Rail Vision Announces First Quarter 2023 Financial Results
31 Maio 2023 - 9:00AM
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 quarter ended March 31,
2023.
"We continue to make significant progress in
laying a formidable foundation for the rapid scalable growth of our
innovative rail safety solutions and are ideally positioned to
continue building on recent momentum," commented Shahar Hania, CEO
of Rail Vision. "With the recent main line and switch yard
systems purchase agreements, appointment of a new Chairman, and
successful fundraising transactions, we are well positioned to
further drive growth and advance our mission of creating a safer
future."
First Quarter 2023 & Recent Highlights
- Signed an agreement with Israeli
Railways for the purchase of 10 Rail Vision Main Line Systems and
related services for $1.4 million.
- A leading US-based rail and leasing
services company purchased a Rail Vision Switch Yard System for
$140,000 after a successful demo and initial testing. This new
customer, which offers a suite of rail-centric services, including
in-plant rail switching and material handling services, is
conducting additional testing over a six-month period to evaluate
the benefits of implementing our technology across their
fleet.
- Appointed Mark Cleobury as Chairman
of the Board. Mr. Cleobury brings more than 40 years of global
experience in the rail industry. He has held positions of
increasing responsibility at Knorr-Bremse over his career,
including serving as a Member of the Management Board of
Knorr-Bremse Systems for Rail, Vice President Sales and Systems for
Client Management Trains, Manager Sales and Systems Trains, Key
Account Manager, and Project Manager. Mr. Cleobury currently serves
as Senior Vice President of Knorr-Bremse’s Rail Systems
Division.
- Executed a series of transactions
raising aggregate gross proceeds of $6 million in May 2023. The
transactions included definitive securities purchase agreements
with investors for the purchase and sale of 3,947,368 Ordinary
Shares, at a purchase price of $0.76 per share, in a registered
direct offering and a concurrent private placement of an even
number of five-year common warrants, each to purchase one Ordinary
Share at an exercise price of $0.84 per share. In an additional
concurrent private placement, Rail Vision entered into a definitive
securities purchase agreement with Knorr-Bremse, the Company’s
largest shareholder, for the purchase and sale of an aggregate of
3,947,368 Ordinary Shares and 3,947,368 five-year common warrants
exercisable at $0.84 per Ordinary Share. The private placement with
Knorr-Bremse is subject to the approval of the transaction by Rail
Vision’s shareholders and to the satisfaction of customary closing
conditions.
First Quarter 2023 Financial
Results
- Research and development
(“R&D”) expenses, net for the three months ended March 31,
2023, were $1,844,000, compared to R&D expenses of $1,423,000
in the three months ended March 31, 2022. The increase in R&D
expenses was primarily attributable to allocation of salary
expenses to cost of sales in the first quarter of 2022 and increase
in R&D equipment purchases.
- General and administrative expenses
for the three months ended March 31, 2023, were $1,178,000,
compared to $813,000 in the three months ended March 31, 2022. The
increase is primarily attributed to increase in professional
services related to operating as a public company.
- Net loss for the three months ended
March 31, 2023, was $2,873,000 or $0.18 per ordinary share,
compared to a net loss of $2,346,000, or $0.26 per ordinary share,
in the three months ended March 31, 2022.
- As of March 31, 2023, cash and cash
equivalents were $5.7 million, compared to $2.4 million as of March
31, 2022.
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 opportunities
for growth and interest from potential customers. Forward-looking
statements are not historical facts, and are based upon
management’s current expectations, beliefs and projections, many of
which, by their nature, are inherently uncertain. Such
expectations, beliefs and projections are expressed in good faith.
