REG - Windward Ltd. - Half Year Report
17/08/2023 07:00
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RNS Number : 5556J Windward Ltd. 17 August 2023
17 August 2023
Windward Ltd.
("Windward", "the Company")
Half Year Results
A period of significant growth in customer base allied to strong financial
results
Windward (https://windward.ai/) (LON: WNWD), a leading Maritime AI company,
is pleased to announce its financial results for the six months ended 30
June 2023.
Financial Highlights
· Annual Contract Value (ACV(1)), a key indicator of future revenue growth, grew
23% to $27.6m (HY 22: $22.5m)
· Revenue up 18% to $12.8m (HY 22: $10.9m)
· Gross margin at 78% (HY 22: 72%), reflecting increase in revenue and cost
saving actions taken earlier in the year
· Significantly improved Adjusted EBITDA(2) loss of $3.8m (HY 22: ($5.4m))
· 52% reduction in cash used for operations to $4.0m (HY 22: $8.8m)
· Tight control over costs; total costs increased by 5.8% to $18.3m (HY 22:
$17.3m), including non-cash share based compensation of $1.3m (HY 22: $0.8m)
· Cash, cash equivalents and short term deposits of $17.9m at 30 June 2023 (31
December 2022: $22.1m)
Operational Highlights
· Execution of growth strategy in line with plan
· Secured 48 new commercial customers, almost as many as in all of 2022 (53),
bringing the total customer count to 174 (up 67% compared to 30 June 2022),
showing a significant increase in market share and revenue growth potential
· Commercial ACV now represents 32% of total ACV (30 June 2022: 23%), reflecting
the continued diversification of the business
· Continued investment in innovation to further develop our strong market
position, including the launch of our Shipments Analytics Dashboard to deliver
statistics, analytics and insight for customers on their shipments and carrier
performance
Current Trading and Outlook
· Second half trading has begun strongly and the Board is confident in meeting
market expectations
· Continued focus on driving ACV growth, which combined with careful control of
costs gives Windward a clear roadmap to achieving positive EBITDA run rate
exiting FY2024
· Significant partnerships with the London Stock Exchange Group, to integrate
Windward's technology into the LSEG's Workspace platform and with Amazon Web
Services allowing AWS customers to discover and procure the Windward solution
via the AWS marketplace
· Increasing sanctions, such as the EU Commission's 11th Package of sanctions
(https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3429) , and
broader regulatory pressures mean the need for real time, accurate insights to
manage maritime risk is greater than ever
((1)) ACV, as of a given date, is the total of the value of each contract
divided by the total number of years of the contract.
((2)) EBITDA is earnings before interest, tax, depreciation and amortisation
((3)) All references to $ or USD are in respect of United States Dollars
Ami Daniel, CEO and Co-Founder of Windward said:
"The first half of 2023 has been a transformative period for Windward. We
emerged from 2022 with a global leading suite of solutions for the maritime
industry, achieving record levels of new customer wins. We have delivered
strong first-half results while successfully streamlining our cost base and
reducing our cash burn.
"The backdrop of the war in Ukraine, increasing regulations and the
market-wide drive for efficiencies and cost reductions continues to underline
the need for Windward's solution. These drivers give us confidence in a strong
second half, and our ability to deliver the roadmap to positive EBITDA run
rate exiting FY2024. We remain focussed on building a highly successful
maritime AI business and excited by the considerable opportunity ahead."
Ami Daniel, Chief Executive Officer, and Ofer Segev, Chief Financial Officer,
will host a live presentation and Q&A relating to the interim results via
the London Stock Exchange's SparkLive platform today at 9am BST.
To register to attend, please use the following link:
https://www.lsegissuerservices.com/spark/WINDWARDLTD/events/07f330b4-68cf-45b7-a140-3a2d26485be4
(https://www.lsegissuerservices.com/spark/WINDWARDLTD/events/07f330b4-68cf-45b7-a140-3a2d26485be4)
For more information, please contact:
Windward Ltd. Via Alma PR
Irit Singer, CMO
Canaccord Genuity (Nominated Adviser & Broker) +44(0)20 7523 8000
Simon Bridges / Andrew Potts
Alma PR +44(0)20 3405 0205
Caroline Forde / Kieran Breheny
About Windward
Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange,
is a leading Maritime AI company, enabling organisations to achieve business
and operational readiness. Windward's AI-powered solution allows stakeholders
including banks, commodity traders, insurers, and major energy and shipping
companies to make real-time, predictive intelligence-driven decisions,
providing a 360° view of the maritime ecosystem and its broader impact on
safety, security, finance, and business. For more information visit:
https://windward.ai/ (https://windward.ai/) .
