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Armen replied my LinkedIn message.
“I greatly appreciate your kind words and value your support for this company over the last 9 years. It’s been an amazing journey, and RXMD wouldn’t be where it is today without yours and all the other long-term shareholders' support. I am very grateful for that. As you probably saw in the 10-K report, the company had a strong year. Our team worked very hard and continues to do the same. As a shareholder of this company, I hope everything else will fall into the right place. ”
It is an unfair game that Charles has played with RXMD shareholders since he became the CEO. Their intention has always been to convert the RXMD shares at a much lower ratio than what they would have paid for before the RS when the SP was still much higher, equivalent to about $5-6 today. It is what it is. I still wish for the best outcome when all these transactions are finally over.
I wish for the peace on the planet Earth. I wish for the success of Progressive Care. I wish a great weekend for everyone.
The combined entity will be named Progressive Care. It doesn’t sound like anything to do with satellite. Acquisition of outfitter probably is just for the expansion of that part of business, nothing to do with healthcare.
I think the goal is still to spin off satellite biz after merger. Then they will do another major M/A with a healthcare company with the $29M cash they have in hand.
Progressive Care Inc. Announces Record Full Year 2023 Results with Revenues of $49.7 Million, an Increase of 22% with Annual Gross Margins of 30%
APRIL 11, 2024
https://www.progressivecareus.com/post/progressive-care-inc-announces-record-full-year-2023-results-with-revenues-of-49-7-million-an-increase-of-22-with-annual-gross-margins-of-30
The Companyreported record annual revenues of approximately $49.7 million, a 22% increase from results reported for the year ended December 31, 2022, driven by strong growth at its PharmcoRx pharmacies and the addition of multiple new 340B contracts in the second half of 2023.
“Progressive Care’s significant growth in 2023 reflects its continuing commitment to ensuring strong patient medical adherence through highly specialized care and its proven ability to support the unique needs of 340B covered entities. I am pleased with our team’s success in greatly strengthening the Company’s financial foundation and driving improved operational performance. We continue to seek opportunities to expand our pharmacy operations with new programs, such as the OTC benefit programs announced last year, and add additional clients within the 340B space,” said Charles M. Fernandez, Chairman and CEO of Progressive Care Inc.
Progressive Care Inc. Announces Record Full Year 2023 Results with Revenues of $49.7 Million, an Increase of 22% with Annual Gross Margins of 30%
APRIL 11, 2024
https://www.progressivecareus.com/post/progressive-care-inc-announces-record-full-year-2023-results-with-revenues-of-49-7-million-an-increase-of-22-with-annual-gross-margins-of-30
The Companyreported record annual revenues of approximately $49.7 million, a 22% increase from results reported for the year ended December 31, 2022, driven by strong growth at its PharmcoRx pharmacies and the addition of multiple new 340B contracts in the second half of 2023.
“Progressive Care’s significant growth in 2023 reflects its continuing commitment to ensuring strong patient medical adherence through highly specialized care and its proven ability to support the unique needs of 340B covered entities. I am pleased with our team’s success in greatly strengthening the Company’s financial foundation and driving improved operational performance. We continue to seek opportunities to expand our pharmacy operations with new programs, such as the OTC benefit programs announced last year, and add additional clients within the 340B space,” said Charles M. Fernandez, Chairman and CEO of Progressive Care Inc.
NextPlat Corp (the “Registrant”) is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 within the prescribed time period without undue hardship and expense to the Registrant. Since July 1, 2023, the Registrant has consolidated the financials results of Progressive Care Inc. ("Progressive Care") in the Registrant's financial statements. Progressive Care is itself a public company that must file audited financial statements in connection with its Annual Report on Form 10-K. Progressive Care's registered public accounting firm has notified Progressive Care that it needs additional time to complete its audit of Progressive Care's financial statements relating to goodwill impairment testing and long-lived asset impairment analysis. Accordingly, given that Progressive Care's financial results flow through the Registrant's financial statements, the Registrant requires additional time to complete its annual financial statements. Progressive Care's independent registered public accounting firm has indicated that it expects to complete its audit of Progressive Care's financials by Wednesday, April 3, 2024. The Registrant expects to file its Annual Report on Form 10-K by Friday, April, 5, 2024, and in no event later than fifteen days after its original prescribed due date as provided by Exchange Act Rule 12b-25.
Interesting both NXPL and RXMD haven’t filed 10K yet.
I sent Armen a message on LinkedIn complaining about sub penny SP. He quickly replied.
“Hi, great to hear from you. I hope everything is well with you and the family. I realize the stock is below a penny level. It is really disappointing to see this, but I’m not the one selling the stock. The 10k should be out very soon and you’ll be able to have a lot of information to review. I hope it will help.”
Thanks gedi. Great to hear they are releasing the 10K early.
SVRE - (NASDAQ: SVRE) May be the Hottest Tech Company to watch for 2024
https://marketwirenews.com/articles/-nasdaq-svre-may-be-the-hottest-tech-company-to-watc-mwn4910.html
Who is SVRE?
Founded in 2014 with a mission to make roads safer for drivers, passengers, and pedestrians alike, SaverOne develops cellular network-based technological solutions for reducing road accidents.
The company’s innovative system for identifying and limiting the use of certain apps on mobile devices while operating a vehicle has already been widely adopted by dozens of companies in Israel.
What could get the company quickly noticed on Wall Street?
