|
•
|
Revenues of $4.9 million, compared with $5.2 million in the fourth quarter of 2024.
|
|
•
|
Operating income of $0.8 million, or 17% of total revenue, compared with $1.3 million, or 25% of revenue in the fourth quarter of 2024.
|
|
•
|
Net income of $1.0 million, or $0.05 per share, compared with $1.2 million, or $0.06 per share in the fourth quarter of 2024.
|
|
•
|
Cash flow from operating activities of $1.2 million, compared with $0.3 million in the fourth quarter of 2024.
|
|
•
|
Revenues of $19.4 million, compared with $21.4 million in 2024.
|
|
•
|
Operating income of $2.1 million, or 11% of total revenue, compared with $4.4 million, or 20% of total revenue in 2024.
|
|
•
|
Net income of $2.6 million, or $0.13 per share, compared with $4.6 million, or $0.23 per share in 2024.
|
|
•
|
Cash flow from operating activities of $4.0 million, compared with $4.1 million in 2024.
|
|
•
|
Cash position of approximately $13.6 million as of December 31, 2025.
|
|
i.
|
to re-appoint Fahn Kanne & Co. Grant Thornton Israel as the Company’s independent auditor until the close of the following Annual General Meeting and to authorize the Board of
Directors of the Company to determine its remuneration or to delegate the Audit Committee thereof to do so;
|
|
ii.
|
to re-elect Mr. Itay Barzilay as a Class II director of the Company until the close of 2029 Annual General Meeting of Shareholders of the Company;
|
|
iii.
|
to elect Mr. Asher Mechlovich as a Class II director of the Company until the close of 2029 Annual General Meeting of Shareholders of the Company;
|
|
iv.
|
to re-elect Mr. Joseph Tenne as a Class I director of the Company until the close of 2028 Annual General Meeting of Shareholders of the Company; and
|
|
v.
|
to discuss the Company’s audited financial statements for the year ended December 31, 2025.
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
U.S. dollars in thousands (except per share data)
|
||||||||||||||||
|
REVENUES
|
$
|
4,886
|
$
|
5,199
|
$
|
19,457
|
$
|
21,446
|
||||||||
|
COST OF REVENUES
|
2,177
|
2,309
|
9,536
|
10,709
|
||||||||||||
|
GROSS PROFIT
|
2,709
|
2,890
|
9,921
|
10,737
|
||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Research and development
|
1,064
|
827
|
4,051
|
3,391
|
||||||||||||
|
Selling and marketing
|
399
|
339
|
1,465
|
1,286
|
||||||||||||
|
General and administrative
|
440
|
404
|
2,319
|
1,683
|
||||||||||||
|
Total operating expenses
|
1,903
|
1,570
|
7,835
|
6,360
|
||||||||||||
|
OPERATING INCOME
|
806
|
1,320
|
2,086
|
4,377
|
||||||||||||
|
FINANCIAL INCOME, net
|
139
|
67
|
681
|
587
|
||||||||||||
|
INCOME BEFORE TAXES ON INCOME
|
945
|
1,387
|
2,767
|
4,964
|
||||||||||||
|
TAXES ON INCOME
|
(5
|
)
|
149
|
163
|
334
|
|||||||||||
|
NET INCOME
|
$
|
950
|
$
|
1,238
|
$
|
2,604
|
$
|
4,630
|
||||||||
|
EARNINGS PER SHARE - in U.S. dollars:
|
||||||||||||||||
|
Basic
|
$
|
0.05
|
$
|
0.06
|
$
|
0.13
|
$
|
0.23
|
||||||||
|
Diluted
|
$
|
0.05
|
$
|
0.06
|
$
|
0.13
|
$
|
0.22
|
||||||||
|
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF EARNINGS PER SHARE - in thousands:
|
||||||||||||||||
|
Basic
|
20,663
|
20,484
|
20,466
|
20,297
|
||||||||||||
|
Diluted
|
20,754
|
20,706
|
20,628
|
20,581
|
||||||||||||
|
December 31,
|
||||||||
|
2025
|
2024
|
|||||||
|
U.S. dollars in thousands
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
8,116
|
$
|
4,452
|
||||
|
Short-term bank deposits
|
5,237
|
11,108
|
||||||
|
Marketable securities
|
200
|
193
|
||||||
|
Accounts receivable, net
|
1,713
|
2,498
|
||||||
|
Other current assets
|
486
|
493
|
||||||
|
Prepaid expenses
|
330
|
175
|
||||||
|
Total current assets
|
16,082
|
18,919
|
||||||
|
NON-CURRENT ASSETS:
|
||||||||
|
Accounts receivable, net
|
-
|
448
|
||||||
|
Severance pay fund
|
1,596
|
2,346
|
||||||
|
Deferred income taxes
|
147
|
108
|
||||||
|
Property and equipment, net
|
126
|
156
|
||||||
|
Right-of-use assets, net
|
876
|
861
|
||||||
|
Intangible assets, net
