UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of August 2024
Commission file number: 001-41334
RAIL VISION LTD.
(Translation of registrant’s name into English)
15 Ha’Tidhar St
Ra’anana, 4366517 Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F ☐
CONTENTS
This Report of Foreign Private Issuer on Form
6-K consists of (i) the Registrant’s press release issued on August 29, 2024, titled “Rail Vision Announces First Half 2024
Financial Results,” which is attached hereto as Exhibit 99.1; (ii) the Registrant’s Interim Condensed Financial Statements
as of June 30, 2024, which is attached hereto as Exhibit 99.2; and (iii) the Registrant’s Management’s Discussion and Analysis
of Financial Condition and Results of Operations for the six months ended June 30, 2024, which is attached hereto as Exhibit 99.3.
The first paragraph, the sections titled
“First Half 2024 & Recent Highlights,” “Forward-Looking Statements,” “First Half 2024 Financial
Results,” the GAAP financial statements and the Reconciliation of GAAP to Non-GAAP Financial Measures table in the press
release attached as Exhibit 99.1, Exhibit 99.2, Exhibit 99.3, are incorporated by reference into the Registrant’s Registration
Statements on Form F-3 (File Nos. 333-271068,
333-278645, 333-272933, 333-276869, 333-277963)
and Form S-8 (File Nos. 333-265968
and 333-281329),
to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports
subsequently filed or furnished.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
Rail Vision Ltd. |
|
|
Date: August 29, 2024 |
By: |
/s/ Ofer Naveh |
|
|
Name: |
Ofer Naveh |
|
|
Title: |
Chief Financial Officer |
Exhibit 99.1
Rail Vision Announces
First Half 2024 Financial Results
Ra’anana, Israel,
August 29, 2024 (GLOBE NEWSWIRE) – 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 first half ended June 30, 2024.
“We continued
to strengthen our foundation during 2024, completing a series of financing transactions that raised gross proceeds of over $12 million.
On a business level, securing orders from global leaders and successfully delivering our advanced systems have been important milestones
for us. I’m proud to say that all installations have been carried out with industry-leading partners, further strengthening our
presence in the U.S. market. The positive feedback we’re receiving from these esteemed customers aligns with our commitment to excellence
and innovation, as we continue to implement solutions that meet and exceed customer expectations. We have also started providing fleet
management and data and cloud services that allow our customers to see the actual system performance.” commented Shahar Hania, CEO
of Rail Vision.
First Half 2024 & Recent Highlights:
Cash position
Rail Vision started
2024 by securing over $12 million in proceeds to fuel its business through a pair of financing transactions, including a private
placement of its shares and warrants, a convertible loan credit facility and exercise of warrants.
Executing on
sales:
| ● | Received $1
million order out of a contract valued at up to $5 million in potential follow-on orders with leading US-based rail and
leasing services company: In April, Rail Vision received an initial purchase order amounting to approximately $1 million as
part of a contract valued at up to $5 million in potential follow-on orders with a leading US-based rail and leasing services
company that the Company initially announced in January 2024. |
| ● | In
June 2024 Rail Vision received a follow-on order from the same customer, in the amount of approximately $200,000, which is in
addition to the original agreement and refers to additional services requested by the customer. |
Engaging
with US and global industry leaders:
| ● | Rail
Vision Successfully Installed its AI-Driven System for Class 1 US Operator: In June 2024, Rail Vision completed the successful
installation of its AI-driven Shunting Yard product for a Class 1 freight rail US-based company. The North American Class 1 rail company
will use the system on its locomotives for evaluation in different scenarios related to safety and efficiency. This installation follows
the purchase order, which was announced in March 2024. |
| ● | Rail
Vision Installed its AI-Driven Product with Loram, a Top US-Based Railway Track Maintenance Supplier: In June 2024, Rail
Vision completed the successful delivery and installation of its AI-driven Shunting Yard product to Loram, a leading US-based provider
of railway track maintenance equipment and services. This installation fulfills the purchase order that was announced in April 2024. |
| ● | Rail
Vision Successfully Installed its AI-based Product at a Leading Global Mining Company: In June 2024, Rail Vision successfully installed
its product at one of Latin America’s leading mining companies. Following a successful delivery, Rail Vision’s team arrived
at the mining company’s installation site, where both sides installed the AI-based MainLine product and Rail Vision led training
sessions for the mining company’s team. |
| ● | Announced
first-ever commercial installation of its AI-driven systems in a national railways line: In February 2024, Rail Vision announced
the first ever commercial installation of its AI-driven Main Line Systems in a national railways line, marking a significant milestone
in the Company’s journey towards revolutionizing railway safety and efficiency. A successful evaluation process resulted
in the purchase of ten Rail Vision Main Line Systems for $1.4 million by Israel Railways. |
Strengthening
IP protection:
In August 2024, Rail
Vision was granted patent approval from the United States Patent and Trademark Office for its innovative AI-based railway obstacle detection
system, which followed the Company receiving a notice of allowance from the Japan Patent Office for the same patent application in June
2024.
First Half 2024
Financial Results
| ● | Revenues
were $761,000 for the six months ended June 30, 2024, comprised from the mining
company that purchased a Rail Vision Main Line System, first installation of Rail Vision’s
Main Line Systems in Israel Railways and the successful delivery and installation of Rail
Vision’s Shunting Yard product to Loram. |
| ● | Research
and development (“R&D”) expenses for the six months ended June 30, 2024,
were $2,458,000, compared to R&D expenses of $3,682,000 in the six months ended June
30, 2023. The decrease in R&D expenses was primarily attributable to a decrease in R&D
salaries due to a reduction in workforce, including a reduction in the Company employee base
by 12 R&D employees and R&D equipment purchases. |
| ● | General
and administrative expenses for the six months ended June 30, 2024, were $2,116,000, compared
to $2,303,000 in the six months ended June 30, 2023. The decrease is primarily attributed
to a decrease in salaries and other administrative and operational costs, as part of the
process of reducing costs as mentioned above. |
| ● | As
a result of the foregoing, the Company’s operating loss for the six months ended June
30, 2024, was $4,185,000 compared to an operating loss of $5,985,000 for the six months ended
June 30, 2023. |
| ● | Financial
expenses amounted to $1,304,000 for the six months ended June 30, 2024, a decrease of $1,454,000,
compared to $150,000 financial income for the six months ended June 30, 2023. The decrease
was primarily attributable to the amortization of discount related to a convertible loan
credit facility that the Company entered into in January 2024. |
| ● | GAAP
net loss for the six months ended June 30, 2024, was $24,324,000, or $1.99 per ordinary share,
compared to a GAAP net loss of $5,835,000, or $2.69 per ordinary share, in the six months
ended June 30, 2023. |
| ● | Non-GAAP
net loss for the six months ended June 30, 2024, was $5,394,000 or $0.44 per ordinary share,
compared to a non-GAAP net loss of $5,671,000, or $2.62 per ordinary share, in the six months
ended June 30, 2023. |
|
|
Six months ended
June 30, |
|
(U.S. dollars in thousands, except share data and per share data) |
|
2024 |
|
|
2023 |
|
GAAP Results |
|
|
|
|
|
|
Net loss |
|
|
(24,324 |
) |
|
|
(5,835 |
) |
Basic and diluted loss per share |
|
|
(1.99 |
) |
|
|
(2.69 |
) |
Non-GAAP Results |
|
|
|
|
|
|
|
|
Net loss |
|
|
(5,394 |
) |
|
|
(5,671 |
) |
Basic and diluted loss per share |
|
|
(0.44 |
) |
|
|
(2.62 |
) |
A reconciliation between GAAP operating
results and non-GAAP operating results is provided in the financial statements that are part of this release. Non-GAAP results exclude
stock-based compensation expenses and revaluation of derivative warrant liabilities.
| ● | As
of June 30, 2024, cash and cash equivalents were $9.7 million, compared to $3.1 million as
of December 31, 2023. The increase compared to December 31, 2023, is mainly due to the proceeds
received from a private placement and credit facility and from warrants exercised by shareholders
that occurred in the first half of 2024, totaling $11.5 million gross ($11.3 net proceeds),
less cash used during the first half of 2024. |
Use of Non-GAAP
Financial Results
In addition to disclosing financial results calculated
in accordance with United States generally accepted accounting principles (GAAP), the company’s earnings release contains non-GAAP financial
measures of net loss for the period that excludes the effect of stock-based compensation expenses and revaluation of derivative warrant
liabilities. The company’s management believes the non-GAAP financial information provided in this release is useful to investors’
understanding and assessment of the company’s on-going operations. Management also uses both GAAP and non-GAAP information in evaluating
and operating business internally and as such deemed it important to provide all this information to investors. The non-GAAP financial
measures disclosed by the company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated
in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements
should be carefully evaluated. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these
Non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures and not rely on any single financial measure
to evaluate the company’s business. For more information on the non-GAAP financial measures, please see the “Reconciliation
of GAAP to Non-GAAP Financial Measures” later in this release. This accompanying table has more details on the GAAP financial measures
that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.
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 excellence and innovation, as it continues to implement solutions that
meet and exceed customer expectations. 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 28, 2024. 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 Hania
Chief Executive Officer
Rail Vision Ltd.
15 Ha’Tidhar St
Ra’anana, 4366517 Israel
Telephone: +972- 9-957-7706
Investor Relations:
Michal Efraty
investors@railvision.io
Rail Vision Ltd.
INTERIM CONDENSED BALANCE SHEETS
(U.S. dollars in thousands, except share
data and per share data)
| |
June 30,
2024 | | |
December 31,
2023 | |
| |
Unaudited | | |
Audited | |
ASSETS | |
| | |
| |
Current assets: | |
| | |
| |
Cash and cash equivalents | |
$ | 9,691 | | |
$ | 3,066 | |
Restricted cash | |
| 215 | | |
| 223 | |
Accounts receivable | |
| 135 | | |
| -- | |
Inventories | |
| 968 | | |
| 977 | |
Other current assets | |
| 354 | | |
| 336 | |
Total current assets | |
| 11,363 | | |
| 4,602 | |
| |
| | | |
| | |
Non-current Assets: | |
| | | |
| | |
Operating lease - right of use asset | |
| 738 | | |
| 889 | |
Fixed assets, net | |
| 351 | | |
| 430 | |
| |
| 1,089 | | |
| 1,319 | |
| |
| | | |
| | |
Total assets | |
| 12,452 | | |
| 5,921 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Trade accounts payables | |
| 88 | | |
| 185 | |
Current operating lease liability | |
| 282 | | |
| 285 | |
Other accounts payable | |
| 1,823 | | |
| 2,140 | |
Total current liabilities | |
| 2,193 | | |
| 2,610 | |
| |
| | | |
| | |
Non-current operating lease liability | |
| 363 | | |
| 524 | |
| |
| | | |
| | |
Total liabilities | |
| 2,556 | | |
| 3,134 | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Ordinary shares | |
| -- | | |
| 68 | |
Additional paid in capital | |
| 100,182 | | |
| 68,681 | |
Accumulated deficit | |
| (90,286 | ) | |
| (65,962 | ) |
Total shareholders’ equity | |
| 9,896 | | |
| 2,787 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
| 12,452 | | |
| 5,921 | |
Rail Vision Ltd.
