SaverOne Reports Full Year 2024 Results
PETAH TIKVAH, Israel, March 21, 2025 (GLOBE NEWSWIRE) -- SaverOne 2014 Ltd. (Nasdaq: SVRE, TASE: SVRE), a company developing and deploying transportation safety and advanced driver-assistance systems (ADAS) technologies and solutions, today presented its results for the full year 2024, and shared recent business updates.
Recent Highlights
-- SaverOne continues to execute on its strategy of broadening its footprint
globally with new pilots internationally as well as its local market;
-- 5,400 systems have been ordered by customers as of March 20, 2025 (of
which approximately 4,000 have been installed to-date)
-- Signed new distribution agreements in Germany, UK, Spain/Portugal
-- SaverOne's US distribution partner brought its first US customer: FedEx
Trucking Contractor MDM Express
-- Vulnerable Road User (VRU) sensor potential: a leading consulting firm
concluded an external market analysis of SaverOne's VRU sensor leveraging
its RF-ADAS technology as well as its potential interest to OEMs,
projecting an annual $1.5 billion potential by 2035
-- SaverOne announced its intention to spinoff in the future a company
dedicated to further development of its VRU sensor solution.
Financial Highlights for 2024
-- Revenues of NIS 1.68 million ($461 thousand) in 2024 of which 29% of
revenues were generated from non-home market sources versus 7% last year.
-- Gross profit of NIS 614 thousand ($169 thousand), representing a gross
margin of 36.5%, an improvement in the gross margin which was 27.6% last
year
-- Net loss of NIS 34.9 million ($9.6 million) versus NIS 33.8 million
($9.3 million) in 2023;
-- December 31, 2024 cash and cash equivalents of NIS 13.3 million ($3.7
million) compared with NIS 17.1 million ($4.7 million) at year-end
2023.
Management Comment
Commented Mr. Ori Gilboa, CEO of SaverOne, "2024 was challenging for SaverOne due to long sales cycles in our home market of Israel. However, we saw strong success internationally in both Europe and the United States, signing new regional distributors and winning new customers. We continue to work hard to expand our global footprint by winning new deals with the international subsidiaries of long-standing customers in our local market. International expansion requires significant effort, and we see 2024 as an inflection point with strong progress in establishing SaverOne as a global business. We remain optimistic and expect a renewed growth trend in 2025."
Continued Mr. Gilboa, "We are also progressing with our second growth engine, our VRU sensor solution to detect vulnerable road users such as pedestrians and cycles, built upon our RF ADAS technology. The in-depth research we performed earlier in 2024 with a top consulting firm, demonstrated very significant potential with an estimated $1.5 billion annual market within the decade. We have therefore continued on with its development and we are engaged in discussions with several OEMs and tier-one suppliers. We believe our technology is the solution to today's unsolved problem of detecting pedestrians in a non-line-of-sight situation and represents great long-term growth potential for SaverOne."
Recent Developments in the Second Half of 2024 and Beyond
-- SaverOne Granted New Patent in the United States Further Expanding its IP
Portfolio. This is SaverOne's 13th patent granted out of a portfolio of
23 and covers innovative methodologies for limiting mobile phone use
while driving.
-- SaverOne Announces First U.S. Commercial Agreement with FedEx Trucking
Contractor MDM Express. SaverOne's U.S. based Distributor Motor Supply is
completing installation across MDM's full fleet. MDM Express, Inc is a
contractor for FedEx. The successful implementation of the SaverOne
solution at MDM will provide a key reference customer with potential to
generate interest among other FedEx line holders and contractors. This
milestone marks an important step in SaverOne's U.S. market expansion.
-- SaverOne Announces New Deployment of Its Driver Distraction Prevention
System in Teva Pharmaceutical's Truck Fleet. Teva, a global
pharmaceutical leader will install the SaverOne System across its entire
fleet of 50 delivery trucks in Israel. Headquartered in Israel, Teva is a
multinational pharmaceutical company and one of the world's largest
generic drug manufacturers. Teva operates a global fleet supporting its
supply chain across more than 60 countries.