|
1,376
|
135
|
||||||
|
Goodwill
|
9,963
|
7,729
|
||||||
|
Total assets
|
$
|
30,166
|
$
|
30,702
|
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Accounts payable
|
$
|
546
|
$
|
769
|
||||
|
Other current liabilities and accruals
|
1,434
|
1,469
|
||||||
|
Current maturities of lease liabilities
|
255
|
188
|
||||||
|
Deferred revenues
|
1,960
|
849
|
||||||
|
Total current liabilities
|
4,195
|
3,275
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Deferred revenues
|
239
|
108
|
||||||
|
Lease liabilities, net of current maturities
|
674
|
637
|
||||||
|
Accrued severance pay
|
1,596
|
2,346
|
||||||
|
Deferred income taxes
|
413
|
40
|
||||||
|
Total liabilities
|
7,117
|
6,406
|
||||||
|
SHAREHOLDERS’ EQUITY:
|
||||||||
|
Share capital
|
54
|
54
|
||||||
|
Additional paid-in capital
|
28,020
|
27,904
|
||||||
|
Accumulated other comprehensive loss
|
(625
|
)
|
(1,207
|
)
|
||||
|
Accumulated deficit
|
(3,470
|
)
|
(1,572
|
)
|
||||
|
Treasury shares
|
(930
|
)
|
(883
|
)
|
||||
|
Total shareholders’ equity
|
23,049
|
24,296
|
||||||
|
Total liabilities and shareholders’ equity
|
$
|
30,166
|
$
|
30,702
|
||||
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
U.S. dollars in thousands
|
||||||||||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||
|
Net income
|
$
|
950
|
$
|
1,238
|
$
|
2,604
|
$
|
4,630
|
||||||||
|
Adjustments to reconcile net income to net cash provided
|
||||||||||||||||
|
by operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
68
|
45
|
270
|
186
|
||||||||||||
|
Deferred income taxes, net
|
(9
|
)
|
(6
|
)
|
(99
|
)
|
(43
|
)
|
||||||||
|
Accrued severance pay
|
10
|
22
|
48
|
46
|
||||||||||||
|
Unrealized gain from marketable securities
|
(2
|
)
|
(1
|
)
|
(7
|
)
|
(11
|
)
|
||||||||
|
Realized loss on sale of property and equipment
|
-
|
-
|
11
|
-
|
||||||||||||
|
Employees share-based compensation expenses
|
45
|
62
|
199
|
252
|
||||||||||||
|
Changes in operating asset and liability items:
|
||||||||||||||||
|
Decrease (increase) in accounts receivable, net
|
304
|
(380
|
)
|
1,496
|
(4
|
)
|
||||||||||
|
Decrease (increase) in other current assets
|
(54
|
)
|
(129
|
)
|
52
|
42
|
||||||||||
|
Decrease (increase) in prepaid expenses
|
35
|
97
|
(138
|
)
|
101
|
|||||||||||
|
Increase (decrease) in accounts payable
|
(116
|
)
|
232
|
(325
|
)
|
(173
|
)
|
|||||||||
|
Increase (decrease) in other current liabilities and accruals
|
115
|
(306
|
)
|
(802
|
)
|
(264
|
)
|
|||||||||
|
Change in operating lease liability
|
6
|
7
|
89
|
12
|
||||||||||||
|
Increase (decrease) in deferred revenues
|
(139
|
)
|
(573
|
)
|
588
|
(660
|
)
|
|||||||||
|
Net cash provided by operating activities
|
1,213
|
308
|
3,986
|
4,114
|
||||||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||
|
Purchase of property and equipment
|
(7
|
)
|
(3
|
)
|
(27
|
)
|
(10
|
)
|
||||||||
|
Acquisition of a subsidiary, net of cash acquired
|
-
|
-
|
(1,533
|
)
|
-
|
|||||||||||
|
Severance pay funds
|
(10
|
)
|
(22
|
)
|
(48
|
)
|
(55
|
)
|
||||||||
|
Proceeds from redemption of short-term bank deposits
|
1,869
|
1,497
|
5,882
|
2,356
|
||||||||||||
|
Net cash provided by investing activities
|
1,852
|
1,472
|
4,274
|
2,291
|
||||||||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||
|
Dividend paid
|
-
|
-
|
(4,502
|
)
|
(4,868
|
)
|
||||||||||
|
Purchase of treasury shares
|
(130
|
)
|
-
|
(130
|
)
|
-
|
||||||||||
|
Net cash used in financing activities
|
(130
|
)
|
-
|
(4,632
|
)
|
(4,868
|
)
|
|||||||||
|
TRANSLATION ADJUSTMENTS ON CASH AND CASH EQUIVALENTS
|
(8
|
)
|
(62
|
)
|
36
|
(43
|
)
|
|||||||||
|
INCREASE IN CASH AND CASH EQUIVALENTS
|
2,927
|
1,718
|
3,664
|
1,494
|
||||||||||||
|
BALANCE OF CASH AND CASH EQUIVALENTS AT
|
||||||||||||||||
|
BEGINNING OF PERIOD
|
5,189
|
2,734
|
4,452
|
2,958
|
||||||||||||
|
BALANCE OF CASH AND CASH EQUIVALENTS AT
|
||||||||||||||||
|
END OF PERIOD
|
$
|
8,116
|
$
|
4,452
|
$
|
8,116
|
$
|
4,452
|
||||||||