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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Otonomo Technologies Ltd | NASDAQ:OTMO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Exhibit No.
|
Description
|
Otonomo Technologies Ltd.
|
|||
By:
|
/s/ Ben Volkow
|
||
Name: Ben Volkow
|
|||
Title: Chief Executive Officer and Director
|
|||
Contents | Page |
F-3 | |
F-4 | |
F-5 | |
F-6 | |
F-7 |
June 30
|
December 31
|
|||||||
2023
|
2022
|
|||||||
Unaudited
|
Audited
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
|
|
||||||
Short-term restricted cash
|
|
|
||||||
Short-term deposits
|
|
|
||||||
Marketable securities
|
|
|
||||||
Trade receivables, net
|
|
|
||||||
Other receivables and prepaid expenses
|
|
|
||||||
Total current assets
|
|
|
||||||
Non-current assets
|
||||||||
Other long-term assets
|
|
|
||||||
Property and equipment, net
|
|
|
||||||
Operating lease right-of-use assets, net
|
|
|
||||||
Total non-current assets
|
|
|
||||||
Total assets
|
|
|
||||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities
|
||||||||
Account payables
|
|
|
||||||
Other payables and accrued expenses
|
|
|
||||||
Deferred revenue
|
|
|
||||||
Current portion of operating lease liabilities
|
|
|
||||||
Current portion of contingent consideration
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Non-Current liabilities
|
||||||||
Warrants for ordinary shares
|
|
|
||||||
Operating lease liabilities, less current portion
|
|
|
||||||
Contingent consideration, less current portion
|
|
|
||||||
Other non-current liabilities
|
|
|
||||||
Total non-current liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Shareholders’ equity:
|
||||||||
Ordinary shares,
|
||||||||
June 30, 2023, and December 31, 2022;
|
||||||||
and outstanding as of June 30, 2023 and December 31, 2022, respectively;
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and Shareholders' Equity
|
|
|
Six-month
|
Six-month
|
|||||||
period ended
|
period ended
|
|||||||
June 30
|
June 30
|
|||||||
2023
|
2022
|
|||||||
Revenues
|
|
|
||||||
Costs and operating expenses:
|
||||||||
Cost of services
|
|
|
||||||
Cloud infrastructure
|
|
|
||||||
Research and development
|
|
|
||||||
Sales and marketing
|
|
|
||||||
General and administrative
|
|
|
||||||
Depreciation and amortization
|
|
|
||||||
Contingent consideration expense (income)
|
|
(
|
)
|
|||||
Impairment of Goodwill
|
|
|
||||||
Impairment of intangible assets
|
|
|
||||||
Total costs and operating expenses
|
|
|
||||||
Operating loss
|
(
|
)
|
(
|
)
|
||||
Financial income, net
|
|
|
||||||
Loss before income tax expense
|
(
|
)
|
(
|
)
|
||||
Income tax expense
|
(
|
)
|
(
|
)
|
||||
Net loss for the period
|
(
|
)
|
(
|
)
|
||||
Net loss per share attributable to ordinary shareholders, basic and diluted
|
(
|
)
|
(
|
)
|
||||
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted
|
|
|
||||||
Net loss for the period
|
(
|
)
|
(
|
)
|
||||
Other comprehensive loss, net of tax:
|
||||||||
Foreign currency translation adjustments
|
(
|
)
|
(
|
)
|
||||
Unrealized gains on available-for-sale marketable securities, net
|
(
|
)
|
|
|||||
Total comprehensive loss for the period
|
(
|
)
|
(
|
)
|
Ordinary shares
|
Additional paid-in capital
|
Accumulated deficit
|
Accumulated other comprehensive loss
|
Total
equity
|
||||||||||||||||||||
Number of Shares
|
USD thousands
|
USD thousands
|
USD thousands
|
USD thousands
|
USD thousands
|
|||||||||||||||||||
Balance as of December 31, 2022
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
Issuance of shares in connection with stock-based compensation plans
|
|
|
|
|
|
|
||||||||||||||||||
Share based compensation
|
-
|
|
|
|
|
|
||||||||||||||||||
Comprehensive loss
|
-
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||
Balance as of June 30, 2023
|
|
|
|
(
|
)
|
(
|
)
|
|
Balance as of January 1, 2022
|
|
|
(
|
)
|
|
