Actelis Networks, Inc.

Business focus

• Market leader in cyber-hardened, rapid-deployment networking solutions for wide-area IoT applications.
• Target markets include federal, state and local government; Intelligent Transportation Systems (ITS); military; utilities; rail; telecom; and campus networks.
• Offers a hybrid fiber/copper networking approach that upgrades existing copper and coax to fiber-grade performance using patented signal processing and network architecture, allowing rapid, secure, and cost-effective deployments without always installing new fiber.
• Emphasizes cybersecurity across the stack with Triple-Shield data protection (coding, scrambling, encryption) and secure access to network management software. The company is pursuing additional network-wide cyber protection software offered as licensed services.
• Provides power delivery over existing copper and coax lines to support cameras, sensors, 5G small cells, and Wi‑Fi base stations.

Core technology and products

• Hybrid fiber/copper aggregation switches, dense Ethernet devices, edge devices, and advanced management software.
• Cyber-aware networking software layer; an AI-powered SaaS offering was announced in August 2024 as part of the “Cyber Aware Networking” initiative with a cybersecurity provider.
• Capabilities to deliver data and power over the same lines and to upgrade infrastructure to meet fiber-grade reliability and QoS.
• Management software updates and support services provided on a renewable, license-based model.

Customer base and markets

• Historically served telecom service providers; current focus is on wide-area IoT, federal/DoD markets, ITS, and multi-dwelling units (MDUs).
• IoT customers accounted for about 73% of revenues in 2025 and about 72% in 2024.
• Revenue concentration: top ten customers accounted for about 62% of revenues in 2025 and about 74% in 2024.
• Products have been deployed with more than 100 telecom service providers worldwide.

Financial snapshot (selected 2024–2025 data)

• Revenues: 2025 = $3.671 million; 2024 = $7.760 million.
• Gross profit: 2025 = $1.218 million; 2024 = $4.270 million.
• Operating loss: 2025 = $(7.185) million; 2024 = $(3.758) million.
• Net comprehensive loss: 2025 = $(8.261) million; 2024 = $(4.374) million.
• Non-GAAP Adjusted EBITDA: 2025 = $(6.856) million; 2024 = $(3.481) million.
• Net loss margins (GAAP): 2025 around (225)%; 2024 around (56.37)%.
• Revenues by geography (year ended Dec 31, 2025): North America $2.305 million; Europe, Middle East & Africa $1.138 million; Asia Pacific $0.228 million; total $3.671 million.
• Trade receivables concentration (customers representing 10%+ of net revenues for 2025/2024): Customer A ≈13% (2025) or 2% (2024); Customer B ≈1% (2025) or 19% (2024); Customer D ≈0% (2025) or 29% (2024).

Liquidity, capital, and funding activities (as of 12/31/2025)

• Cash, equivalents and restricted cash: $4.4 million total.
• Current balance on the Credit Line: about $0.479 million outstanding; total available capacity up to $30 million.
• Financing and equity activity highlights (2025–early 2026):
  • July 2025 private placement: issued 162,602 common shares, Series A-3 warrants (162,602) and Series A-4 warrants (325,204P) for gross proceeds of about $1 million.
  • September 2025: warrant inducement transactions and related equity offerings; additional warrants issued; gross proceeds around $1.6 million from exercise of existing warrants.
  • October 2025: Common Stock Purchase Agreement (White Lion ELOC) allowing up to $30 million in potential future equity purchases; commitment shares issued.
  • September/December 2025 private placements and follow-on offerings; December 2025 Follow-on Offering: roughly 4.3525 million shares, 1.8975 million pre-funded warrants, and 6.25 million common warrants; gross proceeds about $5 million; net proceeds about $4.46 million.
  • At-the-market (ATM) program with gross proceeds of about $4.7 million through 2024–2025; outstanding capacity remains (up to approximately $5 million).
• Stated use of funds includes general corporate purposes. Management cites ongoing cost-reduction and revenue-growth initiatives and plans to fund operations through cash on hand, operational cash flows, and new financing.
• Going concern: management states there is substantial doubt about the ability to continue as a going concern, with projected needs for additional funding to meet operating obligations for at least the next year.

Corporate events and compliance

• Reverse stock split (1-for-10) approved and implemented in November 2025.
• Nasdaq continued listing history; in February 2026 Nasdaq notified the company of its intent to delist for failing to maintain bid price and related criteria. A hearing was requested to address compliance and potential continued listing.
• The company maintains formal policies on related-party transactions, director independence, and executive compensation, plus a code of conduct and insider-trading policy.

Notes on scope and data

• All revenue, income and balance sheet figures are presented in USD unless otherwise noted.
• Figures above are drawn from Actelis Networks, Inc.’s 2025 Form 10-K consolidated financial statements, including year-end results and selected accompanying notes (geographic revenue by region, top customers, cash and financing details, and going-concern disclosures).