SVRE has a solution to the $870 billion accident problem in the U.S.
It’s called the Distracted Driving Protection System (DDPS) and it's installed in vehicles to provide a solution to the problem of driver distraction that endangers their safety and the safety of their passengers.
What does DDPS do?
It ensures that drivers remain focused on driving safely and undistracted, mitigating a significant risk.
SVRE’s solution is an app that, upon installation, detects the driver's cell phone radio frequency (RF) signal and promptly disables non-emergency functions.
This technology, known as the SaverOne system , distinguishes itself by accurately identifying the phone's proximity to the driver's seat, blocking access to distracting apps and social media channels when used alongside the SaverOne App. Its censor is selective.
According to Soulstring Media, the technology may have been able to help save some of the approximately 3,500 lives lost from the over 1.6 million accidents caused by distracted driving in 2021…. Those being the most recent statistics available.
SVRE’s goal isn't to limit mobile communications altogether but rather to curb texting and viewing content while driving, particularly focused on mitigating general messaging and posting to social media channels.
As noted, that's accomplished by the DDPS system automatically engaging when a phone (with the app installed) is near the driver's seat. It can do that without affecting passenger phones by using sensors and AI algorithms to identify and detect the position of a mobile phone inside a vehicle.
The Opportunity…
SVRE’s system is not a one-size-fits-all solution. For example, a corporate fleet manager could elect to "safelist" specific apps necessary for job performance. For private vehicles, the list of allowed apps can be modified by a third party, such as a parent or an insurance company that might offer incentives for compliance. That differentiation from many competing products is leading to increasing market traction, evidenced by growing revenues, likely from the SaverOne system having the intrinsic ability to satisfy multiple client demands!
Diversity of customer base. Customers include commercial fleets, privates, governmental organizations, as well as a diversity of automobile types (trucks, buses, private cars, etc.)
Already recognized and growing. 30+ pilots across Israel, 1600+ devices ordered, 40+ active customers, 1,100+ device installations.
Deals are lining up. A memorandum of understanding with IVECO, a leading medium/heavy truck manufacturer, to integrate its solution into some of the roughly 150,000 IVECO trucks produced yearly. Initial integration is slated to begin before the year's end, with a comprehensive rollout planned for 2024. SaverOne also announced securing a substantial order from Electra Afikim, an Israeli-based public transportation company, to install the SaverOne System in approximately 1,200 buses. These developments, coupled with pilot projects in the Gulf region, the U.S., and Europe, have and are expected to continue contributing to an already steepening growth curve.
Expansion. A deal earlier this year facilitated SaverOne's introduction to international markets, where it earned an order for 4,300 systems, with approximately 3,000 of those units already installed.
A revenue maker. With an estimated retail price between $300 and $500 and professional installation far from cost-prohibitive, the company looks well-positioned to add to its string of early adoption in multiple market segments.
In Summary…Despite advancements in hands-free technology, the persistent issue of smartphone use while driving necessitates solutions. In almost every U.S. state, using your cell phone while driving is not only dangerous but also illegal. This unfortunately does not stop many people from doing it.
YOY revenues are increasing, the company has plenty of cash on hand ($5M as of June 30th, 2023) and a winning solution to a growing problem could put SVRE on the map!
Trading at only pennies, SVRE could be one of the biggest underfollowed opportunities hiding on Wall Street!
They need to use those cash on hand for some big acquisition without dilution and show a profit in the annual report. How about uplist to Nasdaq?
Pharmacy has higher standards than a gas station. Lol.
The Congressional Research Service (CRS), for its part, said in September that it was “likely” DEA would follow the HHS recommendation, at least based on past precedent.
https://www.marijuanamoment.net/feds-release-marijuana-documents-confirming-schedule-iii-recommendation-based-on-accepted-medical-use/
Once approved by DEA, "any controlled substance listed in Schedule III or Schedule IV may be dispensed by a pharmacist upon an oral prescription if, before filling the prescription, the pharmacist reduces it to writing or records the prescription electronically if permitted by federal law. Such prescriptions must contain the date of the oral authorization."
https://www.floridahealth.gov/licensing-and-regulation/counterfeit-proof-prescription-pad-vendors/faq.html#:~:text=Any%20controlled%20substance%20listed%20in,if%20permitted%20by%20federal%20law.
RXMD Therapeutics, Inc. was established in 2019 for CBD products. They have been waiting just for this change on a federal level so they can sell CBD products as schedule III substance as a pharmacy. The revenue potential is extremely huge for them.
Armen just posted this: “Exciting News Alert! High-five Get ready to ride the cannabis wave with the proposed reclassification to Schedule III! Get ready to make it rain with the cannabis craze!
#PharmacyCannabisRevolution”
Feds Release Marijuana Documents, Confirming Schedule III Recommendation Based On ‘Accepted Medical Use’
https://www.marijuanamoment.net/feds-release-marijuana-documents-confirming-schedule-iii-recommendation-based-on-accepted-medical-use/
The U.S. government has released hundreds of pages of documents related to its ongoing review of marijuana’s status under federal law, officially confirming for the first time that health officials have recommended the Drug Enforcement Administration (DEA) place cannabis in Schedule III of the Controlled Substances Act (CSA).
The 252 pages of documents from the Department of Health and Human Services (HHS) explain that cannabis “has a currently accepted medical use in treatment in the United States” and has a “potential for abuse less than the drugs or other substances in Schedules I and II.”