CEO statement
OVERVIEW
In the first half of 2023 we have delivered on a number of product, people and
financial initiatives which have been implemented throughout the business
which we believe will substantially benefit Windward going forward. We have
invested in our cost base in a measured way, while significantly reducing our
cash burn to bring forward our path to positive EBITDA. However, this has not
been at the expense of commercial success, evidenced by double-digit ACV and
revenue growth, a record number of new customer wins (particularly in the
commercial sector) and continued enhancement of our platform offering.
We are very pleased with our strong financial metrics which demonstrate the
commercial potential of our offering which we set out at the time of the IPO.
In the first half of 2023 we delivered revenue growth of 18% to $12.8m and an
exit ACV up 23% YoY at 30 June 2023 to $27.6m, providing a strong base as we
move into the second half of the year. We are also pleased with our success in
delivering this growth, while at the same time improving gross margins and
carefully managing costs, reflected in a lower adjusted EBITDA loss of $3.8m
(compared with $5.4m for HY 22) which provides a clear pathway to achieving
positive EBITDA.
The complex web of sanctions and regulatory requirements continue to drive
demand for our Maritime AI solutions. Prompted by events such as the war in
Ukraine, we have observed continually heightened requirements for our
customers throughout 2023, including the EU Commission's 11th Package of
sanctions (https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3429) ,
which allows ports to deny entry to vessels utilising deceptive shipping
tactics to circumvent sanctions. This represents a core development which has
made counterparty due diligence a necessity for any stakeholder in maritime
trade to ensure they are not conducting business with bad actors. We expect
such regulatory drivers to drive further demand for Windward's solutions going
forward.
The period has seen us deliver further innovation, launching market leading
products, building on the launches in 2022 of Ocean Freight Visibility and API
Insights Lab. We are delighted with the success of these initiatives, as
demonstrated by the record rate of customer wins in the period. Our market
leading suite of products and our significantly increased infrastructure has
seen our business scale and sets a firm base for our ambitious growth plans in
the short and medium term.
Our continued investment in R&D and innovation is a significant expense
and is key to our recent success, the current discussions we are having with a
range of potential clients and our longer-term ambition. It is this investment
and the quality of our people that gives us our competitive advantage and
underpins our confidence for not only the second half of 2023 but well beyond.
Continued customer expansion
In line with the increasing demand for our technology solutions, momentum in
new customer acquisition seen in 2022 has continued into FY23, with 49 new
customers signed in the first half. We now have 174 customers, up from 132 at
31 December 2022.
Windward has made major progress in the commercial sector, a strategic focus
to diversify the revenue base, with 48 new customers signed including BHP,
Peninsula Petroleum, and DanPilot - the national Danish pilotage company. This
represents a significant acceleration when compared to the 53 total customers
signed in the whole of 2022. Commercial ACV now represents 32% of our total
ACV, up from 23% at 30 June 2022, reflecting our continued diversification and
successful execution of our stated strategy. The Company splits its government
customers into two segments; those governments based outside of the USA (ROW
Gov) and the USA Government. Of these, growth of USA Government is our focus
and we were pleased to see an uplift in revenue and ACV of 28.7% and 26.1%
respectively from this segment in the last 12 months, driving by expanding use
of the platform within existing customers.
As previously reported, we typically expect to see a second-half weighted
performance in this segment on account of the federal budget cycle.
In line with Windward's land and expand strategy, we have been successful in
increasing the number of users, APIs and services used by existing customers
during the half as our full product portfolio increasingly becomes more
relevant to organisations across the industry.
More generally, we are observing a range of customers buying more users or API
data points for new use cases and different departments.
Building our supply chain business
A key aim has been to build the Company's supply chain business in FY23 as
part of our wider Commercial portfolio of offerings, driven by our Ocean
Freight Visibility solution, which enables customers to manage their supply
chain efficiently through best in class visibility and AI powered insights.
Progress has been encouraging and we secured a number of key customers and
partnerships during the first half, as well as continuing to enhance the depth
of insights available to customers through additional data and analytics. New
customers signed to Windward's supply chain solution include Nowports and Scan
Global.