|
||||||||||||||||||
Shares issued related to the business acquisitions
|
|
|
|
|
|
|
||||||||||||||||||
Issuance of shares in connection with stock-based compensation plans
|
|
|
|
|
|
|
||||||||||||||||||
Share based compensation
|
-
|
|
|
|
|
|
||||||||||||||||||
Comprehensive loss
|
-
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||
Balance as of June 30, 2022
|
|
|
|
(
|
)
|
(
|
)
|
|
Six-month
|
Six-month
|
|||||||
period ended
|
period ended
|
|||||||
June 30
|
June 30
|
|||||||
2023
|
2022
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
(
|
)
|
(
|
)
|
||||
Adjustments to reconcile net loss to net cash
used in operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Share based compensation
|
|
|
||||||
Revaluation of warrants
|
(
|
)
|
(
|
)
|
||||
Impairment of Goodwill
|
|
|
||||||
Impairment of intangible assets
|
|
|
||||||
Contingent consideration expense (income)
|
|
(
|
)
|
|||||
Deferred tax expense (benefit)
|
(
|
)
|
(
|
) |
||||
Interest income and foreign currency translation loss
|
(
|
) |
|
|||||
Other
|
(
|
)
|
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Trade receivables, net
|
|
(
|
)
|
|||||
Other receivables and prepaid expenses
|
|
|
||||||
Other payables and accrued expenses
|
(
|
)
|
|
|||||
Account payables
|
(
|
)
|
|
|||||
Other assets and liabilities
|
|
(
|
)
|
|||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from investing activities
|
||||||||
Proceeds from sale of property and equipment
|
|
|
||||||
Purchases of property and equipment
|
|
(
|
)
|
|||||
Proceeds from short-term bank deposits, net
|
|
(
|
)
|
|||||
Other long-term assets, net
|
|
(
|
)
|
|||||
Payments for business acquisitions, net of cash acquired
|
|
(
|
)
|
|||||
Net cash provided by (used in) investing activities
|
|
(
|
)
|
|||||
Cash flows from financing activities
|
||||||||
Proceeds from exercise of share options and warrants
|
|
|
||||||
Net cash provided by financing activities
|
|
|
||||||
Foreign currency effect on cash and cash equivalents and short-term restricted cash
|
(
|
)
|
(
|
)
|
||||
Net increase (decrease) in cash and cash equivalents and short-term restricted cash
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents and short-term restricted cash at
|
||||||||
the beginning of the period
|
|
|
||||||
Cash and cash equivalents and short-term restricted cash
|
||||||||
at the end of the period
|
|
|
||||||
Appendix A – Material non-cash financing activities:
|
||||||||
Shares issued related to the business acquisitions
|
|
|
A. |
Otonomo Technologies Ltd. (together with its subsidiaries, “Otonomo”, or the “Company”) was incorporated as an Israeli corporation in December 2015. The Company provides an automotive data service platform enabling car manufacturers, drivers, insurance carriers and service providers to be part of a connected ecosystem as well as mobility intelligence which transforms vast amounts of anonymized data and activity signals into actionable, impactful, and valuable insights.
|
B. |
In the six months ended June 30, 2023, the Company sunsetted its connected vehicle data services (“CVD services”), which included services relating to multi-layered data, standardized and blurred to remove identifiers. The sunsetting of CVD services resulted in a further workforce reduction. The Company concluded that the services were not considered as a component according to ASC 205 and therefore were not considered as a discontinued operation.
|
C. |
On August 3, 2023, the Company executed a
|
F - 7
F - 8
(a) |
Connected Vehicles – connected vehicle data platform, which provides customers access to vehicle data and other value-added services (“Connected Vehicle”), complemented by Mobility Intelligence platform (“MI services”).
|
(b) |
Insurance related Services – connected insurance technology to insurance carriers, comprised of The Floow acquired activity.
