TEL AVIV - Xylo Technologies Ltd. (NASDAQ:XYLO), an Israel-based technology company, announced today that its majority-owned subsidiary, Charging Robotics, Inc. (OTC:CHEV), has received its first commercial order from Parking Design Ltd. for a wireless electric vehicle (EV) charging system. The system is intended for use in automated parking facilities and is designed to charge multiple EVs simultaneously.
The order, which was confirmed on June 27, 2024, includes an initial batch of 12 wireless charging systems. Charging Robotics' technology employs machine learning and artificial intelligence to optimize the charging process based on a variety of factors, such as vehicle departure times and driving patterns. This development is expected to enhance the efficiency of automatic parking facilities by integrating EV charging capabilities.
Charging Robotics previously demonstrated its technology through a pilot installation in Tel Aviv. The company specializes in automatic wireless charging solutions, including both robotic and stationary systems. Its stationary systems are particularly suited for car parks where direct plug-in charging is not feasible.
The partnership with Parking Design, a company known for its innovative parking solutions, aims to streamline the management and charging of EVs within automated parking environments. The full deployment of the ordered systems is scheduled throughout 2025.
Xylo Technologies has a diverse portfolio, with interests in advanced medical solutions, digital commerce, and the electric vehicle market. Its affiliations include Polyrizon Ltd., Gix Internet Ltd., Eventer Technologies Ltd., Revoltz Ltd., Parazero Technologies Ltd., and Zig Miami 54 LLC. Xylo is listed on the Nasdaq Capital Market.
The information in this article is based on a press release statement from Xylo Technologies Ltd. and reflects the company's current expectations for the collaboration between Charging Robotics and Parking Design. Still, it is worth noting that forward-looking statements are subject to various risks and uncertainties, and actual outcomes may differ from those projected.
In other recent news, Xylo Technologies Ltd. has been involved in a series of strategic moves aimed at expanding its capabilities and market reach. The Israel-based tech company's affiliate, Gix Internet Ltd., has entered into a memorandum of understanding with an AI robotics firm specializing in medical logistics. This acquisition, subject to customary closing conditions, is expected to enhance Gix's growth and technological prowess in AI and robotics.
Simultaneously, Xylo announced plans to acquire a German firm specializing in AI for predictive maintenance and condition monitoring. This acquisition is projected to broaden Xylo's portfolio across various industries. Xylo will initially acquire 51% of the target company's outstanding shares with a down payment of 1.5 million Euros, with the remaining shares to be purchased based on the 2024 EBITDA results.
In other developments, Xylo's subsidiary, Charging Robotics Ltd., has installed a novel wireless charging system for electric vehicles in Tel Aviv. Furthermore, Revoltz Ltd., a joint venture of Xylo, has produced its first batch of 50 micro-mobility electric vehicles, named PORTO. These are recent developments in the company's ongoing efforts to innovate and expand.
InvestingPro Insights
As Xylo Technologies Ltd. (NASDAQ:XYLO) ventures into the burgeoning field of wireless electric vehicle (EV) charging through its subsidiary Charging Robotics, Inc., it is important for investors to get a holistic view of the company's financial health.
According to recent data from InvestingPro, Xylo Technologies holds a market capitalization of $3.35 million USD, reflecting the size of the company in the stock market. Despite the innovative steps taken towards future technology integrations, the company's P/E Ratio (Adjusted) for the last twelve months as of Q4 2023 stands at -0.28, indicating that the company is not currently profitable.
Moreover, the company's revenue for the same period was $91.72 million USD, with a gross profit margin of 12.91%. These figures suggest that while Xylo Technologies is generating revenue, it faces challenges in translating these revenues into net income, which is reflected in its negative operating income margin of -11.79%. The company's share price has not performed well over the past decade, which could be a point of consideration for potential investors.
For those interested in further details on Xylo Technologies' financials and performance, there are additional InvestingPro Tips available. These insights include observations such as the company's high shareholder yield and the fact that it is trading at a low revenue valuation multiple.
The InvestingPro platform also notes that Xylo is quickly burning through its cash reserves and does not pay a dividend to shareholders, which could influence investment decisions. To explore these tips and more, visit InvestingPro and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking the full array of financial insights and analytics.
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