Firm presents sturdy stability sheet with year-end money of roughly $20 million and nil debt
Income up 14.4% year-over-year
Ra’anana, Israel, March 31, 2026 (GLOBE NEWSWIRE) — Rail Imaginative and prescient Ltd. (Nasdaq: RVSN, FSE: C80) (“Rail Vision” or the “Company”), an early commercialization stage expertise firm remodeling railway security via superior AI-integrated sensing techniques, right now introduced its monetary outcomes for the second half and full 12 months ended December 31, 2025. The Firm reported income development and operational progress, strengthening its world market presence.
“2025 was a transformative year for Rail Vision,” stated David BenDavid, Chief Govt Officer. “We advanced key installations with Israel Railways, secured follow-on orders from a leading mining operator in Latin America, penetrated deeper into Central America, and launched a high-profile proof of concept in India with Sujan Industries – all demonstrating strong validation of our AI-driven safety solutions in real-world, demanding environments. The global railroad industry was valued at over $340 billion in 2025 and projected to grow toward $460 billion by the mid-2030s. In this expanding market, we are leveraging our technological leadership in cutting-edge obstacle detection and railway analytics as we aim to drive safer, more efficient rail operations worldwide and deliver long-term value to our stakeholders and partners.”
2025 and Current Enterprise Highlights
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Israel – Rail Imaginative and prescient continued installations and operations of its MainLine techniques with Israel Railways. The partnership was publicly highlighted at CES 2026 as cutting-edge AI impediment detection expertise. As well as, the Firm goals to develop its product providing by deploying its ShuntingYard product inside Israel Railways’ cargo division.
Latin America – Rail Imaginative and prescient secured a $335,000 follow-on order from a number one mining firm following a profitable long-term pilot beneath difficult environmental circumstances, reinforcing business validation within the area.
Central America – Rail Imaginative and prescient obtained a purchase order order for its MainLine system from a number one freight rail operator, marking continued geographic penetration.
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India – Rail Imaginative and prescient signed a Memorandum of Understanding with Sujan Industries aimed toward coming into the Indian rail market. In March 2026, the Firm introduced the profitable completion of a proof of idea demonstration of its MainLine system in India, receiving optimistic suggestions from the shopper on efficiency and suitability for potential managed deployment.
Quantum-AI Enlargement- The Firm accomplished the acquisition of a 51% stake in Quantum Transportation, positioning it as a majority-owned subsidiary. Quantum Transportation unveiled a breakthrough transformer-based neural decoder for quantum error correction that outperformed classical algorithms in simulations. Rail Imaginative and prescient is exploring long-term synergies between quantum computing and railway AI purposes.
Full Yr 2025 Monetary Outcomes
Revenues for the 12 months ended December 31, 2025, elevated by 14.4% to $1,487,000, in comparison with $1,300,000 for the 12 months ended December 31, 2024. Income development was primarily pushed by extra MainLine installations for Israel Railways, a MainLine system buy by a Central American freight operator, a follow-on MainLine system order and spare elements gross sales to a Latin American mining firm and companies offered to current prospects.Analysis and improvement bills for the 12 months ended December 31, 2025, elevated by 30.0% to $6,864,000 in comparison with $5,279,000 for the 12 months ended December 31, 2024. The rise was primarily attributable to increased salaries as a result of elevated headcount and wage ranges, absence of momentary wage reductions that had been in impact throughout a part of 2024, depreciation of the U.S. greenback in opposition to the NIS, increased share-based compensation and elevated purchases of R&D tools.Basic and administrative bills totaled $5,423,000 for the 12 months ended December 31, 2025, in comparison with $4,175,000 for the 12 months ended December 31, 2024, representing a rise of $1,207,000 or 29.9%. The rise was primarily attributable to increased salaries together with wage changes and one-time bonuses, elevated share-based compensation, together with new grants to workers and repair suppliers and foreign money affect, partially offset by decrease advertising and marketing bills.Because of the foregoing, the Firm’s working loss for the 12 months ended December 31, 2025, was $11,735,000 in comparison with an working lack of $9,004,000 for the 12 months ended December 31, 2024.For the 12 months ended December 31, 2025, we recorded bills within the quantity of $380,000 as a result of revaluation of derivatives, warrants liabilities and others in reference to shares issued beneath the Standby Fairness Buy Settlement (SEPA). This compares to bills of $20,181,000 for the 12 months ended December 31, 2024, which had been primarily associated to warrants issued in a non-public placement and a convertible mortgage credit score facility the Firm entered into in January 2024.Different financing earnings amounted to $1,015,000 for the 12 months ended December 31, 2025, primarily pushed by curiosity earnings on quick‑time period deposits. This compares to $1,523,000 of different monetary bills for the 12 months ended December 31, 2024. The $2,538,000 change is primarily attributable to the complete amortization of the low cost associated to the convertible mortgage credit score facility recorded in 2024.GAAP web loss for the 12 months ended December 31, 2025, was $11,100,000, or $6.15 per abnormal share, in comparison with a GAAP web lack of $30,708,000, or $55.41 per abnormal share, within the 12 months ended December 31, 2024.Non-GAAP web loss for the 12 months ended December 31, 2025, was $9,260,000, or $5.13 per abnormal share, in comparison with a non-GAAP web lack of $10,129,000, or $18.28 per abnormal share, within the 12 months ended December 31, 2024.
