SaverOne Reports First Half 2023 Results with Strong Revenue Growth.

PETAH TIKVAH, Israel: 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 first half ended June 30, 2023 and shared some of its recent business updates.

Recent Highlights

SaverOne is successfully executing on its land-and-expand strategy by broadening initial penetrations locally to full fleets, as well as initial wins internationally including pilot projects in the United States, Europe and the Gulf region;

~4,300 systems have been ordered by customers as of August 29, 2023, of which approximately 3,000 have been installed;

SaverOne plans to advance development activities with IVECO during the fourth quarter subject to entry into formal agreement, with sales to customers planned for 2024.

Financial Highlights

~4X (286%) year-over-year growth in revenue to NIS 1.5 million (~$399 thousand) in the first half of 2023;

Gross margin of 32% in the first half of 2023 versus 30% in the first half of 2022;

Net loss of NIS 17.8 million (~$4.8 million) in H1 2023 versus NIS 11.9 million in H1 2022 (~$3.2 million) with higher net loss due to higher operating expenses given increased business activities in the current year;

June 30, 2023 cash and cash equivalents and short-term bank deposits of NIS 18.6 million (~$5.0 million).

Management Comment

Commented Mr. Ori Gilboa, CEO of SaverOne, "We are very pleased with our performance so far in 2023. Building on the momentum we achieved last year, we continue to see our business advance well and in-line with our strategy. In particular, we are especially pleased with the broadening of our footprint amongst existing customers following the successful completion of our pilot projects with them, demonstrating their satisfaction with our solution. Furthermore, in line with our strategy to expand into international markets, we are very happy with the recent initiation of key pilot projects in the United States, Europe and the Gulf region. These are all key milestones for our business and given our strong pipeline, we see further potential to expand internationally."

"Given our solid results and the clear potential ahead of us, we are ever more optimistic about our long-term growth. Looking to the second half of 2023, we expect to continue the growth trend from our encouraging first half of the year," concluded Mr. Gilboa.

Recent Developments Summary

Further recent international expansion: a new pilot project on buses...