Federal health officials said their review found that more than 30,000 healthcare professionals “across 43 U.S. jurisdictions are authorized to recommend the medical use of marijuana for more than six million registered patients for at least 15 medical conditions.”
SaverOne obviously has an upper hand in their deal with IVECO just from the wording in this Side Letter annoucement that gives IVECO 6-month exclusivity period. Now 6 months have just passed. This stock has an extremely strong uptrend potential just because of what is about to come. All other major truck/bus manufacturers already know what IVECO is doing with SaverOne. You think they all will just sit there and wait to give IVECO a “competitive edge” so they can be beat up in this competive market? SaverOne will be the most sought-after DDPS provider in the world. This is also why they are acquiring Micronet to take over the US market.
“The goal of the collaboration is to provide IVECO with a competitive edge by offering a safer driving experience to IVECO’s global customer base.” This is an extremely strong statement from SaverOne and IVECO. Such a huge global leader in truck manufacturing will get a “competitive edge” through integrating SaverOne system in their manufacturing process for their global customer base. Why? Because SaverOne’s DDPS system “is the only system in the world that (actually) prevents cell phone distractions while driving.” No one else in the world is providing this technology as of today! This is exactyly why their “Side Letter to the MOU provides IVECO with an exclusivity period of up to six months during which SaverOne agreed not to sell, develop or manufacture its OEM solution for SaverOne’s innovative in-cabin Driver Distraction Prevention Solution (DDPS) with any other truck manufacturer.” IVECO has so much need for this technology so they can have a “competitive edge”. Huge impact.
“SaverOne is the only system in the world that prevents cell phone distractions while driving. ” They were selected by European Union’s Regulatory Committee as a permanent member.
“ We are honored to join a respected forum of European organisations as well as leading vehicle manufacturers including Volvo Cars and Stellantis, the parent company of Fiat, Chrysler, Jeep, Peugeot, Citroen and 12 other brands that work to promote vehicle technologies that reduce distractions and make the roads safer.”
SaverOne has the connections to all these world’s top automotive manufacturers. Its growth trajectory is unimaginable.
EU Regulation on Advanced Driver Distraction Warning (ADDW) Systems (EU) 2023/2590 was published in the Official Journal of the European Union on November 22, 2023. As specified in (EU) 2019/2144, the fitment of an ADDW system becomes mandatory for all new types of M and N category vehicle (i.e. all passenger carrying and goods carrying motor vehicles) from July 7, 2024. Phase-II of this regulation will include distraction avoidance by technical means.
SaverOne's CEO continued, "I am thrilled that SaverOne is now firmly in the revenue growth phase in its corporate lifecycle. We look forward to continuing to broaden our customer base and accelerate the growth of our install-base in the months and years ahead." SaverOne believes that ultimately increased focus on monitoring and prevention of cellular distraction systems in vehicles, in particular driven by upcoming expected EU regulation, will likely have a dramatic positive impact on the demand for its systems in the future.
https://www.investorideas.com/News/2023/technology/08030Driver-Tech-Distraction.asp
Their final commercial agreement will be announced any day now. It’s January 2024 tomorrow! Just read this amazing future of their collaboration, HUGE. This single news will fundamentally turn SaveOne into a huge profitable global company.
“SaverOne’s product has the potential to be installed in all IVECO trucks in the world and later in general IVECO vehicles, which also produces buses and vehicles for the military market, in the scope of approx. 150 thousand vehicles per year. As the company reported, the company’s system was also presented to IVECO’s after-market division. The companies will examine the possibility of adding the SaverOne system to the products sold as an after-market product for owners of existing IVECO trucks. In addition, it was noted that the companies will examine the entire basket of products (existing and future) of SaverOne and the adaptation of the different products to the different customers of IVECO. The joint activity with IVECO will allow the company to accelerate its global activities.”
https://www.linkedin.com/posts/amigur_essential-milestone-for-saverone-activity-6899629247976013825-eV1n/
As the Head of Digital & Advanced Technologies, IVECO Group, Fabrizio Conicella's comment on their collaboration with SaverOne is deterministic. He is the one that makes the call for finalizing commercial agreement at the IVECO Group, the parent company of IVECO, which means the integrated SaverOne DDPS system will be sold together with their trucks/buses globally, not just in Italy. "Our upcoming collaboration with SaverOne is a clear indication of our commitment to pioneering safety measures in the trucking industry. The integration of their innovative technology into our trucks is a further step in enhancing road safety by minimizing driver distraction. We believe that SaverOne's technology will complement our existing solutions such as the vocal driver assistant, safety driver index and collision reports." January, 2024 is the month. This single news will change everything.
https://www.prnewswire.com/news-releases/saverone-and-iveco-plan-to-advance-collaboration-later-this-year-301865665.html
SaverOne: Publicly Traded Tech Startup With Highly Positively Skewed Risk-Reward Ratio
Tuesday, December 26, 2023 9:00 AM EST
https://talkmarkets.com/content/stocks--equities/saverone-publicly-traded-tech-startup-with-highly-positively-skewed-risk-reward-ratio?post=423342
It’s not often you come across a startup tech company focused on a niche in the self-driving/EV space, with revenue, in fact with revenue growth of 4X year-over-year, and with a valuation below its seed-round value when it was two guys with a good idea in a garage.
