partenariats avec des opérateurs de points de charge de premier plan pour améliorer sa présence mondiale sur le marché des infrastructures de recharge pour véhicules électriques.
ZOOZ Power (Nasdaq und TASE: ZOOZ), Anbieter von Schwungrad-basierten Energieverstärkern für ultraschnelle EV-Ladelösungen, hat seine Finanzzahlen für das zweite Halbjahr und das gesamte Jahr 2024 veröffentlicht. Das Unternehmen verzeichnete ein bemerkenswertes Wachstum, mit einem Umsatzanstieg von 36%, von 0,76 Millionen Dollar im Jahr 2023 auf 1,04 Millionen Dollar im Jahr 2024.
Das Unternehmen hat seine Systemverkäufe im Vergleich zu 2023 verdoppelt und festgestellt, dass der Umsatz von 2023 Installationsdienstleistungen als Teil der frühen Marktdurchdringung umfasste, während der Umsatz von 2024 rein systembasiert war. ZOOZ erweitert derzeit seine Aktivitäten in Deutschland und Frankreich und entwickelt Partnerschaften mit führenden Ladepunktbetreibern, um seine globale Präsenz im Markt für EV-Ladeinfrastruktur zu verbessern.
- Revenue grew 36% YoY to $1.04M
- Doubled system sales compared to 2023
- Expanding operations in Germany and France
- Advancing partnerships with leading charge point operators
- Revenue still at early-stage levels ($1.04M)
Tel-Aviv, Israel, March 06, 2025 (GLOBE NEWSWIRE) -- ZOOZ Power (Nasdaq and TASE: ZOOZ), a leading provider of flywheel-based power boosters and energy management systems for enabling ultra-fast EV charging solutions, announced today its second half and full year 2024 financial results and provided a corporate update.
ZOOZ Power’s revenue increased in 2024, doubling the number of systems sold in 2023. Revenue increased by
“As the EV market continues to evolve, ZOOZ Power remains dedicated to delivering innovative power-boosting and energy management solutions that enhance the accessibility and efficiency of ultra-fast charging stations worldwide. I am excited to lead ZOOZ Power and focus on global expansion”, said Erez Zimerman, ZOOZ Power’s CEO.
“With our unique flywheel-based power boosting technology and recent deployments in key global markets, we are uniquely positioned to grow our presence globally. We are currently scaling operations in Germany and France and advancing partnerships with leading charge point operators. These steps underscore our commitment to enhance infrastructure efficiency and empower the EV ecosystem. I look forward to our success in 2025 as we shape the future of sustainable, high-performance charging solutions”, concluded Erez Zimerman.
Operational Highlights for the Six Months Ended December 31, 2024
| ● | In July 2024, ZOOZ Power expanded its presence in Germany, with its power boosters now operational at four sites, leading charge point operators. A fifth purchase order and deployment, currently underway, is a strong testament to the customer’s trust in ZOOZ’s technology. These successful deployments demonstrate ZOOZ Power’s role as a key enabler of sustainable, high-performance EV charging solutions and a trusted operating partner. | |
| ● | Following a successful pilot of the ZOOZTER™-100 system at the Dor-Alon gas station along Highway 6 (one of Israel’s main transportation corridors), which led to a significant increase in charging sessions per day and demonstrated a relatively short ROI. Dor-Alon decided to adopt the ZOOZ solution and purchased the system. | |
| ● | In August, ZOOZ Power appointed Erez Zimerman as its new Chief Executive Officer, effective September 17th. Zimerman brings extensive experience across hardware and software, with a proven track record in company turnarounds, IPOs, acquisitions, and scaling global sales. | |
| ● | To further accelerate growth, ZOOZ Power expanded its sales team in Germany and France, two of Europe’s most dynamic and fast-growing electric vehicle markets. This strategic move enhances the company’s capacity to meet the increasing demand for efficient and sustainable EV charging infrastructure throughout the region. | |
| ● | In October 2024, ZOOZ deployed it’s ZOOZTER™-100 system at NYPA (New York Power Authority). New York Power Authority President and CEO Justin E. Driscoll said, “Innovation is a priority for the Power Authority, and partnerships like the one with ZOOZ are integral to our work to decarbonize our economy and support transportation electrification in New York State.” | |
| ● | In November 2024, ZOOZ Power entered into a Standby Equity Purchase Agreement (SEPA) securing access to up to |
Financial Highlights:
Six Months Ended December 31, 2024
| ● | Revenue: ZOOZ reported approximately | |
| ● | Cost of revenues: Cost of revenues for the six months ended December 31, 2024, were approximately | |
| ● | Research and Development Expenses, Net: Research and development expenses, net for the six months ended December 31, 2024, were approximately | |
| ● | Sales and Marketing Expenses: Sales and marketing expenses for the six months ended December 31, 2024, were approximately | |
| ● | General and Administrative Expenses: General and administrative expenses for the six months ended December 31, 2024, were approximately | |
| ● | Net loss: Net loss for the six months ended December 31, 2024, was approximately |
Full Year Ended December 31, 2024
| ● | Cash: As of December 31, 2024, ZOOZ had approximately | |
| ● | Revenue: ZOOZ reported approximately | |
| ● | Cost of revenues: Cost of revenues for the full year ended December 31, 2024, were approximately | |
| ● | Research and Development Expenses, Net: Research and development expenses, net for the full year ended December 31, 2024, were approximately | |
| ● | Sales and Marketing Expenses: Sales and marketing expenses for the full year ended December 31, 2024, were approximately | |
| ● | General and Administrative Expenses: General and administrative expenses for the full year ended December 31, 2024, were approximately | |
| ● | Net loss: Net loss for the full year ended December 31, 2024, was approximately |
Results (K)
| H2 2024 Unaudited | H2 2023 Unaudited | FY 2024 Audited | FY 2023 Audited | |||||||||||||
| Revenues | $ | 498 | - | $ | 1,041 | $ | 764 | |||||||||
| Net Loss | $ | 5,753 | $ | 6,353 | $ | 10,990 | $ | 11,755 | ||||||||
| Loss per diluted share | $ | 0.50 | $ | 1.07 | $ | 1.09 | $ | 1.99 | ||||||||
Full financial tables are included below
About ZOOZ Power
ZOOZ is the leading provider of flywheel-based power boosting and energy management solutions, enabling the widespread deployment of ultra-fast charging infrastructure for electric vehicles (EVs) while overcoming existing grid limitations.
