Business
Rail Vision Announces Second Quarter 2022 Financial Results
RA’ANANA, Israel, Sept. 14, 2022 (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, Sept. 14, 2022 (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 second quarter ended June 30, 2022. “Our transformational Nasdaq IPO closed in the first week of the second quarter, providing Rail Vision with the capital needed to accelerate the commercial rollout of our game-changing, artificial-intelligence-driven technology designed to revolutionize safety in the rail industry,” said Shahar Hania, CEO of Rail Vision. “With a strengthened balance sheet and increased visibility as a Nasdaq-listed company, our team has continued to progress our long-term pilot (LTP) programs with major rail operators. We have successfully completed multiple LTPs that demonstrate the potential value of our technology, and we continue to launch new programs for additional use cases that we believe will become key growth drivers moving forward as we convert LTPs into revenue-generating commercial contracts.” “As commercial sales of our AI-driven rail safety technology gain momentum, we generate an exponentially increasing amount of data, collected through our cloud infrastructure, that empowers our team to further refine our technology solutions while uncovering potential new opportunities for growth,” continued Hania. “I remain extremely excited for the future and continue to believe Rail Vision is at the forefront of an evolution in train safety.” Second Quarter 2022 & Recent Highlights Rail Vision successfully completed the mainline LTP phase for Rio Tinto Iron Ore (RTIO), demonstrating 24/7 classifications of objects for RTIO’s autonomous locomotives operating in the Australian desert.Negotiations are underway for the next steps in the Company’s LTP programs with Israel Railways Ltd., the government-owned operator of the national heavy rail system in Israel, following Rail Vision’s successful completion of an LTP on Israel Railways’ main-line system.Completed the data acquisition phase for an advanced switch yard system for a major freight railway operator in the United States, with plans underway to begin the evaluation and demonstration phase of the project.Rail Vision closed its IPO on April 4, 2022, issuing 3,787,241 units. Each unit include...