We have come across SaverOne, a Nasdaq listed company with ticker SVRE. Market cap is around $4m. (no mistake: million, not billion), that is. It is a nano-cap and to advance to a micro-cap company, it would have to go up by over 10x.
Valuation and Financials
Part of the reason for the tiny market cap is that this company is focused on growth rather than profitability and the capital markets have been particularly unforgiving in 2022 and 2023, for smaller companies that need to raise capital. SaverOne is no exception and looks like one of the extreme data-points in this regard.
While its difficult to really value these early stage companies in today’s market, at a $5m market cap, the company’s shares are almost like a long-dated option- they will either eventually go to zero given a lack of progress, or if SaverOne has success, it will end up at many multiples where it is today.
In terms of financials, the company reports twice a year. In its first half year 2023 results (to quote), it reported “Revenue up ~4X YoY in H1 2023 and expects continued growth in H2 2023”. H1 2023 revenue was $399k compared with $103k in H1 2022.
Even though typical for a company at this stage in its development, the market cap at near zero is in part due to the ongoing operating and net loss, which were $4.8m and a balance sheet cash only at $5.0m. This implies a cash position at a point where they need to raise some new capital. They have an equity-line in place, where they can issue shares at market price into volume in the market and via this we believe they have been raised some additional capital. Thus, a further reason for the low market cap is the expectations of ongoing dilution to shareholders until they reach breakeven. Even so, given the current market cap, all these risks are more than baked in already into the share price.
Bottom line, given the valuation, the risk-reward here is highly skewed: it is the full share price to the downside or many multiples of that to the upside.
SaverOne’s Solves the Major Cause of Car Accidents - Distracted Driving
Over the past decade, new cars have been adding sensors to enhance safety, by providing drivers with better situational awareness with the goal of ultimately lowering the chance of an accident. Examples are forward collision warnings, emergency braking, lane departure warnings, blind spot detection, backup cameras, etc.
However, human drivers still get distracted and distraction is a major cause of accidents causing almost a third of all car accidents according to the US National Highway Traffic and Safety Administration (NHTSA) . A major reason for distraction is the smartphone.
Over the years, there has been progress made through hands-free, voice-response technology to reduce the number of direct screen interactions with the handset. The significant growth of social media and messaging over the past decade makes the smartphone a major distraction to eyes fixed on the road. Despite trying to police and educating the public to the risks, many users (particularly younger drivers) continue to use their phones while operating a vehicle, believing that a short glance at a text is probably harmless.
According to a report by the NHTSA, in the year 2019, in the just the United States, crashes where the driver was identified as being distracted resulted in over 10,000 fatalities, 1.3 million injuries, costing $100 billion in economic losses, and were 29% of all crash costs.
SaverOne’s Solution
SaverOne’s technological advantage which has 20 patents, is built around locating and exactly pinpointing the source of radiofrequency (RF) waves from a cellphone.
SaverOne can pinpoint a cellphone just in the area of the driver’s seat blocking the potentially distracting apps only from the drivers phone, but not of any of the passengers. Useful apps such as hands free navigation can continue to be enabled.
The system is typically installed in the aftermarket, meaning a garage or installer will put in the system after the car has been purchased. In addition, the driver will need to have an app installed onto his smartphone to interact with the hardware, and if the system detects a driver without the phone app, the hardware can sound an alarm and/or potentially not allow the car to start.
SaverOne has also signed a memorandum of understanding (MoU) with Iveco, the truck subsidiary of Italian-car manufacturer, Fiat, to work to integrate the system into Iveco trucks as an OEM product prior to the sale of the vehicle. This will mean that to use the system, all the truck owner will have to do is contact SaverOne to sign up and have the driver install the app.
SaverOne has developed a second technological solution based on its core IP: an RF ADAS Sensor. This solution successfully passed the proof-of-concept stage at the end of 2022, under a test with another major Western European car manufacturer, and the plan is to develop this as an additional OEM sensor product. It allows a car to detect and accurately locate other vulnerable road users (VRUs) in the vicinity and around the vehicle, via their RF footprint. This can be cyclists, motorcyclists, pedestrians crossing the road, a driver exiting a parked car, etc. This is particularly useful in non-line of sight situation, parked cars hiding pedestrians from view, etc, where the driver or on-vehicle cameras may not see this person. Today, there is no other ADAS sensor that can deal with these cases. This product is currently under development and we would expect an update from SaverOne in the coming year.
SaverOne’s Addressable Market
SaverOne is targeting all players in the automotive market. Their first product, the in-cabin distraction prevention system (or DDPS for short) is targeted at both car fleets as well as the car OEM manufacturers. The second product, the RF ADAS sensor is targeting only towards OEMs and tier-one suppliers to those OEMs.
SaverOne’s DDPS customers are typically fleet owners. Their vehicles tend to be larger, more expensive, typically carrying valuable cargo or customers. They have an interest in ensuring that their vehicles which are driven by alert drivers which do not become distracted as the potential cost of an accident – apart from cost to human life - can be economically significant to the fleet owners. The return of investment on by installing the SaverOne system across the fleet, that even prevents one accident that otherwise would have happened, can be very significant.
SaverOne’s potential market is the hundreds of thousands of corporate and public service fleets globally containing tens of millions vehicles. With the cost of the system at approximately $15 per month, the potential addressable market is in the billions of dollars yearly. SaverOne would only need capture a tiny portion of this to be a resounding success.
