ZOOZ Power reports 1H EPS (59c) vs. (91c) last year

Reports !H revenue $543,000 vs. $784,000 last year. As of June 30, 2024, ZOOZ had approximately $11,228 thousand in cash, cash equivalents and short-term deposit, compared with approximately $6,672 thousand as of December 31, 2023. Since ZOOZ has just started commercial sales of its products and considering ZOOZ’s expected cash usage, early this year ZOOZ has initiated certain measures designed to reduce its operation cost, such as adjustments in its workforce where it deemed appropriate and has continued its sales and marketing efforts. In addition, ZOOZ expects that it will need to obtain additional funding in 2025 in connection with its continuing operations. “ZOOZ continues to penetrate as a prime solution for power boosting and management of multi-port ultra-fast EV charging where grid power is insufficient”, said Avi Cohen, Executive Chairman and Interim CEO. Mr. Cohen continued, “our ZOOZTER(TM)-100 is now installed at major Charge Point Operators in Europe and Israel, enabling a substantial increase in the number of cars charged daily, reducing charging times, and significantly boosting the total power sold by CPOs. In parallel we continue to invest in improving our operational efficiency targeting a reduced cost platform and full manufacturing outsourcing.”