UNAUDITED INTERIM CONDENSED STATEMENTS OF
COMPREHENSIVE LOSS
(U.S. dollars in thousands, except share
data and per share data)
| |
Six months ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 761 | | |
$ | -- | |
Cost of revenues | |
| (372 | ) | |
| -- | |
Gross profit | |
| 389 | | |
| -- | |
| |
| | | |
| | |
Research and development expenses | |
| (2,458 | ) | |
| (3,682 | ) |
General and administrative expenses | |
| (2,116 | ) | |
| (2,303 | ) |
| |
| | | |
| | |
Operating loss | |
| (4,185 | ) | |
| (5,985 | ) |
| |
| | | |
| | |
Financial (expenses) income: | |
| | | |
| | |
Revaluation of derivative warrant liabilities | |
| (18,835 | ) | |
| -- | |
Other financing income (expenses), net | |
| (1,304 | ) | |
| 150 | |
Net loss for the period | |
| (24,324 | ) | |
| (5,835 | ) |
| |
| | | |
| | |
Basic and diluted loss per share | |
| (1.99 | ) | |
| (2.69 | ) |
| |
| | | |
| | |
Weighted average number of shares outstanding used to compute basic and diluted loss per ordinary share | |
| 12,193,918 | | |
| 2,167,170 | |
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)
|
|
Ordinary Shares |
|
|
Additional |
|
|
|
|
|
Total |
|
|
|
Number of
shares |
|
|
USD |
|
|
paid in
capital |
|
|
Accumulated
Deficit |
|
|
shareholders’
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2024 |
|
|
2,998,278 |
|
|
|
68 |
|
|
|
68,681 |
|
|
|
(65,962 |
) |
|
|
2,787 |
|
Cancelation of the par value of ordinary shares |
|
|
-- |
|
|
|
(68 |
) |
|
|
68 |
|
|
|
-- |
|
|
|
-- |
|
Issuance of units of ordinary shares and pre-funded warrants, net of issuance costs (*) |
|
|
3,554,200 |
(**) |
|
|
-- |
|
|
|
1,404 |
|
|
|
-- |
|
|
|
1,404 |
|
Exercise of warrants to ordinary shares, net of issuance costs (***) |
|
|
12,258,487 |
|
|
|
-- |
|
|
|
23,791 |
|
|
|
-- |
|
|
|
23,791 |
|
Classification of warrant liabilities to equity warrants |
|
|
-- |
|
|
|
-- |
|
|
|
6,143 |
|
|
|
-- |
|
|
|
6,143 |
|
Share-based payment |
|
|
-- |
|
|
|
-- |
|
|
|
95 |
|
|
|
-- |
|
|
|
95 |
|
Net loss for the period |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
(24,324 |
) |
|
|
(24,324 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2024 |
|
|
18,810,965 |
|
|
|
-- |
|
|
|
100,182 |
|
|
|
(90,286 |
) |
|
|
9,896 |
|
| (*) | Issuance costs in the amount of approximately $39. |
| (**) | Including 1,902,742 Pre-funded Warrants which were exercised
to 1,902,742 ordinary shares during February and March 2024. |
| (***) | Issuance costs in the amount of approximately $187. |
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)
| |
Ordinary Shares | | |
Additional | | |
| | |
Total | |
| |
Number of
shares | | |
USD | | |
paid in
capital | | |
Accumulated
Deficit | | |
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 costs (*) | |
| 986,842 | | |
| 21 | | |
| 5,374 | | |
| -- | | |
| 5,395 | |
Share-based payment | |
| -- | | |
| -- | | |
| 165 | | |
| -- | | |
| 165 | |
Net loss for the period | |
| -- | | |
| -- | | |
| -- | | |
| (5,835 | ) | |
| (5,835 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 2,998,278 | | |
| 68 | | |
| 68,571 | | |
| (60,649 | ) | |
| 7,990 | |
| (*) | Issuance expenses in the amount of approximately $603. |
Rail Vision Ltd.
INTERIM CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(U.S. dollars in thousands)
| |
Six months ended June 30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities | |
| | |
| |
Net loss for the period | |
$ | (24,324 | ) | |
$ | (5,835 | ) |
| |
| | | |
| | |
Adjustments to reconcile loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 85 | | |
| 80 | |
Share-based payment | |
| 95 | | |
| 165 | |
Change in operating lease liability | |
| (13 | ) | |
| (39 | ) |
Effect of exchange rate changes on cash and cash equivalents | |
| 56 | | |
| -- | |
Revaluation of derivative warrant liabilities | |
| 18,835 | | |
| -- | |
Amortization of a discount related to a convertible loan credit facility | |
| 1,229 | | |
| -- | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
| |
| | | |
| | |
Increase in accounts receivables | |
| (135 | ) | |
| -- | |
Increase in other current assets | |
| (18 | ) | |
| (80 | ) |
Decrease (increase) in Inventories | |
| 9 | | |
| (491 | ) |
Increase (decrease) in trade accounts payable | |
| (97 | ) | |
| 167 | |
Increase (decrease) in other accounts payable | |
| (317 | ) | |
| 624 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (4,595 | ) | |
| (5,409 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchase of fixed assets | |
| (6 | ) | |
| (137 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (6 | ) | |
| (137 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from a convertible loan credit facility and issuance of warrants | |
| 1,500 | | |
| -- | |
Payments on convertible loan credit facility | |
| (1,000 | ) | |
| -- | |
Proceeds from exercise of warrants, net of issuance expenses | |
| 7,813 | | |
| -- | |
Proceeds from issuance of shares and warrants, net of issuance expenses | |
| 2,961 | | |
| 5,460 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 11,274 | | |
| 5,460 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (56 | ) | |
| -- | |
Increase (Decrease) in cash, cash equivalents and restricted cash | |
| 6,617 | | |
| (86 | ) |
Cash, cash equivalents and restricted cash at the beginning of the period | |
| 3,289 | | |
| 8,492 | |
| |
| | | |
| | |
Cash, cash equivalents and restricted cash at the end of the period | |
$ | 9,906 | | |
$ | 8,406 | |
Non Cash Activities: | |
| | | |
| | |
| |
| | | |
| | |
Conversion of a convertible loan credit facility to ordinary shares | |
| 500 | | |
| -- | |
Issuance expenses recorded in other accounts payables | |
| -- | | |
| 65 | |
Rail Vision Ltd.
RECONCILIATION OF GAAP TO NON-GAAP Financial
Measures
(U.S. dollars in thousands, except share
data and per share data)
| |
Six months ended
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
GAAP operating loss | |
| (4,185 | ) | |
| (5,985 | ) |
Stock-based compensation in research and development expenses | |
| 18 | | |
| 28 | |
Stock-based compensation in general and administrative expenses | |
| 77 | | |
| 136 | |
Non-GAAP operating loss | |
| (4,090 | ) | |
| (5,821 | ) |
| |
| | | |
| | |
GAAP Revaluation of derivative warrant liability expenses | |
| (18,835 | ) | |
| -- | |
Revaluation of derivative warrant liabilities | |
| 18,835 | | |
| -- | |
Non-GAAP Revaluation of derivative warrant liabilities expenses | |
| -- | | |
| -- | |
| |
| | | |
| | |
GAAP net loss | |
| (24,324 | ) | |
| (5,835 | ) |
Stock-based compensation expenses | |
| 95 | | |
| 164 | |
Revaluation of derivative warrant liability expenses | |
| 18,835 | | |
| -- | |
Non-GAAP net loss | |
| (5,394 | ) | |
| (5,671 | ) |
| |
| | | |
| | |
GAAP Basic and diluted loss per share | |
| (1.99 | ) | |
| (2.69 | ) |
Non-GAAP Basic and diluted loss per share | |
| (0.44 | ) | |
| (2.62 | ) |
| |
| | | |
| | |
Weighted average number of shares outstanding used to compute basic and diluted loss per ordinary share | |
| 12,193,918 | | |
| 2,167,170 | |
11
Exhibit 99.2
Rail Vision Ltd.
INTERIM CONDENSED FINANCIAL STATEMENTS
As of June 30, 2024
U.S. DOLLARS IN THOUSANDS
(Except share and per share data)
(UNAUDITED)
Rail Vision Ltd.
INTERIM CONDENSED FINANCIAL STATEMENTS
As of June 30, 2024
U.S. DOLLARS IN THOUSANDS
(Except share and per share data)
(UNAUDITED)
INDEX
Rail Vision Ltd.
INTERIM CONDENSED BALANCE SHEETS
(U.S. dollars in thousands, except share
data and per share data)
| |
June 30,
2024 | | |
December 31,
2023 | |
| |
Unaudited | | |
Audited | |
ASSETS | |
| | |
| |
| |
| | |
| |
Current assets: | |
| | |
| |
Cash and cash equivalents | |
$ | 9,691 | | |
$ | 3,066 | |
Restricted cash | |
| 215 | | |
| 223 | |
Accounts receivable | |
| 135 | | |
| – | |
Inventories | |
| 968 | | |
| 977 | |
Other current assets | |
| 354 | | |
| 336 | |
Total current assets | |
| 11,363 | | |
| 4,602 | |
| |
| | | |
| | |
Non-current Assets: | |
| | | |
| | |
Operating lease - right of use asset | |
| 738 | | |
| 889 | |
Fixed assets, net | |
| 351 | | |
| 430 | |
| |
| 1,089 | | |
| 1,319 | |
| |
| | | |
| | |
Total assets | |
| 12,452 | | |
| 5,921 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Trade accounts payables | |
| 88 | | |
| 185 | |
Current operating lease liability | |
| 282 | | |
| 285 | |
Other accounts payable | |
| 1,823 | | |
| 2,140 | |
Total current liabilities | |
| 2,193 | | |
| 2,610 | |
| |
| | | |
| | |
Non-current operating lease liability | |
| 363 | | |
| 524 | |
| |
| | | |
| | |
Total liabilities | |
| 2,556 | | |
| 3,134 | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Ordinary shares | |
| -- | | |
| 68 | |
Additional paid in capital | |
| 100,182 | | |
| 68,681 | |
Accumulated deficit | |
| (90,286 | ) | |
| (65,962 | ) |
Total shareholders’ equity | |
| 9,896 | | |
| 2,787 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
| 12,452 | | |
| 5,921 | |
The accompanying notes are an integral part of the financial statements.
Rail Vision Ltd.
UNAUDITED INTERIM CONDENSED STATEMENTS OF
COMPREHENSIVE LOSS
(U.S. dollars in thousands, except share
data and per ordinary share data)
| |
Six months ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 761 | | |
$ | – | |
Cost of revenues | |
| (372 | ) | |
| – | |
Gross profit | |
| 389 | | |
| – | |
| |
| | | |
| | |
Research and development expenses | |
| (2,458 | ) | |
| (3,682 | ) |
| |
| | | |
| | |
General and administrative expenses | |
| (2,116 | ) | |
| (2,303 | ) |
| |
| | | |
| | |
Operating loss | |
| (4,185 | ) | |
| (5,985 | ) |
| |
| | | |
| | |
Financial (expenses) income: | |
| | | |
| | |
Revaluation of derivative warrant liabilities | |
| (18,835 | ) | |
| – | |
Other financing income (expenses), net | |
| (1,304 | ) | |
| 150 | |
| |
| | | |
| | |
Net loss for the period | |
| (24,324 | ) | |
| (5,835 | ) |
| |
| | | |
| | |
Basic and diluted loss per share | |
| (1.99 | ) | |
| (2.69 | ) |
| |
| | | |
| | |
Weighted average number of shares outstanding used to compute basic and diluted loss per ordinary share | |
| 12,193,918 | | |
| 2,167,170 | |
The accompanying notes are an integral part of the financial statements.
Rail Vision Ltd.
UNAUDITED INTERIM CONDENSED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY
(U.S. dollars in thousands, except share
data and per share data)
| |
Ordinary Shares | | |
Additional | | |
| | |
Total | |
| |
Number of
shares | | |
USD | | |
paid in
capital | | |
Accumulated
Deficit | | |
shareholders’
equity | |
| |
| | |
| | |
| | |
| | |
| |
Balance as of January 1, 2024 | |
| 2,998,278 | | |
| 68 | | |
| 68,681 | | |
| (65,962 | ) | |
| 2,787 | |
Cancelation of the par value of ordinary shares (See Note 3E) | |
| – | | |
| (68 | ) | |
| 68 | | |
| – | | |
| – | |
Issuance of units of ordinary shares and pre-funded warrants, net of issuance costs (*) | |
| 3,554,200 | (**) | |
| – | | |
| 1,404 | | |
| – | | |
| 1,404 | |
Exercise of warrants to ordinary shares, net of issuance costs (***) | |
| 12,258,487 | | |
| – | | |
| 23,791 | | |
| – | | |
| 23,791 | |
Classification of warrant liabilities to equity warrants (See Note 3A) | |
| – | | |
| – | | |
| 6,143 | | |
| – | | |
| 6,143 | |
Share-based payment | |
| – | | |
| – | | |
| 95 | | |
| – | | |
| 95 | |
Net loss for the period | |
| – | | |
| – | | |
| – | | |
| (24,324 | ) | |
| (24,324 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2024 | |
| 18,810,965 | | |
| – | | |
| 100,182 | | |
| (90,286 | ) | |
| 9,896 | |
Rail Vision Ltd.
UNAUDITED INTERIM CONDENSED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY (Cont.)
(U.S. dollars in thousands, except share
data and per share data)
| |
Ordinary
Shares | | |
Additional | | |
| | |
Total | |
| |
Number
of
shares | | |
USD | | |
paid
in
capital | | |
Accumulated
Deficit | | |
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 costs (*) | |
| 986,842 | | |
| 21 | | |
| 5,374 | | |
| – | | |
| 5,395 | |
Share-based
payment | |
| – | | |
| – | | |
| 165 | | |
| – | | |
| 165 | |
Net
loss for the period | |
| – | | |
| – | | |
| – | | |
| (5,835 | ) | |
| (5,835 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of June 30, 2023 | |
| 2,998,278 | | |
| 68 | | |
| 68,571 | | |
| (60,649 | ) | |
| 7,990 | |
The accompanying notes are an integral part of the consolidated
financial statements.
