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Brenmiller Energy Ltd.

For the period ended Dec 31, 2025. Filed Mar 25, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Mar 25, 2026

BRNX$0.41-12.4%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F

☐ REGISTRATION STATEMENT PURSUANTTO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31,2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No.:001-41402

BRENMILLER ENERGY LTD.

(Exact name of registrant as specified in its charter)

Translation of registrant’s name into English: Not applicable

State of Israel

(Jurisdiction of incorporation or organization)

13 Amal St. 4th Floor, Park Afek

Rosh Haayin,4809249 Israel

Tel: +972-77-693-5140

(Address of principal executive offices)

Avraham Brenmiller

Chief Executive Officer

13 Amal St. 4th Floor, Park Afek

Rosh Haayin,4809249 Israel

Tel: +972-77-693-5140

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary Shares, no par value per shareBNRGNasdaq Capital Market

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

715,852 ordinary shares as of December 31, 2025.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act of 1934.

Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☐
Non-accelerated filer ☒Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes ☐ No☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.

U.S. GAAP ☒International Financial Reporting Standards as issued by the International Accounting Standards Board ☐Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company.

Yes ☐ No☒

TABLE OF CONTENTS

Page
INTRODUCTIONiii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiv
SUMMARY RISK FACTORSvi
PART I
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3.KEY INFORMATION1
A.[Reserved]1
B.Capitalization and Indebtedness1
C.Reasons for the Offer and Use of Proceeds1
D.Risk Factors1
ITEM 4.INFORMATION ON THE COMPANY25
A.History and Development of the Company25
B.Business Overview26
C.Organizational Structure43
D.Property, Plants and Equipment43
ITEM 4.AUNRESOLVED STAFF COMMENTS43
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS43
A.Operating Results43
B.Liquidity and Capital Resources46
CResearch and development, patents and licenses, etc.52
DTrend Information52
E.Critical Accounting Estimates52
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES54
A.Directors and Senior Management54
B.Compensation56
C.Board Practices60
D.Employees77
E.Share Ownership77
F.Action to Recover Erroneously Awarded Compensation77
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS77
A.Major Shareholders77
B.Related Party Transactions80
C.Interests of Experts and Counsel81
ITEM 8.FINANCIAL INFORMATION82
A.Consolidated Statements and Other Financial Information82
B.Significant Changes82
ITEM 9.THE OFFER AND LISTING83
A.Offer and Listing Details83
B.Plan of Distribution83
C.Markets83
D.Selling Shareholders83
E.Dilution83
F.Expenses of the Issue83

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ITEM 10.ADDITIONAL INFORMATION83
A.Share Capital83
B.Memorandum and Articles of Association83
C.Material Contracts83
D.Exchange Controls83
E.Taxation84
F.Dividends and Paying Agents92
G.Statement by Experts92
H.Documents on Display92
I.Subsidiary Information92
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK93
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES93
A.Debt Securities93
B.Warrants and rights93
C.Other Securities93
D.American Depositary Shares93
PART II
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES94
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS94
ITEM 15.CONTROLS AND PROCEDURES94
ITEM 16.[RESERVED]94
ITEM 16.AAUDIT COMMITTEE FINANCIAL EXPERT94
ITEM 16.BCODE OF ETHICS95
ITEM 16.CPRINCIPAL ACCOUNTANT FEES AND SERVICES95
ITEM 16.DEXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES95
ITEM 16.EPURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS96
ITEM 16.FCHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT96
ITEM 16.GCORPORATE GOVERNANCE96
ITEM 16.HMINE SAFETY DISCLOSURE97
ITEM 16.IDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS97
ITEM 16.JINSIDER TRADING POLICIES98
ITEM 16.KCYBERSECURITY98
PART III
ITEM 17.FINANCIAL STATEMENTS101
ITEM 18.FINANCIAL STATEMENTS101
ITEM 19.EXHIBITS101
SIGNATURES103

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.