The company exhibits structural margin instability, with gross margins contracting to a low of 24.5% in 2026Q1, reflecting a lack of pricing power and high fixed overhead costs.
| Sales/Revenue | 3.91M | 3.67M | 7.76M | 5.61M | 8.83M | 8.54M | 8.53M |
| Revenue Growth % | -49.61% | -52.69% | 38.42% | -36.52% | 3.35% | 0.15% | - |
| Cost of Goods Sold | 2.71M | 2.45M | 3.49M | 3.71M | 4.72M | 4.58M | 3.55M |
| COGS % of Revenue | - | 66.82% | 44.97% | 66.11% | 53.46% | 53.54% | 41.61% |
| Gross Profit | 1.2M | 1.22M | 4.27M | 1.9M | 4.11M | 3.97M | 4.98M |
| Gross Margin % | 30.76% | 33.18% | 55.03% | 33.89% | 46.54% | 46.46% | 58.39% |
| Gross Profit Growth % | - | -71.48% | 124.74% | -53.77% | 3.53% | -20.31% | - |
| Operating Expenses | 8.44M | 8.4M | 8.03M | 9.26M | 10.21M | 5.83M | 5.11M |
| OpEx % of Revenue | - | 228.9% | 103.45% | 165.23% | 115.63% | 68.23% | 59.93% |
| Selling, General & Admin | 5.79M | 5.76M | 5.81M | 6.56M | 7.45M | 3.39M | 2.97M |
| SG&A % of Revenue | - | 157.04% | 74.85% | 117.04% | 84.31% | 39.64% | 34.76% |
| Research & Development | 2.65M | 2.64M | 2.38M | 2.7M | 2.77M | 2.44M | 2.15M |
| R&D % of Revenue | - | 71.86% | 30.71% | 48.2% | 31.32% | 28.59% | 25.16% |
| Other Operating Expenses | 0 | 0 | -163K | 0 | 0 | 0 | 0 |
| Operating Income | -7.24M | -7.18M | -3.76M | -7.36M | -6.1M | -1.86M | -131K |
| Operating Margin % | -185.16% | -195.72% | -48.43% | -131.34% | -69.09% | -21.77% | -1.54% |
| Operating Income Growth % | - | -91.19% | 48.96% | -20.69% | -228.01% | -1319.85% | - |
| EBITDA | -7.22M | -7.17M | -3.73M | -7.34M | -6.08M | -1.82M | -85K |
| EBITDA Margin % | -184.8% | -195.18% | -48.09% | -130.86% | -68.83% | -21.33% | -1% |
| EBITDA Growth % | -96.78% | -91.99% | 49.13% | -20.7% | -233.41% | -2044.71% | - |
| D&A (Non-Cash Add-back) | 14K | 20K | 26K | 27K | 23K | 37K | 46K |
| EBIT | -5.43M | -7.18M | -3.76M | -5.52M | -10.15M | -4.56M | -1.25M |
| Net Interest Income | -217K | -251K | -696K | -671K | -830K | -690K | -260K |
| Interest Income | 0 | 0 | -78K | 95K | 0 | 0 | 0 |
| Interest Expense | 203K | 251K | 618K | 766K | 830K | 690K | 260K |
| Other Income/Expense | -1.03M | -1.08M | -616K | 1.08M | -4.88M | -3.39M | -1.37M |
| Pretax Income | -6.4M | -8.26M | -4.37M | -6.29M | -10.98M | -5.25M | -1.5M |
| Pretax Margin % | -163.79% | -225.03% | -56.37% | -112.13% | -124.36% | -61.45% | -17.64% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.4M | -8.26M | -4.37M | -6.29M | -10.98M | -5.25M | -1.5M |
| Net Margin % | -163.79% | -225.03% | -56.37% | -112.13% | -124.36% | -61.45% | -17.64% |
| Net Income Growth % | -50.68% | -88.87% | 30.42% | 42.76% | -109.14% | -248.9% | - |
| Net Income (Continuing) | -6.4M | -8.26M | -4.37M | -6.29M | -10.98M | -5.25M | -1.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | - | -5.68 | -8.50 | -26.10 | -63.20 | -256.30 | -12.30 |
| EPS Growth % | 22.26% | 33.18% | 67.43% | 58.7% | 75.34% | -1983.74% | - |
| EPS (Basic) | - | -5.68 | -8.50 | -26.10 | -63.20 | -256.30 | -12.30 |
| Diluted Shares Outstanding | 0 | 1.45M | 514.61K | 241.27K | 173.8K | 20.49K | 20.47K |
| Basic Shares Outstanding | 0 | 1.45M | 514.61K | 241.27K | 173.8K | 20.49K | 20.47K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and operational sustainability
According to the provided quarterly income statements, Actelis Networks has experienced significant revenue volatility, with the most recent period showing a 32.9% sequential increase following a series of sharp contractions, highlighting the inherent instability of its project-based, hardware-centric business model in the current infrastructure environment.