Rail Vision Ltd.
INTERIM CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(U.S. dollars in thousands)
| |
Six months ended
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash flows from operating activities | |
| | |
| |
Net loss for the period | |
$ | (24,324 | ) | |
$ | (5,835 | ) |
| |
| | | |
| | |
Adjustments to reconcile loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 85 | | |
| 80 | |
Share-based payment | |
| 95 | | |
| 165 | |
Change in operating lease liability | |
| (13 | ) | |
| (39 | ) |
Effect of exchange rate changes on cash and cash equivalents | |
| 56 | | |
| – | |
Revaluation of derivative warrant liabilities | |
| 18,835 | | |
| – | |
Amortization of a discount related to a convertible loan credit facility | |
| 1,229 | | |
| – | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
| |
| | | |
| | |
Increase in accounts receivables | |
| (135 | ) | |
| – | |
Increase in other current assets | |
| (18 | ) | |
| (80 | ) |
Decrease (increase) in Inventories | |
| 9 | | |
| (491 | ) |
Increase (decrease) in trade accounts payable | |
| (97 | ) | |
| 167 | |
Increase (decrease) in other accounts payable | |
| (317 | ) | |
| 624 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (4,595 | ) | |
| (5,409 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchase of fixed assets | |
| (6 | ) | |
| (137 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (6 | ) | |
| (137 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from a convertible loan credit facility and issuance of warrants | |
| 1,500 | | |
| – | |
Payments on convertible loan credit facility | |
| (1,000 | ) | |
| – | |
Proceeds from exercise of warrants, net of issuance expenses | |
| 7,813 | | |
| – | |
Proceeds from issuance of shares and warrants, net of issuance expenses | |
| 2,961 | | |
| 5,460 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 11,274 | | |
| 5,460 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (56 | ) | |
| – | |
Increase (Decrease) in cash, cash equivalents and restricted cash | |
| 6,617 | | |
| (86 | ) |
Cash, cash equivalents and restricted cash at the beginning of the period | |
| 3,289 | | |
| 8,492 | |
| |
| | | |
| | |
Cash, cash equivalents and restricted cash at the end of the period | |
$ | 9,906 | | |
$ | 8,406 | |
| |
| | | |
| | |
Non Cash Activities: | |
| | | |
| | |
| |
| | | |
| | |
Conversion of a convertible loan credit facility to ordinary shares | |
| 500 | | |
| – | |
Issuance expenses recorded in other accounts payables | |
| -- | | |
| 65 | |
The accompanying notes are an integral part
of the consolidated financial statements.
Rail Vision Ltd.
Notes to the Interim Condensed Consolidated
Financial Statements (Unaudited)
(U.S. dollars in thousands, except share
and per share data and exercise prices)
NOTE 1 – GENERAL
Rail Vision Ltd. (the “Company”)
was incorporated and registered in Israel on April 18, 2016. The Company is a development-stage technology company that is engaged in
the design, development and assembly of railway detection systems designed to solve the challenges in railway operational safety, efficiency
and predictive maintenance. The Company’s railway detection systems include different types of cameras, including optics, visible
light spectrum cameras (video) and thermal cameras that transmit data to a ruggedized on-board computer which is designed to be suitable
for the rough environment of a train’s locomotive.
These interim condensed financial statements
should be read in conjunction with the Company’s audited financial statements as of December 31, 2023 and for the year ended on
that date, and the accompanying notes included in the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange
Commission on March 28, 2024.
The Company’s activities are
subject to significant risks and uncertainties. The Company has incurred significant losses since the date of its inception, and anticipates
that it will continue to incur significant losses until it will be able to successfully commercialize its products. Failure to obtain
this necessary capital when needed may force the Company to delay, limit or terminate its product development efforts or other operations. In
addition, the Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated
with financing, liquidity requirements, rapidly changing customer requirements, the loss of key personnel and the effect of planned expansion
of operations on the future results of the Company.
To date, the Company has not generated
significant revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to
generate substantial operating losses and to continue to fund its operations primarily through the utilization of its current financial
resources, sales of its products, and through additional raises of capital.
As described in note 3A and note 3B,
during the reported period and subsequent to the balance sheet date, the Company raised approximately $12 million as part of issuance
of shares, proceeds from a convertible loan credit facility and exercises of warrants, and according to the current monthly burn rate,
the management anticipates that its cash and cash equivalents as of the issuance date of the financial statements and the future expected
cash flow from sales will be sufficient for 12 months of operations.
NOTE 2 – BASIS OF PRESENTATION AND
SIGNIFICANT ACCOUNTING POLICIES
| A. | Unaudited Interim Financial Statements |
The accompanying unaudited interim
condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”)
for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial
statements. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the annual
financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation
of the Company’s financial position as of June 30, 2024, and the Company’s results of operations and cash flows for the six
months ended June 30, 2024, and 2023. For further information, reference is made to the financial statements and footnotes thereto included
in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023.
The results of operations for the six
months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Rail Vision Ltd.
Notes to the Interim Condensed Consolidated
Financial Statements (Unaudited)
(U.S. dollars in thousands, except share and
per share data and exercise prices)
NOTE 2 – BASIS OF PRESENTATION AND
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
| B. | Significant Accounting Policies |
The significant accounting policies
followed in the preparation of these unaudited interim condensed financial statements are identical to those applied in the preparation
of the latest annual financial statements, other than:
Warrants liabilities
The Company evaluated the warrants
in accordance with ASC 815 “Derivatives and Hedging - Contracts in Entity’s Own Equity” (“ASC 815”) and
concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the warrants from being accounted
for as components of equity. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance
and as of each subsequent period end date while the warrants are outstanding. As the warrants meet the definition of a derivative as contemplated
in ASC 815, the warrants are recorded as derivative liabilities on the balance sheet and measured at fair value at inception and at each
reporting date thereafter in accordance with ASC 820 “Fair Value Measurement” (“ASC 820”), with changes in fair
value recognized in the condensed statements of comprehensive loss in the period of change.
Fair Value of Financial Instruments
ASC 820 “Fair Value Measurements
and Disclosures” (“ASC 820”), defines fair value as the price that would be received from selling an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which
it would transact. The Company also considers assumptions that market participants would use when pricing the asset or liability, such
as, inherent risk, transfer restrictions and risk of nonperformance. Hierarchical levels are directly related to the amount of subjectivity
with the inputs to the valuation of these assets or liabilities as follows:
Level 1 - Observable inputs such as
unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2 - Inputs (other than quoted
prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted
prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets of liabilities
in markets that are not active;
Level 3 - Unobservable inputs that
are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The carrying values of cash and cash
equivalents, restricted cash, accounts receivable, trade accounts payable, accrued expenses and employees and related expenses recorded
in other accounts payable, approximate their fair value due to the short-term maturity of these instruments.
The Company’s warrants liability
was classified within Level 3 of the fair value hierarchy because of the volatility input incorporated in the Company’s Black-Scholes
model at inception and on subsequent valuation dates involves unobservable inputs. The warrant liability was classified to equity on June
29, 2024. As of June 30, 2024, no liabilities were classified within level 3 of the fair value hierarchy.
The preparation of financial statements
in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Management believes that the estimates, judgments and assumptions used are reasonable based upon information
available at the time they are made. Actual results could differ from those estimates.
Rail Vision Ltd.
Notes to the Interim Condensed Consolidated
Financial Statements (Unaudited)
(U.S. dollars in thousands, except share and
per share data and exercise prices)
NOTE 3 – SIGNIFICANT EVENTS IN THE
REPORTING PERIOD
| A. | Execution of Credit Facility Agreement and Issuance of
Facility Warrant |
On January 9, 2024, the Company entered
into the Facility Agreement for a $6,000 credit facility (the “Credit Facility”) and an additional amount up to $3,000, subject
to certain conditions (the “Additional Loans”) with a global investment firm (the “Lender”).
The Credit Facility, which had an initial
term of 10 months, accrued interest at a rate of 8% per annum. The first payment of $1,500 was drawn down upon execution of the Facility
Agreement and the remaining amount was able to be drawn down in eight equal installments as of March 7, 2024. As detailed below, the Facility
Agreement terminated on March 1, 2024.
After the Credit Facility was exhausted,
the Company was able to draw down the Additional Loans in an aggregate amount up to $3,000. The Additional Loans included two initial
installments of up to $750, and two additional installments of up to $750, the latter of which were subject to certain conditions. The
Additional Loans accrued interest at a rate of 12% per annum.
In the event that the Company entered
into an alternate credit facility on more favorable terms, the Lender’s funding obligations under the Credit Facility were to decrease
with respect to the amount actually received by the Company under such alternate credit facility. The Lender’s financing obligations
were to terminate in the event the Company drew down $7,500 or more pursuant to an alternate credit facility or closed one or more equity
financing transaction in an aggregate amount of at least $5,000 (including the conversion of the Credit Facility as mentioned below).
As of March 1, 2024, in connection with the January 2024 PIPE (as defined in note 3B), the Company received aggregate gross proceeds of
more than $5,000 from the purchase of Units and exercise of warrants (see Note 3B below), and accordingly, the Lender’s financing
obligations terminated.
Until the Company closed one or more
equity financing transactions in an aggregate amount of at least $5,000, it had the right to convert an amount of up to $1,500 out of
the outstanding loan (including accrued interest) into ordinary shares of the Company, in connection with and in the framework of a financing
transaction of the Company on the date that followed the date upon which the Company notified the Lender of such financing transaction,
which conversion was to occur upon the same terms. In connection with the January 2024 PIPE (as defined in note 3B), the Company converted
$500 of the outstanding loan and issued to the Lender the Facility Conversion Pre-Funded Warrant and the Facility Conversion Common Warrant
(see Note 3B below).
In addition, the loan, together with
accrued interest, was required to be repaid at a rate of 30% of the gross proceeds of any equity financing transactions consummated by
the Company during the term of the Credit Facility, which met a minimum threshold aggregate amount (initially, $5,000 and increasing by
an additional $500 for each month during the term) until the loan is repaid in full. The repayment of the Credit Facility was required
to be made on the last day of each calendar month during which the sources for repayment specified above were actually received by the
Company. The loan was permitted be prepaid early without any penalty.
Rail Vision Ltd.
Notes to the Interim Condensed Consolidated
Financial Statements (Unaudited)
(U.S. dollars in thousands, except share and
per share data and exercise prices)
NOTE 3 – SIGNIFICANT EVENTS IN THE
REPORTING PERIOD (Cont.)
| A. | Execution of Credit Facility Agreement and Issuance of Facility Warrant (Cont.) |
As part of the Facility Agreement,
the Company issued a warrant (the “Facility Warrant”) to the Lender to purchase 2,419,354 ordinary shares of the Company representing
an aggregate exercise amount of $7,500, with a per share exercise price of $3.10, subject to certain adjustments and certain anti-dilution
protection. The Facility Warrant was exercisable upon issuance and has a term of 5 years from the date of issuance.
The Facility Warrants were classified
on the issuance date to warrant liabilities, as they were not considered indexed to the Company’s own equity.
The fair value of the Facility Warrants
at issuance date was $1,229 and the remaining amount of $271 was allocated to the convertible loan credit facility. On March 1, 2024,
the date of termination of the Credit Facility (as detailed above), the discount amount of $1,229 was fully amortized. As a result the
Company recorded an amount of $1,229 in “Other financing income (expenses), net”.
The January 2024 PIPE, as defined and
detailed in Note 3B below, triggered an anti-dilution protection and accordingly the exercise price of the Facility Warrant was adjusted
to $0.408 and the amount of ordinary shares issuable upon the exercise of the Facility Warrant was adjusted to 18,382,353 shares.
As of June 30, 2024, 6,720,000 Facility
Warrants have been exercised resulting in gross proceeds of approximately $2,742 to the Company.
The Facility Warrant agreement includes
some provisions that expired on June 29, 2024. The Company reassessed the Facility Warrants’ current terms and concluded that they were
no longer classified as a liability and that they are considered indexed to the Company’s own equity. As a result, the Company classified
its warrant liabilities to additional paid in capital in the amount of $6,143.