To date SaverOne has signed up, we would estimate, a few tens of fleet customers judging by the press release volume, with most of them in Israel but increasingly in Europe, the US and elsewhere in the world. Their largest customer to date was announced in March 2023 with Elektra Afikim, an Israeli public bus company, installing the system across their full fleet of 1,200 buses. As of the announcement of their mid-year 2023 results, on August 29, 2023, they had completed 3,000 system installations and in comparison as of March 31, 2023 they had completed 1750 installations, which means installations growing by 70% in 5 months.
SaverOne has been marketing and selling the systems using a ‘land and expand’ strategy. They typically try to win a small and limited trial of a few vehicles with a company operating a large fleet (the land part of the strategy). Initially, they target the small part of the fleet of the local subsidiary of a major global company with multiple fleets across multiple countries.
Assuming a successful trial the pilot trial expands to cover a larger portion of the local fleet, the next stage would be the whole fleet, and ultimately SaverOne aims to use their foothold in the company to expand to the company’s additional fleets in additional companies. A classic example of this is the company’s success with customer Cemex Israel, a part of the Cemex Group, a global leader in the building materials industry, Following an initial successful trial in mid-2022, Cemex Israel installed the SaverOne system on an additional portion of its fleet at the end of 2022. Then in mid 2023, Cemex Israel deployed the SaverOne System across its full fleet in Israel, and at the end of 2023, announced an initial pilot trial with Cemex in Spain.
As for the RF ADAS sensor, the addressable market in this case is the entire auto market and the fast developing autonomous vehicle market, which will use an array of sensors including the RF ADAS sensor for detecting vulnerable road users.
Regulation Moving Towards SaverOne
A potential accelerator and tailwind for future business for SaverOne is potential regulation, particularly in the EU. New EU regulation from November 2023, mandates that from mid-2024, new cars need to have a device for monitoring, identifying and warning on driver distraction. Phase-II of this regulation, expected by July 2027, is to include distraction avoidance by technical means, with systems such as that developed by SaverOne. This will provide the legislative support for SaverOne’s solution. Ultimately, the US Department of Transport will have to EU regulation as well.
Bottom Line
SaverOne is a technology startup that is publicly traded on Nasdaq under the ticker SVRE. Anyone can invest in this startup. It has a solution for lowering the risk of accidents due to distracted driving caused by cellphones. It already has had success in selling its solution, reporting $400k in revenue in the first half of 2023 – up 4X year-over-year and the company reported that revenue growth continues.
There are upcoming catalysts. They have a potential OEM deal with lead truck manufacturer Iveco expected to be signed in the coming weeks. 2023 full year results will also likely report continued growth. They continue to announce new customer wins and expansion of projects with existing customers. And finally EU regulation is moving in their favor, adding a further tail-wind.
It is difficult to value the business. The market has decided that given that they trade at a share price of around $0.60, the entire value of the company is around $4m. At this price, should they ultimately fail, the downside from $4m to zero is not particularly far. Should they ultimately succeed- and capture a small portion of what will ultimately be a multi-billion dollar yearly revenue market, the upside is many multiples of the current valuation. Thus we see the risk-reward ratio very heavily skewed to the upside.
May the new year bring joys, wealth and peace to everyone. It’s a year of Dragon, a good dragon. Our favourite stock will fly high up in the sky. Happy New Year!
"On April 13, 2023, the Company (NextPlat) completed a private placement of common stock, receiving gross proceeds of approximately $6.0 million (from Phillip Frost, the Chairman of Opko Health). On May 11, 2023, NextPlat utilized a portion of the proceeds of this private placement to further solidify its position as a controlling shareholder of Progressive Care. The Company intends to utilize additional proceeds from this offering combined with working capital from operations to support continued growth of its e-commerce platform, its further expansion into the rapidly growing healthcare sector through its strategic investment in Progressive Care, and potential acquisitions and joint ventures."
Looking forward to the new acquisions and joint ventures in the new year. Keep in mind, they have $30M on hand.
https://ir.nextplat.com/sec-filings/all-sec-filings/content/0001437749-23-023511/ex_560004.htm
Good action today. When proper news drop, this will double up easily from this level.
“Micronet operates mainly in the United States. They have sold over 1 Million OEM products through channel partners. The company focuses on the MRM vertical industries within the automotive market:
Fleet management / Mobile Resource Management (MRM) – featuring the industry’s most extensive line of Mobile Data Terminals, fixed and portable, for a variety of fleet and workforce management applications. Micronet All In One ruggedized devices offer a unique powerful open platform, built to fit and built for fleet future proofed solutions.
Micronet SmartCam, SmarTab and SmartHub products lines will take care of your video and telematics needs”.
SaverOne will obtain huge business parterships in U.S. once they complete the acquision of Micronet. “SaverOne’s management expects the acquisition of the Micronet Ltd. operations and assets that are to be acquired, will be immediately accretive to SaverOne following the closing”.
https://www.linkedin.com/company/micronet/
https://www.prnewswire.com/news-releases/saverone-enters-into-term-sheet-to-acquire-assets-and-operations-of-micronet-ltd-302020076.html
The Iveco news is coming, maybe tomorrow?
