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SaverOne 2014 | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Mar 26 05:24
Summary by Futu AI
SaverOne 2014 Ltd., a company specializing in transportation safety and advanced driver-assistance systems, reported a significant revenue increase for the full year of 2023. The company announced a 128% year-over-year growth in revenue, reaching NIS 2.7 million (~$0.75 million). Despite the revenue growth, the company experienced a net loss of NIS 33.8 million (~$9.3 million), which was attributed to increased expenses related to expanding business activities, particularly in international markets. The net loss widened from NIS 25.0 million in the previous year. SaverOne's CEO, Ori Gilboa, expressed satisfaction with the company's strategic progress, including the expansion of its customer base and the initiation of key pilot projects in North America and Europe. Notably, the company secured an OEM agreement with Volvo Bus Corporation...Show More
SaverOne 2014 Ltd., a company specializing in transportation safety and advanced driver-assistance systems, reported a significant revenue increase for the full year of 2023. The company announced a 128% year-over-year growth in revenue, reaching NIS 2.7 million (~$0.75 million). Despite the revenue growth, the company experienced a net loss of NIS 33.8 million (~$9.3 million), which was attributed to increased expenses related to expanding business activities, particularly in international markets. The net loss widened from NIS 25.0 million in the previous year. SaverOne's CEO, Ori Gilboa, expressed satisfaction with the company's strategic progress, including the expansion of its customer base and the initiation of key pilot projects in North America and Europe. Notably, the company secured an OEM agreement with Volvo Bus Corporation in Mexico and reported the installation of its systems in various fleets, including Cemex Spain and Strauss Group's fleet in Israel. SaverOne's system aims to reduce driver distraction by limiting access to certain mobile phone applications while driving. The company's strategy includes targeting commercial and private vehicle fleets and working with OEM vehicle manufacturers for pre-installation of their systems. SaverOne's financial results were filed with the U.S. Securities and Exchange Commission and are available on their investor relations website.

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