Media Contact: Christy Lynch Voltaire Tel. +1 978 439 5407 christyl@voltaire.com | Investor Relations Contact: Ehud Helft / Fiona Darmon CCGK Investor Relations Tel. +1 646 797 2868 / +972 52 695 4400 info@gkir.com |
FOR IMMEDIATE RELEASE:
Voltaire Presents Fourth Quarter and Full Year 2008 Financial Results
Fourth quarter revenues total $13.2 million; Quarterly gross margin reaches 55.5%;
Ending cash and marketable securities total $55.8 million
BILLERICA, Mass. and HERZLIYA, Israel – February 17, 2009 – Voltaire Ltd. (NASDAQ: VOLT), a leading provider of scale-out computing fabrics for data centers, today announced financial results for the three-month period and full year ended December 31, 2008.
Financial Highlights
| | o | Annual revenues up 16% YoY reaching $61.6 million; Quarterly revenues total $13.2 million |
| | o | Gross margin for the year reaches 49.7%, up from 42.6% in 2007 |
| | o | Fourth quarter gross margin increases to 55.5%, compared to 47.8% in fourth quarter 2007 |
| | o | Non-GAAP fourth quarter net loss totals $1.7 million; GAAP quarterly net loss totals $2.4 million |
| | o | Cash, cash equivalents and marketable securities at December 31, 2008 total $55.8 million |
Fourth Quarter 2008 Results
Revenues for the fourth quarter of 2008 totaled $13.2 million, compared to $17.4 million in the fourth quarter of 2007. On a GAAP basis, gross profit for the fourth quarter of 2008 totaled $7.3 million, compared to $8.3 million in the fourth quarter of 2007. Gross margin for the fourth quarter of 2008 reached 55.5%, a substantial improvement from the 47.8% gross margin for the fourth quarter of 2007, primarily resulting from the change in product mix during the quarter.
On a GAAP basis, operating loss for the fourth quarter of 2008 totaled $2.6 million, compared to operating profit of $0.5 million in the fourth quarter of 2007. Net loss for the fourth quarter of 2008 totaled $2.4 million, or $0.12 per share, compared to net income of $1.2 million, or $0.05 per diluted share, in the fourth quarter of 2007.
On a non-GAAP basis, operating loss for the fourth quarter of 2008 totaled $1.9 million, compared to a non-GAAP operating profit of $0.7 million in the fourth quarter of 2007. Net loss, on a non-GAAP basis, for the fourth quarter of 2008 totaled $1.7 million, or $0.08 per share, compared to a non-GAAP net income of $1.4 million, or $0.06 per diluted share, in the fourth quarter of 2007.
Cash, cash equivalents, and marketable bonds and securities as of December 31, 2008 totaled $55.8 million, compared to $59.6 million as of September 30, 2008.
Full Year 2008 Results
Revenue for the full year 2008 totaled $61.6 million, an increase of 16% compared to $53.1 million in 2007.
On a GAAP basis, gross profit for 2008 totaled $30.6 million, a 35% increase compared to $22.6 million gross profit in 2007. Gross margin for 2008 totaled 49.7%, a substantial increase compared to 42.6% in 2007.
On a GAAP basis, operating loss for 2008 totaled $5.8 million, compared to a $3.3 million operating loss in 2007. Net loss for 2008 totaled $5.0 million, or $0.24 per share, compared to a net loss, before non-cash accretion of redeemable preferred shares, of $3.2 million, or $0.19 per share in 2007.
On a non-GAAP basis, operating loss for full year 2008 narrowed to $1.7 million, compared to $2.2 million, in 2007. Non-GAAP net loss for 2008 narrowed to $0.9 million, or $0.05 per share, compared to a non-GAAP net loss of $1.5 million, or $0.09 per share, in 2007.
Mr. Ronnie Kenneth, Chairman and CEO of Voltaire commented, "During 2008 Voltaire presented a 16% increase in revenues finishing the year with record gross margins of 55.5%. Furthermore, we continued to maintain our leadership position in the scale-out computing market, evidenced among other things by Voltaire’s 50% share of InfiniBand deployments in the Top500 super computer list, as well as continuing to acquire new Fortune500 accounts. We continued to innovate, bringing new products to market, including our Grid Director 4000 family of 40 Gb/s InfiniBand switches, as well as other hardware and software offerings that differentiate us from our competitors. We forged new revenue-generating partnerships with companies such as Oracle and strengthened our existing OEM relationships with leading server companies to position the Company for long-term growth and success."
