Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the
“Company”), a development stage technology company seeking to
revolutionize railway safety and the data-related market, today
reported financial results for the third quarter ended September
30, 2023.
Shahar Hania, CEO of Rail Vision,
stated, “I would like to begin by expressing our heartfelt
sympathies and condolences to all those who have been affected by
the recent tragic events in Israel. Despite the difficult
circumstances in our home country, I want to reassure our
shareholders and stakeholders that Rail Vision's operations
continue unabated. Our commitment to delivering innovative,
safety-enhancing technology to the global rail industry remains as
strong as ever.”
“We reached another significant milestone in the
third quarter with the successful completion of a pilot program
with a leading US-based rail and leasing services company. This
customer purchased one of our Switch Yard Systems this year and has
been impressed with the results on extensive testing. We are now
discussing plans with this customer to implement our technology on
additional locomotives beginning as soon as Q4 2023. This is a
testament to the reliability and effectiveness of our solutions in
improving safety and efficiency in rail operations,” continued
Hania.
“In addition, we recently expanded our global
footprint with a $500,000 purchase order from a leading Latin
American mining company received in October 2023,” said Hania.
“This contract demonstrates the trust that a growing number of
customers worldwide place in our technology solutions. This new
customer purchased a Main Line Advance Driver Assistance System
(ADAS), equipped with high-end electro-optical sensors, machine
learning algorithms and edge computing capabilities. Our ADAS
solution provides operators with accurate and timely information,
enabling them to make informed decisions and enhance the safety of
train operations.
“As we move forward, we remain steadfast in our
mission: to leverage advanced technology to make railways safer and
more efficient. This belief drives every decision we make at Rail
Vision, and we are committed to continuing to execute on this
vision for the benefit of our customers, shareholders and
stakeholders worldwide,” concluded Hania.
Third Quarter
2023 & Recent
Highlights
- In October
2023, the Company received a purchase order in the amount of
approximately $500,000 for a Main Line ADAS system and related
services from a leading Latin American (LATAM) mining company. This
Main Line ADAS system is expected to be delivered to the new
customer during the fourth quarter of 2023. The LATAM mining
company will benefit from Rail Vision’s robust Main Line ADAS
system which uses high-end electro-optical sensors, machine
learning algorithms, and edge computing capabilities to improve the
safety of train operations by providing operators with accurate and
timely information to make informed decisions. Rail Vision will
also provide supervision, guidance, and training services as part
of the purchase order. This comprehensive approach ensures that the
Main Line ADAS system is seamlessly integrated into the customer's
existing infrastructure and operations, minimizing disruption and
downtime during implementation.
- A trial was
completed for a leading US-based rail and leasing services company
that purchased a Rail Vision Switch Yard System during 2023. This
new customer, which offers a suite of rail-centric services,
including in-plant rail switching and material handling services,
is expected to begin implementing Rail Vision’s technology on
additional locomotives during Q4 2023.
- On November 15,
2023, the Company effected a reverse share split of its ordinary
shares at the ratio of 1-for-8, such that each eight (8) ordinary
shares, par value NIS 0.01 per share, were consolidated into one
(1) ordinary share, par value NIS 0.08. All references to share and
per share amounts referred to herein reflect the reverse share
split.
Third Quarter
2023 Financial
Results
- Revenues were $142,000 for the
three months ended September 30, 2023, compared to $202,000 for the
three months ended September 30, 2022. Q3 2023 revenues were
primarily driven by a US-based rail and leasing services company
that purchased a Rail Vision Switch Yard System during Q1 2023 and
completed its evaluation during Q3 2023.
- Research and development
(“R&D”) expenses, net for the three months ended September 30,
2023, were $1,852,000, compared to R&D expenses of $1,651,000
in the three months ended September 30, 2022. The increase in
R&D expenses was primarily attributable to an increase in
R&D employees and an increase in R&D equipment
purchases.
- General and
administrative expenses for the three months ended September 30,
2023, were $1,050,000, similar to the general and administrative
expenses in the three months ended September 30, 2022.