A reconciliation between GAAP working outcomes and non-GAAP working outcomes is offered within the monetary knowledge that’s a part of this launch. Non-GAAP outcomes exclude stock-based compensation bills and revaluation of derivatives, warrant liabilities and different.
Steadiness Sheet Highlights (as of December 31, 2025):
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Money and money equivalents totaled roughly $20 million.The Firm had zero monetary debt.Shareholders’ fairness totaled $20.3 million, in comparison with $17.7 million at year-end 2024.
Financing actions
Throughout 2025, web money offered by financing actions was $11.8 million, primarily from issuances beneath the SEPA and ATM services and warrants workouts.
Second Half Monetary Outcomes
Revenues for the six months ended December 31, 2025, had been $1,250,000, in comparison with $539,000 for the six months ended December 31, 2024, representing a rise of 132%, primarily comprised from increased system deliveries and installations.Analysis and improvement bills for the six months ended December 31, 2025, had been $3,623,000, in comparison with $2,821,000 for the six months ended December 31, 2024, representing a rise of 28%. The rise primarily displays increased salaries as a result of elevated headcount and wage ranges and depreciation of the U.S. greenback in opposition to the NIS, increased share-based compensation and elevated purchases of R&D tools.Basic and administrative bills for the six months ended December 31, 2025, had been $2,911,000, in comparison with $2,059,000 within the six months ended December 31, 2024, representing a rise of 41%. The rise primarily displays increased share-based compensation, together with new grants to workers and repair suppliers, enhance in salaries {and professional} charges and foreign money affect, partially offset by decrease advertising and marketing bills.Because of the foregoing, the Firm’s working loss for the six months ended December 31, 2025, was $6,030,000 in comparison with an working lack of $4,819,000 for the six months ended December 31, 2024.Different financing earnings amounted to $609,000 for the six months ended December 31, 2025, primarily pushed by curiosity earnings on quick‑time period deposits. This in comparison with $219,000 different financing bills for the six months ended December 31, 2024.GAAP web loss for the six months ended December 31, 2025, was $5,421,000, or $2.82 per abnormal share, in comparison with a GAAP web lack of $6,384,000, or $9.12 per abnormal share, within the six months ended December 31, 2024.Non-GAAP web loss for the six months ended December 31, 2025, was $4,390,000 or $2.29 per abnormal share, in comparison with a non-GAAP web lack of $4,736,000, or $6.77 per abnormal share, within the six months ended December 31, 2024.
