SaverOne Makes Solid Strides During 2023, Setting It Up For A Potentially Strong 2024
Detroit, Michigan
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December 19, 2023 09:25 AM Eastern Standard Time
By Meg Flippin, Benzinga
It’s been a busy year for SaverOne 2014 Ltd. (NASDAQ: SVRE), the company that makes safety systems to prevent drivers from using distracting apps while driving. As of the last check, SaverOne’s technology has been installed in well over 3,000 cars, trucks and buses and is integrated into the fleets of more than 100 companies worldwide.
But that doesn’t mean the company is resting on its laurels, which was evident in 2023. SaverOne reached milestones on the deals completed and on the financial front during the year.
Pilot Programs Grow
Take penetrations into new markets and customers for starters. During the year the tech company launched pilot projects in the U.S., Europe and the Gulf region. As of the end of August, more than 4,300 new systems have been ordered by customers with about 3,000 already installed.
Some of its key alliances include MOU with IVECO, the commercial vehicle brand of Iveco Group, which it inked in the summer. IVECO will integrate SaverOne's technology into their vehicles, aimed at enhancing road safety. SaverOne reports that it expects a final OEM deal to be signed between SaverOne and IVECO in the near term.
More recently, SaverOne announced a new pilot with Milan-based Systems Logistics, an Italian designer, manufacturer and provider of automated warehousing with customers in Europe, America and Asia. The company has a fleet of over 100 vehicles. The pilot is taking place on a number of vehicles from Systems Logistics’ fleet. If the pilot goes off without a hitch, Systems Logistics could add SaverOne’s technology to more vehicles in its fleet.
It marks the second recent pilot SaverOne has in Italy. SaverOne also announced that Tecne Autostrade, the engineering company of Gruppo Autostrade per l’Italia, a leading concessionary in Europe for the construction and management of toll motorways started a pilot program with SaverOne. The pilot will involve the integration of SaverOne’s Driver Distraction Prevention System (DDPS) into an initial 10 vehicles. The whole Tecne Group fleet comprises about 3,000 vehicles, underscoring the potential strong opportunity for SaverOne. The region has been a focus area for SaverOne which also has deals with Italantin Country Partner and GVZ as well.
Revenue Up, Loss Down
On the financial side of things, SaverOne has been making strides this year. Revenue grew by almost 4X year-over-year in the first half of 2023, gross margins ticked up to 32% and the company continues to strongly invest in its growth opportunities. SaverOne expects to report more good news when it offers up its full-year 2023 results early next year.
There are several reasons SaverOne seems to be thriving this year and becoming a favorite among customers around the globe. For starters, its technology blocks messages but still lets the driver access navigation and other work-related applications. That’s a key differentiator that many fleet operators and drivers appreciate. What’s more, there is no action required on the part of the driver. It's automatic and doesn’t require consent. Another selling factor: it doesn’t interfere with the mobile phones of passengers in the vehicle. SaverOne aims to prevent distractions from getting into the cabin while other systems on the market react once they are already in.
It’s also helping companies keep costs down. In 2019, distracted driving in the United States resulted in 10,546 fatalities and 1.3 million nonfatal injuries, resulting in costs to the tune of $100 billion. While there’s an upfront cost for SaverOne’s system, the return on the investment can come quickly if it prevents an accident. It can also lower insurance premiums, enhance operational efficiency by reducing driver fatigue, stress and errors and even improve employee retention. Furthermore, it shows you care about the safety and well-being of your employees.
Companies seem to be getting all that, which is why SaverOne reports that it is having a strong 2023. With plans to expand further and go after new markets in the new year, investors should pay attention to what’s coming down the pike for this publicly-traded, Israeli tech startup. The company is listed on the NASDAQ under the ticker SVRE.
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