• Mobileye for trains

• Main Line System: An advanced vision-based safety system designed for long-haul trains to detect obstacles and hazards on main railway lines in real-time.
• ShuntYard System: A vision-based safety system specifically for rail yards, enhancing safety during low-speed shunting and coupling operations by detecting obstacles and personnel.
• Light Rail & Tram System: A specialized vision-based safety system for urban light rail and trams, providing real-time obstacle detection and situational awareness in densely populated areas.

Rail Vision (RVSN) sells primarily to other companies, specifically railway operators and rail industry system integrators.

Its major identified customers and strategic partners (who integrate and/or resell Rail Vision's technology) include:

• Israel Railways Ltd. (Government-owned company, not publicly traded)
• Knorr-Bremse AG (XTRA: KBX, OTC: KNRRY) - A global manufacturer of braking systems and a leading supplier of safety-critical systems for rail and commercial vehicles. Knorr-Bremse is a strategic partner that integrates Rail Vision's systems into its own offerings and serves as a channel for broader distribution.

Rail Vision also serves other major railway operators in North America and Europe, including national and regional freight companies; however, the specific names of these customers are typically not publicly disclosed by Rail Vision due to confidentiality agreements.

David BenDavid, Chief Executive Officer

David BenDavid is an entrepreneurial leader with over 25 years of global experience in driving innovation in artificial intelligence, cloud computing, and other transformative technologies. He previously served as Rail Vision's Chief Technology Officer from 2018 to 2019. From 2019 to 2024, he served as CEO and co-founder of Tensorleap, a deep learning analytics platform. Prior to that, he was CEO and co-founder of Ogmint, a provider of high-end augmented reality solutions for the retail sector, which secured strategic investments from European partners. Mr. BenDavid has also held senior engineering and sales engineering roles in prominent technology companies in both Israel and the United States. He holds a B.Sc. in Mechanical Engineering and a Software Engineering Certification from the Technion – Israel Institute of Technology.

Ofer Naveh, Chief Financial Officer

Ofer Naveh brings more than 15 years of experience in accounting and financial management. His background includes work at KPMG's audit practice and various financial and accounting roles at public companies traded in Israel and the US. Mr. Naveh holds a B.A. in Accounting and Business from The College of Management Academic Studies and an M.A. in Law from Bar-Ilan University.

Noam Shloper, Chief Operating Officer

Noam Shloper has served as Rail Vision's Chief Operating Officer since November 2024, and as Head of QA, Homologation and Project Management since July 2019. He possesses over 20 years of combined managerial experience, including Executive Compliance & Project management in competitive, high-technology environments for products involving SW, Algo & HW technology in both military and commercial applications. Previously, Mr. Shloper served as Director Quality Management of DRS Rada Technologies from June 2017 till July 2019.

Doron Cohadier, VP Business Development and Marketing

Doron Cohadier has served as Rail Vision's Vice President of Business Development and Marketing since September 2024. He has more than 20 years of managerial experience, primarily in business development. From 2017 to 2024, Mr. Cohadier was the Vice President of Business Development of Foresight Autonomous Holdings Ltd. Prior to that, from 2011 to 2017, he served as a Director Business Development and Marketing of Elbit Systems Ltd. Mr. Cohadier holds a B.Sc. in Industrial Engineering from Brunel University, London, and an Executive M.B.A. from the Recanati School of Business Administration of the Tel Aviv University.

Amit Klir, VP R&D

Amit Klir has extensive experience in managing multidisciplinary teams, and has served as a product manager and leader of various projects. He has been responsible for setting up and leading the development of medical products, and products combining video-processing, signals, and advanced algorithms in several leading hi-tech companies. Mr. Klir holds a B.Sc. in Electrical and Computer Engineering, specializing in DSP from the Ben-Gurion University in Beer Sheva.

