Segments

12 Months Ended

Dec. 31, 2025

NOTE 27 –

SEGMENTS

Business segments – chief reporting:

The operating segments are identified on the basis of information that is reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated and assess its performance. Accordingly, for management purposes, the Group is organized into two operating segments based on the products and services of the business units and has operating segments as follows.

Product and Technology Segment – the Company develops and markets integrated cybersecurity hardware/software solutions that allow organizations to protect their RAM or confidential computing data to create a reliable work environment. The Company offers data and cybersecurity and system security and reliability solutions and related services such as consulting, planning, training, integrating and ongoing servicing of cybersecurity, risk management, system quality, reliability and security projects and fully managed corporate cybersecurity services. The Company recently expanded its data security services into Trust Rails, the framework that allows institutions to enforce control, auditability, and compliance across interactions between systems.

Professional Services Segment – the Company offers data and cybersecurity and system security and reliability solutions and related services such as consulting, planning, training, integrating and ongoing servicing of cybersecurity, risk management, system quality, reliability and security projects and fully managed corporate cybersecurity services.

These segments share unified product development, operations, and administrative resources.

Revenues and part of the expenses are allocated directly to business segments whereas joint expenses are not allocated to segments. The assets and liabilities that are not allocated consist of joint operational assets and liabilities that are shared by the various operating segments. The Company deems it is impractical to separate them. Segment asset and liability performances and segment income (loss) are estimated based on the operating income (loss) presented in the financial statements.

Below is data relating to business segments:

	Year ended December 31, 2025
	Professional services			Products and technology			Unallocated		Total
	USD in thousands

Revenues from external customers		30,223			1,439			-		31,662

Total revenues		30,223			1,439			-		31,662

Segment results (operating loss)		(58,625	)		(11,660	)		-		(70,285	)

Finance expenses, net										(47,021	)

Loss before taxes on income										(117,306	)

	Year ended December 31, 2024
	Professional services			Products and technology			Unallocated		Total
	USD in thousands

Revenues from external customers		28,523			1,039			-		29,562

Total revenues		28,523			1,039			-		29,562

Segment results (operating loss)		(17,086	)		(9,137	)		-		(26,223	)

Finance expenses, net										(10,366	)

Loss before taxes on income										(36,589	)

	Year ended December 31, 2023
	Professional services			Products and technology			Unallocated			Total
	USD in thousands

Revenues from external customers		41,589			1,068			-			42,657

Total revenues		41,589			1,068			-			42,657

Segment results (operating loss)		(30,690	)		(33,153	)		(13,882	)		(77,725	)

Finance expenses, net											(6,710	)

Loss before taxes on income											(84,435	)

Geographical segments:

Below is revenue by country, based on customer location, geographical segments were not analyzed due to immateriality (most of the Company revenues and the carrying amounts of non-current assets are in the Company’s country of domicile (Israel)):

Year ended December 31, 2025

	Israel		America		Europe		Asia Pacific		Total
	USD in thousands

Revenues		28,141		234		2,855		432		31,662

Main customers:

	Year ended December 31, 2025
	USD in thousands
Turnover with main customers (1):
Customer A		2,982
Customer B		2,189

		5,171

(1)

Customers in the Professional Services segment.

	% of total sales

Customer A		9.42	%
Customer B		6.91	%
		16.33	%

Year ended December 31, 2024

	Israel		America		Europe		Asia Pacific		Total
	USD in thousands

Revenues		27,808		699		1,055		-		29,562

Main customers:

	Year ended December 31, 2024
	USD in thousands
Turnover with main customers (1):
Customer A		2,373
Customer B		2,104

		4,477

(1)	Customers in the Professional Services segment.

	% of total sales

Customer A		8.02	%
Customer B		7.11	%
		15.13	%

Year ended December 31, 2023

	Israel		America		Europe		Asia Pacific		Total
	USD in thousands

Revenues		40,364		334		1,669		290		42,657

Main customers:

	Year ended December 31, 2024
	USD in thousands
Turnover with main customers (1):
Customer A		7,602
Customer B		4,726

		12,328

(1)

Customers in the Professional Services segment.

	% of total sales

Customer A		17.82	%
Customer B		11.08	%
		28.9	%