"The turbulent macroeconomic environment, however, directly impacted the Company in the second half of the year, extending sales cycles and delaying orders into 2009. Subsequently, we initiated a series of measures with a view to preserving cash, without compromising either our research and development activities or growth prospects," added Mr. Kenneth. “Looking ahead, we believe that we have all of the right fundamentals in place – the right products, a strong channel and a differentiated vertical market approach, as well as a sound cash position in excess of $55 million, to secure our long term growth. Some of the important milestones that occurred in the second half of 2008 that will help generate new revenue opportunities for Voltaire in 2009 include the availability of our 40 Gb/s InfiniBand platforms, our place as the interconnect fabric for the HP Oracle Database Machine and developing the new 40 Gb/s switch for IBM BladeCenter. We believe that these developments, along with our continued innovation and plans to launch new products this year, will enable us to continue to advance our leadership in the scale out computing market.”
Outlook
Management expects revenues for the full year of 2009 to be around $50 million. Gross margin for the year is expected to be in the range of 50-55%, while non-GAAP operating expense levels are expected to remain at a similar level to 2008.
Conference Call Details
The Company will be hosting a conference call later today, at 9:00 am ET. On the call, management will review and discuss the results and will be available to answer questions. To participate, please either call one of the following teleconferencing numbers, or access the live webcast on the Company’s website. Please begin placing your calls at least 10 minutes before the conference call is due to commence. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
| US Dial-in Number: | 1-888-668-9141 | UK Dial-in Number: | 0-800-917-5108 |
| Israel Dial-in Number: | 03-918-0610 | International Dial-in Number: | +972-3-918-0610 |
at 9:00am Eastern Time; 6:00am Pacific Time; 2:00pm UK Time; 4:00pm Israel Time |
The conference call will be broadcast live on the Company’s website. To participate, please access the investor relations section of Voltaire’s website – www.voltaire.com, at least 10 minutes before the conference call is due to commence. A replay of the call will be available following the call under the Investor Relations section of the website at: www.voltaire.com.
Use of Non-GAAP Financial Measure
Voltaire reports its results of operations in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP operating income (loss) and non-GAAP net income (loss) are calculated based on the operating income (loss) or net income (loss) in Voltaire’s financial statements excluding (i) non-cash equity-based compensation charges recorded in accordance with SFAS 123R, (ii) the non-cash expense recorded in relation to the accretion of redeemable convertible preferred shares, (iii) the non-cash expense related to changes in fair value of outstanding warrants, (iv) the amortization of deferred charges on these warrants and (v) the $2.1 million expense recorded in the first quarter of 2008 under cost of revenues for the one-time repayment of grants to the Office of the Israeli Chief Scientist. Reconciliation of this non-GAAP measure to operating income (loss) and net income (loss), the most comparable GAAP measures, is provided in the schedules attached to this release. Voltaire provides these non-GAAP financial measures because its management believes that they are useful in enhancing an understanding of the Voltaire’s ongoing performance. Voltaire uses internally the Non-GAAP information to evaluate the Company’s ongoing performance. Voltaire is providing this information to investors to enable them to perform comparisons of operating results in a manner similar to how the Company analyzes its operating results.
Accretion of Redeemable Convertible Preferred Shares
The charge for the accretion of redeemable convertible preferred shares represents a non-cash charge to the income statement because preferred shareholders had the option to put their shares back to the Company at the shares’ current fair market value. As the put option was eliminated when the shares converted into ordinary shares at the IPO, the charge in 2007 represents the change in value of those preferred shares accrued through to the date of the Company’s initial public offering, July 25, 2007, based upon the IPO valuation. The entire balance in temporary equity has now been rolled into additional paid in capital on the balance sheet.
About Voltaire
Voltaire (NASDAQ: VOLT) is a leading provider of scale-out computing fabrics for data centers, high performance computing and cloud environments. Voltaire’s family of server and storage fabric switches and advanced management software improve performance of mission-critical applications, increase efficiency and reduce costs through infrastructure consolidation and lower power consumption. Used by more than 30 percent of the Fortune 100 and other premier organizations across many industries, including many of the TOP500 supercomputers, Voltaire products are included in cluster and blade server offerings from HP, IBM, Rackable, SGI, and Sun and provide the internal server-to-storage connectivity for the HP-Oracle Database Machine. Founded in 1997, Voltaire is headquartered in Herzliya, Israel and Billerica, Massachusetts. More information is available at www.voltaire.com or by calling 1-800-865-8247.
