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Operating Segments and Geographical Information
 12 Months Ended
Dec. 31, 2024
Operating Segements 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:

 

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

 

b.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.

 

c.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.

 

d.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 Officer (“CEO”), was identified as the chief operating decision maker (“CODM”) as of December 2024. The CODM reviews the financial information based on the Group’s disaggregated information about revenues and gross margin, once a quarter, including budget-to-actual variances, to make decisions about resources to be allocated to the segments and assess their performance. Segment revenues, expenses and gross margin exclude intersegment transactions. The CODM does not make operating and investing decisions based on assets, and as such does not review asset information per segment.

 

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. Prior year figures were recast to reflect this change.

e.Segment Information:

 

   December 31, 2024 
   Aeronautics   Architecture   Automotive   Safety tech   Total 
Revenues from external customers  $41,380   $13,173   $3,333   $45,641   $103,527 
Intersegment revenues   2,010    116    8    
-
    2,134 
Cost of revenue   22,858    8,565    3,883    36,412    71,718 
Depreciation and amortization   970    196    58    844    2,068 
Gross profit (loss)  $17,552   $4,412   $(608)  $8,385   $29,741 

 

   December 31, 2023 
   Aeronautics   Architecture   Automotive   Safety tech   Total 
Revenues from external customers  $33,829   $12,613   $1,835   $29,703   $77,980 
Intersegment revenues   2,057    
-
    
-
    
-
    2,057 
Cost of revenue   21,246    8,498    1,967    24,281    55,992 
Depreciation and amortization   1,030    177    
-
    840    2,047 
Gross profit (loss)  $11,553   $3,938   $(132)  $4,582   $19,941 

 

   December 31 
   2024   2023 
Total revenues for reportable segments  $105,661   $80,037 
Elimination of intersegment revenues    (2,134)   (2,057)
Total consolidated revenues   103,527    77,980 
           
Total gross profit   29,741    19,941 
           
Amounts not allocated to segments:          
Research and development expenses   17,590    16,035 
General and administrative expenses   22,194    16,187 
Sales and marketing expenses   16,134    15,302 
Depreciation and amortization   4,608    3,664 
Other operating (income) expenses   (23)   747 
Consolidated operating loss   (30,762)   (31,994)
Other (income) expenses   (44)   32 
Other financial expenses, net   (22,314)   (47,122)
Consolidated loss before income taxes  $(53,120)  $(79,084)
f.Geographical information

 

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

 

   Year ended December 31 
   2024   2023 
Israel  $1,327   $1,096 
United States   29,305    17,543 
France   26,480    35,753 
Rest of Europe   30,023    16,936 
Asia   12,190    3,572 
Rest of world   4,202    3,080 
   $103,527   $77,980 

 

The following table presents the Company’s long-lived assets, net of depreciation and amortization, by geographic region:

 

   December 31 
   2024   2023 
Israel  $4,850   $4,846 
United States   285    321 
France   27,935    23,392 
Rest of Europe   4,838    4,321 
Rest of the world   68    27 
Total long-lived assets, net  $37,976   $32,907 

 

Long-lived assets include property, plant and equipment and right-of-use (ROU) assets of leases.

 

g.Major customers

 

See note 2(p) above.