ZOOZ pioneers its unique flywheel-based power-boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure.
ZOOZ Power’s sustainable, power-boosting solutions are built with longevity and the environment in mind, helping its customers and partners accelerate the deployment of fast-charging infrastructure, thus facilitating improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ is publicly traded on NASDAQ and TASE under the ticker ZOOZ
For more information, please visit: www.zoozpower.com/
Investor Contact:
Miri Segal – CEO
MS-IR LLC
msegal@ms-ir.com
Media enquiries:
Media@zoozpower.com
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of ZOOZ Power. All statements other than statements of historical facts contained in this press release, including statements regarding ZOOZ Power, and any of ZOOZ Power’s strategy, future operations and statements related to the collaboration between ZOOZ Power and “ON” charging network (including any plans to implement ZOOZ Power’s solution and upgrade an additional site of “ON” on Route 6) are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause ZOOZ Power’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and other risks and uncertainties are more fully discussed in the “Risk Factors” section of ZOOZ’s most recent Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission (“SEC”) as well as other documents that may be subsequently filed by the Company from time to time with the SEC. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements relating to the limited operating history and evolving business model that make it difficult for investors to evaluate ZOOZ Power’s business and future prospects, material weaknesses identified in ZOOZ Power’s internal control over financial reporting and the potential results of ZOOZ Power being unable to remediate these material weaknesses, or identify additional material weaknesses in the future or otherwise failure to maintain an effective system of internal control over financial reporting, ZOOZ Power’s management’s determination that substantial doubt exists about the continued existence of ZOOZ Power as a “going concern”, changes to fuel economy standards or changes to governments’ regulations and policies in relation to environment or the success of alternative fuels which may negatively impact the EVs market and thus the demand for ZOOZ Power’s products, delays in deployment of public ultra-fast charging infrastructure which may limit the need and urgency for ZOOZ Power’s products, the potential outcome of ZOOZ Power’s collaborations with third parties for installation of its flywheel-based power boosting solution, and conditions in Israel and in the Middle East, including the effect of the evolving nature of the ongoing “Swords of Iron” war, may adversely affect ZOOZ Power’s operations. These forward-looking statements are only estimations, and ZOOZ Power may not actually achieve the plans, intentions or expectations disclosed in any forward-looking statements, so you should not place undue reliance on any forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements made in this Press Release. Management of ZOOZ Power has based these forward-looking statements largely on current expectations and projections about future events and trends that such persons believe may affect ZOOZ Power’s business, financial condition and operating results. Forward-looking statements contained in this Press Release are made as of the date hereof, and none of ZOOZ Power or any of its representatives or any other person undertakes any duty to update such information except as may be expressly required under applicable law.
