0001213900-24-066342 | 6-K | XBRL Viewer

Operating Segments and Geographical Information (Details) - Schedule of Revenue - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Revenue [Line Items]
Revenue	$ 24,409	$ 19,934	$ 49,138	$ 37,367
United States [Member]
Schedule of Revenue [Line Items]
Revenue	6,686	5,987	13,954	10,955
Israel [Member]
Schedule of Revenue [Line Items]
Revenue	171	259	432	770
France [Member]
Schedule of Revenue [Line Items]
Revenue	7,280	4,474	12,375	9,797
Rest of Europe [Member]
Schedule of Revenue [Line Items]
Revenue	5,601	5,568	13,526	10,901
Asia [Member]
Schedule of Revenue [Line Items]
Revenue	3,779	1,711	6,747	2,876
Rest of World [Member]
Schedule of Revenue [Line Items]
Revenue	$ 892	$ 1,935	$ 2,104	$ 2,068

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Transactions and Balances with Related Parties

6 Months Ended

Jun. 30, 2024

Transactions and Balances with Related Parties [Abstract]

TRANSACTIONS AND BALANCES WITH RELATED PARTIES:

NOTE 11 - TRANSACTIONS AND BALANCES WITH RELATED PARTIES:

Transactions with related parties which are shareholders and directors of the Company:

Transactions:

	Six months ended June 30
	2024		2023
Share-based compensation to non-executive directors	$	61	$	28

Balances:

	June 30, 2024		December 31, 2023
Short-term liabilities
Current maturities of long-term debt measured under the fair value option	$	38,675	$	-
Long-term liabilities —
CLA’s	$	-	$	9,780
NPA	$	-	$	21,976

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Transactions and Balances with Related Parties (Details) - Schedule of Transactions with Related Parties - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Share-based compensation to non-executive directors	$ 61	$ 28

Nature of Operations

6 Months Ended

Jun. 30, 2024

Nature of Operations [Abstract]

NATURE OF OPERATIONS

NOTE 1 - NATURE OF OPERATIONS:

Gauzy Ltd. (the “Company”) was incorporated in Israel in 2009. The Company is engaged in the development, manufacturing and supply of technologies for operating and control of complex materials. On June 6, 2024, the Company’s ordinary shares began trading on the NASDAQ Global Market under the symbol “GAUZ”, see Note 1(b).

The Company has wholly owned subsidiaries in the United States of America (the “U.S. Subsidiary”), in Germany (the “German Subsidiary”) and in China (the “Chinese Subsidiary”). The Company established a branch in South Korea. As of June 30, 2024 there has been no activity in the branch.

On January 26, 2022, the Company obtained control of Vision Lite SAS, a French société par actions simplifiée which is referred to hereinafter as, “Vision”. The Company and Vision together defined as - “the Group”. Vision is engaged in the aeronautics, automotive, railway and marine industries. See Note 3 in the 2023 annual financial statements.

Initial Public Offering and Private Placement:

On June 7, 2024, the Company closed its initial public offering (IPO), in which it issued and sold 4,411,765 shares of ordinary shares at an IPO price $17.00 per share, resulting in net proceeds of $68.25 million after deducting $6.75 million of underwriting discounts and commissions.

The underwriters were granted an option, exercisable for a period of 30 days from the pricing date of the IPO, to purchase up to 661,765 additional ordinary shares. This option expired unexercised in July 2024. In connection with the IPO:

all of the shares of convertible preferred shares outstanding automatically converted into an aggregate of 4,693,318 shares of ordinary shares;

57,678 warrants were converted into an aggregate of 24,630 ordinary shares by cashless exercise; 4,127,467 warrants that became convertible to ordinary shares (instead of preferred shares) were reclassified from liabilities to equity, (see Note 2(a)); As of June 30, 2024, 9,971 outstanding warrants that became convertible to ordinary shares following the IPO remain as liability following their terms (see Note 3(a));

outstanding convertible loans and accrued interest totaling to $69.57 million converted into 4,092,330 ordinary shares based on the IPO price of $17.00 per share; and

under the 2024 Note Purchase Agreement, the 2024 Note Purchasers exercised their commitment to purchase 882,353 ordinary shares and 137,040 warrants to ordinary shares in an amount of $15.0 million at $17.00 per share in a concurrent private placement.

Offering costs consist primarily of accounting, legal, and other fees related to the IPO. Prior to the IPO, no deferred offering costs were capitalized in the condensed consolidated balance sheets. A total of $1.9 million of offering costs along with underwriters’ fees totaling to $6.75 million, were recognized in shareholders’ equity as a reduction of the IPO proceeds in the condensed consolidated balance sheets.

As of June 30, 2024, the Company had an accumulated deficit of $208,164. During the six months ended June 30, 2024, the Company incurred operating losses of $17,552 and had negative cash flows from operating activities of $15,663. The Company has financed its operations mainly through the consummation of the IPO in June 2024, see Note 1(b) above, conversion CLAs and redeemable convertible preferred shares to equity following the IPO, issuance of shares through private financing rounds, debt financing, warrants and Note Purchase Agreement (NPA), refer to Notes 9, 14, 15 and 22 in the 2023 annual financial statements. In January 2024, the Group entered into an additional note purchase agreement, the 2024 NPA, see Note 3(a). In accordance with Group’s management assessment its existing cash and cash equivalents, the credit facility (NPA) and the 2024 NPA as of the issuance date of these financial statements, along with the Group’s estimated revenues provide sufficient resources to fund its planned operations through at least the next 12 months. As to the longer term, unless the Group reaches sufficient positive cash flows from its operations and available funds at a credit facility (NPA), it may be required to obtain further funding through public or private offerings, debt financings or other sources. Adequate additional funding may not be available to the Group on acceptable terms, or at all. If the Group is unable to raise capital when needed or on attractive terms, it may need to reduce, delay, or adjust its operating expenses.

In October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Following the attack, Israel’s security cabinet declared war against Hamas and commenced a military campaign against Hamas and other terrorist organizations.

The Company’s headquarters and one of its production sites is located in Tel Aviv, Israel. As of the issuance date of these consolidated financial, the conflict between Israel and Hamas has not had a material impact on the Company’s revenue, results of operations or financial position if at all. The Company cannot currently predict the intensity or duration of Israel’s war against Hamas, however, as most of the company’s productions sites are not located in Israel and that its revenues mostly generated worldwide, the Company does not believe the recent terrorist attack and the subsequent declaration of war by the Israeli government against the Hamas terrorist organization will have any material impact on its ongoing operations in Israel. The Company continues to monitor its ongoing activities and will make any needed adjustments to ensure continuity of its business, while supporting the safety and well-being of its employees.

Operating Segments and Geographical Information (Details) - Schedule of Financial Statements - Reportable Subsegments [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Financial Statements [Line Items]
Total consolidated revenues	$ 24,409	$ 19,934	$ 49,138	$ 37,367
Total reportable segment profit	6,914	4,346	13,453	9,328
Amortization of Technology and lease assets included in cost of revenues	322	326	646	644
Research and development expenses, net	4,131	3,836	8,512	7,281
General and administrative expenses	5,271	3,724	11,400	6,336
Sales and marketing expenses	4,153	3,831	8,443	6,742
Depreciation and amortization	1,021	860	2,042	1,756
Other expenses	(63)	595	(38)	953
Consolidated operating loss	(7,921)	(8,826)	(17,552)	(14,384)
Other income	130	4	130	4
Financial expenses, net	(15,274)	(9,939)	(18,828)	(22,886)
Consolidated loss before income taxes	(23,065)	(18,761)	(36,250)	(37,266)
Reportable Segments [Member]
Schedule of Financial Statements [Line Items]
Total consolidated revenues	25,295	20,567	51,003	38,000
Elimination of Intersegment Revenues [Member]
Schedule of Financial Statements [Line Items]
Total consolidated revenues	$ (886)	$ (633)	$ (1,865)	$ (633)

Nonconvertible Loans (Tables)

6 Months Ended

Jun. 30, 2024

Nonconvertible Loans [Abstract]

Schedule of Annual Principal Payments of Long-Term Debt

As of June 30, 2024, the required annual principal payments of long-term debt, starting from July 2024, are as follows:

	June 30, 2024
2024	$	1,570
2025		3,901
2026		3,172
2027		5,272
2028 and thereafter		21,484
Total	$	35,399

Net Loss Per Share Attributable to Ordinary Shareholders (Tables)

6 Months Ended

Jun. 30, 2024

Net Loss Per Share Attributable to Ordinary Shareholders [Abstarct]

Schedule of Basic and Diluted Net Loss per Share Attributable to Ordinary Shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders for the periods presented:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Numerator:
Net loss for the period	$	(23,087	)	$	(18,802	)	$	(36,334	)	$	(37,321	)

Net loss attributable to ordinary shareholders, basic and diluted	$	(23,087	)	$	(18,802	)	$	(36,334	)	$	(37,321	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted		8,869,691			4,081,757			7,072,950			3,434,028
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(2.60	)	$	(4.61	)	$	(5.14	)	$	(10.87	)

