TIDMWNWD
RNS Number : 5556J
Windward Ltd.
17 August 2023
17 August 2023
Windward Ltd.
("Windward", "the Company")
Half Year Results
A period of significant growth in customer base allied to strong
financial results
Windward (LON: WNWD), a leading Maritime AI company, is pleased
to announce its financial results for the six months ended 30 June
202 3 .
Financial Highlights
-- Annual Contract Value (ACV(1) ), a key indicator of future
revenue growth, grew 23% to $27.6m (HY 22: $22.5m)
-- Revenue up 18% to $12.8m (HY 22: $10.9m)
-- Gross margin at 78% (HY 22: 72%), reflecting increase in
revenue and cost saving actions taken earlier in the year
-- Significantly improved Adjusted EBITDA(2) loss of $3.8m
(HY 22: ($5.4m))
-- 52% reduction in cash used for operations to $4.0m (HY 22:
$8.8m)
-- Tight control over costs; total costs increased by 5.8%
to $18.3m (HY 22: $17.3m), including non-cash share based
compensation of $1.3m (HY 22: $0.8m)
-- Cash, cash equivalents and short term deposits of $17.9m
at 30 June 2023 (31 December 2022: $22.1m)
Operational Highlights
-- Execution of growth strategy in line with plan
-- Secured 48 new commercial customers, almost as many as in
all of 2022 (53), bringing the total customer count to 174
(up 67% compared to 30 June 2022), showing a significant
increase in market share and revenue growth potential
-- Commercial ACV now represents 32% of total ACV (30 June
2022: 23%), reflecting the continued diversification of
the business
-- Continued investment in innovation to further develop our
strong market position, including the launch of our Shipments
Analytics Dashboard to deliver statistics, analytics and
insight for customers on their shipments and carrier performance
Current Trading and Outlook
-- Second half trading has begun strongly and the Board is
confident in meeting market expectations
-- Continued focus on driving ACV growth, which combined with
careful control of costs gives Windward a clear roadmap
to achieving positive EBITDA run rate exiting FY2024
-- Significant partnerships with the London Stock Exchange
Group, to integrate Windward's technology into the LSEG's
Workspace platform and with Amazon Web Services allowing
AWS customers to discover and procure the Windward solution
via the AWS marketplace
-- Increasing sanctions, such as the EU Commission's 11th Package
of sanctions , and broader regulatory pressures mean the
need for real time, accurate insights to manage maritime
risk is greater than ever
(1) ACV, as of a given date, is the total of the value of each
contract divided by the total number of years of the contract.
(2) EBITDA is earnings before interest, tax, depreciation and
amortisation
(3) All references to $ or USD are in respect of United States
Dollars
Ami Daniel, CEO and Co-Founder of Windward said:
"The first half of 2023 has been a transformative period for
Windward. We emerged from 2022 with a global leading suite of
solutions for the maritime industry, achieving record levels of new
customer wins. We have delivered strong first-half results while
successfully streamlining our cost base and reducing our cash
burn.
"The backdrop of the war in Ukraine, increasing regulations and
the market-wide drive for efficiencies and cost reductions
continues to underline the need for Windward's solution. These
drivers give us confidence in a strong second half, and our ability
to deliver the roadmap to positive EBITDA run rate exiting FY2024.
We remain focussed on building a highly successful maritime AI
business and excited by the considerable opportunity ahead."
Ami Daniel, Chief Executive Officer, and Ofer Segev, Chief
Financial Officer, will host a live presentation and Q&A
relating to the interim results via the London Stock Exchange's
SparkLive platform today at 9am BST.
To register to attend, please use the following link:
https://www.lsegissuerservices.com/spark/WINDWARDLTD/events/07f330b4-68cf-45b7-a140-3a2d26485be4
For more information, please contact:
Windward Ltd. Via Alma PR
Irit Singer, CMO
Canaccord Genuity (Nominated Adviser
& Broker) +44(0)20 7523 8000
Simon Bridges / Andrew Potts
Alma PR +44(0)20 3405 0205
Caroline Forde / Kieran Breheny
About Windward
Windward (LSE:WNWD), a publicly-traded company on the London
Stock Exchange, is a leading Maritime AI company, enabling
organisations to achieve business and operational readiness.
