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Demonstrating accelerated growth with Q3 being the best ever quarter in terms of revenues and 1,500 installations to-date

PETAH TIKVAH Israel, Dec. 21, 2022 /PRNewswire/ --  SaverOne 2014 Ltd. (Nasdaq: SVRE) (TASE: SVRE), a company developing and deploying transportation safety and advanced driver-assistance systems (ADAS) technologies and solutions, today presented its results for the nine month period ended September 30, 2022 and presented recent business updates.

Highlights of the First Nine Months of 2022*

Commented Mr. Ori Gilboa , CEO of SaverOne, "We are very pleased with the progress we are making on our strategy, on our technological development as well as strong success on the commercialization side. The release of our second-generation global product was a very significant milestone for us. It marks our transition into the international expansion phase of our growth strategy. Furthermore, it broadened the opportunities for new applications and verticals. We recently had a successful proof-of-concept trial of our ADAS sensor, with a leading global European-based bus and truck manufacturer to detect Vulnerable Roads Users (VRUs) and prevent collisions. We believe our new VRU solution, together with our global in-cab Driver Distraction Prevention Solution (DDPS), will significantly expand our addressable markets and will inherent huge growth potential for us, both in the OEM and the after-market local and global customers."

"On the commercialization side, we are seeing significant and growing traction, both in Israel and now increasingly in international markets. In recent months, we have continued to add new customers in our local market, many of which are part of much larger global companies, bringing us significant potential to expand our penetration globally amongst both our existing customer base and  new customers. We also signed our first international MOU with Iveco, a leading global OEM, for integrating our DDPS solution in Iveco's trucks. Iveco's large customer base represents a key market and very significant growth potential for our technology."

"We believe this is just the beginning and our recent successes are only early indications of our significant long-term potential and capabilities. We have never been more optimistic about our prospects for SaverOne and I look forward to realizing that potential over the coming quarters and years," concluded Mr. Gilboa.

Financial Summary for the First Nine Months of 2022

Revenues increased by 127% to NIS 754,000 (~$213,000) for the nine months ended September 30, 2022 , compared to NIS 332,000 (~$94,000) for the nine months ended September 30, 2021 . This increase was mainly the result of new agreements entered into in 2022 related to the Generation 1.0 solution.

Research and development expenses, net were NIS 16,276,000 (~$4,594,000) for the nine months ended September 30, 2022 , compared to NIS 13,251,000 (~$3,740,000) for the nine months ended September 30, 2021 . This increase resulted mainly from salaries and related expenses and subcontractors, due to an increase in the number of employees and an increase in research and development activity, mainly related to the development of the Generation 2.0 solution.

Selling and marketing expenses were NIS 1,026,000 (~$290,000) for the nine months ended September 30, 2022 , compared to NIS 2,070,000 (~$584,000) for the nine months ended September 30, 2021 . Selling and marketing expenses for the nine months ended September 30, 2022 included mainly sales department costs. Selling and marketing expenses for the nine months ended September 30, 2021 included mainly share-based compensation in the amount of NIS 1,456,000 recorded with respect of unregistered rights issued to Keshet Holding Limited Partnership ("Keshet") pursuant to an arrangement with Keshet for media advertisement for the Company on Keshet's various media channels. The agreement with Keshet ended during 2021.

General and administrative expenses were NIS 4,358,000 (~$1,230,000) for the nine months ended September 30, 2022 , compared to NIS 3,768,000 (~$1,064,000) for the nine months ended September 30, 2021 . The increase resulted mainly from expenses associated with being a public company on Nasdaq.

Financing income, net for the nine months ended September 30, 2022 were NIS 1,688,000 (~$476,000) compared to Finance expenses of NIS 195,000 (~$55,000) for the nine month period ended September 30, 2021 . The increase was due mainly to exchange differences due to an increase in the USD/NIS exchange rate and from revaluation of warrant liability less direct and incremental issuance costs incurred through the initial public offering in the Unites States allocated to derivative warrant liability.  

Net loss was NIS 19,742,000 (~$5,572,000) for the nine months ended September 30, 2022 , compared to NIS 19,203,000 (~$5,420,000) for the nine months ended September 30, 2021 .  