SaverOne: Publicly Traded Tech Startup With Highly Positively Skewed Risk-Reward Ratio
https://talkmarkets.com/content/stocks--equities/saverone-publicly-traded-tech-startup-with-highly-positively-skewed-risk-reward-ratio?post=423342
It’s not often you come across a startup tech company focused on a niche in the self-driving/EV space, with revenue, in fact with revenue growth of 4X year-over-year, and with a valuation below its seed-round value when it was two guys with a good idea in a garage.
We have come across SaverOne, a Nasdaq listed company with ticker SVRE. Market cap is around $4m. (no mistake: million, not billion), that is. It is a nano-cap and to advance to a micro-cap company, it would have to go up by over 10x.
Valuation and Financials
Part of the reason for the tiny market cap is that this company is focused on growth rather than profitability and the capital markets have been particularly unforgiving in 2022 and 2023, for smaller companies that need to raise capital. SaverOne is no exception and looks like one of the extreme data-points in this regard.
While its difficult to really value these early stage companies in today’s market, at a $5m market cap, the company’s shares are almost like a long-dated option- they will either eventually go to zero given a lack of progress, or if SaverOne has success, it will end up at many multiples where it is today.
In terms of financials, the company reports twice a year. In its first half year 2023 results (to quote), it reported “Revenue up ~4X YoY in H1 2023 and expects continued growth in H2 2023”. H1 2023 revenue was $399k compared with $103k in H1 2022.
Even though typical for a company at this stage in its development, the market cap at near zero is in part due to the ongoing operating and net loss, which were $4.8m and a balance sheet cash only at $5.0m. This implies a cash position at a point where they need to raise some new capital. They have an equity-line in place, where they can issue shares at market price into volume in the market and via this we believe they have been raised some additional capital. Thus, a further reason for the low market cap is the expectations of ongoing dilution to shareholders until they reach breakeven. Even so, given the current market cap, all these risks are more than baked in already into the share price.
Bottom line, given the valuation, the risk-reward here is highly skewed: it is the full share price to the downside or many multiples of that to the upside.
SaverOne’s Solves the Major Cause of Car Accidents - Distracted Driving
Over the past decade, new cars have been adding sensors to enhance safety, by providing drivers with better situational awareness with the goal of ultimately lowering the chance of an accident. Examples are forward collision warnings, emergency braking, lane departure warnings, blind spot detection, backup cameras, etc.
However, human drivers still get distracted and distraction is a major cause of accidents causing almost a third of all car accidents according to the US National Highway Traffic and Safety Administration (NHTSA) . A major reason for distraction is the smartphone.
Over the years, there has been progress made through hands-free, voice-response technology to reduce the number of direct screen interactions with the handset. The significant growth of social media and messaging over the past decade makes the smartphone a major distraction to eyes fixed on the road. Despite trying to police and educating the public to the risks, many users (particularly younger drivers) continue to use their phones while operating a vehicle, believing that a short glance at a text is probably harmless.
According to a report by the NHTSA, in the year 2019, in the just the United States, crashes where the driver was identified as being distracted resulted in over 10,000 fatalities, 1.3 million injuries, costing $100 billion in economic losses, and were 29% of all crash costs.
SaverOne’s Solution
SaverOne’s technological advantage which has over XX patents, is built around locating and exactly pinpointing the source of radiofrequency (RF) waves from a cellphone.
SaverOne can pinpoint a cellphone just in the area of the driver’s seat blocking the potentially distracting apps only from the drivers phone, but not of any of the passengers. Useful apps such as hands free navigation can continue to be enabled.
The system is typically installed in the aftermarket, meaning a garage or installer will put in the system after the car has been purchased. In addition, the driver will need to have an app installed onto his smartphone to interact with the hardware, and if the system detects a driver without the phone app, the hardware can sound an alarm and/or potentially not allow the car to start.
SaverOne has also signed a memorandum of understanding (MoU) with Iveco, the truck subsidiary of Italian-car manufacturer, Fiat, to work to integrate the system into Iveco trucks as an OEM product prior to the sale of the vehicle. This will mean that to use the system, all the truck owner will have to do is contact SaverOne to sign up and have the driver install the app.
SaverOne has developed a second technological solution based on its core IP: an RF ADAS Sensor. This solution successfully passed the proof-of-concept stage at the end of 2022, under a test with another major Western European car manufacturer, and the plan is to develop this as an additional OEM sensor product. It allows a car to detect and accurately locate other vulnerable road users (VRUs) in the vicinity and around the vehicle, via their RF footprint. This can be cyclists, motorcyclists, pedestrians crossing the road, a driver exiting a parked car, etc. This is particularly useful in non-line of sight situation, parked cars hiding pedestrians from view, etc, where the driver or on-vehicle cameras may not see this person. Today, there is no other ADAS sensor that can deal with these cases. This product is currently under development and we would expect an update from SaverOne in the coming year.
SaverOne’s Addressable Market
SaverOne is targeting all players in the automotive market. Their first product, the in-cabin distraction prevention system (or DDPS for short) is targeted at both car fleets as well as the car OEM manufacturers. The second product, the RF ADAS sensor is targeting only towards OEMs and tier-one suppliers to those OEMs.
SaverOne’s DDPS customers are typically fleet owners. Their vehicles tend to be larger, more expensive, typically carrying valuable cargo or customers. They have an interest in ensuring that their vehicles which are driven by alert drivers which do not become distracted as the potential cost of an accident – apart from cost to human life - can be economically significant to the fleet owners. The return of investment on by installing the SaverOne system across the fleet, that even prevents one accident that otherwise would have happened, can be very significant.