Windward's AI-powered solution allows stakeholders including banks,
commodity traders, insurers, and major energy and shipping
companies to make real-time, predictive intelligence-driven
decisions, providing a 360deg view of the maritime ecosystem and
its broader impact on safety, security, finance, and business. For
more information visit: https://windward.ai/ .
CEO statement
OVERVIEW
In the first half of 2023 we have delivered on a number of
product, people and financial initiatives which have been
implemented throughout the business which we believe will
substantially benefit Windward going forward. We have invested in
our cost base in a measured way, while significantly reducing our
cash burn to bring forward our path to positive EBITDA. However,
this has not been at the expense of commercial success, evidenced
by double-digit ACV and revenue growth, a record number of new
customer wins (particularly in the commercial sector) and continued
enhancement of our platform offering.
We are very pleased with our strong financial metrics which
demonstrate the commercial potential of our offering which we set
out at the time of the IPO. In the first half of 2023 we delivered
revenue growth of 18% to $12.8m and an exit ACV up 23% YoY at 30
June 2023 to $27.6m, providing a strong base as we move into the
second half of the year. We are also pleased with our success in
delivering this growth, while at the same time improving gross
margins and carefully managing costs, reflected in a lower adjusted
EBITDA loss of $3.8m (compared with $5.4m for HY 22) which provides
a clear pathway to achieving positive EBITDA.
The complex web of sanctions and regulatory requirements
continue to drive demand for our Maritime AI solutions. Prompted by
events such as the war in Ukraine, we have observed continually
heightened requirements for our customers throughout 2023,
including the EU Commission's 11th Package of sanctions , which
allows ports to deny entry to vessels utilising deceptive shipping
tactics to circumvent sanctions. This represents a core development
which has made counterparty due diligence a necessity for any
stakeholder in maritime trade to ensure they are not conducting
business with bad actors. We expect such regulatory drivers to
drive further demand for Windward's solutions going forward.
The period has seen us deliver further innovation, launching
market leading products, building on the launches in 2022 of Ocean
Freight Visibility and API Insights Lab. We are delighted with the
success of these initiatives, as demonstrated by the record rate of
customer wins in the period. Our market leading suite of products
and our significantly increased infrastructure has seen our
business scale and sets a firm base for our ambitious growth plans
in the short and medium term.
Our continued investment in R&D and innovation is a
significant expense and is key to our recent success, the current
discussions we are having with a range of potential clients and our
longer-term ambition. It is this investment and the quality of our
people that gives us our competitive advantage and underpins our
confidence for not only the second half of 2023 but well
beyond.
Continued customer expansion
In line with the increasing demand for our technology solutions,
momentum in new customer acquisition seen in 2022 has continued
into FY23, with 49 new customers signed in the first half. We now
have 174 customers, up from 132 at 31 December 2022.
Windward has made major progress in the commercial sector, a
strategic focus to diversify the revenue base, with 48 new
customers signed including BHP, Peninsula Petroleum, and DanPilot -
the national Danish pilotage company. This represents a significant
acceleration when compared to the 53 total customers signed in the
whole of 2022. Commercial ACV now represents 32% of our total ACV,
up from 23% at 30 June 2022, reflecting our continued
diversification and successful execution of our stated strategy.
The Company splits its government customers into two segments;
those governments based outside of the USA (ROW Gov) and the USA
Government. Of these, growth of USA Government is our focus and we
were pleased to see an uplift in revenue and ACV of 28.7% and 26.1%
respectively from this segment in the last 12 months, driving by
expanding use of the platform within existing customers.
As previously reported, we typically expect to see a second-half
weighted performance in this segment on account of the federal
budget cycle.
In line with Windward's land and expand strategy, we have been
successful in increasing the number of users, APIs and services
used by existing customers during the half as our full product
portfolio increasingly becomes more relevant to organisations
across the industry.
