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Actelis Networks Inc (ASNS-0.05%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $2.54 million for the three months ended September 30, 2024, compared to $0.85 million for the same period in 2023. The increase is attributed to higher revenues from North America and a renewal of a service and software contract.
Cost of revenues for the quarter was $0.8 million, up from $0.6 million in the same quarter of the previous year. This increase is due to higher revenues and changes in product mix.
Research and development expenses decreased to $0.5 million from $0.7 million, reflecting cost reduction measures.
Sales and marketing expenses remained stable at $0.7 million for the quarter, while general and administrative expenses decreased to $0.8 million from $1.0 million, also due to cost reduction measures.
Other income for the nine months ended September 30, 2024, included a $163,000 government grant from the State of Israel related to the Iron Swords war.
The company reported an operating loss of $0.3 million for the quarter, a decrease from an operating loss of $2.1 million in the previous year, due to increased revenues and cost reductions.
Interest expense for the quarter was $0.2 million, with financial income of $52,000, compared to financial income of $1.4 million in the prior year.
Net loss for the quarter was $0.5 million, compared to a net loss of $0.9 million in the previous year, due to increased revenues and cost reductions.
Cash used in operating activities was $4.7 million for the nine months ended September 30, 2024, compared to $5.2 million in the previous year, reflecting cost reduction efforts.
Actelis Networks has addressed a previous Nasdaq (NDAQ-0.10%) listing compliance issue by meeting the Minimum Shareholders’ Equity Requirement as of August 27, 2024, and remains subject to a panel monitor for equity compliance through August 27, 2025.
The company continues to monitor the impact of geopolitical events, including the ongoing conflict in Israel, on its operations and financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Actelis Networks Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.