- Net loss for
the three months ended September 30, 2023, was $2,788,000 or $0.93
per ordinary share, compared to a net loss of $2,769,000, or $1.39
per ordinary share, in the three months ended September 30,
2022.
- As of September
30, 2023, cash, cash equivalents and restricted cash were $5.1
million.
About Rail Vision Ltd.
Rail Vision is a development stage technology
company that is seeking to revolutionize railway safety and the
data-related market. The company has developed cutting edge,
artificial intelligence based, industry-leading technology
specifically designed for railways. The company has developed its
railway detection and systems to save lives, increase efficiency,
and dramatically reduce expenses for the railway operators. Rail
Vision believes that its technology will significantly increase
railway safety around the world, while creating significant
benefits and adding value to everyone who relies on the train
ecosystem: from passengers using trains for transportation to
companies that use railways to deliver goods and services. In
addition, the company believes that its technology has the
potential to advance the revolutionary concept of autonomous trains
into a practical reality. For more information, please visit
https://www.railvision.io/
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act 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. For example, the Company is
using forward-looking statements when it discusses its commitment
to delivering innovative, safety-enhancing technology to the global
rail industry and remaining steadfast in its mission to leverage
advanced technology to make railways safer and more efficient.
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 Securities
and Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s annual report on Form 20-F filed
with the SEC on March 23, 2023. 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. Rail Vision is not responsible for the contents of
third-party websites.
Contacts
Shahar HaniaChief Executive OfficerRail Vision Ltd.15 Ha'Tidhar
StRa'anana, 4366517 IsraelTelephone: +972- 9-957-7706
Investor Relations:
Dave Gentry, CEORedChip Companies
Inc.407-491-4498RVSN@redchip.com
Rail Vision Ltd. |
INTERIM CONDENSED BALANCE SHEETS |
(U.S. dollars in thousands, except share data and per share
data) |
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
Unaudited |
|
|
Audited |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
Cash and cash equivalents |
$4,925 |
|
$8,270 |
|
Restricted cash |
|
209 |
|
|
222 |
|
Trade accounts receivable |
|
28 |
|
|
115 |
|
Other current assets |
|
301 |
|
|
225 |
|
Inventory |
|
952 |
|
|
-- |
|
Total current assets |
|
6,415 |
|
|
8,832 |
|
|
|
|
Non-current Assets: |
|
|
Operating lease - right of use asset |
|
967 |
|
|
1,151 |
|
Fixed assets, net |
|
468 |
|
|
449 |
|
Total Non-current assets |
|
1,435 |
|
|
1,600 |
|
|
|
|
Total assets |
|
7,850 |
|
|
10,432 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities |
|
|
Trade payables |
|
291 |
|
|
56 |
|
Current operating lease liability |
|
269 |
|
|
281 |
|
Other accounts payable |
|
1,488 |
|
|
1,032 |
|
Total current liabilities |
|
2,049 |
|
|
1,369 |
|
|
|
|
Non-current operating lease liability |
|
542 |
|
|
798 |
|
|
|
|
Total liabilities |
|
2,598 |
|
|
2,167 |
|
|
|
|
Shareholders' equity |
|
|
Ordinary shares, NIS 0.08 par value (*) |
|
68 |
|
|
46 |
|
Additional paid in capital |
|
68,629 |
|
|
63,033 |
|
Accumulated deficit |
|
(63,438) |
|
|
(54,814) |
|
Total shareholders' equity |
|
5,259 |
|
|
8,265 |
|
|
|
|
Total liabilities and shareholders' equity |
|
7,850 |
|
|
10,432 |
|
|
|
|
(*) On November 15, 2023, the
Company effected a reverse share split of its ordinary shares at
the ratio of 1-for-8, such that each eight (8) ordinary shares par
value NIS 0.01 per share, were consolidated into one (1) ordinary
share, par value NIS 0.08 (the “Reverse
Split”).