Fair Value Measurements (Details) - Schedule of Assets and Liabilities at Fair Value - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
RFI Shares [Member]
Financial Assets
Assets, Fair Value Disclosure	$ 3,383	$ 1,857
RFI Shares [Member] \| Level 1 [Member]
Financial Assets
Assets, Fair Value Disclosure	3,383	1,857
Warrants and phantom warrants [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure	1,531	21,566
Warrants and phantom warrants [Member] \| Level 1 [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure	1,531	21,566
NPA [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure	55,438	21,976
NPA [Member] \| Level 1 [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure	55,438	21,976
Earn-out liability [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure	749	2,997
Earn-out liability [Member] \| Level 1 [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure	749	2,997
Other [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure	200	186
Other [Member] \| Level 1 [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure	$ 200	186
CLAs [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure		55,940
CLAs [Member] \| Level 1 [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure		55,940
Facility loans [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure		23,151
Facility loans [Member] \| Level 1 [Member]
Financial Liabilities
Liabilities, Fair Value Disclosure		$ 23,151

Nonconvertible Loans (Details) - Schedule of Annual Principal Payments of Long-Term Debt $ in Thousands	Jun. 30, 2024 USD ($)
Schedule of Annual Principal Payments of Long-Term Debt [Abstract]
2024	$ 1,570
2025	3,901
2026	3,172
2027	5,272
2028 and thereafter	21,484
Total	$ 35,399

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (36,334)	$ (37,321)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,043	2,764
Gain from sale and sale of property and equipment, net	(16)
Unrealized losses (gains) on restricted marketable securities	(1,525)	570
Share-based compensation	3,324	824
Earn-out liability Revaluation	(38)	953
Non-cash financial expenses	18,075	20,126
Changes in operating assets and liabilities:
Trade receivables	(1,248)	(406)
Other current assets	(103)	(765)
Institutions	(1,408)	(440)
Inventories	(1,872)	(1,054)
Operating lease assets	1,115	981
Other non-current assets	41	(37)
Trade payables	3,756	1,140
Accrued expenses	11	1,330
Payment of Earn-out	(2,210)
Other current liabilities	(317)	(109)
Other long-term liabilities	(207)	131
Employee related obligations	1,326	2,627
Employee rights upon retirement	63
Deferred revenues	(101)	(1,033)
Operating lease liabilities	(1,038)	(1,012)
Net cash used in operating activities	(15,663)	(10,731)
CASH FLOWS FROM INVESTMENT ACTIVITIES:
Purchases of property and equipment	(4,342)	(2,797)
Proceeds from sale of property and equipment	124
Advance on purchase of IP		(2,500)
Net cash used in investing activities	(4,218)	(5,297)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering	75,000
Underwriters’ IPO costs	(6,750)
IPO other costs	(1,730)
Proceeds from loans and issuance of warrants		114
Payments in respect of bank borrowings	(1,168)	(598)
Proceeds from exercise of options into ordinary shares	12	1
Financial lease payments	(130)	(155)
Payments to short-term loan relating to factoring arrangements, net	(1,059)	(861)
Proceeds from (payment to) of redeemable convertible preferred shares		1,316
Settlement of Phantom warrants	(1,500)
Proceeds from issuance of convertible loans	11,750	13,646
Proceeds from long-term debt measured under the fair value option, net	29,149
Repayment of long-term debt measured under the fair value option	(24,600)
Net cash provided by financing activities	78,974	13,463
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	59,093	(2,565)
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(13)	42
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	4,705	4,696
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	63,785	2,173
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH REPORTED IN THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	63,700	2,048
Restricted cash	85	125
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH SHOWN IN STATEMENT OF CASH FLOWS	63,785	2,173
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:
Purchases of property and equipment		81
Right-of-use assets obtained in exchange for lease obligations: Operating leases	101	131
Conversion of preferred share to Ordinary shares	70,537	25,769
Conversion of CLAs to Ordinary shares	69,570
Exercise of warrants	443
Reclass of warrants to Additional paid in capital	28,225
IPO costs	185
Sale of property and equipment	67
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	1,679	2,239
Income taxes paid	$ 16	$ 381

Operating Segments and Geographical Information (Details)	6 Months Ended
	Jun. 30, 2024
Operating Segments and Geographical Information [Abstract]
Number of operating segments	4

Transactions and Balances with Related Parties (Details) - Schedule of Balances with Related Parties - Related Parties [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Short-term liabilities
Current maturities of long-term debt measured under the fair value option	$ 38,675	$ 0
Long-term liabilities —
CLA’s	0	9,780
NPA	$ 0	$ 21,976

Fair Value Measurements (Details) - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs	Jun. 30, 2024
Measurement Input, Exercise Price [Member] \| Minimum [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	14.35
Measurement Input, Exercise Price [Member] \| Maximum [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	31.08
Measurement Input, Share Price [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	12.02
Measurement Input, Price Volatility [Member] \| Minimum [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	44.09
Measurement Input, Price Volatility [Member] \| Maximum [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	44.75
Measurement Input, Expected Term [Member] \| Minimum [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	4.17
Measurement Input, Expected Term [Member] \| Maximum [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	5.33
Measurement Input, Risk Free Interest Rate [Member] \| Minimum [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	4.44
Measurement Input, Risk Free Interest Rate [Member] \| Maximum [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	4.48
Measurement Input, Expected Dividend Rate [Member]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs [Line Items]
Warrant measurement input	0

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2024
Document Information Line Items
Entity Registrant Name	GAUZY LTD.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001781446
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-42124

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
REVENUES	$ 24,409	$ 19,934	$ 49,138	$ 37,367
Cost of revenues (exclusive of depreciation and amortization)	17,323	15,387	35,330	27,675
Depreciation and amortization	494	527	1,001	1,008
TOTAL COST OF REVENUES	17,817	15,914	36,331	28,683
GROSS PROFIT	6,592	4,020	12,807	8,684
Research and development expenses (exclusive of depreciation and amortization reflected below)	4,131	3,836	8,512	7,281
General and administrative expenses (exclusive of depreciation and amortization reflected below)	5,271	3,724	11,400	6,336
Sales and marketing expenses (exclusive of depreciation and amortization reflected below)	4,153	3,831	8,443	6,742
Depreciation and amortization	1,021	860	2,042	1,756
Other expenses (change in fair value of contingent consideration)	(63)	595	(38)	953
TOTAL OPERATING EXPENSES	14,513	12,846	30,359	23,068
OPERATING LOSS	(7,921)	(8,826)	(17,552)	(14,384)
OTHER INCOME	130	4	130	4
INTEREST EXPENSES	(3,212)	(1,994)	(7,659)	(4,936)
OTHER FINANCIAL INCOME (EXPENSES)	(12,062)	(7,945)	(11,169)	(17,950)
FINANCIAL EXPENSES, net (including amount reclassified from OCI reserve)	(15,274)	(9,939)	(18,828)	(22,886)
LOSS BEFORE INCOME TAX	(23,065)	(18,761)	(36,250)	(37,266)
INCOME TAX	(22)	(41)	(84)	(55)
LOSS FOR THE PERIOD	(23,087)	(18,802)	(36,334)	(37,321)
OTHER COMPREHENSIVE LOSS, net of tax
NET ACTUARIAL GAIN (LOSS)	(27)	556	208	192
FOREIGN CURRENCY TRANSLATION GAIN (LOSS)	(401)		(988)	807
RECLASSIFICATION OF FAIR VALUE GAIN ON CHANGES OF OWN CREDIT RISK	4,873		4,317
FAIR VALUE GAIN (LOSS) ON CHANGES OF OWN CREDIT RISK	(329)	(17)	(5,394)	88
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	4,116	539	(1,857)	1,087
NET COMPREHENSIVE LOSS	$ (18,971)	$ (18,263)	$ (38,191)	$ (36,234)
LOSS PER SHARE BASIC AND DILUTED (in Dollars per share)	$ (2.6)	$ (4.61)	$ (5.14)	$ (10.87)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC LOSS PER SHARE (in Shares)	8,869,691	4,081,757	7,072,950	3,434,028

Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024:

6 Months Ended

Jun. 30, 2024

Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024 [Abstract]

OTHER SIGNIFICANT TRANSACTIONS AND AGREEMENTS DURING THE THREE AND SIX MONTHS ENDED JUNE 30, 2024:

NOTE 3 - OTHER SIGNIFICANT TRANSACTIONS AND AGREEMENTS DURING THE THREE AND SIX MONTHS ENDED JUNE 30, 2024:

In January 2024, the Group entered into a note purchase agreement, the 2024 NPA, with OIC and affiliated funds (hereinafter “2024 Note Purchases”).

Under the 2024 NPA, the 2024 Note Purchasers extended financing to Vision Lite in the principal amount of $23.5 million, which was utilized and drawn down in full by way of issuance and sale of senior secured notes, or the 2024 Notes. In connection with the closing of the 2024 Note Purchase Agreement, the Company repaid the amounts owed under the Facility Agreement, other than with respect to certain amounts under the “phantom warrant” (see Note 3(b)). In addition, under certain conditions, the Company may draw down an additional $2.5 million prior to April 1, 2024 under the 2024 Note Purchase Agreement by way of issuance and sale of additional 2024 Notes. On April 4, 2024 the Group signed an amendment to the 2024 NPA such that additional Notes issued and purchased by the purchasers totaling to $2.5 million. On April 5, 2024, the Group received an additional amount of $1.895 million under the 2024 NPA, net of withdraw fees and reimbursed costs.

The principal amount of any Notes issued to Purchaser under the 2024 NPA bear interest at a rate of 14% per annum, payable by the issuer quarterly.

In addition, under the 2024 NPA and upon closing of the IPO, the 2024 Note Purchasers exercised their commitment to purchase an additional 882,353 ordinary shares and 137,040 warrants to ordinary shares in an amount of $15.0 million.