Use of Non-GAAP Monetary Outcomes
Along with disclosing monetary outcomes calculated in accordance with United States usually accepted accounting ideas (GAAP), the Firm’s earnings launch accommodates non-GAAP monetary measures of web loss for the interval that excludes the impact of stock-based compensation bills and revaluation of spinoff warrant liabilities. The Firm’s administration believes the non-GAAP monetary data offered on this launch is beneficial to buyers’ understanding and evaluation of the Firm’s on-going operations. Administration additionally makes use of each GAAP and non-GAAP data in evaluating and working enterprise internally and as such deemed it vital to supply all this data to buyers. The non-GAAP monetary measures disclosed by the Firm shouldn’t be thought-about in isolation or as an alternative choice to, or superior to, monetary measures calculated in accordance with GAAP, and the monetary outcomes calculated in accordance with GAAP and reconciliations to these monetary statements needs to be fastidiously evaluated. Buyers are inspired to evaluation the associated U.S. GAAP monetary measures and the reconciliation of those Non-GAAP monetary measures to their most immediately comparable U.S. GAAP monetary measures and never depend on any single monetary measure to judge the Firm’s enterprise. For extra data on the non-GAAP monetary measures, please see the “Reconciliation of GAAP to Non-GAAP Financial Measures” later on this launch. This accompanying desk has extra particulars on the GAAP monetary measures which might be most immediately akin to non-GAAP monetary measures and the associated reconciliations between these monetary measures.
About Rail Imaginative and prescient Ltd.
Rail Imaginative and prescient (Nasdaq: RVSN, FSE: C80) is an early commercialization stage expertise firm remodeling railway security via superior AI-integrated sensing techniques. The Firm develops and commercializes proprietary, multi-spectral electro-optic platforms that present extended-range situational consciousness and real-time hazard detection. Utilizing machine studying algorithms to determine and classify obstacles, Rail Imaginative and prescient’s expertise enhances security, improves operational effectivity, and helps continuity throughout deployments.
The Firm’s cloud-based platform enhances its merchandise by remodeling railway operational knowledge into actionable insights that assist optimize efficiency, cut back downtime, and enhance security. Because the Firm expands its world footprint, it delivers AI-driven notion that helps safer operations, reduces operational threat, and permits the transition to totally autonomous operations.
Rail Imaginative and prescient holds a 51% stake in Quantum Transportation, which has an unique sub-license for rail applied sciences beneath an revolutionary pending patent in quantum error correction owned by Ramot, the expertise switch firm of Tel Aviv College.
For extra data, please go to https://www.railvision.io/
Ahead-Wanting Statements
This press launch accommodates “forward-looking statements” inside the which means of the Non-public Securities Litigation Reform Act and different securities legal guidelines. Phrases akin to “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and related expressions or variations of such phrases are meant to determine forward-looking statements. For instance, the Firm is utilizing forward-looking statements when it discusses transferring past {hardware} to an entire railway security and analytics ecosystem. Ahead-looking statements should not historic info, and are based mostly upon administration’s present expectations, beliefs and projections, lots of which, by their nature, are inherently unsure. Such expectations, beliefs and projections are expressed in good religion. Nevertheless, there may be no assurance that administration’s expectations, beliefs and projections might be achieved, and precise outcomes might differ materially from what’s expressed in or indicated by the forward-looking statements. Ahead-looking statements are topic to dangers and uncertainties that would trigger precise efficiency or outcomes to vary materially from these expressed within the forward-looking statements. For a extra detailed description of the dangers and uncertainties affecting the Firm, reference is made to the Firm’s experiences filed sometimes with the Securities and Alternate Fee (“SEC”), together with, however not restricted to, the dangers detailed within the Firm’s annual report on Type 20-F, for the fiscal 12 months ended December 31, 2025, filed with the SEC on March 31, 2026 and in subsequent filings with the SEC. Ahead-looking statements converse solely as of the date the statements are made. The Firm assumes no obligation to replace forward-looking statements to replicate precise outcomes, subsequent occasions or circumstances, adjustments in assumptions or adjustments in different elements affecting forward-looking data besides to the extent required by relevant securities legal guidelines. If the Firm does replace a number of forward-looking statements, no inference needs to be drawn that the Firm will make extra updates with respect thereto or with respect to different forward-looking statements. References and hyperlinks to web sites have been offered as a comfort, and the data contained on such web sites is just not included by reference into this press launch. Rail Imaginative and prescient is just not accountable for the contents of third-party web sites.
