Business
Rail Vision Announces Fourth Quarter and Full Year 2022 Financial Results
RA’ANANA, Israel, March 23, 2023 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), a development stage technology company
About this update from Rail Vision Ltd.
[{"type":"text","content":"RA’ANANA, Israel, March 23, 2023 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), a development stage technology company seeking to revolutionize railway safety and the data-related market, today reported financial results for the fourth quarter and fiscal year ended December 31, 2022. \"Capital from our Nasdaq IPO enabled us to strengthen our foundation during fiscal 2022, positioning us to pursue multiple exciting opportunities to accelerate new customer acquisitions in 2023 and beyond,\" commented Shahar Hania, CEO of Rail Vision. \"Our recent successes, including the Israeli Railways deal and US-based rail services customer agreement, demonstrate that our solutions are gaining traction among potential customers. We remain confident in our ability to create value for shareholders as we work diligently to drive new business opportunities.\" Fourth Quarter 2022 & Recent Highlights A leading US-based rail and leasing services company purchased a Rail Vision Switch Yard System for $140,000 after a successful demo and initial testing. This new customer, which offers a suite of rail-centric services, including in-plant rail switching and material handling services, plans to conduct additional testing over a six-month period to evaluate the benefits of implementing our technology across their fleet.Signed an agreement with Israeli Railways for the purchase of 10 Rail Vision Main Line Systems and related services for $1.4 million.Appointed Mark Cleobury as Chairman of the Board. Cleobury brings more than 40 years of global experience in the rail industry. He has held positions of increasing responsibility at Knorr-Bremse over his career, including serving as a Member of the Management Board of Knorr-Bremse Systems for Rail, Vice President Sales and Systems for Client Management Trains, Manager Sales and Systems Trains, Key Account Manager, and Project Manager. Cleobury currently serves as Senior Vice President of Knorr-Bremse’s Rail Systems Division. Fourth Quarter 2022 Financial Results Research and development (“R&D”) expenses, net for the three months ended December 31, 2022, were $1,473,000, compared to the expenses of $1,687,000 in the three months ended December 31, 2021. The decrease in the R&D expenses was primarily attributable to a decrease in payroll and expenses related to employee res...