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

Financial Highlights for 2024

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

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 equivalents4 13,298  17,112 
Trade receivables, net5 1,621  1,054 
Other current assets6 1,686  1,509 
Inventory7 5,013  4,534 
Total current assets  21,618  24,209 
        
Non-current assets       
Trade receivables, net5 804  1,051 
Property and equipment, net8 229  248 
Restricted deposits9 216  211 
Right of usage asset, net9 951  1,271 
Total non-current assets  2,200  2,781 
        
Total assets  23,818  26,990 
        
Current liabilities       
Current maturities of leasing liability9 469  352 
Trade payables  1,826  4,303 
Other current liabilities10 2,991  2,042 
Liability in respect of government grants11 239  694 
Derivative warrants liability13C1 -  274 
Promissory notes, net13C3 6,336  7,139 
Total current liabilities  11,861  14,804 
        
Non-current liabilities       
Leasing liability, net current9 606  980 
Liability in respect of government grants11 721  634 
Total non-current liabilities  1,327  1,614 
        
Commitments12      
        
Shareholders' equity13      
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, net15A (19,397) (22,861) (21,490)
Selling and marketing expenses, net15B (4,796) (3,787) (1,591)
General and administrative expenses15C (9,673) (8,327) (6,492)
Operating loss  (33,252) (34,223) (29,209)
      
Financing expenses16A (2,785) (1,219) (852)
Financing income16B 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 


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