The 2024 Notes bear annual interest, payable quarterly, and are due on November 8, 2028, provided that 2024 Notes may be subject to partial prepayment following the date the annual financial statements of the Company are due to be delivered in accordance with the 2024 Note Purchase Agreement, in an amount equal to 25% of the excess cash flow calculated in accordance with the terms of the 2024 Note Purchase Agreement. Subject to certain conditions specified therein, the 2024 Notes may be voluntarily prepaid at any time.

Amounts owing under the 2024 Note Purchase Agreement, including the principal, interest and fees payable on any issued 2024 Notes, are secured by first-ranking liens on our and certain of our subsidiaries’ assets.

In connection with the 2024 Note Purchase Agreement, the Company issued to the 2024 Note Purchasers warrants, (hereinafter “the 2024 Note Purchaser Warrants”), to purchase up to 682,282 ordinary shares of the Company that the aforementioned number of Preferred D-5 Shares would have converted into upon the consummation of the IPO if issued prior to this offering. Upon the completion of the IPO, the number of ordinary shares of the Company issuable under the 2024 Note Purchaser Warrants increased by 137,040. The 2024 Note Purchaser Warrants are exercisable until November 8, 2028 at a price per share equal to $15.61.

Prior the IPO, the Company measured the warrants to preferred D-5 shares at fair value. Upon the closing of the IPO, warrants outstanding, other than warrants issued to an Israeli bank, were reclassified to equity (see Note 6). Warrants issued to an Israeli bank may be settled for cash under certain circumstances and are not indexed to the Company’s equity (see Note 2(a)).

The Company applied the Fair Value option to the 2024 NPA, see Note 2(g).

During February 2024, The Company paid $1.5 million of the phantom warrants in relation to the repayment of the Facility Loans (see Note 16(d) in the 2023 annual financial statements). Upon the consummation of the IPO in June 2024, the parties to the Facility Agreement elected to receive the outstanding balance, totaling to $1.5 million, in cash, which is expected to be paid during the third quarter of 2024.

In March 2024 the Company further amended the Earn-Out Agreement, with one of the Sellers, such that the Company shall use its best efforts to pay the relevant portion of the Second Earn-Out totaling to $1.3 million (€1.15 million) by April 25, 2024, instead of $1.4 million (€1.3 million).

In April 2024 the Company further amended the Earn-Out Agreement, with such Seller, such that the Company will pay the remaining portion of the Second Earn-Out totaling to $0.92 million (€0.85 million) within three business days following the consummation of Company’s IPO or by June 15, 2024, whichever occurs first. During the second quarter of 2024 the Company paid a total of $1.24 million (€1.15 million) and settled the Earn-Out liability with this Seller in full.

In May 2024, the Company further amended the Earn-Out Agreement with the additional Seller. Following the amendment. the Company paid total of $646 (€600) during the second quarter of 2024. As of June 30, 2024, the outstanding balance of the Earn-Out liability with this Seller is $749 (€700), which was fully paid in July 2024.

In February 2024, certain members of the Company’s executive management, including mainly the chief executive officer and chief technology officer, collectively sold in a privately negotiated transaction a number of ordinary shares representing less than 10% of their personal collective holdings to a number of the Company’s existing shareholders for an aggregate purchase price of approximately $3.0 million. All of the shares purchased and sold in this transaction are restricted securities and are subject to lock-up agreements with the underwriters of the Company’s offering that restrict the holders’ ability to transfer these shares for a period of 180 days from the date of the Company’s prospectus. The Company determined that the sale contains a compensatory element, and therefore an incremental compensation expense was recognized in the amount of $1,572 as share-based compensation.

In May 2024, the Company approved the granting of options to its employees and subcontractors to purchase 70,347 ordinary shares at an exercise price of 0.23 NIS per share and 471,692 ordinary shares at an exercise price of $9.44-$10.88 per share. The options vest over a four-year period, 25% of which vest on the first anniversary of the date of the grant, and the remaining amount vest over the following three years in equal parts at the end of each subsequent fiscal quarter, subject to continued employment or service with the Company at the time of vesting. The options expire 10 years from the date of grant. The fair value of the options granted in May 2024 was $6.8 million.

In May 2024, the Company’s Board of Directors approved, subject to and following an IPO event, to distribute bonus payments to certain employees and consultants (which yet to be paid) up to an amount of $537.5 and distribute bonus payments to certain officers up to $1,075, in each case subject to the price per share in an IPO event. As of June 30, 2024, following the IPO the Company included in its financials a liability in the amount of approximately $0.6 million.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements [Abstract]

Schedule of Assets and Liabilities at Fair Value

The Company’s assets and liabilities that are measured at fair value as of June 30, 2024, and December 31, 2023, are classified in the tables below in one of the three categories described in “Note 2(bb) – Fair value measurement” in the 2023 annual financial statements:

	June 30, 2024
	Level 1		Level 3		Total
Financial Assets
RFI Shares	$	3,383			$3,383

Financial Liabilities
Warrants and phantom warrants				1,531	1,531
NPAs				55,438	55,438
Earn-out liability				749	749
Other			$	200	$200

	December 31, 2023
	Level 1		Level 3		Total
Financial Assets
RFI Shares	$	1,857			$1,857

Financial Liabilities
Warrants and phantom warrants				21,566	21,566
CLAs				55,940	55,940
NPA				21,976	21,976
Earn-out liability				2,997	2,997
Facility loans				23,151	23,151
Other			$	186	$186

Schedule of Fair Value of Liabilities Classified Under Level 3

The following is a roll forward of the fair value of liabilities classified under Level 3:

	Six months ended June 30, 2024
	Warrants*			CLAs			NPAs		Facility loans			Earn-out liability			Other
January 1 ,2024	$	21,566		$	55,940		$	21,976	$	23,151		$	2,997		$	186
Issuance		11,196			11,750			18,704		-			-			-
Payment		(1,500	)		-			-		(24,600	)		(2,210	)		-
Conversion to equity		(445	)		(69,570	)		-		-
Reclassification to equity		(28,225	)		-			-		-			-			-

Change in fair value		(1,061	)		1,880			14,758		1,449			(38	)		14
June 30, 2024	$	1,531		$	-		$	55,438	$	-		$	749		$	200

	Six months ended June 30, 2023
	Warrants*		CLAs		Facility loans		Earn-out liability		Other
January 1 ,2023	$	8,267	$	3,809	$	29,745	$	3,917	$	185
Issuance		5,065		13,646		-		-		-
Change in fair value		1,252		13,835		104		953		2
June 30, 2023	$	14,584	$	31,290	$	29,849	$	4,870	$	187

	Three months ended June 30, 2024
	Warrants*			CLAs			NPAs		Facility loans		Earn-out liability			Other
March 31 ,2024	$	26,829		$	64,907		$	45,037	$	-	$	2,694		$	186
Issuance		1,643			6,200			1,003		-		-			-
Payment		-			-			-		-		(1,883	)		-
Conversion to equity		(445	)		(69,570	)		-		-		-			-
Reclassification to equity		(28,225	)		-			-		-		-			-

Change in fair value		1,729			(1,537	)		9,398		-		(62	)		14
June 30, 2024	$	1,531		$	-		$	55,438	$	-	$	749		$	200

	Three months ended June 30, 2023
	Warrants*			CLAs		Facility loans			Earn-out liability		Other
March 31 ,2023	$	11,496		$	18,640	$	31,180		$	4,275	$	185
Issuance		4,936			6,086		-			-		-
Change in fair value		(1,848	)		6,564		(1,331	)		595		2
June 30, 2023	$	14,584		$	31,290	$	29,849		$	4,870	$	187

*	Including ‘phantom warrants’, see Note 16(d) in the 2023 annual financial statements.

Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	June 30, 2024
Exercise price		$14.35 - $31.08
Stock price		$12.02
Volatility		44.09% - 44.75%
Term (years)		4.17-5.33
Risk-free interest rate		4.44% - 4.48%
Dividend yield		0%

Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) $ / shares in Units, € in Thousands									1 Months Ended					6 Months Ended
	Jun. 15, 2024 USD ($)	Jun. 15, 2024 EUR (€)	Apr. 25, 2024 USD ($)	Apr. 25, 2024 EUR (€)	Apr. 05, 2024 USD ($)	Apr. 04, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	May 31, 2024 USD ($) $ / shares shares	May 31, 2024 USD ($) ₪ / shares	Apr. 30, 2024 USD ($)	Apr. 30, 2024 EUR (€)	Feb. 29, 2024 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 EUR (€) shares	Nov. 08, 2028 $ / shares	Dec. 31, 2023 USD ($)	Nov. 08, 2023 USD ($)
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Vision Lite in the principal amount																		$ 60,000,000
Draw down from note purchase agreement amount														$ 2,500,000
Additional notes issued and purchased amount						$ 2,500,000
Received an additional amount					$ 1,895,000
NPA bear interest at a rate														14.00%
Warrants shares (in Shares) \| shares														682,282
Percentage of cash flow excess amount														25.00%	25.00%
Payment of phantom warrants													$ 1,500,000
Cash paid														$ 1,500,000
Payment Of secound earn out liability			$ 1,300,000	€ 1,150			$ 1,400,000	€ 1,300			$ 920,000	€ 850
Payment of settled earnout liability														1,240,000	€ 1,150
Earn Out paid total	$ 646,000	€ 600												749,000	€ 700
Percentage of personal collective holdings													10.00%
Aggregate purchase price													$ 3,000,000
Stock-based compensation														1,572
Vesting period									10 years
Fair value options granted									$ 6,800,000
Bonus payments									$ 1,075	$ 1,075
Liability amount														$ 129,736,000			$ 194,298,000
Warrant [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Exercised shares (in Shares) \| shares														4,127,467	4,127,467
Warrants shares (in Shares) \| shares														137,040
2024 Note Purchasers [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Vision Lite in the principal amount														$ 23,500,000
Note Purchase Agreement [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Exercised shares (in Shares) \| shares														882,353	882,353
Warrants shares (in Shares) \| shares														137,040
Gross proceeds of ordinary shares														$ 15,000,000
Stock Option [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Granted exercise price \| ₪ / shares										$ 0.23
Vesting rights percentage									25.00%
Stock Option [Member] \| Minimum [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Granted exercise price \| $ / shares									$ 9.44
Stock Option [Member] \| Maximum [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Granted exercise price \| $ / shares									$ 10.88
Exercise Price 0.23 [Member] \| Stock Option [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Granted shares (in Shares) \| shares									70,347
Exercise Price 9.44 to 10.88 [Member] \| Stock Option [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Granted shares (in Shares) \| shares									471,692
Emloyees and Consultants [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Bonus payments									$ 537.5	$ 537.5
IPO [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Liability amount														$ 600,000
Forecast [Member]
Other Significant Transactions and Agreements During the Three and Six Months Ended June 30, 2024: (Details) [Line Items]
Warrants price per share (in Dollars per share) \| $ / shares																$ 15.61

