v3.26.1
Supplementary Financial Statement Information
 6 Months Ended
Jun. 30, 2026
Supplementary Financial Statement Information [Abstract]  
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

NOTE 7 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION:

 

A. PREPAID EXPENSES AND OTHER RECEIVABLES (U.S. dollars in thousands):

 

    June 30,     December 31,  
    2026     2025  
Institutional receivables   $ 290     $ 283  
Prepaid expenses     233       119  
Others     84       34  
    $ 607     $ 436  

 

 

B. OTHER PAYABLES (U.S. dollars in thousands):

 

    June 30,     December 31,  
    2026     2025  
Employees and employee institutions     643       580  
Expenses payable     345       712  
Royalties payable     554       574  
Advances from Baran     838       474  
Other liabilities     29       18  
      2,409       2,358  

 

C. REVENUES:

 

In the six-month period ended June 30, 2025 the Company recognized revenue from thermal energy storage unit provided to a customer in Europe (100%).

 

Revenue recognized that was included in the contract liability balance (deferred revenue) at the beginning of the reported interim periods ended June 30, 2026 and 2025 amounts to $0 and $387 thousand, respectively.

 

D. COST OF REVENUES (U.S. dollars in thousands):

 

    Six months ended
June 30,		  
    2026     2025  
Consultants and subcontractors - thermal energy storage  unit costs     -       426  
Write down of work-in-progress inventory to net realizable value     473       636  
      473       1,062  
Operating costs not attributed to projects (mainly salary and related expenses)*     874       793  
      1,347       1,855  

 

* Plant cost and expenses not operating in full capacity.

 

E. RESEARCH AND DEVELOPMENT (U.S. dollars in thousands):

 

    Six months ended
June 30,		  
    2026     2025  
Salary and related expenses     1,220       1,514  
Consultants and subcontractors     70       131  
Expenditure on materials     18       269  
Office maintenance     116       200  
Depreciation and other     4       297  
      1,428       2,411  

 

F. SELLING AND MARKETING (U.S. dollars in thousands):

 

    Six months ended
June 30,		  
    2026     2025  
Salary and related expenses     653       500  
Office maintenance     17       18  
Project Promotion     39       43  
Consultants     -       10  
Other     56       53  
      765       624  

 

G. GENERAL AND ADMINISTRATIVE (U.S. dollars in thousands):

 

    Six months ended
June 30,		  
    2026     2025  
             
Salary and related expenses     1,669       1,156  
Office maintenance     76       117  
Consultants and insurance     654       720  
Depreciation and other     30       82  
      2,429       2,075  

 

H. OTHER FINANCIAL INCOME (EXPENSES), NET (U.S. dollars in thousands):

 

    Six months ended
June 30,		  
    2026     2025  
Interest income     58       27  
Fair value adjustments of warrants     -       6  
Exchange rate differences, Net     104       (644 )
Bank fees     (6 )     (6 )
      156       (617 )

 

I. Loss per ordinary share:

 

Net loss per share is calculated and reported under the “two-class” method. Basic loss per share is computed by dividing net income or loss, reduced by preference and deemed dividends for down-round adjustments, by the weighted-average number of Ordinary Shares outstanding during the year including prefunded warrants with token exercise price (“penny” warrants). Diluted loss per share is based on the weighted average number of Ordinary Shares used for basic computation, taking into account that the preferred shares do not participate in losses and as the inclusion of any potential Ordinary Shares in the reported years would be anti-dilutive.

 

Potentially dilutive Ordinary Shares result from the conversion of preferred shares, the assumed exercise of options and warrants, using the “treasury stock” method, and the assumed vesting of restricted share units.

 

Basic and diluted loss per share is computed as follows:

 

    Six months ended
June 30,		  
Numerator ($ in thousands):   2026     *2025  
Net loss for the period, as reported     (6,089 )     (7,454 )
8% dividend on preferred shares     (149 )     -  
Deemed dividend for down-round adjustments:                
- Preferred shares     (6,736 )     -  
- Warrants     (1,840 )     -  
Numerator for basic and diluted net loss per Ordinary Share - net loss attributable to shareholders     (14,814 )     (7,454 )
Denominator (Ordinary Shares in thousands)*                
Weighted average number of shares outstanding during the period     117,661       9,359  
Denominator for basic and diluted loss per share – weighted number of Ordinary Shares     117,661       9,359  
                 
Basic and dilutive loss per Ordinary Share (in dollars)     (125.90 )     (796.45 )

 

* Post reverse splits of shares – see Note 5A.

 

For the reported periods, all ordinary shares underlying the conversion of preferred shares, options and warrants (except for “penny warrant”) have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive.

 

These include as of June 30, 2026: Share option and warrants exercisable to 386,134 Ordinary Shares that, as of June 30, 2026, have zero effect under the treasury stock method and Preferred shares and share options that are “in the money” exercisable to 425,047 Ordinary Shares.