More generally, we are observing a range of customers buying
more users or API data points for new use cases and different
departments.
Building our supply chain business
A key aim has been to build the Company's supply chain business
in FY23 as part of our wider Commercial portfolio of offerings,
driven by our Ocean Freight Visibility solution, which enables
customers to manage their supply chain efficiently through best in
class visibility and AI powered insights.
Progress has been encouraging and we secured a number of key
customers and partnerships during the first half, as well as
continuing to enhance the depth of insights available to customers
through additional data and analytics. New customers signed to
Windward's supply chain solution include Nowports and Scan
Global.
Additional capabilities added in the period include our Reasons
For Delay API, providing additional ETA ("estimated time of
arrival") insights to help customers increase efficiencies and
manage costs within their shipping operations. This was later
followed by the launch of our Shipments Analytics Dashboard, which
provides businesses with individualised analytics on past and
current shipments. We expect these key enhancements to continue to
drive adoption of the platform in the second half and beyond.
Key partnerships to drive our expansion
Alongside direct sales, Windward has established a number of key
partnerships and distribution channels with organisations across
the maritime industry. These partnerships represent an opportunity
to expand further Windward's usage across its target sectors.
Recent partnerships signed to increase Windward's presence in
the supply chain market include partnerships with Amital Data,
which integrated our solution into its platform for improved cargo
visibility and Wisor, which partnered with us to incorporate Ocean
Freight Visibility into its offering, providing customers with
precise ETAs and full visibility of container tracking. These
partnerships come as part of the "Windward Inside" partner
programme, which embeds Windward's solutions to partners'
platforms, extending our offering to new customers and markets.
Post-period, we were delighted to announce a partnership with
the London Stock Exchange Group, to integrated Windward's
technology into the LSEG's Workspace platform, providing trading
and chartering users with a first-class solution assess and
mitigate sanctions compliance risks, and a partnership with Amazon
Web Services, allowing AWS customers across all segments to be able
to access the solution via the AWS marketplace.
CURRENT TRADING AND OUTLOOK
We are pleased to report trading momentum has continued into H2
2023, with ACV and revenues tracking in line with our expectations.
With a clear path to achieving positive EBITDA, we continue to
focus on the careful management of costs while continuing to
deliver on our multiple strategic revenue opportunities.
Across supply chain management, sanctions and compliance risk,
and decarbonisation, there remains an unparalleled opportunity for
further expansion in the maritime market. Underlining this
opportunity is the complex regulatory environment, and we are
seeing a growing number of companies across the industry turning to
Windward to help them make better informed decisions and mitigate
risk effectively.
We will continue to invest in our best-in-class, innovative SaaS
offering, backed by decades of maritime expertise, and we look
forward to updating on our progress through the second half.
Financial Review
Windward management and Board regularly review metrics,
including the following KPIs, to assess its performance, identify
trends, develop financial projections and make strategic decisions.
For a review of the key financial metrics, see below.
A KEY DRIVER OF FUTURE REVENUE IS ANNUAL CONTRACT VALUE
(ACV)
ACV is a non-IFRS measure defined as the sum of all ACV for
customers as of the measurement date. The ACV for each customer is
the annual committed subscription value of each order booked for
which Windward will be entitled to recognise revenue. For example,
a contract for $1m with a committed contractual term of two years
would have an ACV of $0.5m, making the assumption for any period
that the customer renews under the same terms and conditions.
As at 30 June 2023, Windward increased its ACV by 23% over 30
June 2022, driven primarily by the increase in customers from 104
to 172 over the same period, and to a lesser extent by an increase
in upsells to existing customers made possible by expansion of the
number of users or the product set. Growth in ACV has been in the
USA Gov and Commercial markets while in ROW Gov ACV remained
unchanged.