Subsequent to June 30, 2024 additional
1,300,000 Facility Warrants have been exercised resulting in additional gross proceeds of approximately $530 to the Company.
| B. | January 2024 private placement (“PIPE”) |
On January 18, 2024, the Company entered
into a binding term sheet directly with a global investment firm (the “Lead Investor”) for the purchase and sale in a private
placement (the “January 2024 PIPE”) of units (the “Units”) to the Lead Investor and other investors (collectively,
the “Investors”). Each Unit consists of (i) one ordinary share of the Company and (ii) one and a half warrants to purchase
ordinary shares of the Company of a minimum of $2,500 of Units and up to a maximum of $3,000 of Units. The January 2024 PIPE closed on
January 31, 2024 following the execution of definitive documentation between the Company and the Investors.
On January 30, 2024, the Company entered
into the definitive securities purchase agreement with the Investors for the issue of 3,046,457 Units consisting of (A) (i) 1,651,458
of the Company’s ordinary shares, and/or (ii) pre-funded warrants (the “PIPE Pre-Funded Warrants”) to purchase up to
1,394,999 ordinary shares and (B) common warrants (the “PIPE Common Warrants”) to purchase up to 4,569,688 ordinary shares.
The purchase price per Unit is $0.98475. The aggregate gross proceeds from the January 2024 PIPE were $3,000. $2,961 net of issuance costs.
The PIPE Pre-Funded Warrants are immediately
exercisable at an exercise price of $0.0001 per ordinary share, subject to certain adjustments and certain anti-dilution protection set
forth therein and will not expire until exercised in full. The PIPE Common Warrants are exercisable upon issuance at an exercise price
of $0.98475 per ordinary share, subject to certain adjustments and certain anti-dilution protection set forth therein and will have a
5.5-year term from the issuance date.
Rail Vision Ltd.
Notes to the Interim Condensed Consolidated
Financial Statements (Unaudited)
(U.S. dollars in thousands, except share and
per share data and exercise prices)
NOTE 3 – SIGNIFICANT EVENTS IN THE
REPORTING PERIOD (Cont.)
| B. | January 2024 private placement (“PIPE”) (Cont.) |
In
connection with the closing of the January 2024 PIPE, the Company exercised its conversion
right pursuant to the Credit Facility to convert $500 of the outstanding convertible loan credit facility that was extended to the Company
by the Lender of the Credit Facility. Following such conversion, the Company issued to the Lender 507,743 Units consisting of (i)
a pre-funded warrant (the “Facility Conversion Pre-Funded Warrant”) to purchase up to 507,743 ordinary shares and (ii) a common
warrant (the “Facility Conversion Common Warrant”) to purchase up to 761,615 ordinary shares. The Facility Conversion Pre-Funded
Warrant and the Facility Conversion Common Warrant are in substantially the same form and on substantially the same terms as the PIPE
Pre-Funded Warrant and PIPE Common Warrant, respectively.
The
PIPE Common Warrants and the Facility Conversion Common Warrant were classified on the issuance
date to warrant liabilities, as they were not considered indexed to the Company’s own equity.
As
of June 30, 2024, all of the January 2024 PIPE Pre-Funded Warrants, the Facility Conversion
Pre-Funded Warrants, the Facility Conversion Common Warrants and the January 2024
PIPE Warrants have been exercised resulting in gross proceeds of approximately $5,250 to the Company ($5,063 net of issuance costs).
| C. | A Leading US-Based Rail & Leasing Services Company Orders Rail Vision Switch Yard Systems Valued
at Up to $5 Million |
On January 17, 2024, a leading US-based
rail and leasing services company signed a supply contract with the Company for the purchase of the Company’s Switch Yard Systems.
The first phase of the contract is
valued at $1,000. Follow-on orders for additional Switch Yard Systems, valued at up to $4,000, are subject to customer approval. The contract
also includes specific purchase quotas that, if met, provide the customer with exclusivity in the North American industrial railyards
switching segment.
In April 2024, the Company received
an initial purchase order amounting to approximately $1,000 as part of this contract. The order is for the purchase of the Company’s
Shunting Yard systems, which are expected to be installed during the third quarter of this year.
In June 2024, the Company received
a follow-on order from this customer in the amount of approximately $200, which is in addition to the existing contract and refers to
additional services requested by the customer.
As of June 30, 2024, a payment received
from this customer in the amount of $375, was recorded as deferred revenues in other accounts payable.
| D. | In January 2024, investors from a private placement from May 2023 exercised 493,424 warrants to purchase
ordinary shares on a cashless basis. As a result of the cashless exercises, the Company issued 181,002 ordinary shares to such investors. |
| E. | On February 21, 2024, the Company convened an extraordinary general meeting of shareholders (the “Meeting”).
At the Meeting, the shareholders of the Company approved (i) the cancelation of the par value of the Company’s registered and issued
ordinary shares; (ii) an increase of the Company’s registered share capital from 12,500,000 ordinary shares to 100,000,000 ordinary
shares; and to amend the Company’s Amended and Restated Articles of Association accordingly. |
Rail Vision Ltd.
Notes to the Interim Condensed Consolidated
Financial Statements (Unaudited)
(U.S. dollars in thousands, except share and
per share data and exercise prices)
NOTE 3 – SIGNIFICANT EVENTS IN THE
REPORTING PERIOD (Cont.)
| F. | Purchase Order from Loram, a Top US-Based Railway Track Maintenance Supplier |
In April 2024, the Company received
an order for its Switch Yard System from Loram, a leading US- based provider of railway track maintenance equipment and services.
In June 2024, the Company completed
the successful delivery and installation of its Shunting Yard product to Loram. This installation fulfills the above mentioned purchase
order and marks the beginning of a pilot project aimed at enhancing Loram’s rail track maintenance operations with the Company’s
advanced technology. During the six months ended June 30, 2024, the Company recognized revenues from the sale of the system and the related
services in the total amount of approximately $145.
| G. | Israel Railways Commercial Agreement: |
In January 2023, the Company signed
an agreement with Israel Railways for the purchase by Israel Railways of ten Rail Vision Main Line Systems and related services for a
total amount of approximately $1,400.
In February 2024, the Company completed
the first installation of its Main Line Systems in Israel Railways. During the six months ended June 30, 2024, the Company recognized
revenues from this agreement in the total amount of approximately $101.
| H. | Purchase Order from a Leading Latin America Mining Company |
On October 17, 2023, the Company received
a purchase order in the amount of $492 for a single Main Line system and related services from a leading Latin American (“LATAM”)
mining company. On December 11, 2023, the Company completed the delivery of the Main Line system to the LATAM mining company but hadn’t
fully transferred the control on the system to the customer. In addition to the delivery of the system, the Company is providing supervision,
guidance, and training services as part of the $492 purchase order.
In June 2024, the Company received
a follow-on order from this customer for additional services, in the amount of approximately $24.
In June 2024, the Company completed
a successfully installation of its system at the LATAM mining company and led training sessions for the mining company’s team.
Accordingly, during the six months ended June 30, 2024, the Company recognized revenues from the above mentioned purchase orders, in the
total amount of approximately $516.
| I. | Purchase Order from a Class 1 US Railroad Company |
On March 11, 2024, the Company received
an order for its Switch Yard System from a Class 1 freight rail company in the US. The freight rail company will install and use the system
on its locomotive for evaluation and testing different scenarios related to safety.
On June 10, 2024, the Company completed
the successful installation of its Shunting Yard product for this customer and the customer will use the system on its locomotive for
evaluation in different scenarios related to safety and efficiency during a few months trial, expected to be completed in November 2024. As
the delivery of the system and the provision of services during the trial period were identified by the Company as a single performance
obligation, as of June 30, 2024, a payment received from this customer in the amount of $81, was recorded as deferred revenues in other
accounts payable. In addition, the Company recorded an amount of approximately $61 as deferred expenses
NOTE 4 – SUBSEQUENT EVENTS
| A. | Exercise of Facility Warrants - see Note 3A above. |
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Exhibit 99.3
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward Looking Statements
The
following discussion contains “forward-looking statements,” including statements regarding expectations, beliefs, intentions
or strategies for the future. These statements may identify important factors which could cause our actual results to differ materially
from those indicated by the forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such
forward-looking statements include, but are not limited to:
|
● |
our lack of operating history; |
|
● |
our current and future capital requirements and our belief that our existing cash will be sufficient to fund our operations for more than one year from the date that the financial statements are issued; |
|
● |
our ability to manufacture, market and sell our products and to generate revenues; |
|
● |
our ability to maintain our relationships with key partners and grow relationships with new partners; |
|
● |
our ability to maintain or protect the validity of our U.S. and other patents and other intellectual property; |
|
● |
our ability to launch and penetrate markets in new locations and new market segments; |
|
● |
our ability to retain key executive members and hire additional personnel; |
|
● |
our ability to maintain and expand intellectual property rights; |
|
● |
interpretations of current laws and the passages of future laws; |
|
● |
our ability to achieve greater regulatory compliance needed in existing and new markets; |
|
● |
the overall demand for passenger and freight transport; |
|
● |
our ability to achieve key performance milestones in our planned operational testing; |
|
● |
our ability to establish adequate sales, marketing and distribution channels; |
|
● |
acceptance of our business model by investors; |
|
● |
our ability to maintain the listing of our ordinary shares on the Nasdaq Capital Market; |
|
● |
security, political and economic instability in the Middle East that could harm our business, including due to the current war between Israel and Hamas; and |
|
● |
other risks and uncertainties, including those listed in the section titled “Risk Factors” in our Annual Report on Form 20-F filed with the SEC on March 28, 2024, or the Annual Report. |
The
preceding list is not intended to be an exhaustive list of any forward-looking statements and are based on our beliefs, assumptions and
expectations of future performance, taking into account the information available to us. These statements are only predictions based upon
our current expectations and projections about future events. There are important factors that could cause our actual results to differ
materially from the results expressed or implied by the forward-looking statements.
The
forward-looking statements contained herein are based upon information available to our management as of the date hereof and, while we
believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements
should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Except as required
by law, we undertake no obligation to update publicly any forward-looking statements after the date hereof to conform these statements
to actual results or to changes in our expectations.
Operating Results.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial
statements and the related notes included in our Annual Report, as well as our unaudited condensed financial statements and the related
notes thereto for the six months ended June 30, 2024, included elsewhere in this Report on Form 6-K. The discussion below contains forward-looking
statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may
differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties.
The
following financial data in this narrative are expressed in thousands of U.S. dollars, except for share and per share data or as otherwise
noted.
Overview
We
are a development stage technology company that is seeking to revolutionize railway safety and the data-related market. We have developed
cutting edge, artificial intelligence based, industry-leading technology specifically designed for railways. We have developed our railway
detection and systems to save lives, increase efficiency, and dramatically reduce expenses for the railway operators. We believe that
our 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, we believe that our technology has the potential to advance the revolutionary concept of autonomous trains into
a practical reality.
Operating Expenses
Our
current operating expenses consist of two components — research and development expenses and general and administrative
expenses. To date, we have not generated significant revenues.
Research
and Development Expenses
Our
research and development expenses consist primarily of salaries and related personnel expenses (including share-based payments) and other
related research and development expenses.
The
following table discloses the breakdown of research and development expenses:
| |
Six months ended June 30, | |
(in thousands of USD) | |
2024 | | |
2023 | |
| |
| | |
| |
Depreciation | |
$ | 76 | | |
$ | 71 | |
Share-based payment | |
| 18 | | |
| 28 | |
Payroll and related expenses | |
| 2,036 | | |
| 2,867 | |
Equipment | |
| 89 | | |
| 442 | |
Rent and office maintenance | |
| 202 | | |
| 208 | |
Other | |
| 37 | | |
| 66 | |
| |
| | | |
| | |
Total | |
| 2,458 | | |
| 3,682 | |
General
and Administrative Expenses
General
and administrative expenses consist primarily of salaries and related expenses, professional service fees for accounting, legal and bookkeeping,
facilities, travel expenses and other general and administrative expenses.