|
A. |
Segment information
|
Six-month period ended June 30, 2023
|
||||||||||||
Connected
Vehicles
|
Insurance
related
Services
|
Total
|
||||||||||
USD thousands
|
USD thousands
|
USD thousands
|
||||||||||
(Unaudited) |
||||||||||||
Revenues
|
|
|
|
|||||||||
Segment loss
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Amounts not allocated to segments:
|
||||||||||||
Depreciation and amortization
|
(
|
)
|
||||||||||
Contingent consideration expense
|
(
|
)
|
||||||||||
Share-based compensation
|
(
|
)
|
||||||||||
Operating loss
|
(
|
)
|
||||||||||
Financial income, net
|
|
|||||||||||
Loss before income tax expense
|
(
|
)
|
F - 9
Note 3 - Segments (cont'd)
A. |
Segment information (cont’d)
|
Six-month period ended June 30, 2022
|
||||||||||||
Connected
Vehicles
|
Insurance
related
Services
|
Total
|
||||||||||
USD thousands
|
USD thousands
|
USD thousands
|
||||||||||
(Unaudited) |
||||||||||||
Revenues
|
|
|
|
|||||||||
Segment loss
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Amounts not allocated to segments:
|
||||||||||||
Depreciation and amortization
|
(
|
)
|
||||||||||
Contingent consideration expense
|
|
|||||||||||
Impairment of Goodwill
|
(
|
)
|
||||||||||
Impairment of intangible assets
|
(
|
)
|
||||||||||
Share-based compensation
|
(
|
)
|
||||||||||
Operating loss
|
(
|
)
|
||||||||||
Financial income, net
|
|
|||||||||||
Loss before income tax expense
|
(
|
)
|
B. |
Revenue by geographical region of the Company’s customers
|
Six-month
|
Six-month
|
|||||||
period ended
|
period ended
|
|||||||
June 30
|
June 30
|
|||||||
2023
|
2022
|
|||||||
USD thousands
|
USD thousands
|
|||||||
(Unaudited) |
||||||||
Americas
|
|
|
||||||
APAC
|
|
|
||||||
EMEA
|
|
|
||||||
Total revenues
|
|
|
F - 10
C. |
Number of customers accounted for over 10% of the revenues
|
June 30, 2023
|
December 31, 2022
|
|||||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||||||
USD thousands
|
||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Money Market funds (1)
|
|
|
|
|
|
|
||||||||||||||||||
U.S. Treasury securities (1)
|
|
|
|
|
|
|
||||||||||||||||||
Corporate bonds (1)
|
|
|
|
|
|
|
||||||||||||||||||
Commercial papers (1)
|
|
|
|
|
|
|
||||||||||||||||||
U.S. government agency securities (1)
|
|
|
|
|
|
|
||||||||||||||||||
Foreign bonds (1)
|
|
|
|
|
|
|
||||||||||||||||||
Contingent consideration (2)
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
Warrants for ordinary shares (3)
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
|
|
(
|
)
|
|
|
(
|
)
|
(1) |
The following tables summarize the composition of marketable securities as of June 30, 2023:
|
June 30, 2023
|
||||||||||||
Amortized Cost
|
Unrealized Gain/Losses
|
Fair Value
|
||||||||||
USD thousands
|
||||||||||||
(Unaudited)
|
||||||||||||
Money market funds
|
|
|
|
|||||||||
Available-for-sale debt securities
|
||||||||||||
Corporate bonds
|
|
(
|
)
|
|
||||||||
Commercial papers
|
|
|
|
|||||||||
U.S. government agency securities
|
|
(
|
)
|
|
||||||||
U.S. Treasury securities
|
|
(
|
)
|
|
||||||||
Total
|
|
(
|
)
|
|
||||||||
|
(
|
)
|
|
June 30, 2023
|
||||||||
Amortized Cost
|
Fair Value
|
|||||||
USD thousands
|
||||||||
(Unaudited)
|
||||||||
Due within one year
|
|
|
||||||
Due after one year through two years
|
|
|
||||||
Total
|
|
|
F - 11
Note 4 - Fair Value Measurement (cont'd)
(2) |
Contingent consideration represents liabilities recorded at fair value in connection with acquisitions, and thus represents a level 3 measurement within the fair value hierarchy.