KEY PERFORMANCE INDICATORS ("KPIS") ($ IN THOUSANDS)
ACV H1-2023 $'000 H1-2022 $'000 % change
============== ============== =========
ROW Gov 11,888 11,832 0.0%
============== ============== =========
USA Gov 6,940 5,503 26.1%
============== ============== =========
Commercial 8,735 5,173 68.8%
============== ============== =========
Total 27,563 22,508 22.5%
------------ -------------- -------------- ---------
Revenues
============== ============== =========
ROW Gov 5,549 5,477 1.3%
============== ============== =========
USA Gov 3,594 2,792 28.7%
============== ============== =========
Commercial 3,704 2,582 43.5%
============== ============== =========
Total 12,847 10,851 18.4%
------------ -------------- -------------- ---------
Number of Count Count
Customers
============== ============== =========
ROW Gov 20 22 -10%
============== ============== =========
USA Gov 16 13 23%
============== ============== =========
Commercial 138 69 100%
============== ============== =========
Total 174 104 67.3%
------------ -------------- -------------- ---------
We separate our Government customers into two market segments:
Government outside USA (ROW) and USA Government. We do this as the
buying cycle and pricing for each segment is different. For
Government ROW, in most cases Windward is responding to a Request
for Proposal ("RFP") process which can take between 9 to 18 months
to conclude. For the USA Government Windward typically sells a
subscription-based solution on a price per user basis. Historically
most of the annual awards from the U.S. Government agencies are
linked to the U.S. Federal budget cycle which typically concludes
annually at the end of September.
At the end of June 2023 our largest customer was at 10.1% (June
2022: 12%) of ACV and the next 5 biggest customers together were
25.5% (June 2022: 29.3%) of ACV.
The annual ACV churn rate is defined as the value of contracts
lost from the existing customer base one year prior to the
measurement date, as a proportion of the total ACV value of that
existing customer base. The churn rate reflects customer losses and
contractions but not any customer expansions of existing
contracts.
Churn in H1 2023 was 4.7% compared to 5.9% in H1 2022.
FINANCIAL OVERVIEW as of 30 June 2023:
H1 -2023 H1-2022 $'000 Change %
$'000
--------- -------------- ---------
Revenues 12,847 10,851 18.4%
========= ============== =========
Cost of revenues 2,838 2,999 -5.3%
========= ============== =========
Gross Profit 10,009 7,852 27.4%
========= ============== =========
Gross Margin 78% 72%
========= ============== =========
R&D 5,676 5,961 -4.8%
========= ============== =========
S&M 6,701 5,899 13.6%
========= ============== =========
G&A 3,086 2,467 25.1%
========= ============== =========
Total operating
expenses 15,463 14,327 7.9%
========= ============== =========
Operating loss (5,454) (6,475) -15.7%
========= ============== =========
Adjusted Operating
loss (4,177) (5,720) -27%
========= ============== =========
Adjusted EBITDA
loss (3,849) (5,411) -28.9%
==================== ========= ============== =========
REVENUE
Revenue increased by 18.4% to $12.8m (HY 22: $10.8m). This
increase was driven by 28.7% growth and 43.5% growth in our USA
Government and Commercial segments respectively mostly from new
customers adopting our solution for the first time.
Gross margin
Gross margin increased to 78% in 2023 (HY 22: 72%), mostly as a
result of increase in revenue and cost saving actions taken earlier
in the year. Cost of revenues fell from $3.0m to $2.8m as a result
of the cost saving actions undertaken including tight control over
hosting costs. We expect margins to improve over time.
R&D
Research and development decreased slightly from $5.9m in HY 22
to $5.7m in HY 23 mainly due to lower employees and cost control.
All R&D costs are expensed as they occur; we do not capitalise
R&D costs.
S&M
Sales and marketing increased from $5.9m in HY 22 to $6.7m in HY
23. The main reason for the increase was hiring additional sales
managers in Europe and USA.
G&A
General and administrative expenses increased from $2.5m in HY
22 to $3.1m in HY 23 reflecting the increased level of business
activity, mainly through the taking on of additional office
space.
Total expenses increased by 5.8% to $18.3m (HY 22: $17.3m),
including non-cash share based compensation of $1.3m (HY 22:
$0.8m), significantly lower than the 18.4% increase in
revenues.