Additional capabilities added in the period include our Reasons For Delay API,
providing additional ETA ("estimated time of arrival") insights to help
customers increase efficiencies and manage costs within their shipping
operations. This was later followed by the launch of our Shipments Analytics
Dashboard, which provides businesses with individualised analytics on past and
current shipments. We expect these key enhancements to continue to drive
adoption of the platform in the second half and beyond.
Key partnerships to drive our expansion
Alongside direct sales, Windward has established a number of key partnerships
and distribution channels with organisations across the maritime industry.
These partnerships represent an opportunity to expand further Windward's usage
across its target sectors.
Recent partnerships signed to increase Windward's presence in the supply chain
market include partnerships with Amital Data, which integrated our solution
into its platform for improved cargo visibility and Wisor, which partnered
with us to incorporate Ocean Freight Visibility into its offering, providing
customers with precise ETAs and full visibility of container tracking. These
partnerships come as part of the "Windward Inside'' partner programme, which
embeds Windward's solutions to partners' platforms, extending our offering to
new customers and markets.
Post-period, we were delighted to announce a partnership with the London Stock
Exchange Group, to integrated Windward's technology into the LSEG's Workspace
platform, providing trading and chartering users with a first-class solution
assess and mitigate sanctions compliance risks, and a partnership with Amazon
Web Services, allowing AWS customers across all segments to be able to access
the solution via the AWS marketplace.
CURRENT TRADING AND OUTLOOK
We are pleased to report trading momentum has continued into H2 2023, with ACV
and revenues tracking in line with our expectations. With a clear path to
achieving positive EBITDA, we continue to focus on the careful management of
costs while continuing to deliver on our multiple strategic revenue
opportunities.
Across supply chain management, sanctions and compliance risk, and
decarbonisation, there remains an unparalleled opportunity for further
expansion in the maritime market. Underlining this opportunity is the complex
regulatory environment, and we are seeing a growing number of companies across
the industry turning to Windward to help them make better informed decisions
and mitigate risk effectively.
We will continue to invest in our best-in-class, innovative SaaS offering,
backed by decades of maritime expertise, and we look forward to updating on
our progress through the second half.
Financial Review
Windward management and Board regularly review metrics, including the
following KPIs, to assess its performance, identify trends, develop financial
projections and make strategic decisions. For a review of the key financial
metrics, see below.
A KEY DRIVER OF FUTURE REVENUE IS ANNUAL CONTRACT VALUE (ACV)
ACV is a non-IFRS measure defined as the sum of all ACV for customers as of
the measurement date. The ACV for each customer is the annual committed
subscription value of each order booked for which Windward will be entitled to
recognise revenue. For example, a contract for $1m with a committed
contractual term of two years would have an ACV of $0.5m, making the
assumption for any period that the customer renews under the same terms and
conditions.
As at 30 June 2023, Windward increased its ACV by 23% over 30 June 2022,
driven primarily by the increase in customers from 104 to 172 over the same
period, and to a lesser extent by an increase in upsells to existing customers
made possible by expansion of the number of users or the product set. Growth
in ACV has been in the USA Gov and Commercial markets while in ROW Gov ACV
remained unchanged.
KEY PERFORMANCE INDICATORS ("KPIS") ($ IN THOUSANDS)
ACV H1-2023 $'000 H1-2022 $'000 % change
ROW Gov 11,888 11,832 0.0%
USA Gov 6,940 5,503 26.1%
Commercial 8,735 5,173 68.8%
Total 27,563 22,508 22.5%
Revenues
ROW Gov 5,549 5,477 1.3%
USA Gov 3,594 2,792 28.7%
Commercial 3,704 2,582 43.5%
Total 12,847 10,851 18.4%
Number of Customers Count Count
ROW Gov 20 22 -10%
USA Gov 16 13 23%
Commercial 138 69 100%
Total 174 104 67.3%
We separate our Government customers into two market segments: Government
outside USA (ROW) and USA Government. We do this as the buying cycle and
pricing for each segment is different. For Government ROW, in most cases
Windward is responding to a Request for Proposal ("RFP") process which can
take between 9 to 18 months to conclude. For the USA Government Windward
typically sells a subscription-based solution on a price per user basis.