Net Loss Per Share Attributable to Ordinary Shareholders (Details) - Schedule of Basic and Diluted Net Loss per Share Attributable to Ordinary Shareholders (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Loss Per Share Attributable to Ordinary Shareholders [Abstarct]
Net loss attributable to ordinary shareholders, diluted	$ (23,087)	$ (18,802)	$ (36,334)	$ (37,321)
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted	8,869,691	4,081,757	7,072,950	3,434,028
Net loss per share attributable to ordinary shareholders, diluted	$ (2.60)	$ (4.61)	$ (5.14)	$ (10.87)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Inventories (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventories [Abstract]
Inventory write-downs	$ 112	$ 101	$ 238

Fair Value Measurements (Details) - Schedule of Fair Value of Liabilities Classified Under Level 3 - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Warrant [Member]
Schedule of Fair Value of Liabilities Classified Under Level 3 [Line Items]
Balance	$ 26,829	$ 11,496	$ 21,566	$ 8,267
Issuance	1,643	4,936	11,196	5,065
Payment			(1,500)
Conversion to equity	(445)		(445)
Reclassification to equity	(28,225)		(28,225)
Change in fair value	1,729	(1,848)	(1,061)	1,252
Balance	1,531	14,584	1,531	14,584
CLAs [Member]
Schedule of Fair Value of Liabilities Classified Under Level 3 [Line Items]
Balance	64,907	18,640	55,940	3,809
Issuance	6,200	6,086	11,750	13,646
Payment
Conversion to equity	(69,570)		(69,570)
Reclassification to equity
Change in fair value	(1,537)	6,564	1,880	13,835
Balance		31,290		31,290
NPAs [Member]
Schedule of Fair Value of Liabilities Classified Under Level 3 [Line Items]
Balance	45,037		21,976
Issuance	1,003		18,704
Payment
Conversion to equity
Reclassification to equity
Change in fair value	9,398		14,758
Balance	55,438		55,438
Facility loans [Member]
Schedule of Fair Value of Liabilities Classified Under Level 3 [Line Items]
Balance		31,180	23,151	29,745
Issuance
Payment			(24,600)
Conversion to equity
Reclassification to equity
Change in fair value		(1,331)	1,449	104
Balance		29,849		29,849
Earn-out liability [Member]
Schedule of Fair Value of Liabilities Classified Under Level 3 [Line Items]
Balance	2,694	4,275	2,997	3,917
Issuance
Payment	(1,883)		(2,210)
Conversion to equity
Reclassification to equity
Change in fair value	(62)	595	(38)	953
Balance	749	4,870	749	4,870
Other [Member]
Schedule of Fair Value of Liabilities Classified Under Level 3 [Line Items]
Balance	186	185	186	185
Issuance
Payment
Conversion to equity
Reclassification to equity
Change in fair value	14	2	14	2
Balance	$ 200	$ 187	$ 200	$ 187

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 6 - FAIR VALUE MEASUREMENTS:

Financial instruments measured at fair value on a recurring basis

	June 30, 2024
	Level 1		Level 3		Total
Financial Assets
RFI Shares	$	3,383			$3,383

Financial Liabilities
Warrants and phantom warrants				1,531	1,531
NPAs				55,438	55,438
Earn-out liability				749	749
Other			$	200	$200

	December 31, 2023
	Level 1		Level 3		Total
Financial Assets
RFI Shares	$	1,857			$1,857

Financial Liabilities
Warrants and phantom warrants				21,566	21,566
CLAs				55,940	55,940
NPA				21,976	21,976
Earn-out liability				2,997	2,997
Facility loans				23,151	23,151
Other			$	186	$186

The following is a roll forward of the fair value of liabilities classified under Level 3:

	Six months ended June 30, 2024
	Warrants*			CLAs			NPAs		Facility loans			Earn-out liability			Other
January 1 ,2024	$	21,566		$	55,940		$	21,976	$	23,151		$	2,997		$	186
Issuance		11,196			11,750			18,704		-			-			-
Payment		(1,500	)		-			-		(24,600	)		(2,210	)		-
Conversion to equity		(445	)		(69,570	)		-		-
Reclassification to equity		(28,225	)		-			-		-			-			-

Change in fair value		(1,061	)		1,880			14,758		1,449			(38	)		14
June 30, 2024	$	1,531		$	-		$	55,438	$	-		$	749		$	200

	Six months ended June 30, 2023
	Warrants*		CLAs		Facility loans		Earn-out liability		Other
January 1 ,2023	$	8,267	$	3,809	$	29,745	$	3,917	$	185
Issuance		5,065		13,646		-		-		-
Change in fair value		1,252		13,835		104		953		2
June 30, 2023	$	14,584	$	31,290	$	29,849	$	4,870	$	187

	Three months ended June 30, 2024
	Warrants*			CLAs			NPAs		Facility loans		Earn-out liability			Other
March 31 ,2024	$	26,829		$	64,907		$	45,037	$	-	$	2,694		$	186
Issuance		1,643			6,200			1,003		-		-			-
Payment		-			-			-		-		(1,883	)		-
Conversion to equity		(445	)		(69,570	)		-		-		-			-
Reclassification to equity		(28,225	)		-			-		-		-			-

Change in fair value		1,729			(1,537	)		9,398		-		(62	)		14
June 30, 2024	$	1,531		$	-		$	55,438	$	-	$	749		$	200

	Three months ended June 30, 2023
	Warrants*			CLAs		Facility loans			Earn-out liability		Other
March 31 ,2023	$	11,496		$	18,640	$	31,180		$	4,275	$	185
Issuance		4,936			6,086		-			-		-
Change in fair value		(1,848	)		6,564		(1,331	)		595		2
June 30, 2023	$	14,584		$	31,290	$	29,849		$	4,870	$	187

*	Including ‘phantom warrants’, see Note 16(d) in the 2023 annual financial statements.

Starting from the closing of the IPO, the Company utilized a Black-Scholes Option Pricing model with Level 3 inputs for the valuation of its liability-classified warrants. Inherent in pricing models are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The underlying stock price input is the closing stock price as of each valuation date and the exercise price is the price as stated in the warrant agreement. The volatility input was determined using the historical volatility of comparable publicly traded companies which operate in a similar industry or compete directly against the Company.

Volatility for each comparable publicly traded company is calculated as the annualized standard deviation of daily continuously compounded returns. The Black-Scholes analysis is performed in a risk-neutral framework, which requires a risk-free rate assumption based upon constant-maturity treasury yields, which are interpolated based on the remaining term of the warrants as of each valuation date.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	June 30, 2024
Exercise price		$14.35 - $31.08
Stock price		$12.02
Volatility		44.09% - 44.75%
Term (years)		4.17-5.33
Risk-free interest rate		4.44% - 4.48%
Dividend yield		0%

Significant decrease or increase in the estimated volatility would result in a significant lower or higher fair value measurement, respectively.

As of June 30, 2024, the agreed contingent consideration balance is $0.75 million (€0.7 million). The liability was settled during July 2024.

As of June 2024, the fair value of the 2024 NPA, measured under the fair value option, was measured by discounting the predicted cashflows of the loan using a spread equal to 0.25% below an ilCaa3 USD yield curve.

Financial instruments measured not at fair value on a recurring basis

Financial instruments not recorded at fair value on a recurring basis include cash and cash equivalents, restricted cash, bank deposits, trade receivables, trade and other payables and short-term borrowings. Due to their nature, their fair value approximates their carrying value.