The erratic revenue trajectory suggests that the company remains highly susceptible to the timing of municipal and military project cycles. This lack of consistent growth indicates that the firm has yet to establish a reliable recurring revenue base, leaving its top-line performance at the mercy of lumpy, non-repeatable hardware deployments.
As reported in financial statements, the company's gross margin has fluctuated significantly, reaching a low of 24.5% in 2026Q1, which reflects a lack of pricing power and an inability to effectively absorb manufacturing overhead costs during periods of lower unit volume.
The wide variance in gross margins, ranging from 24.5% to 68.6% over the last ten quarters, suggests that the company's cost of goods sold is highly sensitive to product mix and manufacturing scale. Investors should monitor whether the company can stabilize these margins, as the current volatility complicates any attempt to forecast a path toward sustainable profitability.
Based on the reported figures, Actelis Networks exhibits severe negative operating leverage, with operating losses consistently exceeding $1.5M per quarter despite relatively stable SG&A expenses, indicating that the current revenue scale is insufficient to cover the company's fixed operating cost structure.
The persistent gap between gross profit and operating expenses suggests that the company is struggling to achieve the necessary scale to reach break-even. Without a substantial increase in revenue, the fixed nature of its R&D and SG&A spending will likely continue to exert downward pressure on the bottom line.
Data from the income statement reveals that R&D and SG&A expenses remain stubbornly high relative to revenue, with combined operating expenses often exceeding total gross profit, which underscores the company's difficulty in maintaining expense discipline while navigating a period of significant revenue contraction.
The company's cost structure appears rigid, as management has been unable to meaningfully reduce operating expenses in response to declining sales. This lack of flexibility suggests that the firm may be prioritizing long-term product development over short-term financial survival, a strategy that warrants further investigation given the current cash constraints.
Analysis of the historical income statements suggests that the company's reliance on transactional hardware sales, coupled with persistent net losses, creates a precarious financial position that may necessitate further dilutive financing to sustain ongoing operations in the absence of a clear path to profitability.
Short-term observers may focus on the company's inability to generate positive net income, which has been a consistent feature across the provided data. The risk remains that the current business model is structurally unsuited for the current market environment, potentially leading to continued erosion of shareholder value.
Quick answers to the most common questions about buying ASNS stock.
For fiscal year 2025, Actelis Networks, Inc. (ASNS) reported total revenue of $3.7M. This represents a 57.0% decline compared to $8.5M in 2020.
Actelis Networks, Inc. (ASNS) reported a net loss of $8.3M for the fiscal year ending 2025.
Actelis Networks, Inc. (ASNS) reported an operating income of $-7.2M, resulting in an operating profit margin of -195.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Actelis Networks, Inc. (ASNS) generated $1.2M in gross profit for the year, representing a gross profit margin of 33.2%. This demonstrates the company's core pricing power and production efficiency.