SaverOne’s potential market is the hundreds of thousands of corporate and public service fleets globally containing tens of millions vehicles. With the cost of the system at approximately $15 per month, the potential addressable market is in the billions of dollars yearly. SaverOne would only need capture a tiny portion of this to be a resounding success.
To date SaverOne has signed up, we would estimate, a few tens of fleet customers judging by the press release volume, with most of them in Israel but increasingly in Europe, the US and elsewhere in the world. Their largest customer to date was announced in March 2023 with Elektra Afikim, an Israeli public bus company, installing the system across their full fleet of 1,200 buses. As of the announcement of their mid-year 2023 results, on August 29, 2023, they had completed 3,000 system installations and in comparison as of March 31, 2023 they had completed 1750 installations, which means installations growing by 70% in 5 months.
SaverOne has been marketing and selling the systems using a ‘land and expand’ strategy. They typically try to win a small and limited trial of a few vehicles with a company operating a large fleet (the land part of the strategy). Initially, they target the small part of the fleet of the local subsidiary of a major global company with multiple fleets across multiple countries.
Assuming a successful trial the pilot trial expands to cover a larger portion of the local fleet, the next stage would be the whole fleet, and ultimately SaverOne aims to use their foothold in the company to expand to the company’s additional fleets in additional companies. A classic example of this is the company’s success with customer Cemex Israel, a part of the Cemex Group, a global leader in the building materials industry, Following an initial successful trial in mid-2022, Cemex Israel installed the SaverOne system on an additional portion of its fleet at the end of 2022. Then in mid 2023, Cemex Israel deployed the SaverOne System across its full fleet in Israel, and at the end of 2023, announced an initial pilot trial with Cemex in Spain.
As for the RF ADAS sensor, the addressable market in this case is the entire auto market and the fast developing autonomous vehicle market, which will use an array of sensors including the RF ADAS sensor for detecting vulnerable road users.
Regulation Moving Towards SaverOne
A potential accelerator and tailwind for future business for SaverOne is potential regulation, particularly in the EU. New EU regulation from November 2023, mandates that from mid-2024, new cars need to have a device for monitoring, identifying and warning on driver distraction. Phase-II of this regulation, expected by July 2027, is to include distraction avoidance by technical means, with systems such as that developed by SaverOne. This will provide the legislative support for SaverOne’s solution. Ultimately, the US Department of Transport will have to EU regulation as well.
Bottom Line
SaverOne is a technology startup that is publicly traded on Nasdaq under the ticker SVRE. Anyone can invest in this startup. It has a solution for lowering the risk of accidents due to distracted driving caused by cellphones. It already has had success in selling its solution, reporting $400k in revenue in the first half of 2023 – up 4X year-over-year and the company reported that revenue growth continues.
There are upcoming catalysts. They have a potential OEM deal with lead truck manufacturer Iveco expected to be signed in the coming weeks. 2023 full year results will also likely report continued growth. They continue to announce new customer wins and expansion of projects with existing customers. And finally EU regulation is moving in their favor, adding a further tail-wind.
It is difficult to value the business. The market has decided that given that they trade at a share price of around $0.60, the entire value of the company is around $4m. At this price, should they ultimately fail, the downside from $4m to zero is not particularly far. Should they ultimately succeed- and capture a small portion of what will ultimately be a multi-billion dollar yearly revenue market, the upside is many multiples of the current valuation. Thus we see the risk-reward ratio very heavily skewed to the upside.
Some action today. Way way undervalued at this level. $30M cash on hand. 5 independent directors (need to understand why). Higher revenue every single month from new partnerships with Cuban Costplus, Prohealth, 340B customers and more. NextPlat will bring it to Nasdaq very soon.
The final commercial agreement with IVECO is a life changing event for SaverOne. Keep in mind IVECO also signed a Side Letter to the original MOU with SaverOne, saying “The letter also provides IVECO with an exclusivity period of up to six months during which SaverOne agreed not to sell, develop or manufacture its OEM solution for SaverOne’s innovative in-cabin Driver Distraction Prevention Solution (DDPS) with any other truck manufacturer.”
Understand the power of the word “exclusivity” IVECO used. Their partnership of integrating SaverOne’s DDPS in IVECO’s hundreds of thousands of new cars/trucks is exclusively between the two parties for up to 6 months. SaverOne obviously has an upper hand in this deal with IVECO.
https://www.prnewswire.com/il/news-releases/saverone-and-iveco-plan-to-advance-collaboration-later-this-year-301865665.html
The due date for installing Driver Distraction Warning System on all new cars in Europe is April 2024. For large OEM car manufacturers like IVECO, they must get ready for such regulation change at least 6 months to 1 year ahead. It’s any day now their final agreement with SaverOne will be announced.
“At the same time, we continue to advance our ongoing collaboration with Iveco, developing our OEM DDPS solution that will be integrated within Iveco's vehicle manufacturing process. We hope to sign a final commercial agreement in the coming months."
https://www.prnewswire.com/news-releases/saverone-advances-its-global-sales-strategy-and-appoints-european-distributor-301971268.html
Last year SaverOne presented its nine-month results and business updates on Wednesday, 12/21/2022. We should expect they will release another business update around 12/20 this week too. Get readay!
Buying more on Monday after extensive DD today. This is absolutely going to explode as soon as some big news drop on IVECO, Cemex etc. The commercial agreements will be worth tens of millions of dollars potentially based on what the company has disclosed since October. The news are very likely to drop this month, most likely before Christmas. That means probably this week!