The accelerated development and adoption of comprehensive, integrated multi-sensor fusion platforms by larger, well-resourced railway technology providers or specialized startups. These platforms combine and process data from various sensor types (e.g., LiDAR, radar, thermal cameras, as well as optical cameras) with advanced artificial intelligence to create a more robust, all-weather, and potentially more reliable obstacle detection and situational awareness system than one primarily reliant on optical vision. If these integrated solutions become the preferred industry standard, particularly due to their superior performance in adverse environmental conditions (e.g., heavy fog, snow, torrential rain, or direct glare), they could diminish the competitive advantage and market share of companies like Rail Vision that specialize predominantly in AI-powered optical vision systems. This represents a potential shift in the foundational technology approach for rail safety and autonomy, where a more comprehensive, resilient system could displace a specialized one.

Addressable Markets for Rail Vision's Main Products and Services

Rail Vision (RVSN) develops cutting-edge cognitive vision sensor technology and safety systems for the railway industry, with its primary products being the MainLine and ShuntingYard systems. The company also offers solutions for railway operational safety, efficiency, and predictive maintenance, including GIS mapping, big data services, and cloud data services for infrastructure monitoring.

Train Obstacle Detection Systems

• Global: The global train obstacle detection systems market was valued at approximately USD 2.14 billion in 2024 and is projected to grow to USD 5.5 billion by 2035. Another report estimates the global rail transit obstacle detection system market at approximately USD 2.5 billion in 2025, projected to reach USD 7.8 billion by 2033.
• Level Crossing Obstacle Detection Systems (Global): This specific segment of obstacle detection was valued at USD 1.498.7 billion in 2024 and is expected to reach USD 3.5 billion by 2035.
• Level Crossing Obstacle Detection Systems (North America): The market was valued at USD 600 million in 2024, with projections to increase to USD 1.3 billion by 2035.
• Level Crossing Obstacle Detection Systems (Europe and Japan): This market was valued at USD 0.24 billion in 2023 and is projected to reach USD 0.47 billion by 2033.

Railway Safety Systems

• Global: The global railway safety and security market was valued at US$ 4.279 billion in 2024 and is projected to reach US$ 6.782 billion by 2031.
• Global Railway Signaling System Market (closely related to safety systems): This market was estimated at USD 18.2 billion in 2024, with an expectation to grow to USD 42.4 billion by 2034. Other estimates include USD 17.3 billion in 2024, reaching USD 40.8 billion by 2035, and USD 24.05 billion in 2024, projected to reach USD 53.53 billion by 2033.
• North America Railway Signaling System Market: This market generated USD 4.2 billion in revenue in 2024, with the U.S. dominating with an approximately 85% share.
• Europe Railway Signaling System Market: Europe accounted for approximately 37% of the global railway signaling system market in 2024.
• Asia Pacific Railway Signaling System Market: This region accounted for over 23% of the global railway signaling system market in 2024 and is the fastest-growing region.

Railway Predictive Maintenance and Infrastructure Monitoring

• Global Railway Predictive Maintenance Market: This market reached USD 4.13 billion in 2024 and is expected to grow to USD 11.92 billion by 2033.
• Europe Railway Predictive Maintenance Market: Europe is the dominant region, accounting for approximately 38% of the global market revenue in 2024, equating to around USD 1.57 billion.
• Asia Pacific Railway Predictive Maintenance Market: This is the fastest-growing region, with a market size of USD 1.11 billion in 2024, expected to surpass USD 4.05 billion by 2033.
• North America Railway Predictive Maintenance Market: This region holds a significant share, valued at approximately USD 0.85 billion in 2024.
• Global Rail Maintenance Management System Market: This market was valued at USD 11.1 billion in 2021 and is projected to reach USD 31.1 billion by 2031.

Smart Railways Market (broader category including Rail Vision's technologies)

• Global: The global smart railways market is projected to grow from USD 149 billion in 2025 to USD 1,124.5 billion by 2035. Rail sensors, a key component, are expected to hold over 55% market share in 2025.