|
USD thousands
|
||||
(Unaudited)
|
||||
Fair value as of January 1, 2023
|
|
|||
Change in fair value
|
|
|||
Fair value as of June 30, 2023
|
|
(3) |
In connection with the recapitalization, on August 13, 2021, the Company issued
|
Number of Options
|
Weighted Average exercise price
|
|||||||
Outstanding - Balance at January 1, 2023
|
|
$
|
|
|||||
Forfeited
|
(
|
)
|
$
|
|
||||
Exercised
|
(
|
)
|
$
|
|
||||
Outstanding - Balance at June 30, 2023
|
|
$
|
|
F - 12
Weighted Average
|
||||||||
Number of
|
Grant Date
|
|||||||
RSUs
|
Fair Value
|
|||||||
Unvested Balance at January 1, 2023
|
|
$
|
|
|||||
Granted *
|
|
$
|
|
|||||
Vested
|
(
|
)
|
$
|
|
||||
Forfeited
|
(
|
)
|
$
|
|
||||
Unvested Balance at June 30, 2023
|
|
$
|
|
* |
The RSU awards generally vest over four years, with no exercise price.
|
The share-based compensation expenses by line item in the accompanying condensed consolidated statements of comprehensive loss is summarized as follows:
Six-months
|
Six-months
|
|||||||
period ended
|
period ended
|
|||||||
June 30
|
June 30
|
|||||||
2023
|
2022
|
|||||||
USD thousand
|
USD thousand
|
|||||||
Cost of services
|
|
|
||||||
Research and development
|
|
|
||||||
Sales and marketing
|
|
|
||||||
General and administrative
|
|
|
||||||
|
|
June 30
|
December 31
|
|||||||
2023
|
2022
|
|||||||
Value of warrant per share
|
$
|
|
$
|
|
||||
Number of ordinary shares issuable upon exercise of warrants
|
|
|
||||||
Fair value of warrant liability (in USD thousand)
|
$
|
|
$
|
|
F - 13
Note 6 - Warrants for ordinary shares (cont'd)
June 30
|
December 31
|
|||||||
2023
|
2022
|
|||||||
Volatility
|
|
%
|
|
%
|
||||
Risk-free interest rate
|
|
%
|
|
%
|
||||
Expected dividends
|
|
%
|
|
%
|
||||
Expected life (in years)
|
|
|
Six-months
|
Six-months
|
|||||||
period ended
|
period ended
|
|||||||
June 30
|
June 30
|
|||||||
2023
|
2022
|
|||||||
In USD thousands, except share data
|
||||||||
Numerator:
|
||||||||
Net loss
|
(
|
)
|
(
|
)
|
||||
Denominator:
|
||||||||
Weighted-average shares used in computing net loss per share
|
||||||||
attributable to ordinary shareholders, basic and diluted
|
|
|
||||||
Net loss per share attributable to ordinary shareholders, basic
|
||||||||
and diluted
|
(
|
)
|
(
|
)
|
Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. All of the Company’s outstanding stock options and RSUs, as well as the warrants, were excluded in the calculation of diluted net loss per share as the effect would be anti-dilutive.
F - 14
A. |
Exchange Offer and Consent Solicitation
|
In addition, pursuant to the consent solicitation, the Company received approval from the holders of a majority of the public warrants of an amendment to the warrant agreement governing the warrants (the “Warrant Amendment”). On August 23, 2023, the Company executed the Warrant Amendment and announced that it will exercise its right, in accordance with the terms of the Warrant Amendment, to exchange all remaining untendered warrants for ordinary shares at an exchange ratio of
B. |
Headquarters office lease
|
On July 3, 2023, the Company amended its headquarters lease agreement as part of the Cost Reduction Initiative. The leased space and the lease payments were reduced by half, down to 745.5 sqm. This lease agreement covers the third quarter of 2023 with an option to extend until September 30, 2024, with a 30-day notice.