Forward Looking Statements
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the Voltaire's plans, objectives and expectations for future results of operations and are based upon management's current estimates and projections of future results or trends. In particular, Voltaire has provided an outlook on its projects results of operations. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. These factors include, but are not limited to, those discussed under the heading "Risk Factors" in Voltaire’s annual report on Form 20-F filed with the Securities and Exchange Commission on May 5, 2008 and any subsequent Form 20-F or other disclosure that supercedes it. In addition to those risks, the recent sub-prime mortgage crisis in the United States and the resulting financial crisis have directly impacted a number of financial institution customers, as well as customers in range of other industries. We face the risk that our clients may cancel existing orders or delay or fail to place projected orders due to the current financial situation. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
- Financial Tables -
VOLTAIRE LTD.
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
| | | | | | | |
| | | | | | | |
| | | | | | | |
| ASSETS | | | | | | |
| | | | | | | |
| CURRENT ASSETS: | | | | | | |
| Cash and cash equivalents | | $ | 24,768 | | | $ | 52,239 | |
| Short term investments | | | 28,252 | | | | 6,142 | |
| Restricted deposits | | | 1,478 | | | | - | |
| Accounts receivable: | | | | | | | | |
| Trade | | | 9,787 | | | | 9,772 | |
| Other | | | 1,486 | | | | 1,390 | |
| Deferred costs | | | - | | | | 672 | |
| Inventories | | | 5,198 | | | | 5,683 | |
| Total current assets | | | 70,969 | | | | 75,898 | |
| INVESTMENTS: | | | | | | | | |
| Restricted long-term deposit | | | 321 | | | | 241 | |
| Long-term deposits | | | 183 | | | | 160 | |
| Available for sale marketable securities | | | 987 | | | | 995 | |
| Funds in respect of employee rights upon retirement | | | 1,631 | | | | 1,252 | |
| Total investments | | | 3,122 | | | | 2,648 | |
| | | | | | | | | |
| DEFERRED INCOME TAXES | | | 1,052 | | | | 967 | |
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization | | | 3,657 | | | | 3,010 | |
| Total assets | | $ | 78,800 | | | $ | 82,523 | |
| | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| CURRENT LIABILITIES: | | | | | | | | |
| Accounts payable and accruals: | | | | | | | | |
| Trade | | $ | 4,539 | | | $ | 6,364 | |
| Other | | | 4,408 | | | | 6,134 | |
| Deferred revenues | | | 3,469 | | | | 3,792 | |
| Total current liabilities | | | 12,416 | | | | 16,290 | |
| LONG-TERM LIABILITIES: | | | | | | | | |
| Income taxes payables | | | 861 | | | | - | |
| Accrued severance pay | | | 2,634 | | | | 2,006 | |
| Deferred revenues | | | 3,311 | | | | 2,524 | |
| Total long-term liabilities | | | 6,806 | | | | 4,530 | |
| Total liabilities | | | 19,222 | | | | 20,820 | |
| | | | | | | | | |
| SHAREHOLDERS’ EQUITY: | | | | | | | | |
| Ordinary shares of NIS 0.01 par value | | | 2,787 | | | | 2,786 | |
| Additional Paid-in capital | | | 150,056 | | | | 147,194 | |
| Accumulated other comprehensive income (loss) | | | 16 | | | | (4 | ) |
| Accumulated deficit | | | (93,281 | ) | | | (88,273 | ) |
| Total shareholders’ equity | | | 59,578 | | | | 61,703 | |
| Total liabilities and shareholders’ equity | | $ | 78,800 | | | $ | 82,523 | |
VOLTAIRE LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data)
