AND ITS SUBSIDIARYCONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Year ended December 31 2024 2023 2022 U.S.dollars in thousands (except per share amounts) Revenues 522 82 45 Cost of revenues 437 (62) (10) GROSS PROFIT 85 20 35 Research and development, net (2,964) (3,316) (2,271) Sales and marketing expenses, net (2,096) (2,008) (1,370) General and administrative expenses (2,845) (2,882) (1,948) Initial public offering expenses - - (904) OPERATING LOSS (7,820) (8,186) (6,458) Financing income (expenses), net (52) 372 (38) LOSS BEFORE TAX EXPENSES (7,872) (7,814) (6,496) Tax expenses (7) - - NET LOSS AND TOTAL COMPREHENSIVE LOSS (7,879) (7,814) (6,496) Net loss per ordinary shares, basic and diluted * (24.2) (38.4) (42.4) Weighted average number of ordinary shares and pre-funded warrants outstanding basic and diluted * 325,690 202,515 153,465 * The share and per share information in these financial statements reflects the 1-for-20 reverse share split became effective on October 10, 2024 and an additional 1-for-4 reverse share split of our issued and outstanding Ordinary Shares became effective on March 17, 2025.WEARABLE DEVICES LTD.
Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our use of proceeds from the offering; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC.
For example, we are using forward-looking statements when we discuss the benefits, capabilities, advantages and expected demand, an increasing adoption trend in neural interface solutions, with growing interest from both consumers and business partners, momentum and growth of our products and technology, our expectation for the growth of the B2B market and that our B2B offerings will be a significant driver of revenue for us as we grow, our anticipation that interest in our B2B product will grow as the market for wearable devices and AI-based technology expands and our belief that Wearable Devices is positioned for transformation in coming years.
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