The
following table discloses the breakdown of general and administrative expenses:
| |
Six months ended June 30, | |
(in thousands of USD) | |
2024 | | |
2023 | |
| |
| | |
| |
Payroll and related expenses | |
$ | 871 | | |
$ | 920 | |
Share-based payment | |
| 77 | | |
| 136 | |
Professional services | |
| 932 | | |
| 911 | |
Travel expenses | |
| 29 | | |
| 30 | |
Rent and office maintenance | |
| 67 | | |
| 66 | |
Marketing and other | |
| 140 | | |
| 240 | |
Total | |
| 2,116 | | |
| 2,303 | |
Comparison of the Six Months Ended
June 30, 2024, to the Six Months Ended June 30, 2023
Results of Operations
| |
Six months ended June 30, | |
(in thousands of USD) | |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 761 | | |
$ | -- | |
Cost of sales | |
| (372 | ) | |
| -- | |
Gross profit | |
| 389 | | |
| -- | |
Research and development expenses | |
| (2,458 | ) | |
| (3,682 | ) |
General and administrative expenses | |
| (2,116 | ) | |
| (2,303 | ) |
Operating loss | |
| (4,185 | ) | |
| (5,985 | ) |
| |
| | | |
| | |
Financial (expenses) income: | |
| | | |
| | |
Revaluation of derivative warrant liabilities | |
| (18,835 | ) | |
| -- | |
Other financing income (expenses), net | |
| (1,304 | ) | |
| 150 | |
| |
| | | |
| | |
Total Loss | |
| (24,324 | ) | |
| (5,835 | ) |
Revenues
During
the six months ended June 30, 2024, we recognized revenues in amount of $761,000. During the six months ended June 30, 2023, we did not
recognize any revenues. The increase was primarily attributable to a mining company that purchased a Rail Vision Main Line System, the
first installation of Rail Vision’s Main Line Systems for Israel Railways and the successful delivery and installation of Rail Vision’s
Shunting Yard product to Loram, during the six months ended June 30, 2024.
Research
and Development Expenses
Our
research and development expenses for the six months ended June 30, 2024, amounted to $2,458,000, a decrease of $1,224,000, or 33%, compared
to $3,682,000 for the six months ended June 30, 2023. The decrease was primarily attributable to a decrease of $831,000 in salaries and
related personnel expenses due to a reduction in workforce, including a reduction in our employee base by 12 R&D employees, and a
decrease of $353,000 in R&D equipment purchases.
General
and administrative expenses
Our
general and administrative expenses totaled $2,116,000 for the six months ended June 30, 2024, a decrease of $187,000, or 8%, compared
to $2,303,000 for the six months ended June 30, 2023. The decrease was primarily attributable to a decrease in salaries and other administrative
and marketing costs, as part of the process of reducing costs as mentioned above.
Operating loss
As
a result of the foregoing, our operating loss for the six months ended June 30, 2024, was $4,185,000 compared to an operating loss of
$5,985,000 for the six months ended June 30, 2023, a decrease of $1,800,000, or 30%.
Revaluation
of derivative warrant liabilities expenses
For
the six months ended June 30, 2024, we recorded expenses in amount of $18,835,000 due to the revaluation of derivative warrant
liability in connection with warrants issued in a private placement and a convertible loan credit
facility that we entered into in January 2024. For the six months ended June 30, 2023, we did not incur any expenses related to
revaluation of derivative warrant liability.
Other
financial expenses and income
Our
other financial expenses amounted to $1,304,000 for the six months ended June 30, 2024, a decrease of $1,454,000, or 969%, compared to
$150,000 other financial income for the six months ended June 30, 2023. The decrease was primarily attributable to the full amortization
of discount related to a convertible loan credit facility that we entered into in
January 2024.
Net Loss
As
a result of the foregoing, our total net loss for the six months ended June 30, 2024, was $24,324,000 compared to $5,835,000 for the six
months ended June 30, 2023, an increase of $18,489,000 or 317%.
Critical Accounting Policies
and Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s). A comprehensive
discussion of our critical accounting policies is included in “Item 5. Operating and Financial Review and Prospects – Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section in our Annual Report, as well as our unaudited
condensed financial statements and the related notes thereto for the six months ended June 30, 2024, included elsewhere in this Report
Form 6-K.
Liquidity and Capital Resources.
Overview
Since
our inception through June 30, 2024, we have funded our operations principally with approximately $77.3 million (net of issuance expenses)
from the issuance of our equity securities and exercise of warrants and options. As of June 30, 2024, we had approximately $9,691,000
in cash and cash equivalents.
The
table below presents our cash flows for the periods indicated:
| |
Six months ended June 30, | |
(in thousands of USD) | |
2024 | | |
2023 | |
| |
| | |
| |
Operating activities | |
| (4,595 | ) | |
| (5,409 | ) |
| |
| | | |
| | |
Investing activities | |
| (6 | ) | |
| (137 | ) |
| |
| | | |
| | |
Financing activities | |
| 11,274 | | |
| 5,460 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| 6,617 | | |
| (86 | ) |
Operating Activities
Net
cash used in operating activities of $4,595,000 during the six months ended June 30, 2024, was primarily used for payment of an aggregate
of approximately $2,907,000 in salaries and related personnel expenses. The remaining amount of approximately $1,688,000 was used for
professional services, travel, rent and other miscellaneous expenses.
Net
cash used in operating activities of $5,409,000 during the six months ended June 30, 2023, was primarily used for payment of an aggregate
of approximately $3,718,000 in subcontractors and salaries and related personnel expenses. The remaining amount of approximately $1,692,000
was used for professional services, travel, rent and other miscellaneous expenses.
Investing Activities
Net
cash used in investing activities of $6,000 during six months ended June 30, 2024, reflected the purchase of fixed assets, as well as
$137,000 during six months ended June 30, 2023.
Financing
Activities
Net
cash provided by financing activities during the six months ended June 30, 2024, consisted of $11,274,000 of net proceeds from our issuance
of ordinary shares and warrants in a private placement and credit facility that we entered into in January 2024.
Net
cash provided by financing activities during the six months ended June 30, 2023, consisted of $5,460,000 of net proceeds from our issuance
of shares and warrants in a registered direct offering and in concurrent private placements.
Execution
of Credit Facility Agreement and Issuance of Warrant (January 2024)
On
January 9, 2024, we entered into a facility agreement, or the Facility Agreement, for a $6 million credit facility, or the Credit Facility,
and an additional amount up to $3 million, subject to certain conditions, or the Additional Loans, with a global investment firm, or the
Lender, who was also an Investor in the January 2024 PIPE. The Credit Facility, which had an initial term of 10 months, accrued interest
at a rate of 8% per annum, and the first payment of $1.5 million was drawn down upon execution of the Facility Agreement and the remaining
amount was able to be drawn down in eight equal installments as of March 7, 2024. As detailed below, the Facility Agreement terminated
on March 1, 2024.
Pursuant
to the Facility Agreement, the Lender’s financing obligations terminated in the event we drew down $7.5 million or more pursuant
to an alternate credit facility or closes one or more equity financing transaction in an aggregate amount of at least $5 million. As of
March 1, 2024, we had received aggregate gross proceeds of more than $5 million from the purchase of Units in the January 2024 PIPE, the
exercise of warrants issued in the January 2024 PIPE and our exercise of the Conversion Right in the amount of $500,000. As a result,
the Lender’s financing obligations have terminated pursuant to the terms of the Facility Agreement.
Until
we closed one or more equity financing transactions in an aggregate amount of at least $5 million (including the conversion of the Credit
Facility), we had the right to convert into ordinary share up to $1.5 million, including accrued interest, of a loan extended or to be
extended to us by the Lender, or the January 2024 Conversion Loan Amount, in connection with and in the framework of a financing transaction
of ours on the date that follows the date upon which we notified the Lender of such financing transaction, which conversion will occur
upon the same terms. As of the date hereof, we had converted $500,000 of the Credit Facility as a portion of the January 2024 Conversion
Loan Amount.
As
part of the Facility Agreement, we issued a warrant, or the Facility Warrant, to the Lender to purchase 2,419,354 of our ordinary shares
representing an aggregate exercise amount of $7.5 million, with a per share exercise price of $3.10, subject to certain adjustments and
certain anti-dilution protection. The Facility Warrant is immediately exercisable upon issuance and has a term of 5 years from the date
of issuance. Following the closing of the January 2024 PIPE, the exercise price of the Facility Warrant was adjusted to $0.408 which is
the effective price per ordinary share in the January 2024 PIPE, or the Facility Warrant Adjusted Exercise Price, and the number of ordinary
shares issuable upon the exercise of the Facility Warrant was also adjusted to a total 18,382,353, or the Facility Warrant Adjusted Shares,
such that the product of the Facility Warrant Adjusted Exercise Price and the Facility Warrant Adjusted Shares is equal to an aggregate
exercise amount of $7.5 million. As of the date of this Report on Form 6-K, 8,020,000 Facility Warrants have been exercised resulting
in gross proceeds of approximately $3.3 million to the Company.
Private
Placement (January 2024)
On
January 18, 2024, we entered into a binding term sheet directly with a global investment firm, or the Lead Investor, for the purchase
and sale in a private placement, or the January 2024 PIPE, of units, or the Units, consisting of (i) one of our ordinary shares and/or
pre-funded warrants to purchase our ordinary shares and (ii) one and a half warrants to purchase our ordinary shares to the Lead Investor
and other investors, collectively, the Investors, of a minimum of $2.5 million of Units and up to a maximum of $3 million of Units. The
January 2024 PIPE closed on January 31, 2024 following the execution of definitive documentation between us and the Investors.
In
the January 2024 PIPE, the Investors purchased $3.0 million of Units consisting of (A) (i) 1,651,458 of ordinary shares and/or (ii) pre-funded
warrants to purchase up to 1,394,999 ordinary shares, or the PIPE Pre-Funded Warrants and (B) common warrants to purchase up to 4,569,688
ordinary shares, or the PIPE Common Warrants. The purchase price per Unit is $0.98475. The PIPE Pre-Funded Warrants are immediately exercisable
at an exercise price of $0.0001 per ordinary share, subject to certain adjustments and certain anti-dilution protection set forth therein,
and will not expire until exercised in full. The PIPE Common Warrants are exercisable upon issuance at an exercise price of $0.98475
per ordinary share, subject to certain adjustments and certain anti-dilution protection set forth therein, and have a 5.5-year term from
the issuance date.
In
connection with the closing of the January 2024 PIPE, we exercised our conversion right, or the Conversion Right, pursuant to the Facility
Agreement (as defined below) to convert $500,000 of the Credit Facility (as defined below) as a portion of the January 2024 Conversion
Loan Amount (as defined below). Following such conversion, we issued to the Lender (as defined below) (i) a pre-funded warrant to purchase
up to 507,743 ordinary shares, or the Facility Conversion Pre-Funded Warrant and (ii) a common warrant to purchase up to 761,615 ordinary
shares, or the Facility Conversion common Warrant. The Facility Conversion Pre-Funded Warrant and the Facility Conversion Common Warrant
are in substantially the same form and on substantially the same terms as the PIPE Pre-Funded Warrant and PIPE Common Warrant, respectively.
As
of June 30, 2024, all of the January 2024 PIPE Pre-Funded Warrants, the Facility Conversion
Pre-Funded Warrants, the Facility Conversion Common Warrants and the January 2024
PIPE Warrants have been exercised resulting in gross proceeds of approximately $5,250 to the Company ($5,063 net of issuance costs).
Cashless
Exercise of Warrants (January 2024)
As
of the date of this Report on Form 6-K, investors from our Private Placement (as defined below) from May 2023 exercised 493,424 warrants
to purchase ordinary shares on a cashless basis. As a result of the cashless exercise, we issued 181,002 ordinary shares to such investors.
Registered
Direct Offering and Concurrent Private Placement of Warrants (May 2023)
On
May 10, 2023, we entered into definitive securities purchase agreements with investors for the purchase and sale of 493,421 ordinary shares,
at a purchase price of $6.08 per unit in a registered direct offering, or the Registered Direct Offering. In a concurrent private placement,
or the Private Placement, we also agreed to issue to the same investors a total of warrants to purchase an aggregate of 493,424 ordinary
shares, or the Concurrent Warrants, at an exercise price of $6.72 per ordinary share. The Concurrent Warrants will be exercisable upon
issuance and will have a 5-year term from the initial issuance date. The transactions closed on May 11, 2023.
Private
Placement of Ordinary Shares and Warrants (May 2023)
In
an additional concurrent private placement with the Registered Direct Offering and Private Placement, or the KB Private Placement, we
entered into a definitive securities purchase agreement for the purchase and sale of an aggregate of 493,421 ordinary shares and 5-year
term common warrants to purchase an aggregate of 493,421 ordinary shares, or the KB Warrants, at a purchase price of $6.08 per unit, to
Knorr-Bremse. The KB Warrants are exercisable at $6.72 per ordinary share. The KB Private Placement closed on June 21, 2023, following
approval of such transaction by our shareholders.
Current Outlook
We
have financed our operations to date primarily from sales of our equity securities in public and private offerings, as well as proceeds
from a convertible loan credit facility..