The fair value of Vision’s bank loans approximates their carrying value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 820
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Condensed Consolidated Statements of Changes Shareholders’ Equity (Capital Deficiency) (Unaudited) - USD ($) $ in Thousands	Redeemable Convertible Preferred Shares Convertible Preferred Shares A	Redeemable Convertible Preferred Shares Convertible Preferred Shares B	Redeemable Convertible Preferred Shares Convertible Preferred Shares C	Redeemable Convertible Preferred Shares Convertible Preferred Shares D	Ordinary shares	Additional paid-in capital	Accumulated other comprehensive Income (loss)	Accumulated deficit	Total
Balance at Dec. 31, 2022	$ 25,123	$ 2,292	$ 23,253	$ 44,451	$ 164	$ 6,952	$ (1,742)	$ (92,563)	$ (87,189)
Balance (in Shares) at Dec. 31, 2022	3,653,293	333,366	1,522,531	1,618,903	2,786,412
Exercise of options and warrants into Ordinary Shares					$ 1				1
Exercise of options and warrants into Ordinary Shares (in Shares)					8,549
Conversion of preferred shares to Ordinary Shares prior IPO	$ (9,437)		$ (14,286)	$ (2,046)	$ 154	25,615			25,769
Conversion of preferred shares to Ordinary Shares prior IPO (in Shares)	(1,460,682)		(932,472)	(73,363)	2,466,517
Issuance of preferred shares, net of issuance expenses				$ 1,187
Issuance of preferred shares, net of issuance expenses (in Shares)				42,341
Share-based compensation						824			824
Other comprehensive income (loss)							1,087		1,087
Net loss								(37,321)	(37,321)
Balance at Jun. 30, 2023	$ 15,686	$ 2,292	$ 8,967	$ 43,592	$ 319	33,391	(655)	(129,884)	(96,829)
Balance (in Shares) at Jun. 30, 2023	2,192,611	333,366	590,059	1,587,881	5,261,478
Balance at Mar. 31, 2023	$ 25,123	$ 2,292	$ 23,253	$ 45,638	$ 165	7,374	(1,194)	(111,082)	(104,737)
Balance (in Shares) at Mar. 31, 2023	3,653,293	333,366	1,522,531	1,661,244	2,793,645
Exercise of options and warrants into Ordinary Shares
Exercise of options and warrants into Ordinary Shares (in Shares)					1,317
Conversion of preferred shares to Ordinary Shares prior IPO	$ (9,437)		$ (14,286)	$ (2,046)	$ 154	25,615			25,769
Conversion of preferred shares to Ordinary Shares prior IPO (in Shares)	(1,460,682)		(932,472)	(73,363)	2,466,517
Share-based compensation						402			402
Other comprehensive income (loss)							539		539
Net loss								(18,802)	(18,802)
Balance at Jun. 30, 2023	$ 15,686	$ 2,292	$ 8,967	$ 43,592	$ 319	33,391	(655)	(129,884)	(96,829)
Balance (in Shares) at Jun. 30, 2023	2,192,611	333,366	590,059	1,587,881	5,261,478
Balance at Dec. 31, 2023	$ 15,686	$ 2,292	$ 8,967	$ 43,592	$ 320	35,134	(515)	(171,830)	(136,891)
Balance (in Shares) at Dec. 31, 2023	2,192,611	333,366	590,059	1,587,881	5,276,184
Exercise of options and warrants into Ordinary Shares					$ 12	443			455
Exercise of options and warrants into Ordinary Shares (in Shares)					196,851
Conversion of preferred shares to Ordinary Shares prior IPO				$ (296)	$ 1	295			296
Conversion of preferred shares to Ordinary Shares prior IPO (in Shares)				(10,599)	10,599
Issuance of Ordinary Shares following initial public offering, net of offering costs						66,335			$ 66,335
Issuance of Ordinary Shares following initial public offering, net of offering costs (in Shares)					4,411,765				24,630
Classification of warrants to equity						28,225			$ 28,225
Conversion of CLAs to Ordinary Shares					$ 246	69,324			69,570
Conversion of CLAs to Ordinary Shares (in Shares)					4,092,330
Conversion of preferred shares to Ordinary Shares following the IPO	$ (15,686)	$ (2,292)	$ (8,967)	$ (43,296)	$ 286	69,955			70,241
Conversion of preferred shares to Ordinary Shares following the IPO (in Shares)	(2,192,611)	(333,366)	(590,059)	(1,577,282)	4,693,318
Share-based compensation						3,324			3,324
Other comprehensive income (loss)							(1,857)		(1,857)
Net loss								(36,334)	(36,334)
Balance at Jun. 30, 2024					$ 865	273,035	(2,372)	(208,164)	63,364
Balance (in Shares) at Jun. 30, 2024					18,681,047
Balance at Mar. 31, 2024	$ 15,686	$ 2,292	$ 8,967	$ 43,592	$ 320	37,294	(6,488)	(185,077)	(153,951)
Balance (in Shares) at Mar. 31, 2024	2,192,611	333,366	590,059	1,587,881	5,277,268
Exercise of options and warrants into Ordinary Shares					$ 12	443			455
Exercise of options and warrants into Ordinary Shares (in Shares)					195,767
Conversion of preferred shares to Ordinary Shares prior IPO				$ (296)	$ 1	295			296
Conversion of preferred shares to Ordinary Shares prior IPO (in Shares)				(10,599)	10,599
Issuance of Ordinary Shares following initial public offering, net of offering costs						66,335			66,335
Issuance of Ordinary Shares following initial public offering, net of offering costs (in Shares)					4,411,765
Classification of warrants to equity						28,225			28,225
Conversion of CLAs to Ordinary Shares					$ 246	69,324			69,570
Conversion of CLAs to Ordinary Shares (in Shares)					4,092,330
Conversion of preferred shares to Ordinary Shares following the IPO	$ (15,686)	$ (2,292)	$ (8,967)	$ (43,296)	$ 286	69,955			70,241
Conversion of preferred shares to Ordinary Shares following the IPO (in Shares)	(2,192,611)	(333,366)	(590,059)	(1,577,282)	4,693,318
Share-based compensation						1,164			1,164
Other comprehensive income (loss)							4,116		4,116
Net loss								(23,087)	(23,087)
Balance at Jun. 30, 2024					$ 865	$ 273,035	$ (2,372)	$ (208,164)	$ 63,364
Balance (in Shares) at Jun. 30, 2024					18,681,047

Inventories (Details) - Schedule of Inventories - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventories [Abstract]
Finished products	$ 1,362	$ 1,163
Raw and packaging materials	13,348	11,882
Products in process	189	129
Total	$ 14,899	$ 13,174

Transactions and Balances with Related Parties (Tables)

6 Months Ended

Jun. 30, 2024

Transactions and Balances with Related Parties [Abstract]

Schedule of Transactions with Related Parties

Transactions:

	Six months ended June 30
	2024		2023
Share-based compensation to non-executive directors	$	61	$	28

Schedule of Balances with Related Parties

Balances:

	June 30, 2024		December 31, 2023
Short-term liabilities
Current maturities of long-term debt measured under the fair value option	$	38,675	$	-
Long-term liabilities —
CLA’s	$	-	$	9,780
NPA	$	-	$	21,976

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventories [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	June 30,		December 31,
	2024		2023
Finished products	$	1,362	$	1,163
Raw and packaging materials		13,348		11,882
Products in process		189		129
	$	14,899	$	13,174

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

Note 12 - subsequent events:

In July 2024 the Company paid the remaining portion of the Earn-Out totaling to $0.76 million (€0.7 million).

In July 2024 the Group repaid the NPA among Chutzpa Holdings Ltd. totaling to $38.6 million, including minimum return and interest, see Note 8(c).

Operating Segments and Geographical Information

6 Months Ended

Jun. 30, 2024

Operating Segments and Geographical Information [Abstract]

OPERATING SEGMENTS AND GEOGRAPHICAL INFORMATION

NOTE 4 - OPERATING SEGMENTS AND GEOGRAPHICAL INFORMATION:

The Company operates its business and reports its financial results in four operating segments:

Architecture – this segment focuses on sales for both interior and exterior applications for commercial, retail, residential, healthcare and hospitality customers.

Automotive – this segment focuses on sales that enable OEMs to incorporate Company’s technology into glass rooftops, side windows and windshields to replace conventional mechanical sun visors and shades.

Safety tech – this segment focuses on sales of advanced driver assistance systems for buses, coaches, recreational vehicles and specific vehicles, such as camera and motion sensor systems, smart mirrors and safety doors.

Aeronautics - this segment focuses on the sale of shading and cabin management systems in private and commercial aircraft and helicopters.

The Company’s Chief Executive Office (“CEO”) was identified as the chief operating decision maker (“CODM”). The CODM reviews the financial information based on the Group’s financial statements, accompanied by disaggregated information about revenues and gross margin to make decisions about resources to be allocated to the segments and assess their performance.

The Company’s segments structure has been updated and the architecture segment and the automotive segment presented separately as of January 2024 and the CODM reviews this segment structure.

