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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of report (date of earliest event reported): August 14, 2023
VIEWBIX
INC.
(Exact
Name of Registrant as Specified in its Charter)
Commission
File No.: 000-15746
Delaware |
|
68-0080601 |
(State
of Incorporation) |
|
(I.R.S.
Employer Identification No.) |
11
Derech Menachem Begin Street, Ramat
Gan, Israel |
|
5268104 |
(Address
of Registrant’s Office) |
|
(ZIP
Code) |
Registrant’s
Telephone Number, including area code: +972 9-774-1505
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
August 14, 2023, Viewbix Inc. (the “Company”) issued a press release announcing the Company’s financial results for
the quarter ended June 30, 2023. In addition to disclosing results that are determined in accordance with Generally Accepted Accounting
Principles (“GAAP”), the Company also discloses non-GAAP EBITDA results, which are adjusted from GAAP to exclude specific
items that are generally not indicative of its core operations. The Company is presenting non-GAAP information because the Company believes
it is useful for investors in assessing the Company’s operating results. A copy of the release is furnished with this Current
Report on Form 8-K as an exhibit pursuant to “Item 2.02. Results of Operations and Financial Condition” of Form 8-K in
accordance with SEC Release Nos. 33-8216 and 34-47583.
The
information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any
general incorporation language in such filing.
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
|
Viewbix
Inc. |
|
|
|
|
By: |
/s/
Amihay Hadad |
|
Name: |
Amihay
Hadad |
|
Title: |
Chief
Executive Officer |
Date:
August 14, 2023
Exhibit
99.1
Viewbix
Reports its Consolidated Financial Results for the First Half and the Second Quarter of 2023 with Revenues Totaling $48 Million for the
First Half of 2023
Ramat
Gan, Israel, August 14, 2023 – Viewbix Inc. (OTC: VBIX) (“Viewbix” or the “Company”), a global developer
of mar-tech and ad-tech innovative technologies, today announced its consolidated financial results for the first half and the second
quarter of 2023, highlighted by $48 million in revenue for the first half of 2023.
Viewbix’s
second quarter results of 2023 underscore the Company’s continued growth, demonstrated by an 18% increase in revenues as compared
to its second quarter in 2022.
Amihay
Hadad, Viewbix’s CEO, commented: “Our financial results are a tribute to Viewbix’s focused efforts in the ad-tech
area, highlighted mainly by 18% revenue growth in the second quarter.”
Other key
highlights for the first half and the second quarter
of 2023 include:
| ● | Revenues
for the first half of 2023 reached $48,016 thousand as compared to $43,337 thousand for
the same period last year. The increase of 10.8% in revenues was driven by $37,064 thousand
from Viewbix’s digital content platform and $10,952 thousand from Viewbix’s search
platform. In the second quarter of 2023, revenues amounted to $27,154 thousand, an increase
of 18.5% as compared to the second quarter of 2022. |
| | |
| ● | Operating
Income for the first half of 2023 was $174 thousand as compared to $980 thousand in the
first half of 2022. In the second quarter of 2023, operating income amounted to $250 thousand
as compared to operating income of $761 thousand in the second quarter of 2022. |
The
reasons for the decrease in operating income are mainly due to: (1) an increase in general and administrative expenses following the
reorganization transaction with Gix Media Ltd. on September 19, 2022 in the amount of approximately $600 thousand in the first half of
2023 and $300 thousand in the second quarter of 2023, as compared to the same periods in 2023; (2) during the second quarter of 2023,
there was a decrease in the operational profit of the digital content platform, which is mainly a result of an increase in the traffic-acquisition
costs in relation to revenues, and an increase of selling and marketing expenses during the first half of 2023, mainly due to expenses
incurred in connection with the increase in the content displayed in the digital content platform; and (3) the decrease in operational
profit of the digital content platform was offset by an increase in the operational profit of the search platform, amounting to a total
of $766 thousand in the first half of 2023, as compared to a total of $169 thousand in the corresponding half of the previous year.