EBITDA
Adjusted EBITDA is a non-IFRS financial measure defined as
(profit before depreciation, amortisation, interest, tax and
share-based payment charges and associated employer tax
charges)
Reconciling EBITDA to adjusted EBITDA for HY 23, the Company
added back $1.3m (HY 22: $0.8m) of stock based compensation
expenses.
Statement of financial position
CASH AND CASH EQUIVALENTS
Windward had cash, cash equivalents and short term deposits on
30 June 2023 of $17.9m, a decrease of $4.2m from 31 December
2022.
CASH FLOW
Windward used $4.0m to finance operating activities in HY 23, a
52% decrease from the $8.8m used in HY 22, reducing our cash burn
as we kept a tight control over costs.
Ofer Segev
Chief Financial Officer
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months ended 30 June 2023 and 2022
Six months ended
----------------------------
June-30
----------------------------
Note Unaudited Unaudited
2023 2022
U.S. dollars in thousands
----------------------------
REVENUES 6 12,847 10,851
COST OF REVENUES 2,838 2,999
------------- -------------
GROSS PROFIT 10,009 7,852
OPERATING EXPENSES:
Research and development 5,676 5,9 61
Sales and marketing 6,701 5,899
General and administration 3,086 2,46 7
------------- -------------
TOTAL OPERATING EXPENSES 15,463 14,32 7
OPERATING LOSS (5,454) (6,475)
------------- -------------
FINANCIAL EXPENSES
Financial expenses 539 3,4 67
Financial income 249 25
------------- -------------
Total financial expenses, net 290 3,442
------------- -------------
LOSS BEFORE INCOME TAX (5,744) (9,917)
------------- -------------
Income tax expense 1 09 -
------------- -------------
( 5 , 853
LOSS FOR THE PERIOD ) (9,917)
============= =============
Loss per share attributable to
the ordinary equity holders of the
Company:
------------- -------------
Basic and diluted loss per share (0.066) (0.113)
------------- -------------
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
As of 30 June 2023, and 2022
June 30 December 31
------------ --------------
2023 2022
------------ --------------
Unaudited Audited
------------ --------------
U.S. dollars in thousands
----------------------------
Assets
CURRENT ASSETS:
Cash and cash equivalents 17,077 22,141
Restricted short-term deposit 907 -
Trade receivables 1,641 2,448
Other receivables 3,674 2, 861
------------ --------------
TOTAL CURRENT ASSETS 23,299 27,450
NON-CURRENT ASSETS:
Restricted deposit 1,200 1, 143
Property and equipment, net 711 796
Right-of-Use asset 1,806 1,956
------------ --------------
3,717 3,895
------------ --------------
TOTAL ASSETS 27,016 31,345
------------ --------------
Liabilities and shareholders'
equity
CURRENT LIABILITIES:
Trade payable 835 8 78
Current maturities of lease liabilities 291 320
Other payable 2,747 3, 637
Deferred revenues 10,417 8,315
------------ --------------
TOTAL CURRENT LIABILITIES 14,290 13, 1 50
NON-CURRENT LIABILITIES:
Deferred revenues 3,324 4,078
Liability for employee rights
upon retirement, net 54 57
Lease liability 1,571 1,725
------------ --------------
TOTAL NON-CURRENT LIABILITIES 4,949 5,860
------------ --------------
TOTAL LIABILITIES 19,239 19,010
------------ --------------
SHAREHOLDERS' EQUITY :
Ordinary Shares of 0.00 2 NIS
par value 27 27
Preferred Shares of 0.00 2 NIS - -
par value
Additional paid-in capital 82,15 3 80 , 858
(6 8 , 550
Accumulated deficit (74,403) )
------------ --------------
TOTAL SHAREHOLDERS' EQUITY 7,777 12, 335
------------ --------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 27,016 31,345
------------ --------------
Ami Daniel Ofer Segev
Chief Executive Officer Group Chief Financial
Officer
Date of approval of the consolidated financial statements by the
Company's Board of Directors: August 16, 2023
UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
As of 30 June 2023, and 2022
Ordinary Additional Accumulated Total
shares paid-in deficit
capital
--------- ----------- ------------ --------
U.S. dollars in thousands
----------------------------------------------
BALANCE AS OF JANUARY ( 68,550
1, 2023 (Audited) 27 80,858 ) 12,335
--------- ----------- ------------ --------