| | | Three months ended December 31, | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| REVENUES | | $ | 13,211 | | | $ | 17,369 | | | $ | 61,592 | | | $ | 53,115 | |
| COST OF REVENUES | | | 5,885 | | | | 9,061 | | | | 30,970 | | | | 30,472 | |
| GROSS PROFIT | | | 7,326 | | | | 8,308 | | | | 30,622 | | | | 22,643 | |
| OPERATING EXPENSES: | | | | | | | | | | | | | | | | |
| Research and development | | | 4,733 | | | | 3,072 | | | | 15,784 | | | | 10,796 | |
| Sales and marketing | | | 3,176 | | | | 3,273 | | | | 13,222 | | | | 10,483 | |
| General and administrative | | | 1,972 | | | | 1,487 | | | | 7,413 | | | | 4,626 | |
| Total operating expenses | | | 9,881 | | | | 7,832 | | | | 36,419 | | | | 25,905 | |
| INCOME (LOSS) FROM OPERATIONS | | | (2,555 | ) | | | 476 | | | | (5,797 | ) | | | (3,262 | ) |
| FINANCIAL INCOME | | | 438 | | | | 519 | | | | 1,591 | | | | 1,016 | |
| FINANCIAL EXPENSES | | | (20 | ) | | | (339 | ) | | | (26 | ) | | | (1,190 | ) |
| INCOME (LOSS) BEFORE TAX BENEFIT (TAX EXPENSES) | | | (2,137 | ) | | | 656 | | | | (4,232 | ) | | | (3,436 | ) |
| TAX BENEFIT (TAX EXPENSES) | | | (277 | ) | | | 510 | | | | (776 | ) | | | 284 | |
| NET INCOME (LOSS) before accretion of redeemable convertible preferred shares | | $ | (2,414 | ) | | $ | 1,166 | | | $ | (5,008 | ) | | $ | (3,152 | ) |
| | | | | | | | | | | | | | | | | |
| Accretion of redeemable convertible preferred shares | | | - | | | | - | | | | - | | | | (23,608 | ) |
| Charge for beneficial conversion feature of series D and D2 redeemable convertible preferred shares | | | - | | | | - | | | | - | | | | (1,386 | ) |
| NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY SHAREHOLDERS | | $ | (2,414 | ) | | $ | 1,166 | | | $ | (5,008 | ) | | $ | (28,146 | ) |
| | | | | | | | | | | | | | | | | |
| Net income (loss) per share attributable to ordinary shareholders: | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.12 | ) | | $ | 0.06 | | | $ | (0.24 | ) | | $ | (3.06 | ) |
| Diluted | | $ | (0.12 | ) | | $ | 0.05 | | | $ | (0.24 | ) | | $ | (3.06 | ) |
| Weighted average number of ordinary shares: | | | | | | | | | | | | | | | | |
| Basic | | | 20,933,708 | | | | 20,530,657 | | | | 20,777,243 | | | | 9,194,980 | |
| Diluted | | | 20,933,708 | | | | 22,828,953 | | | | 20,777,243 | | | | 9,194,980 | |
VOLTAIRE LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
| | | Three months ended December 31, | | | | |
| | | | | | | | | | | | | |
| | | (unaudited) | | | (unaudited) | | | (audited) | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | |
Income (loss) before accretion of redeemable convertible preferred shares | | $ | (2,414 | ) | | $ | 1,166 | | | $ | (5,008 | ) | | $ | (3,152 | ) |
| Adjustments required to reconcile net income (loss) to net | | | | | | | | | | | | | | | | |
| Cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | |
| Depreciation of property and equipment | | | 564 | | | | 321 | | | | 1,676 | | | | 990 | |
Amortization of discount and premium related to marketable securities, net | | | (33 | ) | | | - | | | | (121 | ) | | | - | |
| Deferred income taxes | | | (225 | ) | | | (1,032 | ) | | | (133 | ) | | | (1,032 | ) |
| Change in accrued severance pay | | | (51 | ) | | | 193 | | | | 785 | | | | 595 | |
Loss in funds in respect of employee rights upon retirement | | | 132 | | | | - | | | | 132 | | | | - | |
| Non-cash share-based compensation expenses | | | 694 | | | | 255 | | | | 1,995 | | | | 1,015 | |
| Amortization of deferred charges | | | - | | | | - | | | | - | | | | 346 | |
| Revaluation of warrant liabilities | | | - | | | | - | | | | - | | | | 324 | |
