Business
Rail Vision Announces Third Quarter 2023 Financial Results
RA’ANANA, Israel, Nov. 24, 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, Nov. 24, 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 third quarter ended September 30, 2023. Shahar Hania, CEO of Rail Vision, stated, “I would like to begin by expressing our heartfelt sympathies and condolences to all those who have been affected by the recent tragic events in Israel. Despite the difficult circumstances in our home country, I want to reassure our shareholders and stakeholders that Rail Vision's operations continue unabated. Our commitment to delivering innovative, safety-enhancing technology to the global rail industry remains as strong as ever.” “We reached another significant milestone in the third quarter with the successful completion of a pilot program with a leading US-based rail and leasing services company. This customer purchased one of our Switch Yard Systems this year and has been impressed with the results on extensive testing. We are now discussing plans with this customer to implement our technology on additional locomotives beginning as soon as Q4 2023. This is a testament to the reliability and effectiveness of our solutions in improving safety and efficiency in rail operations,” continued Hania. “In addition, we recently expanded our global footprint with a $500,000 purchase order from a leading Latin American mining company received in October 2023,” said Hania. “This contract demonstrates the trust that a growing number of customers worldwide place in our technology solutions. This new customer purchased a Main Line Advance Driver Assistance System (ADAS), equipped with high-end electro-optical sensors, machine learning algorithms and edge computing capabilities. Our ADAS solution provides operators with accurate and timely information, enabling them to make informed decisions and enhance the safety of train operations. “As we move forward, we remain steadfast in our mission: to leverage advanced technology to make railways safer and more efficient. This belief drives every decision we make at Rail Vision, and we are committed to continuing to execute on this vision for the benefit of our customers, shareholders and stakeholders worldwide,” concluded Hania. Third Quarter 2023 & Rec...