F - 15
Six Month Period Ended March 31, | ||||||||
2023 | 2022 | |||||||
USD thousands | USD thousands | |||||||
Americas | 1,590 | 1,316 | ||||||
APAC | 68 | 60 | ||||||
EMEA | 1,807 | 1,575 | ||||||
Total revenues | 3,465 | 2,951 |
Six Month Period Ended June 30, | Change | Change | ||||||||||||||
2023 | 2022 | $ | % | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Americas | $ | 1,590 | $ | 1,316 | $ | 274 | 21 | % | ||||||||
APAC | $ | 68 | $ | 60 | $ | 8 | 13 | % | ||||||||
EMEA | $ | 1,807 | $ | 1,575 | $ | 232 | 15 | % | ||||||||
Total | $ | 3,465 | $ | 2,951 | $ | 514 | 17 | % |
Six Month Period Ended June 30, | Change | Change | ||||||||||||||
2023 | 2022 | $ | % | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Cost of services | $ | 1,644 | $ | 1,341 | $ | 303 | 23 | % | ||||||||
Cloud infrastructure | $ | 1,289 | $ | 2,492 | $ | (1,203 | ) | (48 | )% | |||||||
Research and development | $ | 6,205 | $ | 10,656 | $ | (4,451 | ) | (42 | )% | |||||||
Sales and marketing | $ | 6,512 | $ | 10,503 | $ | (3,991 | ) | (38 | )% | |||||||
General and administrative | $ | 10,908 | $ | 11,072 | $ | (164 | ) | (1 | )% | |||||||
Depreciation and amortization | $ | 148 | $ | 1,728 | $ | (1,580 | ) | (91 | )% | |||||||
Contingent consideration income | $ | 2,061 | $ | (1,541 | ) | $ | 3,602 | (234 | )% | |||||||
Impairment of goodwill | $ | - | $ | 37,000 | $ | (37,000 | ) | (100 | )% | |||||||
Impairment of intangible assets | $ | - | $ | 8,785 | $ | (8,785 | ) | (100 | )% | |||||||
Total costs of services and operating expenses | $ | 28,767 | $ | 82,036 | $ | (53,269 | ) | 17 | % |
Six Month Period Ended June 30, | Change | Change | ||||||||||||||
2023 | 2022 | $ | % | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial (Expense) Income, Net | $ | 2,581 | $ | 428 | $ | 2,153 | 503 | % |
Six Month Period Ended June 30, | ||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||
Net cash used in operating activities | $ | (22,887 | ) | $ | (26,507 | ) | ||
Net cash provided by (used in) investing activities | $ | 20,488 | $ | (11,350 | ) | |||
Net cash provided by financing activities | $ | 69 | $ | 135 | ||||
Foreign currency effect on cash and cash equivalents and short-term restricted cash | $ | (299 | ) | $ | (886 | ) | ||
Net increase (decrease) in cash and cash equivalents and short‑term restricted cash equivalents | $ | (2,629 | ) | $ | (38,608 | ) |
• | Identification of the contract, or contracts, with a customer; |
• | Identification of the performance obligations in the contract; |
• | Determination of the transaction price; |
• | Allocation of the transaction price to the performance obligations in the contract; and |
• | Recognition of revenue when, or as, the Company satisfies a performance obligation. |
Cover Page |
6 Months Ended |
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Jun. 30, 2023 | |
Entity Addresses [Line Items] | |
Entity Registrant Name | OTONOMO TECHNOLOGIES LTD. |
Document Type | 6-K |
Amendment Flag | false |
Entity Central Index Key | 0001842498 |
Document Period End Date | Jun. 30, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Address, Address Line One | 16 Abba Eban Blvd. |
Entity Address, Country | IL |
Entity Address, City or Town | Herzliya Pituach |
Entity Address, Postal Zip Code | 467256 |
Entity File Number | 001-40744 |
Interim Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Common stock, par value per share | $ 0 | $ 0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 9,650,266 | 9,458,682 |
Common stock, shares outstanding | 9,650,266 | 9,458,682 |
General |
6 Months Ended | |||||||||
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Jun. 30, 2023 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
General |
Note 1 - General
On February 9, 2023, the Company and Urgent.ly, Inc. (“Urgently”), a provider of digital roadside and mobility assistance technology and services, entered into a definitive agreement to merge and the Company will become a wholly owned subsidiary of Urgently. Upon closing of the transaction, holders of the Company’s ordinary shares will receive common stock of Urgently. The Company’s shareholders and other equity holders will own, in the aggregate, approximately 33% of the combined company on a fully diluted basis, subject to the determination of the final exchange ratio pursuant to the terms set forth in the definitive agreement. The transaction is expected to close in the third or fourth quarter of 2023, subject to the approval of the Company’s shareholders and the satisfaction of other customary closing conditions.
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Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies |
Note 2 - Summary of Significant Accounting Policies
A. Basis of Preparation
The accompanying interim unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements due to the permitted exclusion of certain disclosures for interim reporting. In management’s opinion, the interim financial data presented includes all adjustments necessary for a fair statement. All intercompany accounts and transactions have been eliminated. Operating results for the six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2023.
These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022.