| Changes in operating asset and liability items: | | | | | | | | | | | | | | | | |
Decrease (increase) in accounts receivable and deferred costs | | | 1,653 | | | | (3,198 | ) | | | 696 | | | | 1,606 | |
Increase (decrease) in accounts payable and accruals and deferred revenues | | | (4,668 | ) | | | 6,594 | | | | (2,435 | ) | | | 1,108 | |
| Decrease (increase) in inventories | | | 741 | | | | 2,652 | | | | 485 | | | | (1,746 | ) |
| Net cash provided by (used in) operating activities | | | (3,607 | ) | | | 6,951 | | | | (1,928 | ) | | | 54 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | |
| Increase in restricted deposits | | | (204 | ) | | | - | | | | (1,558 | ) | | | - | |
| Purchase of property and equipment | | | (887 | ) | | | (721 | ) | | | (2,323 | ) | | | (2,623 | ) |
| Investment in marketable securities | | | (18,555 | ) | | | (7,233 | ) | | | (79,705 | ) | | | (7,233 | ) |
| Investment in short term deposit | | | (901 | ) | | | - | | | | (901 | ) | | | - | |
| Proceeds from sale of marketable securities | | | 9,334 | | | | - | | | | 45,646 | | | | - | |
| Proceeds from maturities of marketable securities | | | 9,082 | | | | - | | | | 13,075 | | | | - | |
Amounts funded in respect of employee rights upon retirement, net | | | 25 | | | | (168 | ) | | | (622 | ) | | | (403 | ) |
| Increase in long-term deposits | | | (5 | ) | | | (15 | ) | | | (23 | ) | | | (27 | ) |
| Net cash used in investing activities | | | (2,111 | ) | | | (8,137 | ) | | | (26,411 | ) | | | (10,286 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | |
| Proceeds from IPO, net of issuance costs | | | - | | | | (513 | ) | | | - | | | | 45,696 | |
| Proceeds from exercise of options | | | 62 | | | | 28 | | | | 375 | | | | 164 | |
| Excess tax benefit on options exercised | | | 493 | | | | - | | | | 493 | | | | - | |
| Principal payment on loan | | | - | | | | - | | | | - | | | | (5,000 | ) |
| Issuance of redeemable convertible preferred shares, net of issuance expenses | | | - | | | | - | | | | - | | | | 11,374 | |
| Net cash provided by (used in) financing activities | | | 555 | | | | (485 | ) | | | 868 | | | | 52,234 | |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | (5,163 | ) | | | (1,671 | ) | | | (27,471 | ) | | | 42,002 | |
| BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | | | 29,931 | | | | 53,910 | | | | 52,239 | | | | 10,237 | |
| BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | 24,768 | | | $ | 52,239 | | | $ | 24,768 | | | $ | 52,239 | |
VOLTAIRE LTD.
NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data)
| | | December 31, | | | December 31, | |
| | | | | | | | | | | | | |
| | | (unaudited) | | | | | | | |
| | | | | | | | | | | | | |
| REVENUES | | $ | 13,211 | | | $ | 17,369 | | | $ | 61,592 | | | $ | 53,115 | |
| COST OF REVENUES | | | 5,875 | | | | 9,060 | | | | 28,871 | | | | 30,471 | |
| GROSS PROFIT | | | 7,336 | | | | 8,309 | | | | 32,721 | | | | 22,644 | |
| OPERATING EXPENSES: | | | | | | | | | | | | | | | | |
| Research and development | | | 4,600 | | | | 2,994 | | | | 15,393 | | | | 10,607 | |
| Sales and marketing | | | 2,995 | | | | 3,185 | | | | 12,710 | | | | 10,244 | |
| General and administrative | | | 1,602 | | | | 1,399 | | | | 6,344 | | | | 4,040 | |
| Total operating expenses | | | 9,197 | | | | 7,578 | | | | 34,447 | | | | 24,891 | |
| INCOME (LOSS) FROM OPERATIONS | | | (1,861 | ) | | | 731 | | | | (1,726 | ) | | | (2,247 | ) |
| FINANCIAL INCOME | | | 438 | | | | 519 | | | | 1,591 | | | | 1,016 | |