However, there can be no assurance that management’s expectations,
beliefs and projections will be achieved, and actual results may
differ materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements. For a more detailed description of the
risks and uncertainties affecting the Company, reference is made to
the Company’s reports filed from time to time with the Securities
and Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s annual report on Form 20-F filed
with the SEC on March 23, 2023. Forward-looking statements speak
only as of the date the statements are made. The Company assumes no
obligation to update forward-looking statements to reflect actual
results, subsequent events or circumstances, changes in assumptions
or changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release. Rail Vision is not responsible for the contents of
third-party websites.
Contacts
Shahar Hania Chief Executive Officer Rail Vision Ltd. 15
Ha'Tidhar St Ra'anana, 4366517 Israel Telephone: +972-
9-957-7706
Investor Relations:
Dave Gentry, CEO RedChip Companies Inc. 407-491-4498
RVSN@redchip.com
Rail Vision Ltd.BALANCE
SHEETS(U.S. dollars in thousands, except share
data and per share data)
|
March
31, 2023
|
|
December 31,2022
|
|
|
(Unaudited)
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
Cash and cash equivalents
|
$
|
5,648
|
|
$
|
8,270
|
|
Restricted cash
|
|
216
|
|
|
222
|
|
Trade accounts receivable
|
|
--
|
|
|
115
|
|
Other current assets
|
|
363
|
|
|
225
|
|
Inventory
|
|
55
|
|
|
-- |
|
Total current assets
|
|
6,282
|
|
|
8,832
|
|
|
|
|
Non-current Assets:
|
|
|
Operating lease - right of use asset
|
|
1,124
|
|
|
1,151
|
|
Fixed assets, net
|
|
492
|
|
|
449
|
|
Total Non-current assets
|
|
1,616
|
|
|
1,600
|
|
|
|
|
Total assets
|
$
|
7,898
|
|
$
|
10,432
|
|
|
|
|
LIABILITIES, EQUITY AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Current liabilities
|
|
|
Trade payables
|
$
|
246
|
|
$
|
56
|
|
Current operating lease liability
|
|
316
|
|
|
281
|
|
Other accounts payable
|
|
1,210
|
|
|
1,032
|
|
Total current liabilities
|
|
1,772
|
|
|
1,369
|
|
|
|
|
Non-current operating lease liability
|
|
684
|
|
|
798
|
|
|
|
|
Total liabilities
|
$
|
2,455
|
|
$
|
2,167
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
Ordinary shares
|
|
47
|
|
|
46
|
|
Additional paid in capital
|
|
63,092
|
|
|
63,033
|
|
Accumulated deficit
|
|
(57,697
|
)
|
|
(54,814
|
)
|
Total shareholders' equity (deficit)
|
|
5,442
|
|
|
8,265
|
|
|
|
|
Total liabilities, equity and shareholders'
equity
|
$
|
7,898
|
|
$
|
10,432
|
|
|
|
|
Rail Vision
Ltd.UNAUDITED STATEMENTS OF COMPREHENSIVE
LOSS(U.S. dollars in thousands, except share data
and per share data)
|
|
For the Three-MonthPeriod
endedMarch 31 |
|
|
|
2 0 2 3
|
|
|
2 0 2 2
|
|
|
|
|
Revenues
|
|
--
|
|
$
|
219
|
|
Cost of revenues
|
|
--
|
|
|
(358
|
)
|
|
|
|
Gross loss
|
|
--
|
|
|
(139
|
)
|
|
|
|
Research and development expenses, net
|
|
(1,844
|
)
|
|
(1,423
|
)
|
Administrative and general expenses
|
|
(1,178
|
)
|
|
(813
|
)
|
|
|
|
Operating loss
|
|
(3,022
|
)
|
|
(2,375
|
)
|
|
|
|
Financing income, net
|
|
139
|
|
|
29
|
|
|
|
|
Net loss for the period
|
|
(2,883
|
)
|
|
(2,346
|
)
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per ordinary
share
|
$
|
(0.18
|
)
|
$
|
(0.26
|
)
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding used in