Rail Vision Ltd. |
UNAUDITED INTERIM CONDENSED STATEMENTS OF COMPREHENSIVE
LOSS |
(U.S. dollars in thousands, except share data and per share
data) |
|
Nine months ended |
|
Three months ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
Revenues |
142 |
|
421 |
|
142 |
|
202 |
|
Cost of revenues |
(61) |
|
(661) |
|
(61) |
|
(303) |
|
|
|
|
|
|
Gross Profit (Loss) |
81 |
|
(240) |
|
81 |
|
(101) |
|
|
|
|
|
|
Research and development expenses, net |
(5,534) |
|
(4,757) |
|
(1,852) |
|
(1,651) |
|
|
|
|
|
|
General and administrative |
(3,353) |
|
(3,178) |
|
(1,050) |
|
(1,050) |
|
|
|
|
|
|
Operating loss |
(8,806) |
|
(8,175) |
|
(2,821) |
|
(2,802) |
|
|
|
|
|
|
Financing income, net |
183 |
|
158 |
|
33 |
|
33 |
|
|
|
|
|
|
Net loss for the period |
(8,623) |
|
(8,017) |
|
(2,788) |
|
(2,769) |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share (*) |
(3.52) |
|
(4.72) |
|
(0.93) |
|
(1.39) |
|
|
|
|
|
|
Weighted average number of shares outstanding used to compute basic
and diluted loss per ordinary share (*) |
2,448,280 |
|
1,699,013 |
|
2,998,278 |
|
1,987,005 |
|
|
|
|
|
|
(*) On November 15, 2023, the Company effected the
Reverse Split. All references to share and per share amounts
referred to herein reflect the Reverse Split.
Rail Vision Ltd. |
UNAUDITED INTERIM CONDENSED STATEMENTS OF CHANGES IN
TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY |
(U.S. dollars in thousands, except share data and per share
data) |
|
Convertible Preferred A Shares |
Ordinary Shares |
|
|
|
|
Number of shares |
|
USD |
|
|
Number of shares (*) |
|
USD |
|
Additional paid in capital |
|
Accumulated Deficit |
|
Total shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2023 |
-- |
|
-- |
|
|
1,987,005 |
|
46 |
|
63,033 |
|
(54,814) |
|
8,265 |
|
Issuance of shares as a result of exercise of warrants |
-- |
|
-- |
|
|
24,431 |
|
1 |
|
(1) |
|
-- |
|
-- |
|
Issuance of units of ordinary shares and warrants, net of issuance
expenses (**) |
-- |
|
-- |
|
|
986,842 |
|
21 |
|
5,374 |
|
-- |
|
5,395 |
|
Share-based payment |
-- |
|
-- |
|
|
-- |
|
-- |
|
222 |
|
-- |
|
222 |
|
Loss for the period |
-- |
|
-- |
|
|
-- |
|
-- |
|
-- |
|
(8,623) |
|
(8,623) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2023 |
-- |
|
-- |
|
|
2,998,278 |
|
68 |
|
68,628 |
|
(63,437) |
|
5,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) On November 15, 2023, the Company effected the
Reverse Split. All references to share and per share amounts
referred to herein reflect the Reverse Split.
(**) Issuance expenses in the amount of
approximately $605.
Rail Vision Ltd. |
UNAUDITED INTERIM CONDENSED STATEMENTS OF CHANGES IN
TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY (Cont.) |
(U.S. dollars in thousands, except share data and per share
data) |
|
Convertible Preferred A Shares |
Ordinary Shares |
|
|
|
|
|
Number of shares |
|
USD |
|
|
Number of shares (*) |
|
USD |
|
Additional paid in capital |
|
Accumulated Deficit |
|
Total shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2022 |
51,282 |
|
9,965 |
|
|
1,144,666 |
|
25 |
|
35,987 |
|
(44,339) |
|
(8,327) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of convertible preferred shares |
10,256 |
|
2,000 |
|
|
-- |
|
-- |
|
-- |
|
-- |
|
-- |
|
Conversion of convertible preferred shares into ordinary shares
upon completion of initial public offering |
(61,538) |
|
(11,965) |
|
|
338,459 |
|
8 |
|
11,957 |
|
-- |
|
11,965 |
|
Issuance of units of ordinary shares and warrants in connection
with the initial public offering, net of issuance expenses
(***) |
-- |
|
-- |
|
|
473,405 |
|
12 |
|
13,575 |
|
-- |
|
13,587 |
|
Conversion of convertible debt into ordinary shares upon completion
of initial public offering |
-- |
|
-- |
|
|
30,266 |
|
1 |
|
999 |
|
-- |
|
1,000 |
|
Issuance of ordinary shares as a result of exercise of options |
-- |
|
-- |
|
|
209 |
|
(**) |
|
10 |
|
-- |
|
10 |
|
Share-based payment |
-- |
|
-- |
|
|
-- |
|
-- |
|
380 |
|
-- |
|
380 |
|
Loss for the period |
-- |
|
-- |
|
|
-- |
|
-- |
|
-- |
|
(8,017) |
|
(8,017) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2022 |
-- |
|
-- |
|
|
1,987,005 |
|
46 |
|
62,908 |
|
(52,356) |
|
10,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) On November 15, 2023, the Company effected the
Reverse Split. All references to share and per share amounts
referred to herein reflect the Reverse Split.