Historically most of the annual awards from the U.S. Government agencies are
linked to the U.S. Federal budget cycle which typically concludes annually at
the end of September.
At the end of June 2023 our largest customer was at 10.1% (June 2022: 12%) of
ACV and the next 5 biggest customers together were 25.5% (June 2022: 29.3%)
of ACV.
The annual ACV churn rate is defined as the value of contracts lost from the
existing customer base one year prior to the measurement date, as a proportion
of the total ACV value of that existing customer base. The churn rate reflects
customer losses and contractions but not any customer expansions of existing
contracts.
Churn in H1 2023 was 4.7% compared to 5.9% in H1 2022.
FINANCIAL OVERVIEW as of 30 June 2023:
H1-2023 $'000 H1-2022 $'000 Change %
Revenues 12,847 10,851 18.4%
Cost of revenues 2,838 2,999 -5.3%
Gross Profit 10,009 7,852 27.4%
Gross Margin 78% 72%
R&D 5,676 5,961 -4.8%
S&M 6,701 5,899 13.6%
G&A 3,086 2,467 25.1%
Total operating expenses 15,463 14,327 7.9%
Operating loss (5,454) (6,475) -15.7%
Adjusted Operating loss (4,177) (5,720) -27%
Adjusted EBITDA loss (3,849) (5,411) -28.9%
REVENUE
Revenue increased by 18.4% to $12.8m (HY 22: $10.8m). This increase was driven
by 28.7% growth and 43.5% growth in our USA Government and Commercial segments
respectively mostly from new customers adopting our solution for the first
time.
Gross margin
Gross margin increased to 78% in 2023 (HY 22: 72%), mostly as a result of
increase in revenue and cost saving actions taken earlier in the year. Cost of
revenues fell from $3.0m to $2.8m as a result of the cost saving actions
undertaken including tight control over hosting costs. We expect margins to
improve over time.
R&D
Research and development decreased slightly from $5.9m in HY 22 to $5.7m in HY
23 mainly due to lower employees and cost control. All R&D costs are
expensed as they occur; we do not capitalise R&D costs.
S&M
Sales and marketing increased from $5.9m in HY 22 to $6.7m in HY 23. The main
reason for the increase was hiring additional sales managers in Europe and
USA.
G&A
General and administrative expenses increased from $2.5m in HY 22 to $3.1m in
HY 23 reflecting the increased level of business activity, mainly through the
taking on of additional office space.
Total expenses increased by 5.8% to $18.3m (HY 22: $17.3m), including non-cash
share based compensation of $1.3m (HY 22: $0.8m), significantly lower than the
18.4% increase in revenues.
EBITDA
Adjusted EBITDA is a non-IFRS financial measure defined as (profit before
depreciation, amortisation, interest, tax and share-based payment charges and
associated employer tax charges)
Reconciling EBITDA to adjusted EBITDA for HY 23, the Company added back $1.3m
(HY 22: $0.8m) of stock based compensation expenses.
Statement of financial position
CASH AND CASH EQUIVALENTS
Windward had cash, cash equivalents and short term deposits on 30 June 2023
of $17.9m, a decrease of $4.2m from 31 December 2022.
CASH FLOW
Windward used $4.0m to finance operating activities in HY 23, a 52% decrease
from the $8.8m used in HY 22, reducing our cash burn as we kept a tight
control over costs.
