Charging Robotics Inc. (formerly Fuel Doctor Holdings, Inc.) reported a net loss of approximately $842,000 for the fiscal year ending December 31, 2024, compared to a loss of $804,000 in the previous year. The company has not generated any significant revenue since its inception, reflecting its ongoing development stage. Total operating expenses for 2024 were $777,000, slightly higher than the $766,000 reported in 2023. The increase in expenses was primarily attributed to higher general and administrative costs, which rose to $458,000 from $437,000, driven by increased operational activities.
The company’s financial position has seen notable changes, with total assets increasing to $332,000 in 2024 from $223,000 in 2023. This growth was primarily due to a cash balance that rose to $175,000 from $8,000, following successful financing activities that included the issuance of common stock. Total liabilities also increased significantly to $945,000 from $397,000, largely due to short-term loans and payables to related parties. As of December 31, 2024, the company reported a negative working capital of $654,000, up from $297,000 in the previous year.
Strategically, Charging Robotics has focused on developing wireless charging systems for electric vehicles (EVs) in automated parking systems (APS). The company completed a pilot project in Tel Aviv and is preparing for the commercialization of its next-generation product, expected to be ready by January 2025. The company has also established a partnership with the Israel Innovation Authority, which approved funding for its pilot project. Additionally, the company is in discussions with multiple APS providers, forecasting the installation of approximately thirty systems by the end of 2024.
Operationally, the company has maintained a small workforce, consisting of two part-time senior management positions and four part-time engineers, all based in Israel. The company is currently renting office and lab space in an innovation hub to support its development efforts. Despite the ongoing challenges, including the need for additional capital to support its operations, the company is optimistic about its market potential, particularly as the demand for EV charging solutions continues to grow globally.
Looking ahead, Charging Robotics anticipates that its innovative wireless charging technology will position it favorably within the expanding EV market. However, the company acknowledges the risks associated with its development stage, including the need for substantial additional capital and the potential impact of geopolitical instability in Israel on its operations. The management remains focused on executing its growth strategy while navigating these challenges.
About Charging Robotics Inc.
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