Here are 3-5 expected drivers of future revenue growth for Rail Vision (RVSN) over the next 2-3 years:

1. Geographic Expansion and Increased Customer Base: Rail Vision anticipates significant revenue growth through its expanded presence in key markets. This includes substantial growth in the U.S. market, marked by initial commercial deployments on national railway lines and contracts secured with Class 1 U.S. railroad companies, along with expanded distribution through a national agreement. Furthermore, the company has obtained regulatory approval in Europe and has strategically entered the Indian market through a binding Memorandum of Understanding with Sujan Ventures, targeting the installation of advanced safety systems on thousands of locomotives.
2. Advancements and Commercialization of AI-based Railway Safety and Predictive Maintenance Systems: A core driver will be the continued development, deployment, and commercialization of Rail Vision's proprietary AI-driven railway detection systems, including its Main Line and ShuntingYard products. The company holds U.S. and Indian patents for its AI-powered obstacle detection system, reinforcing its technological edge. Future growth is also expected from the exploration of new applications such as predictive maintenance, geographic information systems for mapping and updates, and big data analysis to improve efficiency and reduce downtime.
3. Strategic Integration of Quantum Computing AI: Rail Vision has signed a non-binding term sheet to acquire a 51% stake in Quantum Transportation Ltd., a quantum computing and AI company. This strategic acquisition is expected to unlock new capabilities in anomaly detection, predictive maintenance, and autonomous rail operations by integrating quantum error correction technologies with Rail Vision's existing AI expertise. This move positions the company to capitalize on advancements in the quantum computing market for transportation.
4. Strategic Partnerships for Market Penetration and Technological Enhancement: Collaborations with industry leaders are set to drive revenue. The partnership with Knorr-Bremse is considered a key growth driver, providing Rail Vision with access to a massive global reach, attracting large customers, and facilitating penetration into new market segments. Additionally, joining the NVIDIA Metropolis program aims to enhance safety and operational efficiency in critical infrastructure through advanced AI and machine learning.

Share Repurchases

There is no information available regarding significant share repurchases made by Rail Vision (RVSN) within the last 3-5 years. Data indicates net equity issuance rather than repurchases.

Share Issuance

• Rail Vision completed its Initial Public Offering (IPO) in March 2022, selling 3,787,241 ordinary shares and accompanying warrants at a combined price of $4.13 per share, which generated approximately $15.6 million in gross proceeds.
• In January 2024, the company closed a private placement, issuing ordinary shares, pre-funded warrants, and warrants, resulting in approximately $3.5 million in gross proceeds. An additional $5.2 million was raised during Q1 2024 from warrant exercises.
• During the first half of 2025, Rail Vision secured $9.8 million in gross proceeds through equity line facilities, at-the-market (ATM) sales, and warrant exercises.

Inbound Investments

• Knorr-Bremse, a world leader in train systems, is a strategic investor in Rail Vision and had invested approximately $24 million as of March 2022.
• The IPO in March 2022 generated gross proceeds of approximately $15.6 million, with planned allocation including around $8 million for research and development and approximately $4.5 million for marketing and advertising.
• In October 2024, Rail Vision secured a $20 million equity deal with YA II PN, Ltd., a fund managed by Yorkville Advisors Global, LP, aimed at supporting market expansion and growth initiatives.

Outbound Investments

• In September/October 2025, Rail Vision signed a non-binding term sheet to acquire a 51% stake in Quantum Transportation Ltd., a quantum computing and AI company.
• The acquisition involves Rail Vision issuing ordinary shares representing approximately 4.99% of its share capital to select Quantum Transportation shareholders.
• Rail Vision will also provide a convertible loan of up to $700,000 at an 8% annual interest rate to Quantum Transportation to support its operations and development.

Capital Expenditures

• Rail Vision's capital expenditures were approximately $30,000 in 2024, $152,000 in 2023, $29,000 in 2022, and $273,000 in 2021.
• The company's capital expenditures in the last 12 months totaled approximately -$34,000.
• A notable increase in R&D expenses in 2023, reaching $7,145,000, was primarily due to increased purchases of R&D equipment, reflecting a continuous investment in research and development to enhance system performance and reliability.