M 
886.00
+2.88%
Close of 9 Nov 2026, in ILA
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At a glance
Figures in ILS, from our data supplier.
Revenue
ILS 105.9m
FY2017FY2024
Net income
−ILS 52.2m
FY2017FY2024
Free cash flow
−ILS 154.4m
FY2017FY2024
Shareholders' equity
ILS 2.33bn
FY2017FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ILS 105.9m | ILS 79.1m | ILS 67.5m | ILS 45.5m | ILS 10.0m | ILS 8.6m | — | — |
| Gross profit | ILS 86.3m | ILS 65.7m | ILS 56.2m | ILS 37.5m | ILS 5.4m | ILS 6.6m | — | — |
| Operating income | −ILS 21.2m | −ILS 32.4m | −ILS 18.8m | −ILS 21.7m | −ILS 11.7m | −ILS 5.1m | −ILS 6.3m | −ILS 4.4m |
| Net income | −ILS 52.2m | ILS 992,000 | −ILS 12.0m | −ILS 41.0m | −ILS 10.9m | −ILS 11.1m | −ILS 8.1m | −ILS 5.8m |
| Diluted earnings per share | -0.07 | 0.00 | -0.03 | -0.28 | -0.11 | -0.25 | -0.27 | -0.19 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ILS 3.96bn | ILS 3.32bn | ILS 2.43bn | ILS 961.7m | ILS 540.2m | ILS 168.0m | ILS 115.3m | — |
| Cash and short-term investments | ILS 52.8m | ILS 296.4m | ILS 43.6m | ILS 43.5m | ILS 69.8m | ILS 7.8m | ILS 11.5m | — |
| Total liabilities | ILS 1.63bn | ILS 944.0m | ILS 725.9m | ILS 675.8m | ILS 318.8m | ILS 147.6m | ILS 100.5m | — |
| Debt | ILS 1.18bn | ILS 881.4m | ILS 710.0m | ILS 650.1m | ILS 310.9m | ILS 140.1m | ILS 90.7m | — |
| Shareholders' equity | ILS 2.33bn | ILS 2.37bn | ILS 1.70bn | ILS 285.9m | ILS 221.4m | ILS 20.5m | ILS 14.8m | — |
| Shares outstanding | 711m | 636m | 413m | 147m | 100m | 45m | 30m | 30m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ILS 30.6m | ILS 8.1m | ILS 52.9m | −ILS 1.4m | −ILS 11.1m | −ILS 7.3m | −ILS 5.9m | −ILS 3.4m |
| Capital spending | −ILS 185.0m | −ILS 196.0m | −ILS 162.3m | −ILS 168.3m | −ILS 33.6m | −ILS 35.5m | −ILS 68.6m | −ILS 4.1m |
| Free cash flow | −ILS 154.4m | −ILS 187.9m | −ILS 109.3m | −ILS 169.7m | −ILS 44.6m | −ILS 42.8m | −ILS 74.6m | −ILS 7.5m |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ILS 42.5m | ILS 37.2m | ILS 26.4m | ILS 26.1m | ILS 31.6m | ILS 27.8m | ILS 20.4m | ILS 16.1m |
| Gross profit | ILS 36.5m | ILS 30.9m | ILS 20.4m | ILS 19.0m | ILS 27.2m | ILS 23.8m | ILS 16.4m | ILS 12.2m |
| Operating income | ILS 6.4m | −ILS 5.2m | −ILS 4.8m | −ILS 9.4m | −ILS 997,000 | −ILS 2.7m | −ILS 8.1m | −ILS 13.7m |
| Net income | ILS 13.6m | −ILS 105.9m | ILS 13.2m | −ILS 60.1m | ILS 23.7m | −ILS 22.9m | ILS 7.1m | −ILS 20.8m |
| Diluted earnings per share | 0.02 | -0.15 | 0.02 | -0.08 | 0.03 | -0.03 | 0.01 | -0.03 |
| Total assets | ILS 4.44bn | ILS 4.35bn | ILS 4.22bn | ILS 3.96bn | ILS 3.97bn | ILS 3.91bn | ILS 3.50bn | ILS 3.32bn |
| Cash and short-term investments | ILS 380.0m | ILS 395.3m | ILS 274.7m | ILS 52.8m | ILS 55.0m | ILS 102.9m | ILS 414.1m | ILS 296.4m |
| Debt | ILS 1.42bn | ILS 1.27bn | ILS 1.14bn | ILS 1.07bn | ILS 1.10bn | ILS 1.09bn | ILS 1.02bn | ILS 833.7m |
| Shareholders' equity | ILS 2.25bn | ILS 2.23bn | ILS 2.34bn | ILS 2.33bn | ILS 2.39bn | ILS 2.36bn | ILS 2.38bn | ILS 2.37bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 79.9% | 80.5% | 43.1% | 83.0% | 82.2% | 50.1% |
| Operating margin | 27.4% | 16.2% | 27.2% | 24.1% | -54.1% | -122.3% |
| Net margin | -65.3% | -51.9% | 2.3% | -16.3% | -90.1% | -117.5% |
| Return on equity | -3.9% | -2.2% | 0.1% | -0.6% | -14.1% | -4.9% |
| Return on assets | -1.9% | -1.3% | 0.1% | -0.4% | -4.2% | -2.0% |
| Free cash flow yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Revenue growth | 32.3% | 27.0% | 18.5% | 49.3% | 380.1% | 9.1% |
| Earnings growth | 66.4% | -2992.9% | -116.6% | -73.0% | 268.1% | -1.2% |
| Current ratio | 1.47x | 0.55x | 3.04x | 1.38x | 1.90x | 28.89x |
| Debt to equity | 0.78x | 0.42x | 0.31x | 0.36x | 1.91x | 1.30x |
| Equity ratio | 48.3% | 58.8% | 71.5% | 70.1% | 29.7% | 41.0% |
| Interest coverage | 0.43x | 0.34x | 0.79x | 0.46x | -1.06x | -2.68x |
| R&D as a share of sales | 24.1% | 21.2% | 40.0% | 26.2% | 28.6% | 37.8% |
| Buybacks as a share of market value | -0.0% | 0.2% | -40.9% | -216.5% | 19.0% | -228.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 32.5% | 65.4% | — |
| Operating income | -0.8% | 32.8% | — |
| Net income | 8.4% | 36.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 82.2% | 82.5% | 81.4% | — |
| Operating margin | -29.0% | -31.6% | -35.0% | — |
| Net margin | -27.7% | -35.0% | -39.9% | — |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|
| Price to earnings | -35.4 | — | -126.7 | -16.4 | -32.5 |
| Price to sales | 17.4 | 25.2 | 22.6 | 14.8 | 35.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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