B. Use of Estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences may have a material impact on the Company’s financial statements. As applicable to these consolidated financial statements, the most significant estimate relates to the fair value of contingent consideration.
C. Significant Accounting Policies
The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report for the year ended December 31, 2022.
D. Foreign currencies
The functional currency of the Company is the U.S. dollar. Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are re-measured into U.S. dollars in accordance with Accounting Standard Codification ("ASC") Topic 830 "Foreign Currency Matters." All transaction gains and losses of the re-measured monetary balance sheet items are reflected in the consolidated statements of operations as financial income or expenses, as appropriate.
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments |
Note 3 - Segments
Otonomo operates its business and reports its financial results in two segments:
The chief operating decision maker (“CODM”) reviews financial information prepared on a consolidated basis, accompanied by disaggregated information about revenues and contributed profit by the two identified reportable segments, to make decisions about resources to be allocated to the segments and assess their performance.
Otonomo’s CODM does not regularly review asset information by reportable segment and, therefore, Otonomo does not report asset information by reportable segment.
Segment loss is comprised of operating loss and does not include amortization, depreciation and certain other items.
For the six-month period ended June 30, 2023, the Company had two customers that accounted for 18% and 25% respectively, of its revenues. For the six-month period ended June 30, 2022, the Company had two customers that accounted for 14% and 12% respectively, of its revenues.
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Fair Value Measurement |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement |
Note 4 - Fair Value Measurement
The Company's financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments:
Accrued interest in an amount of $254 thousand are included in marketable securities on the consolidated balance sheets as of June 30, 2023.
The following table summarizes the fair value and amortized cost of the available-for-sale debt securities by contractual maturity as of June 30, 2023:
The following table sets forth a summary of the changes in the fair value of the contingent consideration:
As of June 30, 2023, the Company evaluated the contingent consideration based on updated revenue growth assumptions, the Company’s ordinary shares fair value, and predominantly on the probability of the merger with Urgently Inc., resulting with an increase in the liability for contingent consideration of $2,061 thousand during the six-month period ended June 30, 2023.
Other financial instruments consist mainly of cash and cash equivalents, deposits, receivables, and accounts payable. The fair value of these financial instruments approximates their carrying values.
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Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation |
Note 5 - Share-Based Compensation
Share Options
A summary of the stock option activity is as follows:
Restricted Share Units ("RSU")
A summary of RSU activity and related information under the Company's equity incentive plan and the RSU award is as follows:
The share-based compensation expenses by line item in the accompanying condensed consolidated statements of comprehensive loss is summarized as follows:
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Warrants for Ordinary Shares |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants for Ordinary Shares |
Note 6 - Warrants for Ordinary Shares
The Fair value of the Warrants:
For the period ended June 30, 2023, the Company recorded a financial expense of $51 thousand to the condensed consolidated statements of comprehensive loss as part of the financial income, net, relating to the warrant’s fair value increased in the period.
The Black-Scholes assumptions used to value the private warrants are as follows:
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Net Loss Per Share Attributable to Ordinary Shareholders |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share Attributable to Ordinary Shareholders |
Note 7 - Net Loss Per Share Attributable to Ordinary Shareholders
The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders for the periods presented:
Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. All of the Company’s outstanding stock options and RSUs, as well as the warrants, were excluded in the calculation of diluted net loss per share as the effect would be anti-dilutive. |
Subsequent events |
6 Months Ended | ||||||
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Jun. 30, 2023 | |||||||
Subsequent Events [Abstract] | |||||||
Subsequent events |
Note 8 - Subsequent events
On July 24, 2023, the Company announced that it had commenced an exchange offer and consent solicitation relating to its outstanding warrants. On August 23, 2023, the Company announced the expiration and results of its exchange offer and consent solicitation relating to its outstanding warrants. The Company has been advised that 5,496,433 public warrants, or approximately 63.7% of the outstanding public warrants, and 5,200,000 private placement warrants, representing all of the outstanding private placement warrants, were validly tendered and not withdrawn prior to the expiration of the offer and consent solicitation. The Company expects to accept all validly tendered warrants in exchange for 0.0167 ordinary shares per warrant on or before August 25, 2023.