We have incurred losses and generated negative cash flows from operations since inception in April 2016. Since inception, we have not
generated any significant revenues from the sale of products and we do not expect to generate significant revenues from the sale of our
products in the near future.
As
of June 30, 2024, our cash and cash equivalents were $9,691,000. We expect that we will require substantial additional capital to complete
the development of additional features of our system according to customers’ requirements, including algorithm optimization, cognitive
layer development, system minimization and optical development, as well as to commercialize our products. In addition, our operating plans
may change as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned.
Our future capital requirements will depend on many factors, including:
|
● |
the progress and costs of our research and development activities; |
|
|
|
|
● |
the costs of manufacturing our products; |
|
|
|
|
● |
the costs of filing, prosecuting, enforcing and defending patent claims and other intellectual property rights; |
|
|
|
|
● |
the potential costs of contracting with third parties to provide marketing and distribution services for us or for building such capacities internally; and |
|
|
|
|
● |
the magnitude of our general and administrative expenses. |
In
January 2024, we completed the January 2024 PIPE resulting in aggregate gross proceeds approximately $3.5 million, which includes approximately
$0.5 million that we received upon the partial conversion of the Credit Facility. In addition, to date, we have received approximately
$5.25 million as a result of the exercise of warrants issued in the January 2024 PIPE and approximately $3.3 million as a result of the
exercise of warrants issued in the Credit Facility.
We
expect that our cash and cash equivalents as of the date of this Report on Form 6-K and the future expected cash flow from sales will
be sufficient for 12 months of operations. Without derogating from the foregoing estimate regarding our existing capital resources and
cash flows from operations, we may decide to raise additional funds in 2024. We believe that, if required, we will be able to raise additional
capital or reduce discretionary spending to provide the required liquidity beyond the next twelve months.
Our
future capital requirements will depend on many factors, including our revenue growth, the timing and extent of investments to support
such growth, the expansion of sales and marketing activities, increases in general and administrative costs and many other factors as
described under “Item 3.D—Risk Factors” in the Annual Report.
To
the extent additional funds are necessary to meet our long-term liquidity needs as we continue to execute our business strategy, we anticipate
that they will be obtained through the incurrence of additional indebtedness, additional equity financings or a combination of these potential
sources of funds; however, such financing may not be available on favorable terms, or at all. If we are unable to raise additional funds
when desired, our business, financial condition and results of operations could be adversely affected.
Risks Factors
Any
investment in our business involves a high degree of risk. Before making an investment decision, you should carefully consider the information
we include in this Report on Form 6-K, including our unaudited condensed consolidated financial statements and accompanying notes, and
the additional information in the other reports we file with the Securities and Exchange Commission along with the risks described in
our Annual Report on Form 20-F filed with the SEC on March 28, 2024. These risks may result in material
harm to our business and our financial condition and results of operations. In this event, the market price of our ordinary shares may
decline and you could lose part or all of your investment. We have described below those risks that reflect substantive changes from,
or additions to, the risks described in our Annual Report.
If we are unable for
any reason to meet the continued listing requirements of Nasdaq, such action or inaction could result in a delisting of the ordinary shares.
On July
22, 2024, we received an initial notification letter from Nasdaq’s Listing Qualifications Department notifying us that we had 180
days to regain compliance with the minimum bid price requirement set forth in Nasdaq’s continued listing rules. Nasdaq’s continued
listing rules require that listed securities maintain a minimum bid price of $1.00 per share, and that a failure to meet the minimum bid
price requirement exists if the deficiency continues for a period of 30 consecutive business days or more. We have until January 21, 2025,
to regain compliance with the minimum bid price requirement in order to maintain the listing. To regain compliance with the minimum bid
price requirement, the ordinary shares must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.
In the event that we do not regain compliance by January 21, 2025, we may then be eligible for additional 180 days if we meet the continued
listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with
the exception of the bid price requirement, and will need to provide written notice of our intention to cure the deficiency during the
second compliance period. If we do not qualify for the second compliance period or fail to regain compliance during the second compliance
period, then Nasdaq will notify us of its determination to delist our ordinary shares, at which point we will have an opportunity to appeal
the delisting determination to a hearings panel.
If we
fail to satisfy the continued listing requirements of Nasdaq, such as the minimum closing bid price requirement, Nasdaq may take steps
to delist the ordinary shares. Such a delisting would likely have a negative effect on the price of the ordinary shares and would impair
your ability to sell or purchase the ordinary shares when you wish to do so. In the event of a delisting, we can provide no assurance
that any action taken by us to restore compliance with listing requirements would allow the ordinary shares to become listed again, stabilize
the market price or improve the liquidity of the ordinary shares, prevent the ordinary shares from dropping below the Nasdaq minimum bid
price requirement or prevent future non-compliance with Nasdaq’s listing requirements.
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Interim Condensed Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 9,691
|
$ 3,066
|
Restricted cash |
215
|
223
|
Accounts receivable |
135
|
|
Inventories |
968
|
977
|
Other current assets |
354
|
336
|
Total current assets |
11,363
|
4,602
|
Non-current Assets: |
|
|
Operating lease - right of use asset |
738
|
889
|
Fixed assets, net |
351
|
430
|
Total non current assets |
1,089
|
1,319
|
Total assets |
12,452
|
5,921
|
Current liabilities |
|
|
Trade accounts payables |
88
|
185
|
Current operating lease liability |
282
|
285
|
Other accounts payable |
1,823
|
2,140
|
Total current liabilities |
2,193
|
2,610
|
Non-current operating lease liability |
363
|
524
|
Total liabilities |
2,556
|
3,134
|
Shareholders’ equity |
|
|
Ordinary shares |
|
68
|
Additional paid in capital |
100,182
|
68,681
|
Accumulated deficit |
(90,286)
|
(65,962)
|
Total shareholders’ equity |
9,896
|
2,787
|
Total liabilities and shareholders’ equity |
$ 12,452
|
$ 5,921
|
X |
- DefinitionAmount of obligations incurred classified as other, payable within one year or the normal operating cycle, if longer.
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v3.24.2.u1
Unaudited Interim Condensed Statements of Comprehensive Loss - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
Revenues |
$ 761
|
|
Cost of revenues |
(372)
|
|
Gross profit |
389
|
|
Research and development expenses |
(2,458)
|
(3,682)
|
General and administrative expenses |
(2,116)
|
(2,303)
|
Operating loss |
(4,185)
|
(5,985)
|
Financial (expenses) income: |
|
|
Revaluation of derivative warrant liabilities |
(18,835)
|
|
Other financing income (expenses), net |
(1,304)
|
150
|
Net loss for the period |
$ (24,324)
|
$ (5,835)
|
Basic loss per share (in Dollars per share) |
$ (1.99)
|
$ (2.69)
|
Weighted average number of shares outstanding used to compute basic loss per ordinary share (in Shares) |
12,193,918
|
2,167,170
|
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Unaudited Interim Condensed Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands |
Ordinary Shares |
Additional paid in capital |
Accumulated Deficit |
Total |
Balance at Dec. 31, 2022 |
|
$ 46
|
$ 63,033
|
$ (54,814)
|
$ 8,265
|
Balance (in Shares) at Dec. 31, 2022 |
|
1,987,005
|
|
|
|
Issuance of shares as a result of exercise of warrants |
|
$ 1
|
(1)
|
|
|
Issuance of shares as a result of exercise of warrants (in Shares) |
|
24,431
|
|
|
|
Issuance of units of ordinary shares and pre-funded warrants, net of issuance costs |
[1] |
$ 21
|
5,374
|
|
5,395
|
Issuance of units of ordinary shares and pre-funded warrants, net of issuance costs (in Shares) |
[1] |
986,842
|
|
|
|
Share-based payment |
|
|
165
|
|
165
|
Net loss for the period |
|
|
|
(5,835)
|
(5,835)
|
Balance at Jun. 30, 2023 |
|
$ 68
|
68,571
|
(60,649)
|
7,990
|
Balance (in Shares) at Jun. 30, 2023 |
|
2,998,278
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 68
|
68,681
|
(65,962)
|
2,787
|
Balance (in Shares) at Dec. 31, 2023 |
|
2,998,278
|
|
|
|
Cancelation of the par value of ordinary shares (See Note 3E) |
|
$ (68)
|
68
|
|
|
Issuance of units of ordinary shares and pre-funded warrants, net of issuance costs |
[2] |
|
1,404
|
|
1,404
|
Issuance of units of ordinary shares and pre-funded warrants, net of issuance costs (in Shares) |
[2],[3] |
3,554,200
|
|
|
|
Exercise of warrants to ordinary shares, net of issuance costs |
[4] |
|
23,791
|
|
23,791
|
Exercise of warrants to ordinary shares, net of issuance costs (in Shares) |
[4] |
12,258,487
|
|
|
|
Classification of warrant liabilities to equity warrants (See Note 3A) |
|
|
6,143
|
|
6,143
|
Share-based payment |
|
|
95
|
|
95
|
Net loss for the period |
|
|
|
(24,324)
|
(24,324)
|
Balance at Jun. 30, 2024 |
|
|
$ 100,182
|
$ (90,286)
|
$ 9,896
|
Balance (in Shares) at Jun. 30, 2024 |
|
18,810,965
|
|
|
|
|
|
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v3.24.2.u1
Interim Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities |
|
|
Net loss for the period |
$ (24,324)
|
$ (5,835)
|
Adjustments to reconcile loss to net cash used in operating activities: |
|
|
Depreciation |
85
|
80
|
Share-based payment |
95
|
165
|
Change in operating lease liability |
(13)
|
(39)
|
Effect of exchange rate changes on cash and cash equivalents |
56
|
|
Revaluation of derivative warrant liabilities |
18,835
|
|
Amortization of a discount related to a convertible loan credit facility |
1,229
|
|
Changes in operating assets and liabilities: |
|
|
Increase in accounts receivables |
(135)
|
|
Increase in other current assets |
(18)
|
(80)
|
Decrease (increase) in Inventories |
9
|
(491)
|
Increase (decrease) in trade accounts payable |
(97)
|
167
|
Increase (decrease) in other accounts payable |
(317)
|
624
|
Net cash used in operating activities |
(4,595)
|
(5,409)
|
Cash flows from investing activities |
|
|
Purchase of fixed assets |
(6)
|
(137)
|
Net cash used in investing activities |
(6)
|
(137)
|
Cash flows from financing activities: |
|
|
Proceeds from a convertible loan credit facility and issuance of warrants |
1,500
|
|
Payments on convertible loan credit facility |
(1,000)
|
|
Proceeds from exercise of warrants, net of issuance expenses |
7,813
|
|
Proceeds from issuance of shares and warrants, net of issuance expenses |
2,961
|
5,460
|
Net cash provided by financing activities |
11,274
|
5,460
|
Effect of exchange rate changes on cash and cash equivalents |
(56)
|
|
Increase (Decrease) in cash, cash equivalents and restricted cash |
6,617
|
(86)
|
Cash, cash equivalents and restricted cash at the beginning of the period |
3,289
|
8,492
|
Cash, cash equivalents and restricted cash at the end of the period |
9,906
|
8,406
|
Non Cash Activities: |
|
|
Conversion of a convertible loan credit facility to ordinary shares |
500
|
|
Issuance expenses recorded in other accounts payables |
|
$ 65
|
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v3.24.2.u1
General
|
6 Months Ended |
Jun. 30, 2024 |
General [Abstract] |
|
GENERAL |
NOTE 1 – GENERAL
Rail Vision Ltd. (the “Company”)
was incorporated and registered in Israel on April 18, 2016. The Company is a development-stage technology company that is engaged in
the design, development and assembly of railway detection systems designed to solve the challenges in railway operational safety, efficiency
and predictive maintenance. The Company’s railway detection systems include different types of cameras, including optics, visible
light spectrum cameras (video) and thermal cameras that transmit data to a ruggedized on-board computer which is designed to be suitable
for the rough environment of a train’s locomotive.
These interim condensed financial statements
should be read in conjunction with the Company’s audited financial statements as of December 31, 2023 and for the year ended on
that date, and the accompanying notes included in the Company’s Annual Report on Form 20-F, filed with the Securities and Exchange
Commission on March 28, 2024.
The Company’s activities are
subject to significant risks and uncertainties. The Company has incurred significant losses since the date of its inception, and anticipates
that it will continue to incur significant losses until it will be able to successfully commercialize its products. Failure to obtain
this necessary capital when needed may force the Company to delay, limit or terminate its product development efforts or other operations. In
addition, the Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated
with financing, liquidity requirements, rapidly changing customer requirements, the loss of key personnel and the effect of planned expansion
of operations on the future results of the Company.