-- SaverOne to Deploy Driver Safety Systems Across Oz Group's Fleet. Oz
Group is a group of companies providing goods and services to the
industrial, construction, and real estate sectors. Under the agreement,
SaverOne Systems will be deployed across Oz Group's fleet of 100 vehicles,
including both trucks and private cars.
-- SaverOne Continues its European Expansion: Signs New Distribution
Agreement in Germany with uniSmart Vertriebs GmbH ("uniSmart"), a
prominent German-based distributor specializing in fleet safety and
technology integration. uniSmart, headquartered in Wendendelstein,
provides solutions for logistics and transportation companies across
Germany and abroad. uniSmart's client base includes major national German
transport operators and many medium-sized fleets.
-- SaverOne Granted Additional US Patent Strengthening its IP Portfolio
Underlying its Transportation Safety Solution. This 12th patent granted
out of a portfolio of 23 covers SaverOne's innovative phone location
identification technology to prevent distraction while driving.
-- SaverOne Expands Deployment of Driver Safety Solutions in a Global Food
Manufacturer's Employee Car Fleet. This is a follow-on order with an
existing customer reflecting further growth potential within this major
international food manufacturer.
-- SaverOne Continues to Expand its Global Reach with New Distribution
Agreement with Smartfits in the UK. Smartfits, based in Burton on Trent,
central England, specializes in fleet safety and technology integrations,
serving a diverse range of industries including logistics, public
transport and corporate fleets.
-- SaverOne Launches New Pilot Project in Italy with Trans Italia. Trans
Italia is a Leading Logistics & Transportation Company Operating Over 300
Trucks. The pilot project involves the installation of SaverOne's
innovative driver safety system in an initial group of Trans Italia's
trucks. Trans Italia offers substantial growth potential for SaverOne and
provides a strategic platform to showcase its technology to the Italian
logistics and ecofriendly transport sectors.
-- SaverOne Launches a New Pilot Project with a Leading Italian Sports Car
Manufacturer. The pilot project involves the installation of SaverOne's
distracted driving prevention system in an initial group of employee
vehicles, potentially a first step in the installation of SaverOne's
systems across the manufacturer's broader employee fleet of approximately
200 vehicles.
-- SaverOne signs a Commercial Agreement with a Leading Multinational in the
Construction Sector. Under the agreement, SaverOne will deploy up to 200
SaverOne systems out of the full fleet of 500 vehicles in Spain. This
multinational company is a leader in the construction industry, with
operations and fleets in many countries worldwide.
-- SaverOne Expands European Reach in Spain and Portugal through a New
Distribution Agreement with Sistemas ADAS, a leading distributor in
transportation safety solutions, advanced driver assistance systems
(ADAS) and telematics. Spain and Portugal represent substantial growth
opportunities for SaverOne. Sistemas ADAS has a strong market presence,
particularly in the bus and truck sectors, having deployed various
systems in thousands of vehicles across Spain and Portugal.
-- SaverOne Announces First Distribution Agreement in the United States with
Motor Supply Inc., expanding into the US market and securing a minimum of
37,600 installations over the next 5 years. Motor Supply has been granted
exclusive rights in 10 U.S States. This agreement follows a successful
pilot program in February 2024. Motor Supply, based in Columbia, South
Carolina, specializes in leveraging cutting-edge technologies to
efficiently transport goods across the United States.
-- SaverOne Announces New Pilot with Malta Public Transport Company (MPTC).
MPTC, as part of its ongoing evaluation of new safety solutions and
technologies, will be conducting tests of the SaverOne system over the
coming months. The company runs approximately 450 buses and should the
evaluation prove to be successful, MPTC will potentially equip its entire
fleet.