In addition, pursuant to the consent solicitation, the Company received approval from the holders of a majority of the public warrants of an amendment to the warrant agreement governing the warrants (the “Warrant Amendment”). On August 23, 2023, the Company executed the Warrant Amendment and announced that it will exercise its right, in accordance with the terms of the Warrant Amendment, to exchange all remaining untendered warrants for ordinary shares at an exchange ratio of 0.01503 ordinary shares for each warrant. The Company has fixed the date for such exchange as September 7, 2023.
On July 3, 2023, the Company amended its headquarters lease agreement as part of the Cost Reduction Initiative. The leased space and the lease payments were reduced by half, down to 745.5 sqm. This lease agreement covers the third quarter of 2023 with an option to extend until September 30, 2024, with a 30-day notice. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Preparation |
A. Basis of Preparation
The accompanying interim unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements due to the permitted exclusion of certain disclosures for interim reporting. In management’s opinion, the interim financial data presented includes all adjustments necessary for a fair statement. All intercompany accounts and transactions have been eliminated. Operating results for the six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2023.
These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022.
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Use of Estimates |
B. Use of Estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences may have a material impact on the Company’s financial statements. As applicable to these consolidated financial statements, the most significant estimate relates to the fair value of contingent consideration.
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Significant Accounting Policies |
C. Significant Accounting Policies
The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report for the year ended December 31, 2022.
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Foreign currencies |
D. Foreign currencies
The functional currency of the Company is the U.S. dollar. Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are re-measured into U.S. dollars in accordance with Accounting Standard Codification ("ASC") Topic 830 "Foreign Currency Matters." All transaction gains and losses of the re-measured monetary balance sheet items are reflected in the consolidated statements of operations as financial income or expenses, as appropriate.
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Segments (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment |
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Schedule of revenue by major customers by reporting segments |
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Fair Value Measurement (Table) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value, assets and liabilities measured on recurring basis |
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Schedule of amortized cost of available-for-sale debt securities |
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Schedule of composition of marketable securities |
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Schedule of fair value of contingent consideration |
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Share-Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock option activity |
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Schedule of RSU activity |
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Schedule of share based compensation expenses |
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Warrants for Ordinary Shares (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of the warrants |
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Schedule of assumptions of warrants for ordinary shares |
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Net Loss Per Share Attributable to Ordinary Shareholders (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted net loss per share |
|
General (Narrative) (Details) |
Aug. 03, 2023 |
Jun. 30, 2023 |
---|---|---|
General [Line Items] | ||
Reverse share split of ordinary shares | 1-for-15 | |
Urgently [Member] | ||
General [Line Items] | ||
Percentage of Interest own by shareholders and other equity holders | 33.00% |
Segments (Narrative) (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
Customers
Segments
|
Jun. 30, 2022
Customers
|
|
Segment Reporting Information [Line Items] | ||
Number of segments | Segments | 2 | |
Number of customer | Customers | 2 | 2 |
Customer One [Member] | ||
Segment Reporting Information [Line Items] | ||
Customer revenue percentage | 18.00% | 14.00% |
Customer Two [Member] | ||
Segment Reporting Information [Line Items] | ||
Customer revenue percentage | 25.00% | 12.00% |
Segments - Schedule of segment reporting information, by segment (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||
Revenues | $ 3,465 | $ 2,951 |
Segment loss | (19,916) | (28,232) |
Depreciation and amortization | (148) | (1,728) |
Contingent consideration expense | (2,061) | 1,541 |
Impairment of goodwill | 0 | (37,000) |
Impairment of intangible assets | 0 | (8,785) |
Share-based compensation | (3,177) | (4,881) |
Operating loss | (25,302) | (79,085) |
Financial income, net | 2,581 | 428 |