Cash and cash equivalents and short-term bank deposits as of September 30, 2022 , amounted to NIS 32.1 million (~$9.1 million ).

 *Unless otherwise noted, for the purposes of the presentation of financial data, all conversions from New Israeli Shekels (NIS) to U.S. dollars and from U.S. dollars to NIS were made at the rate of NIS 3.543 to $1.00 , based on the representative exchange rate reported by the Bank of Israel on September 30, 2022 .

CONDENSED STATEMENTS OF FINANCIAL POSITION

(New Israeli Shekels in thousands)

Right of use asset, net

Current maturities of leasing liabilities

Liability in respect of government grants

Liability in respect of government grants

Capital reserve in respect of share-based payment

Total liabilities and shareholders' equity

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS

(New Israeli Shekels in thousands, except per share and share data)

Research and development expenses, net

Comprehensive loss for the period                           

Basic and diluted loss per share

Weighted average of number of shares used      to calculate the basic and diluted loss per      share

SaverOne systems can be installed in private vehicles, trucks and buses and provide a solution to the problem of driver distraction away from the road, that results from drivers using specific distracting applications on the mobile device while driving, in a way that endangers their safety and the safety of passengers. This phenomenon is considered one of the main causes of road accidents in the world. According to the US National Highway Traffic Safety Administration, the annual cost of road accidents just in the United States , stands at about $870 billion each year, excluding the costs of serious injury or death, with a quarter of those accidents estimated to be related to the use of the mobile device while driving.

SaverOne's technology specifically recognizes the driver area in the vehicle and prevents the driver from accessing distracting applications such as messaging while allowing navigation, without user intervention or consent, creating a safer driving environment.

SaverOne's primary target markets include commercial and private vehicle fleets, as well as insurance and leasing companies that are very interested in reducing potential damages and significant costs. SaverOne is initially addressing car fleets with focus on the Israeli, European and US markets, as well as other markets around the world. SaverOne believes that ultimately increased focus on monitoring and prevention of cellular distraction systems in vehicles, in particular, driven by upcoming expected EU regulation, will likely have a dramatic positive impact on the demand for its systems in the future. The Company's longer-term strategy is to address vehicle manufacturers, to install the Company's protection technologies in the vehicle manufacturing process as an OEM.

SaverOne is a technology company engaged in the design, development, and commercialization of transportation safety and advanced driver-assistance systems (ADAS) technologies and solutions, designed to save lives by preventing car accidents resulting from distraction via mobile phone use while driving. The SaverOne system provides an advanced driver safety solution that can identify and monitor mobile phones located in the driver's vicinity and selectively block use of distracting applications that may become life-threatening.

Learn more at https://saver.one/

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on SaverOne's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Many factors could cause SaverOne's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: the ability of our technology to substantially improve the safety of drivers; our planned level of revenues and capital expenditures; our ability to market and sell our products; our plans to continue to invest in research and development to develop technology for both existing and new products; our intention to advance our technologies and commercialization efforts; our intention to use local distributors in each country or region that we will conduct business to distribute our products or technology; our plan to seek patent, trademark and other intellectual property rights for our products and technologies in the United States and internationally, as well as our ability to maintain and protect the validity of our currently held intellectual property rights; our expectations regarding future changes in our cost of revenues and our operating expenses; our expectations regarding our tax classifications; interpretations of current laws and the passage of future laws; acceptance of our business model by investors; the ability to correctly identify and enter new markets; the impact of competition and new technologies; general market, political and economic conditions in the countries in which we operate; projected capital expenditures and liquidity; our intention to retain key employees, and our belief that we maintain good relations with all of our employees; the impact of the COVID-19 pandemic, and resulting government actions on us; and other risks and uncertainties, including those listed in the section titled "Risk Factors" in the final prospectus on Form 424b4 filed with the Securities and Exchange Commission on June 6, 2022 . Forward-looking statements contained in this announcement are made as of this date, and SaverOne undertakes no duty to update such information except as required under applicable law.

International Investor Relations Contact: Ehud Helft +1 212 378 8040 [email protected]

Israeli Investors Contact: Jonathan Eilat [email protected]

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