Segment Information:

	For the period of six months ended June 30, 2024
	Aeronautics		Architecture		Automotive			Safety tech		Total
Revenues from external customers		20,181		5,255		2,218			21,484		49,138
Intersegment revenues		1,761		104		-			-		1,865
Gross profit (loss) (segment profit)		8,549		1,676		(533	)		3,761		13,453

	For the period of six months ended June 30, 2023
	Aeronautics		Architecture		Automotive			Safety tech		Total
Revenues from external customers		14,811		6,345		658			15,553		37,367
Intersegment revenues		633		-		-			-		633
Gross profit (loss) (segment profit)		4,743		2,071		(116	)		2,630		9,328

	For the period of three months ended June 30, 2024
	Aeronautics		Architecture		Automotive			Safety tech		Total
Revenues from external customers		10,045		2,625		912			10,827		24,409
Intersegment revenues		782		104		-			-		886
Gross profit (loss) (segment profit)		3,914		916		(148	)		2,232		6,914

	For the period of three months ended June 30, 2023
	Aeronautics		Architecture		Automotive			Safety tech		Total
Revenues from external customers		7,816		3,329		508			8,281		19,934
Intersegment revenues		633							-		633
Gross profit (loss) (segment profit)		2,140		1,038		(72	)		1,240		4,346

	For the three months ended, June 30,						For the six months ended, June 30,
	2024			2023			2024			2023
Total revenues for reportable segments	$	25,295		$	20,567		$	51,003		$	38,000
Elimination of intersegment revenues		(886	)		(633	)		(1,865	)		(633	)
Total consolidated revenues		24,409			19,934			49,138			37,367

Total reportable segment profit		6,914			4,346			13,453			9,328
Amounts not allocated to segments:
Amortization of Technology and lease assets included in cost of revenues		322			326			646			644
Research and development expenses, net		4,131			3,836			8,512			7,281
General and administrative expenses		5,271			3,724			11,400			6,336
Sales and marketing expenses		4,153			3,831			8,443			6,742
Depreciation and amortization		1,021			860			2,042			1,756
Other expenses, net		(63	)		595			(38	)		953
Consolidated operating loss		(7,921	)		(8,826	)		(17,552	)		(14,384	)
Other income		130			4			130			4
Financial expenses, net		(15,274	)		(9,939	)		(18,828	)		(22,886	)
Consolidated loss before income taxes	$	(23,065	)	$	(18,761	)	$	(36,250	)	$	(37,266	)

Geographical information:

The following table summarizes revenue by region based on the shipping address of customers:

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
United States		6,686	$	5,987	$	13,954	$	10,955
Israel		171		259		432		770
France		7,280		4,474		12,375		9,797
Rest of Europe		5,601		5,568		13,526		10,901
Asia		3,779		1,711		6,747		2,876
Rest of world		892		1,935		2,104		2,068
		24,409	$	19,934	$	49,138	$	37,367

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
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+ Details

Nature of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 07, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Nature of Operations [Line Items]
Underwriting discounts and commissions (in Dollars)	$ 6,750
Exercisable period				30 days
Additional ordinary shares				661,765
Ordinary shares				24,630
Outstanding warrants		9,971		9,971
Warrants shares		682,282		682,282
Offering costs (in Dollars)		$ 1,900		$ 1,900
Underwriters’ fee (in Dollars)				6,750
Accumulated deficit (in Dollars)		(208,164)		(208,164)		$ (171,830)
Operating losses (in Dollars)		$ (7,921)	$ (8,826)	(17,552)	$ (14,384)
Cash flow from operating activities (in Dollars)				$ (15,663)	$ (10,731)
Warrant [Member]
Nature of Operations [Line Items]
Shares converted				57,678
Exercised shares				4,127,467
Warrants shares		137,040		137,040
Ordinary Shares [Member]
Nature of Operations [Line Items]
Shares converted				4,693,318
IPO [Member]
Nature of Operations [Line Items]
Issued and sold shares	4,411,765
Sale of stock per share (in Dollars per share)	$ 17
Net proceeds of initial public offering (in Dollars)	$ 68,250
Underwriting discounts and commissions (in Dollars)				$ 6,750
Option expired unexercised date				July 2024
Ordinary shares				4,092,330
Accrued interest (in Dollars)				$ 69,570
Price of per share (in Dollars per share)		$ 17		$ 17
Offering costs (in Dollars)		$ 1,900		$ 1,900
Private Placement [Member]
Nature of Operations [Line Items]
Exercised shares				882,353
Price of per share (in Dollars per share)		$ 17		$ 17
Gross proceeds of private placement (in Dollars)				$ 15,000

Significant Accounting Policies (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jun. 07, 2024	Jun. 30, 2024	Dec. 31, 2023
Significant Accounting Policies (Details) [Line Items]
Underwriting discounts (in Dollars)	$ 6,750
Other offering costs (in Dollars)		$ 1,900
Operating segments		4
Reporting units		2
Share split		4.390914:1
Operating Segments [Member]
Significant Accounting Policies (Details) [Line Items]
Operating segments		2
Customer Concentration Risk [Member] \| Largest Customer [Member] \| Accounts Receivable [Member]
Significant Accounting Policies (Details) [Line Items]
Concentration of credit risks percentage		8.30%	6.90%
IPO [Member]
Significant Accounting Policies (Details) [Line Items]
Underwriting discounts (in Dollars)		$ 6,750
Other offering costs (in Dollars)		$ 1,900

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) $ in Thousands	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 ₪ / shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 ₪ / shares
Trade receivables, net of allowance for credit losses (in Dollars) \| $	$ 1,293		$ 904
Ordinary share, par value per shares (in New Shekels per share) \| (per share)	$ 0			₪ 0.23
Ordinary shares, shares authorized	34,930,909		14,269,282
Ordinary shares, shares issued	18,681,047		5,276,184
Ordinary shares, shares outstanding	18,681,047		5,276,184
Related Parties
Current maturities of long-term debt measured under the fair value option due to related parties (in Dollars) \| $	$ 38,675		$ 0
Long-term debt measured under the fair value option due to related parties (in Dollars) \| $	0		21,976
Convertible loans (CLAs) measured under the fair value option due to related parties (in Dollars) \| $	$ 0		$ 9,780
Convertible Preferred Shares A
Convertible Preferred Shares, par value per share (in New Shekels per share) \| ₪ / shares		0.23		0.23
Convertible Preferred Shares, shares authorized	0		3,671,937
Convertible Preferred Shares, issued	0		2,192,611
Convertible Preferred Shares, outstanding	0		2,192,611
Convertible Preferred Shares B
Convertible Preferred Shares, par value per share (in New Shekels per share) \| ₪ / shares		0.23		0.23
Convertible Preferred Shares, shares authorized	0		439,091
Convertible Preferred Shares, issued	0		333,366
Convertible Preferred Shares, outstanding	0		333,366
Convertible Preferred Shares C
Convertible Preferred Shares, par value per share (in New Shekels per share) \| ₪ / shares		0.23		0.23
Convertible Preferred Shares, shares authorized	0		2,195,457
Convertible Preferred Shares, issued	0		590,059
Convertible Preferred Shares, outstanding	0		590,059
Aggregate liquidation (in Dollars) \| $	$ 0		$ 9,039
Convertible Preferred Shares D
Convertible Preferred Shares, par value per share (in New Shekels per share) \| ₪ / shares		₪ 0.23		₪ 0.23
Convertible Preferred Shares, shares authorized	0		2,195,457
Convertible Preferred Shares, issued	0		1,587,881
Convertible Preferred Shares, outstanding	0		1,587,881
Aggregate liquidation (in Dollars) \| $	$ 0		$ 64,152

Convertible Loan Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	6 Months Ended		12 Months Ended
	Jul. 01, 2024	Nov. 08, 2023	Jul. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2020
Debt Instrument [Line Items]
Loan amount				$ 11,750	$ 13,646
Issuance of warrant purchase (in Shares)				682,282
Convertible debt		$ 25,000
Loan agreement amount		60,000
Warrant [Member]
Debt Instrument [Line Items]
Conversion of shares (in Shares)				57,678
Issuance of warrant purchase (in Shares)				137,040
Convertible Loan Agreements [Member]
Debt Instrument [Line Items]
Convertible debt						$ 39,000
Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Issuance of warrant purchase (in Shares)				137,040
Debt instrument issued principal		$ 35,000
Convertible Debt [Member] \| Warrant [Member]
Debt Instrument [Line Items]
Issuance of warrant purchase (in Shares)						1,964,989	8,087
Exercise price per share (in Dollars per share)						$ 12.75
Convertible Debt [Member] \| Convertible Loan Agreements [Member]
Debt Instrument [Line Items]
Loan amount			$ 2,350
Subsequent Event [Member] \| Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Loan agreement amount	$ 38,600
Debt instrument issued principal	25,000
Interest amount	1,100
Subsequent Event [Member] \| Line of Credit [Member] \| Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Loan amount	$ 12,500
IPO [Member]
Debt Instrument [Line Items]
Price per share (in Dollars per share)				$ 17
IPO [Member] \| Convertible Debt [Member] \| Convertible Loan Agreements [Member]
Debt Instrument [Line Items]
Conversion of shares (in Shares)						3,769,855	322,476
Price per share (in Dollars per share)						$ 17	$ 17

Subsequent Events (Details) - 1 months ended Jul. 31, 2024 - Subsequent Event [Member] $ in Thousands, € in Millions	USD ($)	EUR (€)
Subsequent Event [Line Items]
Payment of earn out	$ 760	€ 0.7
NPA [Member]
Subsequent Event [Line Items]
Repayment of debt	$ 38,600

Operating Segments and Geographical Information (Details) - Schedule of Segment Information - Reportable Subsegments [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Segment Information [Line Items]
Revenues from external customers	$ 24,409	$ 19,934	$ 49,138	$ 37,367
Intersegment revenues	886	633	1,865	633
Gross profit (loss) (segment profit)	6,914	4,346	13,453	9,328
Architecture [Member]
Schedule of Segment Information [Line Items]
Revenues from external customers	10,045	7,816	20,181	14,811
Intersegment revenues	782	633	1,761	633
Gross profit (loss) (segment profit)	3,914	2,140	8,549	4,743
Automotive [Member]
Schedule of Segment Information [Line Items]
Revenues from external customers	2,625	3,329	5,255	6,345
Intersegment revenues	104		104
Gross profit (loss) (segment profit)	916	1,038	1,676	2,071
Safety tech [Member]
Schedule of Segment Information [Line Items]
Revenues from external customers	912	508	2,218	658
Intersegment revenues
Gross profit (loss) (segment profit)	(148)	(72)	(533)	(116)
Aeronautics [Member]
Schedule of Segment Information [Line Items]
Revenues from external customers	10,827	8,281	21,484	15,553
Intersegment revenues
Gross profit (loss) (segment profit)	$ 2,232	$ 1,240	$ 3,761	$ 2,630

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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Fair Value Measurements (Details) - 6 months ended Jun. 30, 2024 $ in Thousands, € in Millions	USD ($)	EUR (€)
Fair Value Measurements [Abstract]
Contingent consideration balance	$ 750	€ 0.7
Fair value measurement of discounting predicted cashflow rate	0.25%

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

Basis of presentation

The Company’s financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the 2023 annual consolidated financial statements, other than as stated below. In the opinion of management, the financial statements reflect all normal and recurring adjustments necessary to fairly state the financial position and results of operations of the Company.