-- SaverOne Launches Four Pilot Projects with Customers of Volvo Buses
Mexico. This follows the OEM agreement signed with Volvo Group in March
2024. The pilots cover a total of 20 buses which will be retrofitted with
SaverOne's innovative technology. The pilots will be conducted in two
regions: Mexico City, focusing on intercity buses, and Monterrey,
focusing on city buses. Volvo Buses, a subsidiary of the major Swedish
vehicle maker Volvo Group, is one of the world's largest bus
manufacturers.
-- Froneri Israel Orders SaverOne Systems to Provide Safety Coverage for its
Entire Fleet. Froneri extended its agreement with SaverOne and will
update and equip SaverOne systems across its entire fleet of employee
vehicles and distribution trucks in Israel. Froneri was among the first
companies to install the SaverOne System within its fleet to counteract
driver distraction, back in 2021.Froneri is a UK-headquartered and
leading manufacturer of ice cream with global sales. The company is
jointly owned by Nestle Worldwide and R&R Ice Cream.
-- Egged Tours Broaden Installation of SaverOne System Across its Entire Bus
Fleet. Egged Tours will be using the SaverOne System on all 130 buses at
its central hub. Egged Tours is a subsidiary of Egged Transportation,
Israel's largest public bus fleet with over 3,000 buses nationwide,
representing significant broader sales potential for SaverOne.
-- Global Food Manufacturer Adopts SaverOne System for Supply Chain Truck
Protection. This is a new order for SaverOne Systems by the Israeli
subsidiary of a leading global food manufacturer with strong
international growth potential. The system will be installed on 46
trucks. The customer is the Israeli subsidiary of one of the world's top
food manufacturers.
-- Global Food Manufacturer Expands Installation of SaverOne Protection
System. This is a new order of 50 SaverOne Systems from the Israeli
subsidiary of one of the world's top food manufacturers, for installation
in their employee vehicles.
-- External Analysis Projects Annual $1.5 Billion Market Potential by 2035
for its RF-ADAS Technology and SaverOne Announces Spinoff Company
Dedicated to Further Developing its VRU Sensor Solution Leveraging this
Technology. This strategic move followed the conclusion of a
comprehensive project completed by a leading global consultancy firm,
announced in March 2024, which analyzed the addressable market potential,
as well as the initial interest from OEMs.
Financial Summary for 2024
Revenues were NIS 1.683 million ($461 thousand) in 2024 compared to NIS 2.720 million ($747 thousand) for 2023. This decrease was mainly attributable to a decrease in new sales in Israel due to the war that started in the region in the fourth quarter of 2023 and continued throughout 2024.
Of the revenues in 2024, 71% of revenues were from Israel while 29% of revenues were from Europe. In 2023, 93% of revenues were from Israel and 7% were from Europe.
Gross profit was NIS 614 thousand ($169 thousand), representing gross margin of 36.5% in 2024 compared to NIS 752 thousand ($206 thousand), representing gross margin of 27.6%, in 2023.
Research and development expenses, net were NIS 19.4 million ($5.3 million) in 2024 compared to NIS 22.9 million ($6.3 million) in 2023.
Selling and marketing expenses were NIS 4.8 million ($1.3 million) in 2024 compared to NIS 3.8 million ($1.0 million) in 2023.
General and administrative expenses were NIS 9.7 million ($2.7 million) in 2024, compared to NIS 8.3 million ($2.3 million) in 2024.
Operating loss was NIS 33.3 million ($9.1 million) in 2024 compared to NIS 34.2 million ($9.4 million) in 2023.
Financing expenses, net, were NIS 1.7 million ($463 thousand) for 2024 compared to financing income, net, of NIS 0.4 million ($107 thousand) in 2023. The increase is due primarily interest and discount expenses paid in respect of promissory notes and revaluation expenses incurred from partial exercise of commitment amount under an equity line.
Net loss in 2024 was NIS 34.9 million ($9.6 million), compared to a net loss of NIS 33.8 million ($9.3 million) for 2023.
Cash and cash equivalents and short-term bank deposits as of December 31, 2024, amounted to NIS 13.3 million ($3.7 million), compared with NIS 17.1 million ($4.7 million) as of December 31, 2023.
