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Here are 1-3 brief analogies to describe Actelis Networks (ASNS):

• They are similar to a specialized Cisco for critical infrastructure, but uniquely focused on making existing copper networks perform with high security and speed for clients like utilities and smart cities.

• Imagine them as a network modernization arm for critical infrastructure companies like Siemens or Schneider Electric, providing secure, high-performance data links over existing copper and fiber.

• They are like a specialized division of CommScope or Nokia's fixed networks, focused on extending the life of copper infrastructure while integrating with fiber, to deliver cyber-hardened connectivity for defense and transportation sectors.

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• Cyber-Hardened Ethernet Switches and Routers: These are ruggedized networking devices designed to provide secure, reliable, and high-speed connectivity for mission-critical industrial, utility, and transportation applications over both copper and fiber.
• Hybrid Fiber-Copper Aggregation Platforms: Solutions that extend the reach and capacity of fiber optic networks by leveraging existing copper infrastructure to deliver high-speed Ethernet services over long distances.
• G.fast Broadband Access Solutions: Technology enabling ultra-fast broadband speeds over existing copper telephone lines, primarily utilized by service providers to deliver fiber-like services to homes and businesses.
• Network Management System (NMS): Software suite providing centralized management, monitoring, and configuration capabilities for Actelis' networking devices and the connected network infrastructure.

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Actelis Networks (ASNS) primarily sells its advanced networking solutions to other companies and organizations, focusing on critical infrastructure sectors. They do not sell primarily to individuals.

Actelis' major customers fall into the following categories of organizations:

• Government and Defense Agencies: These include national, state, and local government entities, as well as military and defense organizations that require secure, resilient, and high-speed communication networks for operations, surveillance, border security, and tactical deployments.
• Utility Companies: This category encompasses power, water, and gas utilities that utilize Actelis' solutions for smart grid applications, SCADA (Supervisory Control and Data Acquisition) systems, substation automation, and overall operational technology (OT) network modernization.
• Transportation Authorities: Customers in this segment include rail operators, highway and road authorities, and airport operators. They deploy Actelis' technology for signaling systems, traffic management, video surveillance, IoT applications, and other critical operational communications infrastructure.
• Telecommunications Service Providers and System Integrators: While not always the end-user, these companies are crucial customers and partners. Service providers may integrate Actelis' equipment into their own network offerings, and system integrators often incorporate Actelis' solutions into larger, complex projects for their enterprise and public sector clients.

Actelis Networks serves a diverse customer base within these critical sectors. While they engage with numerous public and private entities, they typically do not disclose individual named public companies as dominant customers (e.g., accounting for a significant portion of revenue) in their public filings due to the breadth of their client base across these essential industries.

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Sanmina Corporation (SANM)

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Tuvia Barlev, Chief Executive Officer, Secretary and Chairman of the Board

Tuvia Barlev co-founded Actelis Networks in 1998 and has served as CEO since January 2013, having previously held the CEO role until January 2010. He is a seasoned serial entrepreneur with over 25 years of experience in high-technology leadership. Barlev also founded and served as Chairman/Acting CEO at Superfish Inc., Leyden Energy, Adyounet Inc., and SafePeak LTD. Before founding Actelis, he led the R&D organization at Teledata, which was acquired by ADC in 1998.

Yoav Efron, Deputy Chief Executive Officer and Chief Financial Officer

Yoav Efron joined Actelis Networks as Chief Financial Officer in January 2018, responsible for financial aspects, strategy, IT, and Human Resources. Prior to Actelis, he was the CFO of TriPlay Inc. and eMusic Inc. from 2012 to 2017. He also worked in various executive financial roles at Avaya Inc. from 1998 to 2010 and was an entrepreneur in energy efficiency from 2010 to 2014.

Hemi Kabir, Vice President of Operations

Hemi Kabir has served as Actelis' Vice President of Operations since January 2015, bringing over 20 years of experience in operations, supply chain, and engineering. He manages the company's Supply Chain, Purchasing, Quality Assurance, and Operations Engineering departments. Previously, Kabir was head of Supply Chain management and purchasing at "Better place" Israel.