Ofer Segev
Chief Financial Officer
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2023 and 2022
Six months ended
June-30
Note Unaudited Unaudited
2023 2022
U.S. dollars in thousands
REVENUES 6 12,847 10,851
COST OF REVENUES 2,838 2,999
GROSS PROFIT 10,009 7,852
OPERATING EXPENSES:
Research and development 5,676 5,961
Sales and marketing 6,701 5,899
General and administration 3,086 2,467
TOTAL OPERATING EXPENSES 15,463 14,327
OPERATING LOSS (5,454) (6,475)
FINANCIAL EXPENSES
Financial expenses 539 3,467
Financial income 249 25
Total financial expenses, net 290 3,442
LOSS BEFORE INCOME TAX (5,744) (9,917)
Income tax expense 109 -
LOSS FOR THE PERIOD (5,853) (9,917)
Loss per share attributable to the ordinary equity holders of the Company:
Basic and diluted loss per share (0.066) (0.113)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of 30 June 2023, and 2022
June 30 December 31
2023 2022
Unaudited Audited
U.S. dollars in thousands
Assets
CURRENT ASSETS:
Cash and cash equivalents 17,077 22,141
Restricted short-term deposit 907 -
Trade receivables 1,641 2,448
Other receivables 3,674 2,861
TOTAL CURRENT ASSETS 23,299 27,450
NON-CURRENT ASSETS:
Restricted deposit 1,200 1,143
Property and equipment, net 711 796
Right-of-Use asset 1,806 1,956
3,717 3,895
TOTAL ASSETS 27,016 31,345
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Trade payable 835 878
Current maturities of lease liabilities 291 320
Other payable 2,747 3,637
Deferred revenues 10,417 8,315
TOTAL CURRENT LIABILITIES 14,290 13,150
NON-CURRENT LIABILITIES:
Deferred revenues 3,324 4,078
Liability for employee rights upon retirement, net 54 57
Lease liability 1,571 1,725
TOTAL NON-CURRENT LIABILITIES 4,949 5,860
TOTAL LIABILITIES 19,239 19,010
SHAREHOLDERS' EQUITY:
Ordinary Shares of 0.002 NIS par value 27 27
Preferred Shares of 0.002 NIS par value - -
Additional paid-in capital 82,153 80,858
Accumulated deficit (74,403) (68,550)
TOTAL SHAREHOLDERS' EQUITY 7,777 12,335
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 27,016 31,345
Ami Daniel Ofer Segev
Chief Executive Officer Group Chief Financial Officer
Date of approval of the consolidated financial statements by the Company's
Board of Directors: August 16, 2023
UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
As of 30 June 2023, and 2022
Ordinary shares Additional paid-in capital Accumulated deficit Total
U.S. dollars in thousands
BALANCE AS OF JANUARY 1, 2023 (Audited) 27 80,858 (68,550) 12,335
Exercise of options by employees - 17 - 17
Share based compensation - 1,278 - 1,278
Loss for the period - - (5,853) (5,853)
BALANCE AS OF JUNE 30, 2023 (Unaudited) 27 82,153 (74,403) 7,777
Ordinary shares Additional paid-in capital Accumulated deficit Total
U.S. dollars in thousands
BALANCE AS OF JANUARY 1, 2022 (Audited) 27 77,486 (49,351) 28,162
Exercise of options by employees (*) 533 - 533
Share based compensation - 755 - 755
Loss for the period - - (9,917) (9,917)
BALANCE AS OF JUNE 30, 2022 (Unaudited) 27 78,774 (59,268) 19,533
Represents an amount lower than 1 thousand U.S dollar (*)
UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2023 and 2022
Six months ended
June-30
2023 2022
Unaudited Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES: U.S. dollars in thousands
Loss for the period (5,853) (9,917)
Adjustments to reconcile loss for the period to net cash used in
operating activities:
Depreciation 328 309
Share based compensation expenses 1,278 755
Effect of exchange rate (146) 2,649
Finance (income) expenses of lease liabilities - (23)
Changes in asset and liability items:
Decrease (increase) in trade receivables 807 (709)
Increase in other receivables (814) (1,395)
Increase (decrease) in trade payables (43) 27
Decrease in other payables and accruals (890) (1,363)
Increase in deferred revenues 1,348 3
Decrease in liability for employee right upon retirement, net (3) (4)
Net cash used in operating activities (3,988) (9,668)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (48) (62)
Decrease (Increase) in bank deposits (980) 133
Net cash used in investing activities (1,028) 71
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options 17 533
Funds paid in respect of the sale of shares by shareholders in connection with - (3,730)
the Initial Public Offering
Principal elements of lease payments (130) (238)
Interest paid - (17)
Net cash provided by (used in) financing activities (113) (3,452)
DECREASE IN CASH AND CASH EQUIVALENTS (5,129) (13,049)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 22,141 43,688
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 65 (2,866)
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE PERIOD. 17,077 27,773
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
NOTE 1- GENERAL INFORMATION
Windward Ltd. (the "Company" or and its subsidiaries the "Group") was
incorporated in Israel and commenced its operations in January 2010. The
registered office of the Company is Ha-Shlosha St 2, Tel Aviv-Yafo, Israel.