To date, the Company has not generated
significant revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to
generate substantial operating losses and to continue to fund its operations primarily through the utilization of its current financial
resources, sales of its products, and through additional raises of capital.
As described in note 3A and note 3B,
during the reported period and subsequent to the balance sheet date, the Company raised approximately $12 million as part of issuance
of shares, proceeds from a convertible loan credit facility and exercises of warrants, and according to the current monthly burn rate,
the management anticipates that its cash and cash equivalents as of the issuance date of the financial statements and the future expected
cash flow from sales will be sufficient for 12 months of operations.
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v3.24.2.u1
Basis of Presentation and Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Significant Accounting Policies |
NOTE 2 – BASIS OF PRESENTATION AND
SIGNIFICANT ACCOUNTING POLICIES
| A. | Unaudited Interim Financial Statements |
The accompanying unaudited interim
condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”)
for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial
statements. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the annual
financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation
of the Company’s financial position as of June 30, 2024, and the Company’s results of operations and cash flows for the six
months ended June 30, 2024, and 2023. For further information, reference is made to the financial statements and footnotes thereto included
in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023.
The results of operations for the six
months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
| B. | Significant Accounting Policies |
The significant accounting policies
followed in the preparation of these unaudited interim condensed financial statements are identical to those applied in the preparation
of the latest annual financial statements, other than:
Warrants liabilities
The Company evaluated the warrants
in accordance with ASC 815 “Derivatives and Hedging - Contracts in Entity’s Own Equity” (“ASC 815”) and
concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the warrants from being accounted
for as components of equity. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance
and as of each subsequent period end date while the warrants are outstanding. As the warrants meet the definition of a derivative as contemplated
in ASC 815, the warrants are recorded as derivative liabilities on the balance sheet and measured at fair value at inception and at each
reporting date thereafter in accordance with ASC 820 “Fair Value Measurement” (“ASC 820”), with changes in fair
value recognized in the condensed statements of comprehensive loss in the period of change.
Fair Value of Financial Instruments
ASC 820 “Fair Value Measurements
and Disclosures” (“ASC 820”), defines fair value as the price that would be received from selling an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which
it would transact. The Company also considers assumptions that market participants would use when pricing the asset or liability, such
as, inherent risk, transfer restrictions and risk of nonperformance. Hierarchical levels are directly related to the amount of subjectivity
with the inputs to the valuation of these assets or liabilities as follows:
Level 1 - Observable inputs such as
unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2 - Inputs (other than quoted
prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted
prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets of liabilities
in markets that are not active;
Level 3 - Unobservable inputs that
are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The carrying values of cash and cash
equivalents, restricted cash, accounts receivable, trade accounts payable, accrued expenses and employees and related expenses recorded
in other accounts payable, approximate their fair value due to the short-term maturity of these instruments.
The Company’s warrants liability
was classified within Level 3 of the fair value hierarchy because of the volatility input incorporated in the Company’s Black-Scholes
model at inception and on subsequent valuation dates involves unobservable inputs. The warrant liability was classified to equity on June
29, 2024. As of June 30, 2024, no liabilities were classified within level 3 of the fair value hierarchy.
The preparation of financial statements
in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Management believes that the estimates, judgments and assumptions used are reasonable based upon information
available at the time they are made. Actual results could differ from those estimates.
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v3.24.2.u1
Significant Events in the Reporting Period
|
6 Months Ended |
Jun. 30, 2024 |
Significant Events in the Reporting Period [Abstract] |
|
SIGNIFICANT EVENTS IN THE REPORTING PERIOD |
NOTE 3 – SIGNIFICANT EVENTS IN THE
REPORTING PERIOD
| A. | Execution of Credit Facility Agreement and Issuance of
Facility Warrant |
On January 9, 2024, the Company entered
into the Facility Agreement for a $6,000 credit facility (the “Credit Facility”) and an additional amount up to $3,000, subject
to certain conditions (the “Additional Loans”) with a global investment firm (the “Lender”).
The Credit Facility, which had an initial
term of 10 months, accrued interest at a rate of 8% per annum. The first payment of $1,500 was drawn down upon execution of the Facility
Agreement and the remaining amount was able to be drawn down in eight equal installments as of March 7, 2024. As detailed below, the Facility
Agreement terminated on March 1, 2024.
After the Credit Facility was exhausted,
the Company was able to draw down the Additional Loans in an aggregate amount up to $3,000. The Additional Loans included two initial
installments of up to $750, and two additional installments of up to $750, the latter of which were subject to certain conditions. The
Additional Loans accrued interest at a rate of 12% per annum.
In the event that the Company entered
into an alternate credit facility on more favorable terms, the Lender’s funding obligations under the Credit Facility were to decrease
with respect to the amount actually received by the Company under such alternate credit facility. The Lender’s financing obligations
were to terminate in the event the Company drew down $7,500 or more pursuant to an alternate credit facility or closed one or more equity
financing transaction in an aggregate amount of at least $5,000 (including the conversion of the Credit Facility as mentioned below).
As of March 1, 2024, in connection with the January 2024 PIPE (as defined in note 3B), the Company received aggregate gross proceeds of
more than $5,000 from the purchase of Units and exercise of warrants (see Note 3B below), and accordingly, the Lender’s financing
obligations terminated.
Until the Company closed one or more
equity financing transactions in an aggregate amount of at least $5,000, it had the right to convert an amount of up to $1,500 out of
the outstanding loan (including accrued interest) into ordinary shares of the Company, in connection with and in the framework of a financing
transaction of the Company on the date that followed the date upon which the Company notified the Lender of such financing transaction,
which conversion was to occur upon the same terms. In connection with the January 2024 PIPE (as defined in note 3B), the Company converted
$500 of the outstanding loan and issued to the Lender the Facility Conversion Pre-Funded Warrant and the Facility Conversion Common Warrant
(see Note 3B below).
In addition, the loan, together with
accrued interest, was required to be repaid at a rate of 30% of the gross proceeds of any equity financing transactions consummated by
the Company during the term of the Credit Facility, which met a minimum threshold aggregate amount (initially, $5,000 and increasing by
an additional $500 for each month during the term) until the loan is repaid in full. The repayment of the Credit Facility was required
to be made on the last day of each calendar month during which the sources for repayment specified above were actually received by the
Company. The loan was permitted be prepaid early without any penalty. As part of the Facility Agreement,
the Company issued a warrant (the “Facility Warrant”) to the Lender to purchase 2,419,354 ordinary shares of the Company representing
an aggregate exercise amount of $7,500, with a per share exercise price of $3.10, subject to certain adjustments and certain anti-dilution
protection. The Facility Warrant was exercisable upon issuance and has a term of 5 years from the date of issuance.
The Facility Warrants were classified
on the issuance date to warrant liabilities, as they were not considered indexed to the Company’s own equity.
The fair value of the Facility Warrants
at issuance date was $1,229 and the remaining amount of $271 was allocated to the convertible loan credit facility. On March 1, 2024,
the date of termination of the Credit Facility (as detailed above), the discount amount of $1,229 was fully amortized. As a result the
Company recorded an amount of $1,229 in “Other financing income (expenses), net”.
The January 2024 PIPE, as defined and
detailed in Note 3B below, triggered an anti-dilution protection and accordingly the exercise price of the Facility Warrant was adjusted
to $0.408 and the amount of ordinary shares issuable upon the exercise of the Facility Warrant was adjusted to 18,382,353 shares.
As of June 30, 2024, 6,720,000 Facility
Warrants have been exercised resulting in gross proceeds of approximately $2,742 to the Company.
The Facility Warrant agreement includes
some provisions that expired on June 29, 2024. The Company reassessed the Facility Warrants’ current terms and concluded that they were
no longer classified as a liability and that they are considered indexed to the Company’s own equity. As a result, the Company classified
its warrant liabilities to additional paid in capital in the amount of $6,143.
Subsequent to June 30, 2024 additional
1,300,000 Facility Warrants have been exercised resulting in additional gross proceeds of approximately $530 to the Company.
| B. | January 2024 private placement (“PIPE”) |
On January 18, 2024, the Company entered
into a binding term sheet directly with a global investment firm (the “Lead Investor”) for the purchase and sale in a private
placement (the “January 2024 PIPE”) of units (the “Units”) to the Lead Investor and other investors (collectively,
the “Investors”). Each Unit consists of (i) one ordinary share of the Company and (ii) one and a half warrants to purchase
ordinary shares of the Company of a minimum of $2,500 of Units and up to a maximum of $3,000 of Units. The January 2024 PIPE closed on
January 31, 2024 following the execution of definitive documentation between the Company and the Investors.
On January 30, 2024, the Company entered
into the definitive securities purchase agreement with the Investors for the issue of 3,046,457 Units consisting of (A) (i) 1,651,458
of the Company’s ordinary shares, and/or (ii) pre-funded warrants (the “PIPE Pre-Funded Warrants”) to purchase up to
1,394,999 ordinary shares and (B) common warrants (the “PIPE Common Warrants”) to purchase up to 4,569,688 ordinary shares.
The purchase price per Unit is $0.98475. The aggregate gross proceeds from the January 2024 PIPE were $3,000. $2,961 net of issuance costs.
The PIPE Pre-Funded Warrants are immediately
exercisable at an exercise price of $0.0001 per ordinary share, subject to certain adjustments and certain anti-dilution protection set
forth therein and will not expire until exercised in full. The PIPE Common Warrants are exercisable upon issuance at an exercise price
of $0.98475 per ordinary share, subject to certain adjustments and certain anti-dilution protection set forth therein and will have a
5.5-year term from the issuance date. In
connection with the closing of the January 2024 PIPE, the Company exercised its conversion
right pursuant to the Credit Facility to convert $500 of the outstanding convertible loan credit facility that was extended to the Company
by the Lender of the Credit Facility. Following such conversion, the Company issued to the Lender 507,743 Units consisting of (i)
a pre-funded warrant (the “Facility Conversion Pre-Funded Warrant”) to purchase up to 507,743 ordinary shares and (ii) a common
warrant (the “Facility Conversion Common Warrant”) to purchase up to 761,615 ordinary shares. The Facility Conversion Pre-Funded
Warrant and the Facility Conversion Common Warrant are in substantially the same form and on substantially the same terms as the PIPE
Pre-Funded Warrant and PIPE Common Warrant, respectively.
The
PIPE Common Warrants and the Facility Conversion Common Warrant were classified on the issuance
date to warrant liabilities, as they were not considered indexed to the Company’s own equity.
As
of June 30, 2024, all of the January 2024 PIPE Pre-Funded Warrants, the Facility Conversion
Pre-Funded Warrants, the Facility Conversion Common Warrants and the January 2024
PIPE Warrants have been exercised resulting in gross proceeds of approximately $5,250 to the Company ($5,063 net of issuance costs).
| C. | A Leading US-Based Rail & Leasing Services Company Orders Rail Vision Switch Yard Systems Valued
at Up to $5 Million |
On January 17, 2024, a leading US-based
rail and leasing services company signed a supply contract with the Company for the purchase of the Company’s Switch Yard Systems.
The first phase of the contract is
valued at $1,000. Follow-on orders for additional Switch Yard Systems, valued at up to $4,000, are subject to customer approval. The contract
also includes specific purchase quotas that, if met, provide the customer with exclusivity in the North American industrial railyards
switching segment.
In April 2024, the Company received
an initial purchase order amounting to approximately $1,000 as part of this contract. The order is for the purchase of the Company’s
Shunting Yard systems, which are expected to be installed during the third quarter of this year.
In June 2024, the Company received
a follow-on order from this customer in the amount of approximately $200, which is in addition to the existing contract and refers to
additional services requested by the customer.
As of June 30, 2024, a payment received
from this customer in the amount of $375, was recorded as deferred revenues in other accounts payable.
| D. | In January 2024, investors from a private placement from May 2023 exercised 493,424 warrants to purchase
ordinary shares on a cashless basis. As a result of the cashless exercises, the Company issued 181,002 ordinary shares to such investors. |
| E. | On February 21, 2024, the Company convened an extraordinary general meeting of shareholders (the “Meeting”).
At the Meeting, the shareholders of the Company approved (i) the cancelation of the par value of the Company’s registered and issued
ordinary shares; (ii) an increase of the Company’s registered share capital from 12,500,000 ordinary shares to 100,000,000 ordinary
shares; and to amend the Company’s Amended and Restated Articles of Association accordingly. |
| F. | Purchase Order from Loram, a Top US-Based Railway Track Maintenance Supplier |
In April 2024, the Company received
an order for its Switch Yard System from Loram, a leading US- based provider of railway track maintenance equipment and services.
