v3.26.1
Financial Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Liabilities [Abstract]  
Schedule of Lease Liabilities and Other Long Term Liabilities

As of December 31, 2025:

 

   First
year		   Second
year		   Third
year		   Fourth
year		   Fifth
year		   Sixth
year and
onwards		   Total 
   USD in thousands 
Lease liabilities   1,156    569    139    
-
    
-
    
-
    1,864 
Liabilities for government grants   288    43    39    36    32    119    557 
Total  $1,444   $612   $178   $36   $32   $119   $2,421 
Schedule of Recurring Basis and Indicates the Fair Value Hierarchy of the Valuation Inputs

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

   December 31,
2024		 
   Level 1   Level 3 
         
Public warrants   583    
-
 
Private warrants   
-
    13,301 
Conversion component of convertible loans   
-
    5,141 
Total   583    18,442 

 

   December 31,
2025		 
   Level 1   Level 3 
         
Public warrants   29    
-
 
Private warrants   
-
    2,655 
Conversion component of convertible loans   
-
    282 
Convertible loans measured whole at fair value        57,756 
Total   29    60,693 
Schedule of Conversion Component of Convertible Loans

The key inputs into the Black-Scholes models for the private warrants were as follows:

  

December 31,
2025

 
Risk- free interest rate   3.48%
Expected term (years)   0.62-0.63 
Expected volatility   135.88-136.37%
Exercise price   75,000-172,500 
Underlying share price   5,820 

The key inputs into the Black-Scholes or Monte Carlo simulation models for the Conversion component of convertible loans were as follows:

   December 31,
2025		 
Risk- free interest rate   3.67%
Expected term (years)   0.25 
Expected volatility   135.70%
Exercise price   135,000 
Underlying share price   5,820 

 

Lind Agreement - Black Scholes on warrants

 

   December 31,
2025		 
Risk- free interest rate   3.52%
Expected term (years)   2.65 
Expected volatility   154.39%
Exercise price   75,000 
Underlying share price   5,820 

 

2024 Accreditor Investors Loan - Conversion component

 

  

December 31,
2025

 
Risk- free interest rate   3.750%
Expected term (years)   0.13 
Expected volatility   145.74%
Underlying share price   5,820 

March-November 2024 Notes - Black Scholes on warrants

 

   December 31,
2025		 
Risk- free interest rate   3.65%
Expected term (years)   4.13 
Expected volatility   154.81%
Exercise price   75,000 
Underlying share price   5,820 

 

Claymore Convertible Loan - Black Scholes on warrants

 

   December 31,
2025		 
Risk- free interest rate   3.471-3.495%
Expected term (years)   1.06-2.31 
Expected volatility   144.30-157.00%
Exercise price   21,430-75,000 
Underlying share price   5,820 

 

Claymore Convertible Loan - Black Scholes - Conversion component

 

   December 31,
2025		 
Risk- free interest rate   3.50-3.84%
Expected term (years)   0.63-5.00 
Expected volatility   136.07-157.88%
Exercise price   15,000-75,000 
Underlying share price   5,820 

 

Claymore Convertible Loan - Monte Carlo - Conversion component 

 

   December 31,
2025		 
Risk- free interest rate   3.48%
Expected term (years)   1-1.06 
Expected volatility   152-156%
Underlying share price   5,820 

JJ Astor Convertible Loan - Black Scholes on warrants

 

   

December 31,
2025

  
Risk- free interest rate     3.64-3.68 %
Expected term (years)     4-4.41  
Expected volatility     154.81 %
Exercise price     37,050-127,490  
Underlying share price     5,820  

 

Julestar - Black Scholes on warrants

 

  

December 31,

2025

 
Risk-free interest rate   3.649%-3.671% 
Expected term (years)   4.1-4.35 
Expected volatility   154.81%
Exercise price   15,000-28,500 
Underlying share price   5,820 

 

Canadian warrants - Black Scholes on warrants

 

   December 31,
2025 		 
Risk-free interest rate   3.480%-3.990 % 
Expected term (years)   1.03-1.5   
Expected volatility   149.93%-156.67 % 
Exercise price   120,000 
Underlying share price    5,820-42,000   

Claymore December 2024 and January 2025

 

   December 31,
2025		 
Risk-free interest rate   3.48%
Expected term (years)   1.00-1.06 
Expected volatility   151.86%-155.80%
Exercise price   75,000-643,200 
Underlying share price   5,820 

 

Seven Knots

 

    

August 20, 2025 –

December 31, 2025

 
Risk-free interest rate   3.47%-3.90%
Expected term (years)   1.00-2.00 
Expected volatility          146.13%-159.66%
Exercise price   7,500-45,000 
Underlying share price   5,820-37,498 

 

Make-Whole

 

  

December 31,
2025

 
Risk-free interest rate   3.47%
Expected term (years)   2.00 
Expected volatility   147.45%
Exercise price   15,000-43,200 
Underlying share price   5,820 

 

Keystone

 

    

August 27, 2025 –

December 31, 2025

 
Risk-free interest rate   3.41%-3.59%
Expected term (years)   1.00-3.00 
Expected volatility          143.89%-159.89%
Exercise price   6,900-54,000 
Underlying share price   5,820-32,848 

ELOC

 

  

December 31,

2025

 
Risk-free interest rate   3.50%
Expected term (years)   0.91 
Expected volatility   145.10%
Exercise price   7,400 
Underlying share price   5,820 

 

March-November 2024 Notes

 

  

December 31,
2025

 
Risk-free interest rate   3.75%
Expected term (years)   0.13 
Expected volatility   145.74%
Exercise price   75,000 
Underlying share price   5,820 

 

JJ Astor convertible loan

 

    

August 4, 2025 –

December 31, 2025

 
Risk-free interest rate   3.67%-4.05%
Expected term (years)   0.25-0.66 
Expected volatility   135.39%-168.21%
Underlying share price   5,820-35,848 

 

Rodman & Renshaw August warrants 31.12.25 - Monte Carlo on warrants

 

  

December 31,
2025

 
Risk-free interest rate   3.52%
Expected term (years)   2.66 
Expected volatility   154.32%
Exercise price   6,900-54,000 
Underlying share price   5,820 
Schedule of Presents the Changes in the Fair Value of Liabilities

The following table presents the changes in the fair value of liabilities:

 

  

Public

Warrants

  

Private

Warrants

  

Conversion

Component

   Convertible loan measured whole at fair value   Total 
                     
Fair value as of December 31, 2024  $583   $13,301   $5,141    
-
   $19,025 
Issuance of conversion component related to the convertible loans   
-
    
-
   $2,909    
-
   $2,909 
Issuance of warrants related to the convertible loans   
-
   $17,717    
-
    
-
   $17,717 
Exercise of warrants   
-
   $(5,561)   
-
    
-
   $(5,561)
Classification of warrant liability to equity   
-
   $(10,529)   
-
    
-
   $(10,529)
Conversion of convertible loans into ordinary shares   
-
    
-
   $(6,297)  $(14,572)  $(20,869)
Issuance of Convertible loan measured whole at fair value   
-
    
-
    
-
   $44,960   $44,960 
Change in fair value  $(556)  $(13,311)  $(1,811)  $24,981   $9,303 
Adjustments arising from translating financial statements from functional currency to presentation currency   2   $1,038   $340   $2,387   $3,767 
Balance as of December 31, 2025  $29   $2,655   $282   $57,756   $60,722