The Company's financial results are presented in accordance with IFRS as issued by the IASB.
*Unless otherwise noted, for the purposes of the presentation of financial data, all conversions from New Israeli Shekels (NIS) to U.S. dollars and from U.S. dollars to NIS were made at the rate of NIS 3.647 to $1.00, based on the representative exchange rate reported by the Bank of Israel on December 31, 2024.
A copy of SaverOne's annual report on Form 20-F for the year ended December 31, 2024 has been filed with the U.S. Securities and Exchange Commission on March 21, 2025 at https://www.sec.gov/ and posted on SaverOne's investor relations website at https://ir.saver.one/. SaverOne will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at saverone@ekgir.com.
About the SaverOne System
SaverOne's system is installed in vehicles to provide a solution to the problem of driver distraction, as a result of drivers using distracting applications on the mobile phone while driving, in a way that endangers their safety and the safety of their passengers. This phenomenon is considered one of the main causes of road accidents in the world. According to the US National Highway Traffic Safety Administration, the annual cost of road accidents just in the United States, stands at about $870 billion each year, excluding the costs of serious injury or death, with a quarter of those accidents estimated to be related to the use of the mobile phones while driving. SaverOne's technology specifically recognizes the driver area in the vehicle and prevents the driver from accessing distracting applications such as messaging, while allowing others (e.g. navigation, calls), without user intervention or consent, creating a safer driving environment.
SaverOne's primary target markets include commercial and private vehicle fleets, including public transportation and buses, that are interested in reducing potential damages and significant cost, vehicle manufacturers that are interested in integrating safety solutions to their vehicles, and insurance and leasing companies. SaverOne initially addresses car fleets with focus on the Israeli, European and US markets, as well as other markets around the world. SaverOne believes that ultimately increased focus on monitoring and prevention of cellular distraction systems in vehicles, in particular driven by upcoming expected EU regulation, will likely have a dramatic positive impact on the demand for its systems in the future.
The Company's strategy is to provide its technology for installation to customers in the aftermarket as well as address OEM vehicle manufacturers, to install the Company's protection technologies during the vehicle manufacturing process.
About SaverOne
SaverOne is a technology company engaged in the design, development and commercialization of OEM and aftermarket solutions and technologies, to lower the risk of, and prevent, vehicle accidents.
SaverOne's initial line of products is a suite of solutions that saves lives by preventing car accidents resulting from distraction from the use of mobile phones while driving. SaverOne is also developing a sensor system for early location and direction detection under all visibility conditions of vulnerable road users (VRU) through their cellphone footprint. To learn more about the company, please visit: https://saver.one/ and for the corporate video, please visit: https://saver.one/media/
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding SaverOne's strategic and business plans, technology, relationships, objectives and expectations for its business, growth, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition and may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate, " "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on SaverOne's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Many factors could cause SaverOne's actual activities or results to differ materially from the activities and results anticipated in 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: the ability of SaverOne's technology to substantially improve the safety of drivers; SaverOne's ability to raise the needed capital to expand its business; the ramification to SaverOne of the 'going concern' qualification in its 2024 financial statements; the ramification to SaverOne of the 'going concern' qualification in its 2024 financial statements; SaverOne's ability to realize the market potential of its VRU sensor technology, SaverOne's ability to maintain its listing on the Nasdaq Capital Market; SaverOne's planned level of revenues and capital expenditures; SaverOne's ability to market and sell its products; SaverOne's plans to continue to invest in research and development to develop technology for both existing and new products; SaverOne's intention to advance its technologies and commercialization efforts; SaverOne's intention to use local distributors in each country or region that it will conduct business to distribute our products or technology; SaverOne's plan to seek patent, trademark
and other intellectual property rights for our products and technologies in the United States and internationally, as well as its ability to maintain and protect the validity of its currently held intellectual property rights; SaverOne's expectations regarding future changes in its cost of revenues and our operating expenses; interpretations of current laws and the passage of future laws; acceptance of SaverOne's business model by investors; the ability to correctly identify and enter new markets; the impact of competition and new technologies; general market, political and economic conditions in the countries in which SaverOne operates; projected capital expenditures and liquidity; SaverOne's intention to retain key employees, and our belief that we maintain good relations with all of its employees; any resurgence of the COVID-19 pandemic and its impact on SaverOne's business and industry; security, political and economic instability in the Middle East that could harm SaverOne's business, including due to the current war between Israel and Hamas; and other risks and uncertainties, including, but not limited to, the risks detailed in the Company's Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 21, 2025 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of this date, and SaverOne undertakes no duty to update such information except as required under applicable law.
