Core Insights - Silynxcom Ltd. has received its first order for a new tactical communication system configuration specifically designed for the U.S. Air Force, marking a significant milestone for the company [1] - The CEO of Silynxcom expressed that this order reflects strong confidence in the company's solutions and its understanding of the evolving needs of the market, highlighting a growing demand from military and law enforcement organizations [2] Company Overview - Silynxcom Ltd. specializes in developing, manufacturing, and selling ruggedized tactical communication headset devices and accessories that are field-tested and combat-proven [3] - The company's In-Ear Headsets are utilized in various high-stakes environments, including combat, riot control, and training, providing users with active sound protection while maintaining situational awareness [3] - Silynxcom collaborates closely with military and law enforcement clients to enhance product functionality and quality based on real-world feedback [3]

Financial Performance - Total revenue for the six-month period ended June 30, 2024, was $5,356,000, representing an increase of 73% compared to $3,096,000 for the same period in 2023[12] - Gross profit for the same period was $2,650,000, up from $1,195,000, indicating a gross margin improvement[12] - Operating profit for the six-month period was $267,000, a significant recovery from an operating loss of $2,328,000 in the prior year[12] - Net loss for the period was $696,000, compared to a net loss of $2,326,000 in the same period last year, showing a reduction in losses[12] - Revenue from Israel increased significantly to $3,613,000 in June 2024, up from $1,260,000 in June 2023, marking a 187% growth[72] - The loss for the six months ended June 30, 2024, is $696,000, a decrease from a loss of $2,326,000 for the same period in 2023[81] Assets and Liabilities - Total current assets increased to $8,682,000 as of June 30, 2024, from $5,961,000 at the end of 2023, reflecting a growth of 45%[6] - Total liabilities decreased to $2,310,000 as of June 30, 2024, down from $3,945,000 at the end of 2023, a reduction of 41%[10] - Shareholders' equity increased to $6,616,000 as of June 30, 2024, compared to $2,221,000 at the end of 2023, marking a growth of 198%[10] - Cash and cash equivalents at the end of the period were $668,000, up from $568,000 at the beginning of the year, indicating a positive cash flow[16] - The company has a marketable securities fair value of $2,991,000 as of June 30, 2024[65] IPO and Equity - The company issued common stock in the IPO, netting $4,254,000, which contributed to the increase in shareholders' equity[14] - On January 17, 2024, the company completed its IPO, raising gross proceeds of $5,000,000 from the sale of 1,250,000 ordinary shares at $4.00 per share[61] - The company incurred direct equity transaction costs of $575,000 in cash and $2,839,000 in non-cash costs related to the IPO[61] - On July 11, 2024, the company issued 36,982 ordinary shares as part of the SAFE conversion and investment agreement in connection with the IPO[82] Research and Development - Research and development expenses for the period were $259,000, down from $569,000 in the previous year, reflecting a focus on cost management[12] - Research and development expenses for the six months ended June 30, 2024, are $29,000, down from $69,000 in the same period in 2023[80] Market and Operational Conditions - The company experienced a significant increase in demand for its products from the Israel Defense Forces since October 7, 2023[39] - The ongoing geopolitical instability in Israel may adversely affect the company's operations and future sales[33] - The company has not experienced significant supply chain disruptions since the outbreak of hostilities on October 7, 2023[35] - The company’s commercial insurance does not cover losses from war and terrorism, which could materially affect its business[38] - The company’s management believes that its current resources are sufficient for the foreseeable future following the IPO[29] Other Financial Metrics - The company reported a gross profit increase driven by higher sales in the In-Ear Headset systems, which generated $3,389,000 in revenue for June 2024, compared to $2,143,000 in June 2023[72] - The company reported a current loss of $696,000 and an accumulated loss of $20,969,000[29] - The company exercised 456,000 SAFE and 165,000 warrants, impacting the balance of liabilities measured at level 3[70] - The expected volatility in Silynxcom's share price is estimated at 41%[66] - As of December 31, 2023, the estimated value of the SAFE is $409,000, while the value of the warrants is $165,000[69][66]

NETANYA, Israel, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, reported its consolidated financial results as of and for the six months ended June 30, 2024. Key Financial Highlights for the First Half of 2024: Revenues - for the six months ended June 30, 2024 were $5,356 thousand, an increase of 73% from the equivalent period i ...

Silynxcom has received a total of approximately $1,550,000 in orders from the Israel Defense Forces since the beginning of the third quarter of 2024 Netanya, Israel, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices, has received additional orders from the Israel Defense Forces ("IDF") in the amount of $740,000, adding to the $815,000 worth of orders secured since the begin ...

The order, totaling over $270,000, is a repeat order from this elite unit Netanya, Israel, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices, announced that it has received a follow-on order from a high-level security agency, valued at over $270,000. This significant order indicates the growing trust and demand for Silynxcom's advanced communication solutions within the glo ...

The Company received two follow-on orders and gained one new end user through its European distribution partners Netanya, Israel, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices, announces the three new orders through its European distribution partners. Two of the orders are from repeat law enforcement end users in Switzerland. The other order is from a regional police en ...

Netanya, Israel, July 24, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE:SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices has received an additional order from the Israel Defense Forces ("IDF") for its advanced tactical communication headset devices. This latest order for $315,000 comes after a $500,000 order (both amounts approximate based on current exchange rates) from the IDF was announced by the Company on July 9, 2024. The Company a ...

Netanya, Israel, July 09, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, received product orders of $500,000 from the Israel Defense Forces for its advanced military headset system family of products. Silynxcom's tactical communication solutions are designed to meet the rigorous demands of modern military operations. By delivering high-q ...

Netanya, Israel, July 09, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, received product orders of $500,000 from the Israel Defense Forces for its advanced military headset system family of products. Silynxcom's tactical communication solutions are designed to meet the rigorous demands of modern military operations. By delivering high-q ...

Exhibit 99.1 Use of Non-IFRS Financial Results Silynxcom Announces Annual Results for 2023; Positive Cash Flow and Revenue Growth Netanya, Israel, April 30, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) ("Silynxcom" or the "Company"), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, has released its consolidated financial results for the full year period ended December 31, 2023. The Company has filed its Annual Repo ...