EBITDA
(Earnings Before Interest, Taxes, Depreciation, Amortizations) for the first half of 2023 amounted to $1,642 thousand as compared
to $2,295 thousand for the corresponding period in 2022. For the second quarter of 2023, EBITDA amounted to $984 thousand as compared
to $1,490 thousand for the corresponding period in 2022.
| ● | Net
cash from operating activities for the first half of 2023 amounted to $1,015 thousand
compared to $598 thousand in the first half of 2022. |
First
Half and Second Quarter 2023 Financial Highlights (Including EBITDA Reconciliation):
U.S. dollars in thousands | |
For the six months ended June 30 | | |
For the three months ended June 30 | |
| |
2023 | | |
2022 | | |
% | | |
2023 | | |
2022 | | |
% | |
Revenues | |
| 48,016 | | |
| 43,337 | | |
| 11 | % | |
| 27,154 | | |
| 22,902 | | |
| 19 | % |
Operating income | |
| 174 | | |
| 980 | | |
| (82 | )% | |
| 250 | | |
| 761 | | |
| (67 | )% |
EBITDA | |
| 1,642 | | |
| 2,295 | | |
| (28 | )% | |
| 984 | | |
| 1,490 | | |
| (34 | )% |
Adjusted EBITDA | |
| 1,717 | | |
| 2,338 | | |
| (27 | )% | |
| 1,029 | | |
| 1,532 | | |
| (33 | )% |
GAAP Net Income (loss) | |
| (428 | ) | |
| (101 | ) | |
| 324 | % | |
| (83 | ) | |
| 48 | | |
| (273 | )% |
Non-GAAP Net Income | |
| 953 | | |
| 1,110 | | |
| (14 | )% | |
| 616 | | |
| 739 | | |
| (17 | )% |
Net Cash from Operations | |
| 1,015 | | |
| 598 | | |
| 70 | % | |
| 1,003 | | |
| 2,548 | | |
| (61 | )% |
U.S. dollars in thousands | |
For the six months ended June 30 | | |
For the three months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
GAAP Net Income (loss) | |
| (428 | ) | |
| (101 | ) | |
| (83 | ) | |
| 48 | |
Financial expenses, net | |
| 431 | | |
| 1,073 | | |
| 246 | | |
| 736 | |
Taxes on income | |
| 171 | | |
| 8 | | |
| 87 | | |
| (23 | ) |
Depreciation and amortization | |
| 1,468 | | |
| 1,315 | | |
| 734 | | |
| 729 | |
EBITDA | |
| 1,642 | | |
| 2,295 | | |
| 984 | | |
| 1,490 | |
Other expenses | |
| - | | |
| 35 | | |
| - | | |
| 35 | |
Share-based compensation expenses | |
| 75 | | |
| 8 | | |
| 45 | | |
| 7 | |
Adjusted EBITDA | |
| 1,717 | | |
| 2,338 | | |
| 1,029 | | |
| 1,532 | |
Financial expenses, net | |
| (431 | ) | |
| (1,073 | ) | |
| (246 | ) | |
| (736 | ) |
Taxes on income | |
| (171 | ) | |
| (8 | ) | |
| (87 | ) | |
| 23 | |
Deferred tax income in connection with amortization of intangible assets | |
| (162 | ) | |
| (147 | ) | |
| (80 | ) | |
| (80 | ) |
Non- GAAP Net Income | |
| 953 | | |
| 1,110 | | |
| 616 | | |
| 739 | |
Use
of Non-GAAP Measures
Viewbix’s
financial statements are prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and represent
earnings as reported to the U.S. Securities and Exchange Commission (the “SEC”). Viewbix has provided in this release certain
financial information that has not been prepared in accordance with GAAP. Viewbix’s management believes that the non-GAAP EBITDA
described in the release, which includes adjustments for specific items that are generally not indicative of our core operations, provides
additional information that is useful to investors in understanding Viewbix’s underlying performance, business and performance
trends, and helps facilitate period-to-period comparisons and comparisons of its financial measures with other companies in Viewbix’s
industry. However, the non-GAAP financial measures that Viewbix uses may differ from measures that other companies may use. Non-GAAP
financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes
for results prepared in accordance with GAAP. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based
compensation expenses, acquisition related expenses, amortization of acquired intangible assets and the related taxes thereon. Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization is defined as operating income excluding stock-based compensation expenses,
depreciation, acquisition related items consisting of amortization of intangible assets, acquisition related expenses.