International Investor Relations Contact:
Ehud Helft
+1 212 378 8040
saverone@ekgir.com
STATEMENTS OF FINANCIAL POSITION
(New Israeli Shekels in thousands)
As of
December 31,
----------------------
Note 2024 2023
---- --------- -----------
Assets
Current assets
Cash and cash equivalents 4 13,298 17,112
Trade receivables, net 5 1,621 1,054
Other current assets 6 1,686 1,509
Inventory 7 5,013 4,534
-------- --------
Total current assets 21,618 24,209
-------- --------
Non-current assets
Trade receivables, net 5 804 1,051
Property and equipment, net 8 229 248
Restricted deposits 9 216 211
Right of usage asset, net 9 951 1,271
-------- --------
Total non-current assets 2,200 2,781
-------- --------
Total assets 23,818 26,990
======== ========
Current liabilities
Current maturities of leasing liability 9 469 352
Trade payables 1,826 4,303
Other current liabilities 10 2,991 2,042
Liability in respect of government grants 11 239 694
Derivative warrants liability 13C1 - 274
Promissory notes, net 13C3 6,336 7,139
-------- --------
Total current liabilities 11,861 14,804
-------- --------
Non-current liabilities
Leasing liability, net current 9 606 980
Liability in respect of government grants 11 721 634
-------- --------
Total non-current liabilities 1,327 1,614
-------- --------
Commitments 12
Shareholders' equity 13
Share capital and premium 169,949 135,243
Capital reserve in respect of share-based
payment 11,229 10,939
Accumulated deficit (170,548) (135,610)
-------- --------
Total shareholders' equity 10,630 10,572
-------- --------
Total liabilities and shareholders' equity 23,818 26,990
======== ========
STATEMENTS OF COMPREHENSIVE LOSS
(New Israeli Shekels in thousands, except per share
and share data)
Year Ended December 31,
----------------------------------------
Note 2024 2023 2022
---- ----------- ---------- ----------
Revenues 1,683 2,720 1,193
Cost of revenues (1,069) (1,968) (829)
----------- ---------- ----------
Gross profit 614 752 364
----------- ---------- ----------
Research and
development
expenses, net 15A (19,397) (22,861) (21,490)
Selling and
marketing expenses,
net 15B (4,796) (3,787) (1,591)
General and
administrative
expenses 15C (9,673) (8,327) (6,492)
----------- ---------- ----------
Operating loss (33,252) (34,223) (29,209)
----------- ---------- ----------
Financing expenses 16A (2,785) (1,219) (852)
Financing income 16B 1,099 1,607 5,099
----------- ---------- ----------
Financing income
(expenses), net (1,686) 388 4,247
----------- ---------- ----------
Loss for the year (34,938) (33,835) (24,962)
=========== ========== ==========
Comprehensive loss
for the year (34,938) (33,835) (24,962)
=========== ========== ==========
Loss per share
attributed to
shareholders of
Company, par value
NIS 0.01 each
Basic and diluted
loss per share:
Basic and diluted
loss per share (0.30) (1.08) (1.44)
=========== ========== ==========
Weighted average of
number of shares
used to calculate
the basic and
diluted loss per
share 117,908,475 31,380,359 17,300,596
=========== ========== ==========
(END) Dow Jones Newswires
March 21, 2025 16:50 ET (20:50 GMT)
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