computing basic and diluted loss per ordinary share
|
|
16,038,783
|
|
|
9,157,606
|
|
|
|
|
Rail Vision
Ltd.UNAUDITED STATEMENTS OF
CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS’
EQUITY(U.S. dollars in thousands, except share
data and per share data)
|
|
Ordinary Shares |
|
|
|
|
|
Number of shares
|
|
USD
|
|
Additional paid incapital |
|
Accumulated
Deficit
|
Total shareholders'
equity
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2023
|
|
15,896,040
|
|
46
|
|
63,033
|
|
(54,814
|
)
|
8,265
|
|
|
|
|
|
|
|
|
|
Share-based payment
|
|
--
|
|
--
|
|
60
|
|
--
|
|
60
|
|
Issuance of shares as a result of exercise of options
|
|
195,448
|
|
1
|
|
(1
|
)
|
--
|
|
--
|
|
Loss for the period
|
|
--
|
|
--
|
|
--
|
|
(2,883
|
)
|
(2,883
|
)
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2023
|
|
16,091,488
|
|
47
|
|
63,092
|
|
(57,697
|
)
|
5,442
|
|
|
Convertible Preferred A
Shares
|
|
Ordinary Shares
|
|
|
|
|
|
Number of shares
|
|
USD
|
|
Number of shares
|
|
USD
|
|
Additional paid in
capital
|
|
Accumulated
Deficit
|
|
Total shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2022
|
51,282
|
|
9,965
|
|
9,157,324
|
|
25
|
|
35,987
|
|
(44,339
|
)
|
(8,327
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of convertible preferred shares
|
10,256
|
|
2,000
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
Issuance of shares as a result of exercise of options
|
--
|
|
--
|
|
1,672
|
|
(*)
|
|
10
|
|
--
|
|
10
|
|
Share-based payment
|
--
|
|
--
|
|
--
|
|
--
|
|
122
|
|
--
|
|
122
|
|
Loss for the period
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
(2,346
|
)
|
(2,346
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2022
|
61,538
|
|
11,965
|
|
9,158,996
|
|
25
|
|
36,119
|
|
(46,685
|
)
|
(10,541
|
)
|
(*)
|
Represents an amount less than $1.
|
Rail Vision
Ltd.UNAUDITED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
|
|
For the Three-Month Period ended March
31 |
|
|
|
2023
|
|
|
2022
|
|
|
|
|
Cash flows from operating activities
|
|
|
Net loss for the period
|
$
|
(2,883
|
)
|
$
|
(2,346
|
)
|
Adjustments to reconcile loss to net cash used in operating
activities:
|
|
|
Depreciation
|
|
39
|
|
|
39
|
|
Share-based compensation
|
|
60
|
|
|
121
|
|
Change in lease liability
|
|
(52
|
)
|
|
(76
|
)
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Change in operating Inventory
|
|
(55
|
)
|
|
--
|
|
Increase in other assets
|
|
(23
|
)
|
|
(329
|
)
|
Increase (decrease) in trade accounts payable
|
|
190
|
|
|
(18
|
)
|
Increase in other accounts payable
|
|
178
|
|
|
156
|
|
|
|
|
Net cash used in operating activities
|
|
(2,546
|
)
|
|
(2,453
|
)
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
Purchase of fixed assets
|
|
(82
|
)
|
|
--
|
|
|
|
|
Net cash used in investing activities
|
|
(82
|
)
|
|
--
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
Issuance of Preferred Shares
|
|
--
|
|
|
2,000
|
|
Proceeds from Safe investment
|
|
--
|
|
|
1,000
|
|
Proceeds from exercise of options
|
|
--
|
|
|
10
|
|
Net cash provided by financing activities
|
|
--
|
|
|
3,010
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash
|
|
(2,628
|
)
|
|
557
|
|
Cash, cash equivalents and restricted cash at the
beginning of the period
|
|
8,492
|
|
|
1,849
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of
the period
|
|
5,864
|
|
|
2,406
|
|
|
|
|
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