Exercise of options
by employees - 17 - 17
Share based compensation - 1,278 - 1,278
( 5,853 ( 5,853
Loss for the period - - ) )
--------
BALANCE AS OF JUNE ( 74,403
30, 2023 (Unaudited) 27 82,153 ) 7,777
--------- ----------- ------------ --------
Ordinary Additional Accumulated Total
shares paid-in deficit
capital
--------- --------------- ------------ --------
U.S. dollars in thousands
------------------------------------------------------
BALANCE AS OF JANUARY
1, 2022 (Audited) 27 77,486 (49,351) 28,162
--------- ----------- ------------ --------
Exercise of options
by employees (*) 533 - 533
Share based compensation - 755 - 755
Loss for the period - - (9,917) (9,917)
--------
BALANCE AS OF JUNE
30, 2022 (Unaudited) 27 78,774 (59,268) 19,533
--------- ----------- ------------ --------
Represents an amount lower than 1 thousand U.S dollar (*)
UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2023 and 2022
Six months ended
----------------------------
June-30
----------------------------
2023 2022
------------- -------------
Unaudited Unaudited
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES: U.S. dollars in thousands
Loss for the period (5,853) (9,917)
Adjustments to reconcile loss for the period to net
cash used in
operating activities:
Depreciation 328 309
Share based compensation expenses 1,278 755
Effect of exchange rate (146) 2,649
Finance (income) expenses of lease liabilities - (23)
Changes in asset and liability items:
Decrease (increase) in trade receivables 807 (709)
Increase in other receivables (814) (1,395)
Increase (decrease) in trade payables (43) 27
Decrease in other payables and accruals (890) (1,363)
Increase in deferred revenues 1,348 3
Decrease in l iability for employee right
upon retirement, net (3) (4)
------------- -------------
Net cash used in operating activities (3,988) (9,668)
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (48) (62)
Decrease (Increase) in bank deposits (980) 133
------------- -------------
Net cash used in investing activities (1,028) 71
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options 17 533
Funds paid in respect of the sale of shares
by shareholders in connection with the
Initial Public Offering - (3,730)
Principal elements of lease payments (130) (238)
Interest paid - (17)
------------- -------------
Net cash provided by (used in) financing (3,45 2
activities (113) )
------------- -------------
DECREASE IN CASH AND CASH EQUIVALENTS (5,129) (13,049)
BALANCE OF CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE PERIOD 22,141 43,688
EFFECTS OF EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS 65 (2,866)
------------- -------------
BALANCE OF CASH AND CASH EQUIVALENTS AT OF THE PERIOD. 17,077 27,773
------------- -------------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL
INFORMATION
NOTE 1- GENERAL INFORMATION
Windward Ltd. (the "Company" or and its subsidiaries the
"Group") was incorporated in Israel and commenced its operations in
January 2010. The registered office of the Company is Ha-Shlosha St
2, Tel Aviv-Yafo, Israel.
Windward is a b2b SaaS technology company, focusing on the
combination of maritime domain expertise and AI. The Company
provide access to a best-in-class, Maritime AI-powered, Predictive
Intelligence Platform for the 250,000 target customers which are
involved in maritime trade, including governments, shipping
companies, financial institutions, freight forwarders, beneficial
cargo owners and many more.
On 6 December 2021, the Company completed a process of listing
its existing shares and issuing new shares on the AIM market of the
London Stock Exchange (the IPO).
Since the establishment of the company, the company has
accumulated continuous losses from its business activities, and it
had negative cash flows.
As of June 30, 2023, the company had a cash and restricted short
term bank deposits in the amount of approximately 17.9 million
dollars.
The continuation of the company's activity in the coming year is
supported by its cash balances as well as the realisation of the
management's plans for growth and an increase in the revenues.