In June 2024, the Company completed
the successful delivery and installation of its Shunting Yard product to Loram. This installation fulfills the above mentioned purchase
order and marks the beginning of a pilot project aimed at enhancing Loram’s rail track maintenance operations with the Company’s
advanced technology. During the six months ended June 30, 2024, the Company recognized revenues from the sale of the system and the related
services in the total amount of approximately $145.
| G. | Israel Railways Commercial Agreement: |
In January 2023, the Company signed
an agreement with Israel Railways for the purchase by Israel Railways of ten Rail Vision Main Line Systems and related services for a
total amount of approximately $1,400.
In February 2024, the Company completed
the first installation of its Main Line Systems in Israel Railways. During the six months ended June 30, 2024, the Company recognized
revenues from this agreement in the total amount of approximately $101.
| H. | Purchase Order from a Leading Latin America Mining Company |
On October 17, 2023, the Company received
a purchase order in the amount of $492 for a single Main Line system and related services from a leading Latin American (“LATAM”)
mining company. On December 11, 2023, the Company completed the delivery of the Main Line system to the LATAM mining company but hadn’t
fully transferred the control on the system to the customer. In addition to the delivery of the system, the Company is providing supervision,
guidance, and training services as part of the $492 purchase order.
In June 2024, the Company received
a follow-on order from this customer for additional services, in the amount of approximately $24.
In June 2024, the Company completed
a successfully installation of its system at the LATAM mining company and led training sessions for the mining company’s team.
Accordingly, during the six months ended June 30, 2024, the Company recognized revenues from the above mentioned purchase orders, in the
total amount of approximately $516.
| I. | Purchase Order from a Class 1 US Railroad Company |
On March 11, 2024, the Company received
an order for its Switch Yard System from a Class 1 freight rail company in the US. The freight rail company will install and use the system
on its locomotive for evaluation and testing different scenarios related to safety.
On June 10, 2024, the Company completed
the successful installation of its Shunting Yard product for this customer and the customer will use the system on its locomotive for
evaluation in different scenarios related to safety and efficiency during a few months trial, expected to be completed in November 2024. As
the delivery of the system and the provision of services during the trial period were identified by the Company as a single performance
obligation, as of June 30, 2024, a payment received from this customer in the amount of $81, was recorded as deferred revenues in other
accounts payable. In addition, the Company recorded an amount of approximately $61 as deferred expenses
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v3.24.2.u1
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Unaudited Interim Financial Statements |
Unaudited Interim Financial Statements The accompanying unaudited interim
condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”)
for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial
statements. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the annual
financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation
of the Company’s financial position as of June 30, 2024, and the Company’s results of operations and cash flows for the six
months ended June 30, 2024, and 2023. For further information, reference is made to the financial statements and footnotes thereto included
in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023. The results of operations for the six
months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
|
Significant Accounting Policies |
Significant Accounting Policies The significant accounting policies
followed in the preparation of these unaudited interim condensed financial statements are identical to those applied in the preparation
of the latest annual financial statements, other than: Warrants liabilities The Company evaluated the warrants
in accordance with ASC 815 “Derivatives and Hedging - Contracts in Entity’s Own Equity” (“ASC 815”) and
concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the warrants from being accounted
for as components of equity. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance
and as of each subsequent period end date while the warrants are outstanding. As the warrants meet the definition of a derivative as contemplated
in ASC 815, the warrants are recorded as derivative liabilities on the balance sheet and measured at fair value at inception and at each
reporting date thereafter in accordance with ASC 820 “Fair Value Measurement” (“ASC 820”), with changes in fair
value recognized in the condensed statements of comprehensive loss in the period of change. Fair Value of Financial Instruments ASC 820 “Fair Value Measurements
and Disclosures” (“ASC 820”), defines fair value as the price that would be received from selling an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which
it would transact. The Company also considers assumptions that market participants would use when pricing the asset or liability, such
as, inherent risk, transfer restrictions and risk of nonperformance. Hierarchical levels are directly related to the amount of subjectivity
with the inputs to the valuation of these assets or liabilities as follows: Level 1 - Observable inputs such as
unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 - Inputs (other than quoted
prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted
prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets of liabilities
in markets that are not active; Level 3 - Unobservable inputs that
are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of cash and cash
equivalents, restricted cash, accounts receivable, trade accounts payable, accrued expenses and employees and related expenses recorded
in other accounts payable, approximate their fair value due to the short-term maturity of these instruments. The Company’s warrants liability
was classified within Level 3 of the fair value hierarchy because of the volatility input incorporated in the Company’s Black-Scholes
model at inception and on subsequent valuation dates involves unobservable inputs. The warrant liability was classified to equity on June
29, 2024. As of June 30, 2024, no liabilities were classified within level 3 of the fair value hierarchy.
|
Use of estimates |
Use of estimates The preparation of financial statements
in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Management believes that the estimates, judgments and assumptions used are reasonable based upon information
available at the time they are made. Actual results could differ from those estimates.
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- DefinitionAmount of cash inflow from issuance of shares under share-based payment arrangement. Excludes option exercised.
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v3.24.2.u1
Significant Events in the Reporting Period (Details) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
|
|
1 Months Ended |
6 Months Ended |
|
|
Mar. 07, 2024 |
Mar. 01, 2024 |
Jan. 30, 2024 |
Jan. 18, 2024 |
Dec. 11, 2023 |
Oct. 17, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Feb. 21, 2024 |
Jan. 09, 2024 |
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Facility agreement |
|
|
|
|
|
|
|
|
|
|
|
$ 6,000
|
Additional amount |
|
|
|
|
|
|
|
|
|
|
|
$ 3,000
|
Interest rate of percentage |
|
|
|
|
|
|
|
|
12.00%
|
|
|
|
Payment of credit |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
Facility agreement terminated |
|
|
|
|
|
|
|
|
Mar. 01, 2024
|
|
|
|
Additional loans aggregate amount |
|
|
|
|
|
|
|
|
$ 3,000
|
|
|
|
Drew down amount |
|
|
|
|
|
|
|
|
7,500
|
|
|
|
Financing transaction amount |
|
|
|
|
|
|
|
|
5,000
|
|
|
|
Proceeds from warrant exercises |
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
Equity method aggregate amount |
|
|
|
|
|
|
|
|
5,000
|
|
|
|
Convertible of outstanding loan |
|
|
|
|
|
|
|
|
$ 500
|
|
|
|
Repaid rate of percentage |
|
|
|
|
|
|
|
|
30.00%
|
|
|
|
Aggregate amount |
|
|
|
|
|
|
|
|
$ 5,000
|
|
|
|
Warrants issuance amount |
|
|
|
|
|
|
|
|
18,835
|
|
|
|
Amortized discount amount |
|
1,229
|
|
|
|
|
|
|
$ 1,229
|
|
|
|
Other financing income (expenses), net |
|
$ 1,229
|
|
|
|
|
|
|
|
|
|
|
Facility warrants exercised shares (in Shares) |
|
|
|
|
|
|
|
|
6,720,000
|
|
|
|
Gross proceeds |
|
|
|
|
|
|
|
|
$ 2,742
|
|
|
|
Classified its warrant liabilities |
|
|
|
|
|
|
|
|
$ 6,143
|
|
|
|
Additional facility warrants exercised (in Shares) |
|
|
|
|
|
|
|
|
1,300,000
|
|
|
|
Additional gross proceeds |
|
|
|
|
|
|
|
|
$ 530
|
|
|
|
Number of ordinary shares (in Shares) |
|
|
|
1
|
|
|
|
|
|
|
|
|
Purchase price per share (in Dollars per share) |
|
|
$ 0.98475
|
|
|
|
|
|
|
|
|
|
Aggregate gross proceeds |
|
|
$ 3,000
|
|
|
|
|
|
|
|
|
|
Net of issuance costs |
|
|
$ 2,961
|
|
|
|
|
|
2,961
|
$ 5,460
|
|
|
Outstanding convertible loan |
|
|
|
|
|
|
|
|
$ 500
|
|
|
|
Shares issue (in Shares) |
|
|
|
|
|
|
|
|
507,743
|
|
|
|
Contract value |
|
|
|
|
|
|
|
|
$ 1,000
|
|
|
|
Additional value |
|
|
|
|
|
|
|
|
4,000
|
|
|
|
Initial purchase |
|
|
|
|
|
|
|
|
1,000
|
|
|
|
Received from customer amount |
|
|
|
|
|
|
|
|
200
|
|
|
|
Payment received from customer |
|
|
|
|
|
|
|
|
375
|
|
|
|
Warrant to purchase (in Shares) |
|
|
|
|
|
|
493,424
|
|
|
|
|
|
Related services |
|
|
|
|
$ 492
|
$ 492
|
|
$ 1,400
|
145
|
|
|
|
Recognized revenues |
|
|
|
|
|
|
|
|
101
|
|
|
|
Additional services |
|
|
|
|
|
|
|
|
24
|
|
|
|
Revenue purchase |
|
|
|
|
|
|
|
|
516
|
|
|
|
Other accounts payable |
|
|
|
|
|
|
|
|
81
|
|
|
|
Deferred expenses |
|
|
|
|
|
|
|
|
61
|
|
|
|
PIPE Pre-Funded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from warrant exercises |
|
|
|
|
|
|
|
|
$ 5,250
|
|
|
|
Exercise price, per share (in Dollars per share) |
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
Net of issuance costs |
|
|
|
|
|
|
|
|
$ 5,063
|
|
|
|
PIPE Common Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price, per share (in Dollars per share) |
|
|
|
|
|
|
|
|
$ 0.98475
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Facility warrant shares (in Shares) |
|
|
|
|
|
|
|
|
761,615
|
|
|
|
Credit Facility Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate of percentage |
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
Facility warrant shares (in Shares) |
|
|
|
|
|
|
|
|
507,743
|
|
|
|
Equity Financing [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible amount |
|
|
|
|
|
|
|
|
$ 1,500
|
|
|
|
Periodic payment |
|
|
|
|
|
|
|
|
$ 500
|
|
|
|
Anti-dilution [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Antidilution terms |
|
|
|
|
|
|
|
|
5.5
|
|
|
|
PIPE Pre-Funded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Facility warrant shares (in Shares) |
|
|
1,394,999
|
|
|
|
|
|
|
|
|
|
PIPE Common Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Facility warrant shares (in Shares) |
|
|
4,569,688
|
|
|
|
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase ordinary shares amount |
|
|
|
$ 2,500
|
|
|
|
|
|
|
|
|
Ordinary share capital (in Shares) |
|
|
|
|
|
|
|
|
|
|
12,500,000
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase ordinary shares amount |
|
|
|
$ 3,000
|
|
|
|
|
|
|
|
|
Ordinary share capital (in Shares) |
|
|
|
|
|
|
|
|
|
|
100,000,000
|
|
Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase agreement shares (in Shares) |
|
|
3,046,457
|
|
|
|
|
|
|
|
|
|
Credit Facility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible loan credit facility |
|
|
|
|
|
|
|
|
$ 271
|
|
|
|
Credit Facility Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Payment of credit |
$ 1,500
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate exercise amount |
|
|
|
|
|
|
|
|
$ 7,500
|
|
|
|
Exercise price, per share (in Dollars per share) |
|
|
|
|
|
|
|
|
$ 3.1
|
|
|
|
Warrant exercisable issuance term |
|
|
|
|
|
|
|
|
5 years
|
|
|
|
Warrants issuance amount |
|
|
|
|
|
|
|
|
$ 1,229
|
|
|
|
Facility Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Facility warrant shares (in Shares) |
|
|
|
|
|
|
18,382,353
|
|
2,419,354
|
|
|
|
Issuable exercise of facility warrant price (in Dollars per share) |
|
|
|
|
|
|
$ 0.408
|
|
|
|
|
|
Two Initial Installments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Installment payment |
|
|
|
|
|
|
|
|
$ 750
|
|
|
|
Two Additional Installments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Additional loans |
|
|
|
|
|
|
|
|
$ 750
|
|
|
|
Ordinary Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Significant Events in the Reporting Period [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares (in Shares) |
|
|
1,651,458
|
|
|
|
|
|
|
|
|
|
Investors ordianry shares issued (in Shares) |
|
|
|
|
|
|
181,002
|
|
|
|
|
|
X |
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