In October, SaverOne CEO said:“This new collaboration also follows our recent strategic pilot project with Cemex in Spain, which has proceeded successfully. At the same time, we continue to advance our ongoing collaboration with IVECO, developing our OEM DDPS solution that will be integrated within IVECO’s vehicle manufacturing process. We hope to sign a final commercial agreement in the coming months.”
https://www.prnewswire.com/il/news-releases/saverone-advances-its-global-sales-strategy-and-appoints-european-distributor-301971268.html
This is HUGE!! Read this directly from European Commision website: Road safety – advanced driver distraction warning systems. "Under the General Vehicle Safety Regulation, all new types of vehicles must be fitted with an advanced driver distraction warning system from mid-2024. The system monitors primarily driver eye movements and warns drivers when distracted. This will help reduce accidents on EU roads.
This initiative sets out the specific test procedures and technical requirements for the approval of vehicles fitted with this system."
WOW, "all new types of vehicles must be fitted with an advanced driver distraction warning system from mid-2024". That means all EU OEM car manufactures have to install "Dirver Distraction Warning System"!!!!!!!
https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13740-Road-safety-advanced-driver-distraction-warning-systems_en
IVECO invests ONE BILLION euro to renew its entire range (also electric) ahead of a 2024, which will be marked by the entry into force of the "General Safety Regulation" in EU (see above).
This is an unbelievably HUGE regulation for SaverOne. EU requires all NEW cars to be installed with Driver Distraction Warning System in 2024.
Fabrizio Conicella, Head of Digital & Advanced Technologies, Iveco Group, added, "Our upcoming collaboration with SaverOne is a clear indication of our commitment to pioneering safety measures in the trucking industry. The integration of their innovative technology into our trucks is a further step in enhancing road safety by minimizing driver distraction. We believe that SaverOne's technology will complement our existing solutions such as the vocal driver assistant, safety driver index and collision reports."
To make this whole deal with IVECO even better, read this: IVECO invests ONE BILLION euros to renew its entire range (also electric) ahead of a 2024, which will be marked by the entry into force of the General Safety Regulation in EU. More specifically, IVECO's Safety System is one of the four major areas to be upgraded with ONE BILLION euros.
"Safety remains a priority as well. Various Advanced Driver Assistance Systems (ADAS) – such as a blind spot warning information system, driver drowsiness attention warning and traffic jam assist – have been incorporated in the new range to enhance safety in and around the vehicle, extending beyond regulatory requirements, with protection for vulnerable road users."
Look what SaverOne's CEO said about their products for ADAS and protection for vulnerable road users. Ori Gilboa, CEO of SaverOne, commented,"We consider this a testament to IVECO's confidence in our cutting-edge DDPS technology and safety solution. In addition, we are exploring further opportunities with IVECO, such as including our VRUP (Vulnerable Road User Protection) solution, with the aim of creating a safer driving environment across broader vehicle types. We look forward to potentially launching our work with them later this year, leveraging our expertise and their strong competitive positioning to revolutionize safety standards in the trucking industry."
Their VRUP products aligns exactly well with IVECO's one billion dollar investment, including upgrading their current Advanced Driver Assistance Systems, for protection of Vulnerable Road Users.
https://saver.one/adas-sensor-solution/
https://www.sustainabletruckvan.com/iveco-electric-range-model-year-2024/
When news drop that SaverOne DDPS is being installed on IVECO's new trucks, and with VRUP products, this agreement will generate revenue worth tens of millions of dollars, and even more. The news can drop any day in Decemember!!!
https://www.prnewswire.com/il/news-releases/saverone-and-iveco-plan-to-advance-collaboration-later-this-year-301865665.html
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On their Find Pharmacy website, if you enter Orlando's zip code, Pharmcorx (Orlando location) is one of the six pharmacies in the area. In the Miami area, Pharmcorx (Hallendale location) and Pharmcorx 1204 (North Miami Beach location) are the two out of three pharmacies in the whole area.
This is really awesome! For local pharmacy pickup of Costplus drugs in south Florida and Orlando areas, Pharmcorx is the one that people will see most!
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It's a win-win for everyone that participates in their costplus program. Good for Progressive Care too.
https://www.linkedin.com/posts/mark-cuban-06a0755b_on-january-19th-2022-cost-plus-drugs-activity-7140757831183405056-AFe0?utm_source=share&utm_medium=member_desktop
They announced this webcast on Tuesday last week and didn’t release any other news after that. It surely sounds like some major updates will be announced today.
In this October's conference call, the company was asked the possibility of getting FDA approval right after Phase 2b results.
Q: Amylyx ($AMLX) received FDA approval for their combination therapy after a single phase two study (for ALS). So do you believe you'll be able to do the same for Prime C?
A: It's really entirely based on the readout of the phase 2B study. We're going to be in close connection with regulators and if the results are compelling we'll discuss this pathway forward with them (FDA), but ultimately it will be dependent on the readout.
Q: Can you predict how how early could Prime C be on the market?
A: Due to the dynamic regulatory environment and based on these decisions by the FDA for Amylyx and Biogen's therapies over the last 12 months, if we have outstanding data from the phase 2B study, it could be after we have data from this study we could move forward and have Regulators approve Prime C.
Watch the video starting at 18'43"