ContactsDavid BenDavidChief Govt OfficerRail Imaginative and prescient Ltd.15 Ha’Tidhar StRa’anana, 4366517 IsraelTelephone: +972- 9-957-7706
Rail Imaginative and prescient Ltd.BALANCE SHEETS(U.S. {dollars} in 1000’s, besides share knowledge and per share knowledge)
As of December 31, 2025 2024 Audited ASSETS Present belongings: Money and money equivalents $19,957 $17,238 Restricted money 272 230 Accounts receivable 215 495 Inventories 1,207 1,304 Different present belongings 342 436 Whole present belongings 21,993 19,703 Non-current Belongings: Working lease – proper of use asset 254 582 Mounted belongings, web 296 312 550 894 Whole belongings 22,543 20,597 LIABILITIES AND SHAREHOLDERS’ EQUITY Present liabilities Commerce accounts payables 219 107 Present working lease legal responsibility 248 305 Different accounts payable 1,742 2,266 Whole present liabilities 2,209 2,678 Non-current working lease legal responsibility — 217 Whole liabilities 2,209 2,895 Shareholders’ fairness Unusual shares, no par worth — — Further paid in capital 128,104 114,372 Collected deficit (107,770) (96,670)Whole shareholders’ fairness 20,334 17,702 Whole liabilities and shareholders’ fairness 22,543 20,597
Rail Imaginative and prescient Ltd.STATEMENTS OF COMPREHENSIVE LOSS(U.S. {dollars} in 1000’s, besides share knowledge and per share knowledge)
Yr ended December 31, Six months ended December 31, 2025 2024 2025 2024 Audited Unaudited Revenues $1,487 $1,300 $1,250 $539 Price of revenues (935) (850) (746) (478) Gross revenue 552 450 504 61 Analysis and improvement bills (6,864) (5,279) (3,623) (2,821)Basic and administrative bills (5,423) (4,175) (2,911) (2,059) Working loss (11,735) (9,004) (6,030) (4,819) Monetary (bills) earnings: Revaluation of derivatives, warrants liabilities and others (380) (20,181) — (1,346)Different financing earnings (bills), web 1,015 (1,523) 609 (219) Web loss for the interval (11,100) (30,708) (5,421) (6,384) Primary and diluted loss per share (*) $(6.15) $(55.41) $(2.82) $(9.12) Weighted common variety of shares excellent used to compute primary and diluted loss per abnormal share (*) 1,805,364 554,185 1,919,555 699,497
(*) Retroactively adjusted to replicate a one-for-thirty (1-for-30) reverse share break up of the Firm’s abnormal shares effected on February 4, 2026.
Rail Imaginative and prescient Ltd.AUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY(U.S. {dollars} in 1000’s, besides share knowledge and per share knowledge)
Unusual Shares Variety of shares (*)
USD
Further paid in capital Collected Deficit Whole shareholders’ fairness BALANCE AS OF JANUARY 1, 2024 99,904 68 68,681 (65,962) 2,787 CHANGES DURING 2024: Cancelation of the par worth of abnormal shares — (68) 68 — — Issuance of models of abnormal shares and pre-funded warrants, web of issuance prices (**) 118,473 — 1,404 — 1,404 Train of warrants to abnormal shares, web of issuance prices (***) 558,616 — 25,561 — 25,561 Classification of warrant liabilities to fairness warrants — — 6,143 — 6,143 SEPA arrange charges 9,623 — 152 — 152 Issuance of abnormal shares in relation to the SEPA 470,553 12,117 12,117 Restricted Share Models vesting 7,588 — 173 — 173 Share-based cost — — 73 — 73 Web loss — — — (30,708) (30,708)BALANCE AS OF DECEMBER 31, 2024 1,264,757 — 114,372 (96,670) 17,702 CHANGES DURING 2025: Train of warrants to abnormal shares, web of issuance prices (***) 198,333 — 2,307 — 2,307 Issuance of abnormal shares in relation to the SEPA 269,810 — 7,917 — 7,917 Issuance of abnormal shares in relation to the ATM, web of issuance prices (*****) 175,574 — 2,048 — 2,048 Restricted Share Models vesting 72,455 — 1,011 — 1,011 Share-based cost 33,334 — 449 — 449 Web loss — — — (11,100) (11,100) BALANCE AS OF DECEMBER 31, 2025 2,014,263 — 128,104 (107,770) 20,334
(*) Retroactively adjusted to replicate a one-for-thirty (1-for-30) reverse share break up of the Firm’s abnormal shares effected on February 4, 2026.(**) Issuance prices within the quantity of roughly $39.(***) Issuance prices within the quantity of roughly $252.(****) Issuance prices within the quantity of roughly $121.(*****) Issuance prices within the quantity of roughly $136.