These funding sources allow the company's management to assess its
continued activity for a period of more than 12 months starting
from the date of approval of these financial statements.
NOTE 2 - BASIS OF PREPARATION
a. These condensed consolidated interim financial information
for the six-month period ended 30 June 2023 have been prepared in
accordance with IAS 34 - 'Interim financial reporting' as issued by
the International Accounting Standards Board. The condensed
consolidated interim financial information should be read in
conjunction with the annual financial statements for the year ended
31 December 2022, which have been prepared in accordance with IFRS.
This condensed consolidated interim financial information are
reviewed and not audited.
b. The accounting policies adopted are consistent with those of
the previous financial year .
NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS
The preparation of financial information in accordance with IFRS
requires the use of estimates and assumptions to be made in
applying the accounting policies that affect the reported amounts
of assets, liabilities, revenue and expenses and the disclosure of
contingent assets and liabilities.
The estimates and related assumptions are based on previous
experiences and other factors considered reasonable under the
circumstances, the results of which form the basis for making the
assumptions about the carrying values of assets and liabilities
that are not readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognized in
the period in which the estimate is revised if the revision affects
only that period or in the period of the revision and future
periods if the revision affects both current and future
periods.
Significant accounting policies and computation methods used in
preparing the condensed consolidated interim financial information
are consistent with those used in preparing the 2022 annual
financial statements.
NOTE 4 - FINANCIAL INSTRUMENTS - FAIR VALUE
The management believes that the carrying amount of cash, trade
receivables, restricted deposits trade payables and other current
liabilities approximate their fair value due to the short-term
maturities of these instruments or the sensitivity of the
instruments for change in the interest rate.
NOTE 5 - SHARE BASED COMPENSATION
1. During February 2023, the Company granted in total 1,490,235
RSUs to its employees. The total fair value of the 1,490,235 RSUs
is approximately $ 79 1 thousand. 1,011,125 of the RSUs vest over
four years period: 25% will vest at the first anniversary of the
grant date and 6.25% will vest at the end of each quarter during
the second, third and fourth years from the date of grant. The rest
of the RSUs will vest in one year if the performance condition that
is stipulated in the RSU grants are meet.
2. During March 2023, the Company granted in total 602,373 RSUs
to its employees. The total fair value of the 602,373 RSUs is
approximately $ 241 thousand. 81,500 of the RSUs vest over four
years period: 25% will vest at the first anniversary of the grant
date and 6.25% will vest at the end of each quarter during the
second, third and fourth years from the date of grant. The rest of
the RSUs will vest in one year if the performance condition that is
stipulated in the RSU grants are meet.
3. During May 2023, the Company granted in total 731,028 RSUs to
its employees. The total fair value of the 731,028 RSUs is
approximately $ 32 9 thousand. 130,000 of the RSUs vest over four
years period: 25% will vest at the first anniversary of the grant
date and 6.25% will vest at the end of each quarter during the
second, third and fourth years from the date of grant. 354,543 of
the RSUs vest at the grant day. The rest of the RSUs will vest in
one year if the performance condonation that stipulated in the RSUs
grants are meet.
NOTE 6 - REVENUES FROM CONTRACT WITH CUSTOMERS:
The Group derives revenue from providing Software as a Service
(SaaS) over time for the following major customer types and
geographical regions:
Six months ended
----------------------
Jun-30
----------------------
2023 2022
---------- ----------
U.S. dollars in
thousands
----------------------
a. Customer types
:
Government 9,143 8,269
Commercial 3,704 2,582
---------- ----------
12,847 10,851
========== ==========
b. Geographical
regions :
Israel 265 157
North America 4,3 16 3,129
APAC 1,372 2,149
Europe 4,867 4,21 7
Gulf Cooperation
Council (GCC) & Africa 1,638 1,081
South/Latin America 389 118
---------- ----------
12,84 7 10, 851
========== ==========
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END
IR EAKPKFAKDEFA
(END) Dow Jones Newswires
August 17, 2023 02:00 ET (06:00 GMT)
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