ZOOZ POWER LTD
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) - (Unaudited)
| December 31 | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash | 7,532 | 6,672 | ||||||
| Restricted bank deposits | 34 | - | ||||||
| Prepaid expenses | 370 | 203 | ||||||
| Other current assets | 397 | 549 | ||||||
| Inventory | 2,320 | 2,848 | ||||||
| TOTAL CURRENT ASSETS | 10,653 | 10,272 | ||||||
| NON-CURRENT ASSETS: | ||||||||
| Restricted bank deposits | 192 | 224 | ||||||
| Prepaid expenses | 91 | 79 | ||||||
| Operating lease right of use assets | 974 | 1,309 | ||||||
| Property and equipment, net | 927 | 1,593 | ||||||
| TOTAL NON-CURRENT ASSETS | 2,184 | 3,205 | ||||||
| TOTAL ASSETS | 12,837 | 13,477 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | 297 | 536 | ||||||
| Other payables and accrued expenses | 870 | 1,387 | ||||||
| Short term employee benefits | 668 | 788 | ||||||
| Share based payment liabilities | - | 232 | ||||||
| Promissory note | 890 | - | ||||||
| Promissory note - Related party | 2,151 | - | ||||||
| Current maturities of operating lease liabilities | 314 | 309 | ||||||
| TOTAL CURRENT LIABILITIES | 5,190 | 3,252 | ||||||
| NON-CURRENT LIABILITIES: | ||||||||
| Warrants liability | 331 | - | ||||||
| Operating lease liabilities | 598 | 1,035 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 929 | 1,035 | ||||||
| TOTAL LIABILITIES | 6,119 | 4,287 | ||||||
| TOTAL EQUITY | 6,718 | 9,190 | ||||||
| TOTAL LIABILITIES AND EQUITY | 12,837 | 13,477 | ||||||
ZOOZ POWER LTD
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data) - (Unaudited)
| Year ended December 31 | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| Revenue | 1,041 | 764 | - | |||||||||
| Cost of revenue | 1,527 | 1,869 | 178 | |||||||||
| Gross loss | (486 | ) | (1,105 | ) | (178 | ) | ||||||
| Research and development, net | 5,062 | 5,215 | 4,163 | |||||||||
| Sales and marketing | 1,324 | 3,041 | 1,672 | |||||||||
| General and administrative | 3,664 | 2,850 | 2,189 | |||||||||
| Operating loss | (10,536 | ) | (12,211 | ) | (8,202 | ) | ||||||
| Interest expenses | 171 | - | - | |||||||||
| Other finance expenses (income), net | 283 | (456 | ) | (377 | ) | |||||||
| Net loss | (10,990 | ) | (11,755 | ) | (7,825 | ) | ||||||
| Net loss per ordinary share attributable to shareholders - basic and diluted | (1.09 | ) | (1.99 | ) | (1.51 | ) | ||||||
| Weighted average ordinary shares outstanding – basic and diluted | 10,070 | 5,912 | 5,166 | |||||||||
ZOOZ POWER LTD
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) - (Unaudited)
| June 30 | December 31 | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | 7,721 | 6,672 | ||||||
| Short term deposits | 3,507 | - | ||||||
| Prepaid expenses | 838 | 203 | ||||||
| Other current assets | 611 | 549 | ||||||
| Inventory | 2,470 | 2,848 | ||||||
| TOTAL CURRENT ASSETS | 15,147 | 10,272 | ||||||
| NON-CURRENT ASSETS: | ||||||||
| Restricted bank deposits | 219 | 224 | ||||||
| Prepaid expenses | 104 | 79 | ||||||
| Operating lease right of use assets | 1,133 | 1,309 | ||||||
| Property and equipment, net | 1,411 | 1,593 | ||||||
| TOTAL NON-CURRENT ASSETS | 2,867 | 3,205 | ||||||
| TOTAL ASSETS | 18, 014 | 13,477 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | 303 | 536 | ||||||
| Other payables and accrued expenses | 912 | 1,387 | ||||||
| Short term employee benefits | 662 | 788 | ||||||
| Share based payment liabilities | - | 232 | ||||||
| Promissory note | 856 | - | ||||||
| Promissory note - Related party | 2,069 | - | ||||||
| Current maturities of operating lease liabilities | 313 | 309 | ||||||
| TOTAL CURRENT LIABILITIES | 5,115 | 3,252 | ||||||
| NON-CURRENT LIABILITIES: | ||||||||
| Warrants liability | 181 | - | ||||||
| Operating lease liabilities | 824 | 1,035 | ||||||
| TOTAL NON-CURRENT LIABILITIES | 1,005 | 1,035 | ||||||
| TOTAL LIABILITIES | 6,120 | 4,287 | ||||||
| TOTAL EQUITY | 11,894 | 9,190 | ||||||
| TOTAL LIABILITIES AND EQUITY | 18,014 | 13,477 | ||||||
ZOOZ POWER LTD
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data) - (Unaudited)
| Six months ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Revenues | 543 | 784 | ||||||
| Cost of revenue | 751 | 981 | ||||||
| Gross loss | (208 | ) | (197 | ) | ||||
| Research and development, net | 2,429 | 2,652 | ||||||
| Sales and marketing, net | 830 | 1,331 | ||||||
| General and administrative | 1,792 | 1,528 | ||||||
| Operating loss | (5,259 | ) | (5,708 | ) | ||||
| Finance income, net | 22 | 306 | ||||||
| Net loss | (5,237 | ) | (5,402 | ) | ||||
| Net loss per ordinary share attributable to shareholders - basic and diluted | (0.59 | ) | (0.91 | ) | ||||
| Weighted average ordinary shares outstanding – basic and diluted | 8,854 | 5,912 | ||||||
FAQ
What was ZOOZ Power's revenue growth in 2024?
How many systems did ZOOZ sell in 2024 compared to 2023?
Which European markets is ZOOZ Power currently expanding into?
What is the main difference between ZOOZ's 2023 and 2024 revenue composition?
