RVSN · Rail Vision Ltd.

Rail Vision Ltd. delivered full year 2025 results showing revenue growth of 14.4% to $1.487 million, primarily from additional MainLine installations with Israel Railways, a system purchase by a Central American freight operator, a $335,000 follow-on order plus spare parts from a Latin American mining company, and services to existing customers. Despite this, operating loss widened to $11.735 million from $9.004 million, driven by 30% higher R&D expenses ($6.864 million) due to increased headcount, salaries, share-based compensation, currency effects, and equipment purchases, alongside 29.9% higher G&A expenses ($5.423 million) from salaries, bonuses, and equity grants. GAAP net loss improved significantly to $11.1 million ($6.15 per share) from $30.7 million ($55.41 per share), aided by lower derivative revaluation expenses ($0.38 million vs. $20.2 million) and other financing income of $1.015 million from interest on deposits. Non-GAAP net loss narrowed to $9.26 million ($5.13 per share) from $10.13 million. In the second half, revenue more than doubled to $1.25 million, but operating loss rose to $6.03 million amid elevated expenses. Balance sheet strengthened with $20 million cash, zero debt, and shareholders' equity at $20.3 million, bolstered by $11.8 million in net financing from SEPA/ATM issuances and warrant exercises. CEO David BenDavid highlighted transformative progress including Israel Railways installations featured at CES 2026, regional expansions, and a 51% acquisition of Quantum Transportation for quantum-AI synergies, positioning the company in a growing global rail market.