The financial information contained in this report should be read in conjunction with the annual financial statements included in the Company’s Annual Report for the fiscal year ended December 31, 2023, that the Company filed with the U.S. Securities and Exchange Committee (the “SEC”) on June 5, 2024 on Form F-1 as found in the Company’s prospectus.

The year-end balance sheet data was derived from the audited consolidated financial statements as of December 31, 2023.

Warrants over ordinary shares

When the Company issues freestanding convertible instruments, the Company first analyzes the provisions of ASC 480 in order to determine whether the instrument should be classified as a liability, with subsequent changes in fair value recognized in the statements of operations in each period. Warrants over ordinary shares are not within the scope of ASC 480, and as such the Company further analyzes the provisions of ASC 815-40 in order to determine whether the contract should be classified within equity or classified as a liability, with subsequent changes in fair value recognized in the statements of operations in each period. Under ASC 815-40, contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. Further, in order to conclude equity classification, the Company assesses whether the contracts are indexed to its own stock and whether the contracts meet all the conditions necessary for equity classification.

The Company reassesses the classification of a contract over its own equity under the guidance above at each balance sheet date. If classification changes as a result of events during the reporting period, the Company reclassifies the contract as of the date of the event that caused the reclassification. When a contract over own equity is reclassified from a liability to equity, gains or losses recorded to account for the contract at fair value during the period that the contract was classified as a liability are not reversed, and the contract is marked to fair value immediately before the reclassification.

Offering Costs associated with the Initial Public Offering

The Company complies with the requirements of ASC 340-10-S99-1, SEC Staff Accounting bulletin Topic 5A – “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO. Offering costs directly attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction of equity.

The Company incurred offering costs amounting to approximately $6.75 million, related to underwriting discounts and commissions, and other offering costs of $1.9 million as a result of the IPO.

Use of estimates

In preparing the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity and disclosure of contingent liabilities and assets at the dates of the financial statements and the reported amounts of revenues and expenses during the reported years. Actual results could differ from those estimates.

The Company’s results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of results that could be expected for the entire fiscal year.

Revenue recognition

As of June 30, 2024, the Company does not have any contracts for the provision of goods that result in the material contract assets and contract liabilities.

As permitted by ASC 606, the Company does not disclose information on unearned revenue as it generally enters into binding contracts for a period of one year or less.

Concentration of credit risks

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, restricted cash, bank deposits, marketable securities and accounts receivable. The Company deposits cash and cash equivalents mostly with a single highly rated financial institution. The Company has not experienced any material credit losses in these accounts and does not believe it is exposed to significant credit risk on these instruments.

For the periods ended June 30, 2024, and December 31, 2023, the Company’s largest customer represented 8.3% and 6.9% of accounts receivable, net, respectively.

Goodwill

Following the separation of the architecture and automotive segment into the two operating segments (see Note 4), the Company reallocated goodwill to its reorganized reporting units using a relative fair value approach. The Company performed an impairment analysis for these two reporting units upon reallocation. Based on the Company’s assessment as of date of the change in the reporting units, and December 31, 2023, its annual impairment assessment date, it was concluded that the fair value of each of the architecture and automotive reporting units exceeded its carrying amount and therefore no goodwill impairment was required.

Fair value measurement

Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows:

Level 1:

Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2:

Observable prices that are based on inputs not quoted on active markets, but corroborated by market data or active market data of similar or identical assets or liabilities.

Level 3

Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.

Loans and Convertible Loans issued

Under the Fair Value Option Subsection of ASC Subtopic 825-10, Financial Instruments – Overall (“ASC 825”), the Company has an irrevocable option to designate certain financial assets and financial liabilities at fair value on an instrument-by-instrument basis, with changes in fair value reported in the statement of operations. Changes in fair value do not include accrued interest on debt instruments. Any changes in the fair value of liabilities resulting from changes in instrument-specific credit risk are reported in other comprehensive loss. The Company separately measures changes attributed to instrument-specific credit risk by calculating the difference between the overall change in the fair value of the instrument and the change attributed to fluctuations in the relevant risk-free benchmark rate.

The Company elected the fair value option for its NPAs and for its CLAs, as defined in Note 3 and Note 8.

Share split

On May 28, 2024 the board of directors approved a forward share split (the “Share Split”), that was approved by the shareholders and became effective on May 28, 2024. The Share Split results in a four point four -for-one (4.390914:1) share split of the Company’s preferred and ordinary shares. No fractional shares were issued in connection with the Share Split. These financial statements have been adjusted retrospectively for the Share Split.

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

The year-end balance sheet data was derived from the audited consolidated financial statements as of December 31, 2023.

Warrants over ordinary shares

Offering Costs associated with the Initial Public Offering

The Company incurred offering costs amounting to approximately $6.75 million, related to underwriting discounts and commissions, and other offering costs of $1.9 million as a result of the IPO.

Use of estimates

Use of estimates

The Company’s results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of results that could be expected for the entire fiscal year.

Revenue recognition

Revenue recognition

As of June 30, 2024, the Company does not have any contracts for the provision of goods that result in the material contract assets and contract liabilities.

As permitted by ASC 606, the Company does not disclose information on unearned revenue as it generally enters into binding contracts for a period of one year or less.

Concentration of credit risks

Concentration of credit risks

For the periods ended June 30, 2024, and December 31, 2023, the Company’s largest customer represented 8.3% and 6.9% of accounts receivable, net, respectively.

Goodwill

Goodwill

Fair value measurement

Fair value measurement

Level 1:

Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2:

Observable prices that are based on inputs not quoted on active markets, but corroborated by market data or active market data of similar or identical assets or liabilities.

Level 3

Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

Loans and Convertible Loans issued

Loans and Convertible Loans issued

The Company elected the fair value option for its NPAs and for its CLAs, as defined in Note 3 and Note 8.

Share split

Share split

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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+ Details

Operating Segments and Geographical Information (Tables)

6 Months Ended

Jun. 30, 2024

Operating Segments and Geographical Information [Abstract]

Schedule of Segment Information

Segment Information:

	For the period of six months ended June 30, 2024
	Aeronautics		Architecture		Automotive			Safety tech		Total
Revenues from external customers		20,181		5,255		2,218			21,484		49,138
Intersegment revenues		1,761		104		-			-		1,865
Gross profit (loss) (segment profit)		8,549		1,676		(533	)		3,761		13,453

	For the period of six months ended June 30, 2023
	Aeronautics		Architecture		Automotive			Safety tech		Total
Revenues from external customers		14,811		6,345		658			15,553		37,367
Intersegment revenues		633		-		-			-		633
Gross profit (loss) (segment profit)		4,743		2,071		(116	)		2,630		9,328

	For the period of three months ended June 30, 2024
	Aeronautics		Architecture		Automotive			Safety tech		Total
Revenues from external customers		10,045		2,625		912			10,827		24,409
Intersegment revenues		782		104		-			-		886
Gross profit (loss) (segment profit)		3,914		916		(148	)		2,232		6,914

	For the period of three months ended June 30, 2023
	Aeronautics		Architecture		Automotive			Safety tech		Total
Revenues from external customers		7,816		3,329		508			8,281		19,934
Intersegment revenues		633							-		633
Gross profit (loss) (segment profit)		2,140		1,038		(72	)		1,240		4,346

Schedule of Financial Statements

	For the three months ended, June 30,						For the six months ended, June 30,
	2024			2023			2024			2023
Total revenues for reportable segments	$	25,295		$	20,567		$	51,003		$	38,000
Elimination of intersegment revenues		(886	)		(633	)		(1,865	)		(633	)
Total consolidated revenues		24,409			19,934			49,138			37,367

Total reportable segment profit		6,914			4,346			13,453			9,328
Amounts not allocated to segments:
Amortization of Technology and lease assets included in cost of revenues		322			326			646			644
Research and development expenses, net		4,131			3,836			8,512			7,281
General and administrative expenses		5,271			3,724			11,400			6,336
Sales and marketing expenses		4,153			3,831			8,443			6,742
Depreciation and amortization		1,021			860			2,042			1,756
Other expenses, net		(63	)		595			(38	)		953
Consolidated operating loss		(7,921	)		(8,826	)		(17,552	)		(14,384	)
Other income		130			4			130			4
Financial expenses, net		(15,274	)		(9,939	)		(18,828	)		(22,886	)
Consolidated loss before income taxes	$	(23,065	)	$	(18,761	)	$	(36,250	)	$	(37,266	)

Schedule of Revenue

The following table summarizes revenue by region based on the shipping address of customers:

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
United States		6,686	$	5,987	$	13,954	$	10,955
Israel		171		259		432		770
France		7,280		4,474		12,375		9,797
Rest of Europe		5,601		5,568		13,526		10,901
Asia		3,779		1,711		6,747		2,876
Rest of world		892		1,935		2,104		2,068
		24,409	$	19,934	$	49,138	$	37,367

Nonconvertible Loans

6 Months Ended

Jun. 30, 2024

Nonconvertible Loans [Abstract]

NONCONVERTIBLE LOANS

NOTE 9 - NONCONVERTIBLE LOANS:

As of June 30, 2024, the required annual principal payments of long-term debt, starting from July 2024, are as follows:

	June 30, 2024
2024	$	1,570
2025		3,901
2026		3,172
2027		5,272
2028 and thereafter		21,484
Total	$	35,399

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
LOSS PER SHARE, DILUTED	$ (2.60)	$ (4.61)	$ (5.14)	$ (10.87)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF DILUTED LOSS PER SHARE	8,869,691	4,081,757	7,072,950	3,434,028

- Definition

+ References

+ Details

Net Loss Per Share Attributable to Ordinary Shareholders (Details) - Schedule of Basic and Diluted Net Loss per Share Attributable to Ordinary Shareholders - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss for the period	$ (23,087)	$ (18,802)	$ (36,334)	$ (37,321)
Net loss attributable to ordinary shareholders, basic	$ (23,087)	$ (18,802)	$ (36,334)	$ (37,321)
Denominator:
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic (in Shares)	8,869,691	4,081,757	7,072,950	3,434,028
Net loss per share attributable to ordinary shareholders, basic (in Dollars per share)	$ (2.6)	$ (4.61)	$ (5.14)	$ (10.87)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Redeemable Convertible Preferred Shares and Shareholders' Equity (Details)	6 Months Ended
	Jun. 30, 2024 ₪ / shares shares	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 ₪ / shares shares
Redeemable Convertible Preferred Shares and Shareholders Equity [Line Items]
Ordinary shares authorized	34,930,909	34,930,909	14,269,282
Common stock par value (in Dollars per share) \| (per share)		$ 0	₪ 0.23
Ordinary Shares [Member]
Redeemable Convertible Preferred Shares and Shareholders Equity [Line Items]
Converted aggregate ordinary shares	4,693,318

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Redeemable Convertible Preferred Shares and Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Redeemable Convertible Preferred Shares and Shareholders Equity [Abstract]

REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY

NOTE 7 - REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY:

As of June 30, 2024, the authorized share capital of the Company is 49,200,191 ordinary shares, out of which 34,930,909 ordinary shares of no par value per share were outstanding.

Upon closing of the IPO, all issued and outstanding preferred shares were automatically converted into aggregate of 4,693,318 ordinary shares. As such, the Company reclassified the preferred shares carrying amount into permanent equity (see Note 1(b)).

Following the IPO, ordinary shares of the Company have no par value per share.

- Definition

The entire disclosure for equity.

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+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 63,700	$ 4,575
Restricted cash	85	130
Trade receivables, net of allowance for credit losses of $1,293 and $904 as of June 30, 2024 and December 31, 2023, respectively	20,730	19,671
Institutions	8,239	6,926
Inventories	14,899	13,174
Other current assets	4,638	2,045
TOTAL CURRENT ASSETS	112,291	46,521
NON-CURRENT ASSETS:
Restricted long term bank deposit	134	127
Restricted investment in marketable securities	3,456	1,932
Operating lease right of use assets	11,105	12,377
Property and equipment, net	22,811	20,530
Other non-current assets	952	1,000
Intangible assets:
Customer relationships	12,937	13,917
Technology	4,604	5,698
Goodwill	20,838	21,550
Other intangible asset	3,972	4,292
TOTAL NON-CURRENT ASSETS	80,809	81,423
TOTAL ASSETS	193,100	127,944
CURRENT LIABILITIES:
Short-term borrowing and current maturities of bank loans	4,116	4,146
Short-term loan relating to factoring arrangements	8,878	10,032
Trade payables	17,572	13,989
Employee related obligations	10,158	8,745
Accrued expenses	6,896	6,767
Deferred revenues	640	742
Current maturities of operating lease liabilities	2,157	2,494
Current maturities of finance lease liabilities	102	240
Acquisition earn-out liability	749	2,997
Current maturities of long-term debt measured under the fair value option (including $38,675 and $0 due to related parties as of June 30, 2024 and December 31, 2023, respectively)	38,675	14,286
Warrants and phantom warrants to purchase ordinary shares	1,531
Other current liabilities	2,642	448
TOTAL CURRENT LIABILITIES	94,116	64,886
LONG-TERM LIABILITIES:
Long-term debt measured under the fair value option (including $0 and $21,976 due to related parties as of June 30, 2024 and December 31, 2023, respectively)	16,763	30,841
Convertible loans (CLAs) measured under the fair value option (including $0 and $9,780 due to related parties, as of June 30, 2024 and December 31, 2023, respectively)		55,940
Long-term bank loan	7,210	7,850
Warrants and phantom warrants to purchase preferred shares		21,566
Operating lease liabilities	8,195	9,112
Finance lease liabilities	29	96
Long-term employee related obligations	1,680	1,868
Employee rights upon retirement	1,025	1,208
Other long-term liabilities	718	931
TOTAL LONG-TERM LIABILITIES	35,620	129,412
COMMITMENTS AND CONTINGENT LIABILITIES
TOTAL LIABILITIES	129,736	194,298
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value		70,537
SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY):
Ordinary shares (No par value per shares, 34,930,909 and NIS 0.23 par value per shares 14,269,282 shares authorized as of June 30, 2024 and December 31, 2023 respectively; 18,681,047 and 5,276,184 shares issued and outstanding as of June 30, 2024 and December 31, 2023)	865	320
Additional paid-in capital	273,035	35,134
Other comprehensive loss	(2,372)	(515)
Accumulated deficit	(208,164)	(171,830)
TOTAL SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY)	63,364	(136,891)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY)	193,100	127,944
Convertible Preferred Shares A
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value
Convertible Preferred Shares B
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value
Convertible Preferred Shares C
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value
Convertible Preferred Shares D
REDEEMABLE CONVERTIBLE PREFERRED SHARES:
Convertible preferred shares value

Convertible Loan Agreements

6 Months Ended

Jun. 30, 2024

Convertible Loan Agreements [Abstract]

CONVERTIBLE LOAN AGREEMENTS

NOTE 8 - CONVERTIBLE LOAN AGREEMENTS:

The Company entered into convertible loan agreements (the “CLA agreements”) in 202o (the “CLA”) and 2023 (the “2023 CLA”) with several lenders (the CLA lenders).

During the first quarter of 2020, the Company entered into convertible loan agreement which latest amendment was signed on July 31, 2023 with several lenders, pursuant to which the CLA Lenders agreed to loan the Company a sum of $2.35 million.

The CLA conversion clauses and interest rate described in the 2023 annual financial statements (see Note 15(a) in the 2023 annual financial statements).

Upon consummation of the IPO, the remaining balance of the 2020 Convertible Loan Agreements (including the accrued interest) converted into 322,476 ordinary shares based upon the initial public offering price of $17.00.as well as 8,087 ordinary shares received upon cashless exercise of warrants.

During 2023 the Company entered into convertible loan agreements, with the CLA Lenders, pursuant to which the CLA Lenders subscribed the Company a sum of $39.0 million.

Upon consummation of the IPO, the remaining balance of the 2023 Convertible Loan Agreements (including the accrued interest) converted into 3,769,855 ordinary shares based upon the IPO price of $17.00 as well as warrants for 1,964,989 ordinary shares with an exercise price of $12.75.

On November 8, 2023 the Group entered a Note Purchase Agreement (the “NPA”) among Chutzpah Holdings Ltd. a related party, (the “Purchaser”) as purchaser, administrative agent and collateral agent. Under the NPA, Purchaser extended a credit facility to the Group in an aggregate principal amount of $60.0 million, that may be utilized and drawn down by way of issuance and sale of senior secured notes (“Notes”) to Purchaser. As of the date of these consolidated financial statements the Group withdrew $25.0 million and the available principal under the NPA is $35.0 million.

On July 1, 2024, pursuant to the request of the Purchaser, the Group repaid the NPA in full, in the amount of $38.6 million, including principal $25.0 million, minimum return $12.5 million and $1.1 million interest. For additional information see Note 15(c) to the 2023 annual financial statements.

The Company applied the Fair Value option to the NPA, see Note 2(dd) in the 2023 annual financial statements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Inventories

6 Months Ended

Jun. 30, 2024

Inventories [Abstract]

INVENTORIES

NOTE 5 - INVENTORIES:

Inventories consisted of the following:

	June 30,		December 31,
	2024		2023
Finished products	$	1,362	$	1,163
Raw and packaging materials		13,348		11,882
Products in process		189		129
	$	14,899	$	13,174

The Company recorded inventory write-downs in the amount of $112 and $101 for the six months ended on June 30, 2024 and 2023, respectively and in the amount of $238 for the year ended on December 31, 2023. These write-downs are linked to slow-moving inventory.

Net Loss Per Share Attributable to Ordinary Shareholders

6 Months Ended

Jun. 30, 2024

Net Loss Per Share Attributable to Ordinary Shareholders [Abstarct]

NET LOSS PER SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS

NOTE 10 - NET LOSS PER SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS:

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders for the periods presented:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Numerator:
Net loss for the period	$	(23,087	)	$	(18,802	)	$	(36,334	)	$	(37,321	)

Net loss attributable to ordinary shareholders, basic and diluted	$	(23,087	)	$	(18,802	)	$	(36,334	)	$	(37,321	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted		8,869,691			4,081,757			7,072,950			3,434,028
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(2.60	)	$	(4.61	)	$	(5.14	)	$	(10.87	)

The following instruments were not included in the computation of diluted EPS because of their anti-dilutive effect:

Redeemable convertible preferred shares;

Convertible loan agreements;

Warrants to purchase convertible preferred shares;

Simple agreements for future equity;

Share-based compensation.