(**) Represents an amount less than $1.
(***) Issuance costs in the amount of
approximately $2,060.
Rail Vision Ltd. |
UNAUDITED STATEMENTS OF CASH FLOWS |
(U.S. dollars in thousands) |
|
Nine months ended September 30, |
Three months ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Net loss for the period |
(8,623) |
|
(8,017) |
|
(2,788) |
|
(2,769) |
|
|
|
|
|
|
Adjustments to reconcile loss to net cash used in operating
activities: |
|
|
|
|
Depreciation |
125 |
|
115 |
|
45 |
|
39 |
|
Share-based payment |
222 |
|
380 |
|
57 |
|
91 |
|
Change in operating lease liability |
(84) |
|
(200) |
|
(45) |
|
(41) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Increase in other current assets |
11 |
|
(43) |
|
91 |
|
262 |
|
Increase in Inventory |
(952) |
|
-- |
|
(461) |
|
-- |
|
Increase (decrease) in trade accounts payable |
236 |
|
(16) |
|
69 |
|
(6) |
|
Increase (decrease) in other accounts payable |
456 |
|
(51) |
|
(168) |
|
(53) |
|
|
|
|
|
|
Net cash used in operating activities |
(8,609) |
|
(7,832) |
|
(3,200) |
|
(2,477) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of fixed assets |
(144) |
|
(15) |
|
(7) |
|
(15) |
|
|
|
|
|
|
Net cash used in investing activities |
(144) |
|
(15) |
|
(7) |
|
(15) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Issuance of Preferred Shares |
-- |
|
2,000 |
|
-- |
|
-- |
|
Proceeds from convertible debt |
-- |
|
1,000 |
|
-- |
|
-- |
|
Proceeds from exercise of options |
-- |
|
10 |
|
-- |
|
-- |
|
Issuance of ordinary shares and warrants, net of issuance
expenses |
5,395 |
|
13,643 |
|
|
-- |
|
Issuance expenses |
-- |
|
-- |
|
(65 |
) |
-- |
|
Net cash provided by financing activities |
5,395 |
|
16,653 |
|
(65 |
) |
-- |
|
|
|
|
|
|
Increase (Decrease) in cash, cash equivalents and restricted
cash |
(3,358 |
) |
8,806 |
|
(3,272 |
) |
(2,492 |
) |
Cash, cash equivalents and restricted cash at the beginning of the
period |
8,492 |
|
1,849 |
|
8,406 |
|
13,147 |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of
the period |
5,134 |
|
10,655 |
|
5,134 |
|
10,655 |
|
|
|
|
|
|
Non Cash Activities: |
|
|
|
|
|
|
|
|
|
Conversion of preferred shares |
-- |
|
11,965 |
|
-- |
|
-- |
|
Conversion of a convertible debt |
-- |
|
1,000 |
|
-- |
|
-- |
|
Issuance expenses |
-- |
|
56 |
|
-- |
|
-- |
|
|
|
|
|
|
Rail Vision (NASDAQ:RVSN)
過去 株価チャート
から 5 2024 まで 6 2024
Rail Vision (NASDAQ:RVSN)
過去 株価チャート
から 6 2023 まで 6 2024