Loss before income tax expense | (22,721) | (78,657) |
Connected Vehicles [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 395 | 1,794 |
Segment loss | (16,581) | (26,350) |
Insurance Related Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,070 | 1,157 |
Segment loss | $ (3,335) | $ (1,882) |
Segments - Schedule of revenue by major customers by reporting segments (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||
Revenues | $ 3,465 | $ 2,951 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,590 | 1,316 |
APAC [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 68 | 60 |
EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,807 | $ 1,575 |
Fair Value Measurement (Narrative) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
shares
| |
Fair Value Disclosures [Abstract] | |
Accrued interest | $ 254 |
Change in fair value | $ 2,061 |
Warrant issued | shares | 5,200,000 |
Fair Value Measurement - Schedule of amortized cost of available-for-sale debt securities (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Amortized Cost | |
Amortized Cost - due within one year | $ 48,054 |
Amortized Cost - due after one year through two years | 8,136 |
Amortized Cost | 56,190 |
Fair Value | |
Fair Value - due within one year | 47,911 |
Fair Value - due after one year through two years | 8,061 |
Fair Value | $ 55,972 |
Fair Value Measurement - Schedule of fair value of contingent consideration (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value as of beginning | $ 911 |
Change in fair value | 2,061 |
Fair value as of end | $ 2,972 |
Share-Based Compensation - Schedule of summary of the stock option activity (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
$ / shares
shares
| |
Number of Options | |
Outstanding - Balance at January 1, 2023 | shares | 535,737 |
Forfeited | shares | (40,958) |
Exercised | shares | (72,777) |
Outstanding - Balance at June 30, 2023 | shares | 422,002 |
Weighted Average exercise price | |
Outstanding - Balance at January 1, 2023 | $ / shares | $ 10.05 |
Forfeited | $ / shares | 10.15 |
Exercised | $ / shares | 0.89 |
Outstanding - Balance at June 30, 2023 | $ / shares | $ 11.67 |
Share-Based Compensation - Schedule of restricted share units ("RSU") (Details) - Restricted Stock Units (RSUs) [Member] - Equity Incentive Plan [Member] |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023
$ / shares
shares
| ||||
Number of Options | ||||
Unvested Balance at January 1, 2023 | shares | 704,350 | |||
Granted | shares | 143,620 | [1] | ||
Vested | shares | (118,807) | |||
Forfeited | shares | (372,454) | |||
Unvested Balance at June 30, 2023 | shares | 356,709 | |||
Weighted average exercise price | ||||
Unvested Balance at January 1, 2023 | $ / shares | $ 24.75 | |||
Granted | $ / shares | 6.04 | [1] | ||
Vested | $ / shares | 36.02 | |||
Forfeited | $ / shares | 22.3 | |||
Unvested Balance at June 30, 2023 | $ / shares | $ 20 | |||
|
Share-Based Compensation - Schedule of share based compensation expenses (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expenses | $ 3,177 | $ 4,881 |
Cost of services [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expenses | 31 | 13 |
Research and development [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expenses | 502 | 1,138 |
Sales and marketing [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expenses | 962 | 1,467 |
General and administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expenses | $ 1,682 | $ 2,263 |
Warrants for Ordinary Shares (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Stockholders' Equity Note [Abstract] | ||
Financial income (expenses), net, relating to the warrants | $ 51 | $ 1,451 |
Warrants for Ordinary Shares - Schedule of fair value of the warrants (Details) - USD ($) $ / shares in Units, $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Value of warrant per share | $ 0.3 | $ 0.45 |
Number of ordinary shares issuable upon exercise of warrants | 346,667 | 346,667 |
Fair value of warrant liability | $ 104 | $ 155 |
Warrants for Ordinary Shares - Schedule of assumptions (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Stockholders' Equity Note [Abstract] | ||
Volatility | 90.20% | 89.10% |
Risk-free interest rate | 4.46% | 4.10% |
Expected dividends | 0.00% | 0.00% |
Expected life (in years) | 3 years 1 month 13 days | 3 years 7 months 13 days |
Net Loss Per Share Attributable to Ordinary Shareholders - Schedule of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||
Net loss | $ (22,797) | $ (78,937) |
Denominator: | ||
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic | 9,558,418 | 9,048,392 |
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted | 9,558,418 | 9,048,392 |
Net loss per share attributable to ordinary shareholders, basic | $ (2.39) | $ (8.72) |
Net loss per share attributable to ordinary shareholders, diluted | $ (2.39) | $ (8.72) |
Subsequent events (Narrative) (Details) - Subsequent Event [Member] - $ / shares |
Aug. 23, 2023 |
Jul. 24, 2023 |
---|---|---|
Subsequent Event [Line Items] | ||
Public warrants received | 5,496,433 | |
Approximate percentage of outstanding public warrants were validly tendered and not withdrawn prior to expiration of offer | 63.70% | |
Private warrants received | 5,200,000 | |
Warrants outstanding per share | $ 0.01503 | $ 0.0167 |
1 Year Otonomo Technologies Chart |
1 Month Otonomo Technologies Chart |
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