Windward is a b2b SaaS technology company, focusing on the combination of
maritime domain expertise and AI. The Company provide access to a
best-in-class, Maritime AI-powered, Predictive Intelligence Platform for the
250,000 target customers which are involved in maritime trade, including
governments, shipping companies, financial institutions, freight forwarders,
beneficial cargo owners and many more.
On 6 December 2021, the Company completed a process of listing its existing
shares and issuing new shares on the AIM market of the London Stock Exchange
(the IPO).
Since the establishment of the company, the company has accumulated continuous
losses from its business activities, and it had negative cash flows.
As of June 30, 2023, the company had a cash and restricted short term bank
deposits in the amount of approximately 17.9 million dollars.
The continuation of the company's activity in the coming year is supported by
its cash balances as well as the realisation of the management's plans for
growth and an increase in the revenues. These funding sources allow the
company's management to assess its continued activity for a period of more
than 12 months starting from the date of approval of these financial
statements.
NOTE 2 - BASIS OF PREPARATION
a. These condensed consolidated interim financial information for the
six-month period ended 30 June 2023 have been prepared in accordance with IAS
34 - 'Interim financial reporting' as issued by the International Accounting
Standards Board. The condensed consolidated interim financial information
should be read in conjunction with the annual financial statements for the
year ended 31 December 2022, which have been prepared in accordance with IFRS.
This condensed consolidated interim financial information are reviewed and not
audited.
b. The accounting policies adopted are consistent with those of the previous
financial year.
NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS
The preparation of financial information in accordance with IFRS requires the
use of estimates and assumptions to be made in applying the accounting
policies that affect the reported amounts of assets, liabilities, revenue and
expenses and the disclosure of contingent assets and liabilities.
The estimates and related assumptions are based on previous experiences and
other factors considered reasonable under the circumstances, the results of
which form the basis for making the assumptions about the carrying values of
assets and liabilities that are not readily apparent from other sources.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the
estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and
future periods.
Significant accounting policies and computation methods used in preparing the
condensed consolidated interim financial information are consistent with those
used in preparing the 2022 annual financial statements.
NOTE 4 - FINANCIAL INSTRUMENTS - FAIR VALUE
The management believes that the carrying amount of cash, trade receivables,
restricted deposits trade payables and other current liabilities approximate
their fair value due to the short-term maturities of these instruments or the
sensitivity of the instruments for change in the interest rate.
NOTE 5 - SHARE BASED COMPENSATION
1. During February 2023, the Company granted in total 1,490,235 RSUs to its
employees. The total fair value of the 1,490,235 RSUs is approximately $791
thousand. 1,011,125 of the RSUs vest over four years period: 25% will vest at
the first anniversary of the grant date and 6.25% will vest at the end of each
quarter during the second, third and fourth years from the date of grant. The
rest of the RSUs will vest in one year if the performance condition that is
stipulated in the RSU grants are meet.
2. During March 2023, the Company granted in total 602,373 RSUs to its
employees. The total fair value of the 602,373 RSUs is approximately
$241 thousand. 81,500 of the RSUs vest over four years period: 25% will vest
at the first anniversary of the grant date and 6.25% will vest at the end of
each quarter during the second, third and fourth years from the date of grant.
The rest of the RSUs will vest in one year if the performance condition that
is stipulated in the RSU grants are meet.
3. During May 2023, the Company granted in total 731,028 RSUs to its
employees. The total fair value of the 731,028 RSUs is approximately $329
thousand. 130,000 of the RSUs vest over four years period: 25% will vest at
the first anniversary of the grant date and 6.25% will vest at the end of each
quarter during the second, third and fourth years from the date of grant.
354,543 of the RSUs vest at the grant day. The rest of the RSUs will vest in
one year if the performance condonation that stipulated in the RSUs grants are
meet.
NOTE 6 - REVENUES FROM CONTRACT WITH CUSTOMERS:
The Group derives revenue from providing Software as a Service (SaaS) over
time for the following major customer types and geographical regions:
Six months ended
Jun-30
2023 2022
U.S. dollars in thousands
a. Customer types:
Government 9,143 8,269
Commercial 3,704 2,582
12,847 10,851
b. Geographical regions:
Israel 265 157
North America 4,316 3,129
APAC 1,372 2,149
Europe 4,867 4,217
Gulf Cooperation Council (GCC) & Africa 1,638 1,081
South/Latin America 389 118
12,847 10,851
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. END IR EAKPKFAKDEFARecent news on Windward
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