Elad Domanovitz, Chief Technologies Officer

Dr. Elad Domanovitz has been Actelis' Chief Technologies Officer since April 2017, having previously served as director of technologies from 2014. He is responsible for envisioning and developing Actelis' research capabilities and driving the company's technology development.

Mark DeVol, Chief Revenue Officer of Americas

Mark DeVol brings over 30 years of distinguished experience in the defense, government, and telecommunications sectors. Prior to joining Actelis, he served as Vice President of Federal Sales for Ericsson Enterprise Wireless Solutions. His career includes leadership roles in both engineering and sales at major technology companies such as Nokia, Verizon Wireless, Oceus Networks, MCI WorldCom, and Marconi Communications.

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The key risks to Actelis Networks (ASNS) are primarily centered around its financial viability and ability to sustain operations as a public company.

1. Financial Instability and Going Concern Doubts: Actelis Networks has a history of incurring significant losses and negative cash flows from operations, with an accumulated deficit of $44.0 million as of December 31, 2024. The company's operations have been funded through equity and debt financing, and it held limited cash on hand, $2.3 million as of December 31, 2024. Actelis is currently unprofitable and is not projected to achieve profitability within the next three years. The company faces significant execution risk in its efforts to accelerate revenue and achieve cash flow break-even and profitability.
2. Nasdaq Delisting Risk and Shareholder Dilution: Actelis Networks received a Nasdaq delisting notice due to its non-compliance with the $2.5 million stockholders' equity requirement. While the company plans to request a hearing and present a compliance plan, there is no guarantee of a favorable outcome. A delisting could severely impact the stock's liquidity and the company's ability to raise capital. Furthermore, shareholders have experienced substantial dilution in the past year, and the company undertook a reverse stock split in November 2025. The stock's price has also been highly volatile compared to the broader U.S. market.
3. Customer Concentration: A significant portion of Actelis Networks' revenue is concentrated among a small number of customers. The top ten customers collectively accounted for approximately 74% of the company's revenues in 2024 and 66% in 2023. This high level of customer concentration means that the loss of one or more major customers could have a material adverse effect on the company's financial results and overall business.

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The increasing viability and adoption of advanced wireless communication technologies, specifically private 5G networks and other high-performance cellular solutions, pose an emerging threat. These technologies offer high bandwidth, low latency, and secure connectivity, potentially displacing the need for Actelis Networks' wired (hybrid fiber-copper) last-mile solutions in its target industrial IoT applications such as intelligent traffic systems, smart cities, utilities, and defense. As wireless deployments become more cost-effective and robust, they could reduce demand for new wired installations or upgrades that Actelis's technology addresses.

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• Expansion into new strategic markets and geographies: Actelis Networks has been focused on expanding its market reach beyond its traditional customer base. This includes targeting new verticals such as smart cities, transportation, and industrial IoT, as well as increasing its presence in underserved or emerging geographical regions to capture a broader customer segment.
• Growth in demand for hybrid fiber-copper solutions for 5G and fiber extension: The ongoing global rollout of 5G networks and the increasing need for efficient fiber extension solutions present a significant growth opportunity for Actelis. The company's hybrid fiber-copper technologies allow for cost-effective and rapid deployment of high-speed connectivity, which is crucial for backhauling 5G traffic and extending fiber reach in challenging environments.
• Development and launch of new product offerings and enhanced solutions: Continuous innovation and the introduction of next-generation products are vital for sustaining revenue growth. Actelis is expected to introduce new hardware and software solutions that cater to evolving market demands, such as higher bandwidth requirements, enhanced security features, and simplified network management, thereby expanding its addressable market and capturing new revenue streams.
• Increased adoption of existing products within key customer segments: Actelis aims to deepen its penetration within its established customer base, particularly with government agencies, utility companies, and communication service providers. By demonstrating the value and scalability of its current product portfolio, the company seeks to secure larger deployments and repeat business from these key segments.

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