About
Viewbix Inc.
Viewbix,
through its subsidiaries Gix Media Ltd. and Cortex Media Group Ltd., operates in the field of digital advertising (together, the
“Group”). The Group has two main activities: ad search and digital content. The search platform develops a variety of
technological software solutions, that automate, optimize and monetize online campaigns, by acquiring and routing internet user
traffic to its search engines. The digital content platform creates, edits and markets content, in various languages, to various
target audiences, in order to generate revenues from advertisements displayed together with the content which are posted numerous
digital content, marketing and advertising platforms (such as Google, Facebook, Yahoo and Apple), in order to attract internet user
traffic for advertisers. Viewbix’s technological tools allow advertisers and website owners to earn more from their
advertising campaigns and generate additional profits from their websites.
For
more information about Viewbix, visit www.viewbix.com
Forward-Looking
Statements
This
press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities
laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking
statements. Because such statements deal with future events and are based on Viewbix’s current expectations, they are subject to
various risks and uncertainties, and actual results, performance or achievements could differ materially from those described in or implied
by the statements in this press release. For example, the Company is using forward-looking statements when stating that certain identified
continual profitability trend in the search platform may lead to positive and sustained results in future fiscal quarters.
The
forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed
in any filings with the SEC. Except as otherwise required by law, Viewbix undertakes no obligation to publicly release any revisions
to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated
events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated
by reference into this press release. Viewbix is not responsible for the contents of third-party websites.
INVESTOR
RELATIONS CONTACTS:
Michal
Efraty
Investor
Relations
+972-(0)52-3044404
michal@efraty.com
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
As of June 30 | | |
As of December 31 | |
| |
2023 | | |
2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Cash and cash equivalents | |
| 3,304 | | |
| 4,196 | |
Restricted deposits | |
| 182 | | |
| 185 | |
Accounts receivable | |
| 18,415 | | |
| 20,945 | |
Loan to parent company | |
| 3,689 | | |
| 3,542 | |
Other current assets | |
| 693 | | |
| 973 | |
| |
| | | |
| | |
Total current assets | |
| 26,283 | | |
| 29,841 | |
| |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Severance pay funds | |
| - | | |
| 52 | |
Deferred taxes | |
| 211 | | |
| 340 | |
Property and equipment, net | |
| 272 | | |
| 302 | |
Operating lease right-of-use asset | |
| 442 | | |
| 486 | |
Intangible assets, net | |
| 13,885 | | |
| 15,313 | |
Goodwill | |
| 17,361 | | |
| 17,361 | |
| |
| | | |
| | |
Total non-current assets | |
| 32,171 | | |
| 33,854 | |
| |
| | | |
| | |
Total assets | |
| 58,454 | | |
| 63,695 | |
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Cont.)