| FINANCIAL EXPENSES | | | (20 | ) | | | (339 | ) | | | (26 | ) | | | (521 | ) |
| INCOME (LOSS) BEFORE TAX BENEFIT (TAX EXPENSES) | | | (1,443 | ) | | | 911 | | | | (161 | ) | | | (1,752 | ) |
| TAX BENEFIT (TAX EXPENSES) | | | (277 | ) | | | 510 | | | | (776 | ) | | | 284 | |
| NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY SHAREHOLDERS | | $ | (1,720 | ) | | $ | 1,421 | | | $ | (937 | ) | | $ | (1,468 | ) |
| | | | | | | | | | | | | | | | | |
| Net income (loss) per share attributable to ordinary shareholders: | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.08 | ) | | $ | 0.07 | | | $ | (0.05 | ) | | $ | (0.09 | ) |
| Diluted | | $ | (0.08 | ) | | $ | 0.06 | | | $ | (0.05 | ) | | $ | (0.09 | ) |
| Weighted average number of ordinary shares: | | | | | | | | | | | | | | | | |
| Basic | | | 20,933,708 | | | | 20,530,657 | | | | 20,777,243 | | | | 16,897,812 | |
| Diluted | | | 20,933,708 | | | | 22,828,953 | | | | 20,777,243 | | | | 16,897,812 | |
VOLTAIRE LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data)
| | | December 31, 2008 | | | December 31, 2008 | |
| | | | | | | | | | | | | | | | | | | |
| | | (unaudited) | | | (unaudited) | |
| | | | | | | | | | | | | | | | | | | |
| REVENUES | | $ | 13,211 | | | | | | $ | 13,211 | | | $ | 61,592 | | | | | | $ | 61,592 | |
COST OF REVENUES (1) ,(2) | | | 5,885 | | | | (10 | ) | | | 5,875 | | | | 30,970 | | | | (2,099 | ) | | | 28,871 | |
| GROSS PROFIT | | | 7,326 | | | | 10 | | | | 7,336 | | | | 30,622 | | | | 2,099 | | | | 32,721 | |
| OPERATING EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | |
| Research and development (2) | | | 4,733 | | | | (133 | ) | | | 4,600 | | | | 15,784 | | | | (391 | ) | | | 15,393 | |
| Sales and marketing (2) | | | 3,176 | | | | (181 | ) | | | 2,995 | | | | 13,222 | | | | (512 | ) | | | 12,710 | |
| General and administrative (2) | | | 1,972 | | | | (370 | ) | | | 1,602 | | | | 7,413 | | | | (1,069 | ) | | | 6,344 | |
| Total operating expenses | | | 9,881 | | | | (684 | ) | | | 9,197 | | | | 36,419 | | | | (1,972 | ) | | | 34,447 | |
| LOSS FROM OPERATIONS | | | (2,555 | ) | | | 694 | | | | (1,861 | ) | | | (5,797 | ) | | | 4,071 | | | | (1,726 | ) |
| FINANCIAL INCOME | | | 438 | | | | | | | | 438 | | | | 1,591 | | | | | | | | 1,591 | |
| FINANCIAL EXPENSES | | | (20 | ) | | | | | | | (20 | ) | | | (26 | ) | | | | | | | (26 | ) |
| LOSS BEFORE TAX EXPENSES | | | (2,137 | ) | | | 694 | | | | (1,443 | ) | | | (4,232 | ) | | | 4,071 | | | | (161 | ) |
| TAX EXPENSES | | | (277 | ) | | | | | | | (277 | ) | | | (776 | ) | | | | | | | (776 | ) |
| NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS | | $ | (2,414 | ) | | | 694 | | | $ | (1,720 | ) | | $ | (5,008 | ) | | | 4,071 | | | $ | (937 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net loss per share attributable to ordinary shareholders: | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.12 | ) | | | | | | $ | (0.08 | ) | | $ | (0.24 | ) | | | | | | $ | (0.05 | ) |
| Diluted | | $ | (0.12 | ) | | | | | | $ | (0.08 | ) | | $ | (0.24 | ) | | | | | | $ | (0.05 | ) |
| Weighted average number of ordinary shares: | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic | | | 20,933,708 | | | | | | | | 20,933,708 | | | | 20,777,243 | | | | | | | | 20,777,243 | |
| Diluted | | | 20,933,708 | | | | | | | | 20,933,708 | | | | 20,777,243 | | | | | | | | 20,777,243 | |
(1) Adjustment related to termination of the participation in the Chief Scientist grant program.
(2) Adjustments related to share-based compensation expenses.