Rail Imaginative and prescient Ltd.STATEMENTS OF CASH FLOWS (U.S. {dollars} in 1000’s)
Yr ended December 31,
Six months ended December 31,
2025 2024 2025 2024 Audited Unaudited Money flows from working actions Web loss for the interval $(11,100) $(30,708) $(5,421) $(6,384) Changes to reconcile loss to web money utilized in working actions: Depreciation 132 148 73 63 Share-based cost 1,460 398 1,031 303 Impact of alternate price adjustments on money and money equivalents (219) 27 (91) (29)Revaluation of spinoff warrant liabilities 380 20,181 — 1,346 Amortization of a reduction associated to a convertible mortgage credit score facility — 1,229 — — Modifications in working belongings and liabilities: Lower (enhance) in accounts receivables 280 (495) (120) (360)Lower (enhance) in different present belongings 104 (100) 143 (82)Improve in Inventories 97 (327) 223 (336)Change in working lease legal responsibility 54 20 12 33 Improve (lower) in commerce accounts payable 112 (78) 142 19 Improve in different accounts payable (422) 23 (453) 340 Web money utilized in working actions (9,122) (9,682) (4,461) (5,087) Money flows from investing actions Buy of fastened belongings (125) (30) (115) (24) Web money utilized in investing actions (125) (30) (115) (24) Money flows from financing actions: Proceeds from a convertible mortgage credit score facility and issuance of warrants — 1,500 — — Funds on convertible mortgage credit score facility — (1,000) — — Proceeds from train of warrants, web of issuance bills 2,204 9,687 — 1,874 Proceeds from issuance of shares and warrants, web of issuance bills 9,585 13,731 2,030 10,770 Web money offered by financing actions 11,789 23,918 2,030 12,644 Impact of alternate price adjustments on money and money equivalents 219 (27) 91 29 Improve (Lower) in money, money equivalents and restricted money 2,761 14,179 (2,455) 7,562 Money, money equivalents and restricted money originally of the interval 17,468 3,289 22,684 9,906 Money, money equivalents and restricted money on the finish of the interval $20,229 $17,468 $20,229 $17,468 Non Money Actions: Conversion of a convertible mortgage credit score facility to abnormal shares — 500 — — Issuance bills recorded in different accounts payables — 103 — 103
Rail Imaginative and prescient Ltd.UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS(U.S. {dollars} in 1000’s, besides share knowledge and per share knowledge)
Yr ended December 31, Six months ended December 31, 2025 2024 2025 2024 GAAP working loss $(11,735) $(9,004) $(6,030) $(4,819)Inventory-based compensation in value of revenues 7 — 7 — Inventory-based compensation in analysis and improvement bills 537 120 317 102 Inventory-based compensation on the whole and administrative bills 916 126 707 48 Non-GAAP working loss (10,275) (8,758) (4,999) (4,669) GAAP Revaluation of derivatives and warrants liabilities bills (380) (20,181) — (1,346)Revaluation of spinoff warrant liabilities 380 20,181 — 1,346 Non-GAAP Revaluation of derivatives and warrants liabilities bills — — — — GAAP Different financing earnings (bills), web 1,015 (1,523) 609 (219)Inventory-based compensation bills — 152 — 152 Non-GAAP Different financing earnings (bills), web 1,015 (1,371) 609 (67) GAAP web loss (11,100) (30,708) (5,421) (6,384)Inventory-based compensation bills 1,460 398 1,031 302 Revaluation of spinoff warrant legal responsibility bills 380 20,181 — 1,346 Non-GAAP web loss (9,260) (10,129) (4,390) (4,736) GAAP Primary and diluted loss per share (*) $(6.15) $(55.41) $(2.77) $(9.12)Non-GAAP Primary and diluted loss per share (*) $(5.13) $(18.28) $(2.29) $(6.77) Weighted common variety of shares excellent used to compute primary and diluted loss per abnormal share (*) 1,805,364 554,185 1,919,555 699,497
(*) Retroactively adjusted to replicate a one-for-thirty (1-for-30) reverse share break up of the Firm’s abnormal shares effected on February 4, 2026.