U.S.
dollars in thousands (except share data)
| |
As of June 30 | | |
As of December 31 | |
| |
2023 | | |
2022 | |
| |
| | |
| |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
| |
| | | |
| | |
Accounts payable | |
| 17,345 | | |
| 19,782 | |
Short-term loans | |
| 6,000 | | |
| 5,069 | |
Current maturities of long-term loans | |
| 1,879 | | |
| 1,500 | |
Other payables | |
| 1,285 | | |
| 2,084 | |
Operating lease liabilities - short term | |
| 83 | | |
| 87 | |
| |
| | | |
| | |
Total current liabilities | |
| 26,592 | | |
| 28,522 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | |
| |
| | | |
| | |
Accrued severance pay | |
| - | | |
| 152 | |
Long-term loans, net of current maturities | |
| 3,128 | | |
| 2,881 | |
Operating lease liabilities - long term | |
| 334 | | |
| 388 | |
Deferred taxes | |
| 1,632 | | |
| 1,853 | |
| |
| | | |
| | |
Total non-current liabilities | |
| 5,094 | | |
| 5,274 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Common stock of $0.0001 par value - Authorized: 490,000,000 shares; Issued and outstanding: 14,895,075 and 14,783,964 shares as of June 30, 2023 and December 31, 2022, respectively. | |
| 3 | | |
| 3 | |
Additional paid-in capital | |
| 25,417 | | |
| 25,350 | |
Accumulated deficit | |
| (3,859 | ) | |
| (3,338 | ) |
Equity attributed to shareholders of Viewbix Inc. | |
| 21,561 | | |
| 22,015 | |
Non-controlling interests | |
| 5,207 | | |
| 7,884 | |
Total equity | |
| 26,768 | | |
| 29,899 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
| 58,454 | | |
| 63,695 | |
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
For the six months ended June 30, | | |
For the three months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
| 48,016 | | |
| 43,337 | | |
| 27,154 | | |
| 22,902 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and Expenses: | |
| | | |
| | | |
| | | |
| | |
Traffic-acquisition and related costs | |
| 42,031 | | |
| 37,265 | | |
| 24,050 | | |
| 19,650 | |
Research and development | |
| 1,513 | | |
| 1,641 | | |
| 717 | | |
| 793 | |
Selling and marketing | |
| 1,438 | | |
| 1,225 | | |
| 715 | | |
| 605 | |
General and administrative | |
| 1,392 | | |
| 876 | | |
| 688 | | |
| 329 | |
Depreciation and amortization | |
| 1,468 | | |
| 1,315 | | |
| 734 | | |
| 729 | |
Other expenses | |
| - | | |
| 35 | | |
| - | | |
| 35 | |
| |
| | | |
| | | |
| | | |
| | |
Operating income | |
| 174 | | |
| 980 | | |
| 250 | | |
| 761 | |
| |
| | | |
| | | |
| | | |
| | |
Financial expense, net | |
| 431 | | |
| 1,073 | | |
| 246 | | |
| 736 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) before income taxes | |
| (257 | ) | |
| (93 | ) | |
| 4 | | |
| 25 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense (benefit) | |
| 171 | | |
| 8 | | |
| 87 | | |
| (23 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| (428 | ) | |
| (101 | ) | |
| (83 | ) | |
| 48 | |
| |
| | | |
| | | |
| | | |
| | |
Less: net income attributable to non-controlling interests | |
| 93 | | |
| 430 | | |
| 41 | | |
| 311 | |
Net loss attributable to shareholders of Viewbix Inc. | |
| (521 | ) | |
| (531 | ) | |
| (124 | ) | |
| (263 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income per share – Basic attributed to shareholders: | |
| (0.04 | ) | |
| (0.04 | ) | |
| (0.01 | ) | |
| (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income per share – Diluted attributed to shareholders: | |
| (0.04 | ) | |
| (0.04 | ) | |
| (0.01 | ) | |
| (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares – Basic: | |
| 14,810,974 | | |
| 14,783,964 | (*) | |
| 14,837,688 | | |
| 14,783,964 | (*) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares – Diluted: | |
| 15,071,640 | | |
| 15,044,630 | (*) | |
| 15,098,354 | | |
| 15,044,630 | (*) |
(*) |
Share
and per share data in these financial statements have been retrospectively adjusted to reflect a number of shares that is equivalent
to the number of shares of the Company post the Reorganization Transaction. |
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