Save Foods Reports $210,000 Revenue Decline and $5.35 Million Net Loss for Fiscal Year 2024

Save Foods, Inc. (now known as N2OFF, Inc.) reported a total revenue of $210,000 for the fiscal year ending December 31, 2024, a decrease of 20% from $263,000 in the previous year. The company's gross profit also fell significantly, down to $45,000 from $208,000, primarily due to a 200% increase in cost of sales, which rose to $165,000 from $55,000. This increase was attributed to inventory write-offs in South Africa and Turkey, as well as an unexpected surge in material consumption due to a malfunction at a U.S. client. The net loss for the year was $5.35 million, a reduction from the $7.26 million loss reported in 2023, indicating a 26% improvement in overall financial performance.

In terms of operational developments, Save Foods has focused on strategic changes, including a shift in its organizational structure and management team in September 2018, which aimed to enhance regulatory approvals for its products. The company has also been actively pursuing commercialization efforts, particularly in the post-harvest treatment market for fruits and vegetables. As of March 31, 2025, Save Foods employed five individuals, reflecting a lean operational structure as it navigates its growth strategy.

The company has made significant strides in product development, particularly with its proprietary solutions aimed at improving food safety and extending the shelf life of fresh produce. Save Foods has successfully commercialized its solutions in Israel, Peru, and the U.S., with plans to expand into Brazil and other markets. The company has conducted over fifty successful pilot programs with potential commercial partners, although it noted that the sales cycle remains lengthy, often taking at least two seasons to convert pilots into paying customers.

Looking ahead, Save Foods is optimistic about its growth potential, particularly in light of increasing consumer demand for organic and environmentally friendly food solutions. The company plans to continue its focus on expanding its product offerings and geographic reach, particularly in regions with stringent regulations on pesticide use. However, the company also acknowledges the challenges it faces, including the need for additional capital to support its operations and the potential impact of geopolitical tensions, particularly in Israel, on its business activities. The company has expressed substantial doubt about its ability to continue as a going concern without securing further financing.