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Rail Vision Ltd.

For the period ended Dec 31, 2024. Filed Mar 31, 2025.

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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.

FY2024 · Filed Mar 31, 2025

RVSN$2.78+6.1%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 PURSUANT TO 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 31,2024

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.:001-41334

RAIL VISION LTD.

(Exact name of registrant as specified in its charter)

Translation of registrant’s name into English: Not applicable

Israel15 Ha’Tidhar St Ra’anana, 4366517 Israel Tel: +972-9-957-7706
(Jurisdiction of incorporation or organization)(Address of principal executive offices)

Shahar Hania

Chief Executive Officer

15 Ha’Tidhar St

Ra’anana,4366517 Israel

Tel:+972-9-957-7706

Email: marketing@railvision.io

(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 class to be registeredTrading Symbol(s)Name of each exchange on which each class is to be registered
Ordinary shares, no par valueRVSNThe Nasdaq Stock Market LLC
Warrants to purchase ordinary shares, no par valueRVSNWThe Nasdaq Stock Market LLC

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

Number of outstanding shares of each of the issuer’s classes of capital or common stock as of March 30, 2025:51,988,188 ordinary shares.

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 electronically 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.

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 7(a)(2)(B) of the Securities 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.☐

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
INTRODUCTIONii
EMERGING GROWTH COMPANY STATUSii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiii
MARKET, INDUSTRY, AND OTHER DATA1
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 Factors2
ITEM 4.INFORMATION ON THE COMPANY26
A.History and Development of the Company26
B.Business Overview27
C.Organizational Structure49
D.Property, Plants and Equipment49
ITEM 4A.UNRESOLVED STAFF COMMENTS49
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS49
A.Operating Results50
B.Liquidity and Capital Resources52
C.Research and Development, Patents and Licenses57
D.Trend Information57
E.Critical Accounting Estimates57
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES58
A.Directors and Senior Management58
B.Compensation61
C.Board Practices64
D.Employees77
E.Share Ownership77
FDisclosure of a registrant’s action to recover erroneously awarded compensation.78
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS78
A.Major Shareholders78
B.Related Party Transactions80
C.Interests of Experts and Counsel82
ITEM 8.FINANCIAL INFORMATION82
A.Statements and Other Financial Information82
B.Significant Changes83
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
ITEM 10.ADDITIONAL INFORMATION83
A.Share Capital83
B.Articles of Association84
C.Material Contracts84
D.Exchange Controls84
E.Taxation84
F.Dividends and Paying Agents94
G.Statement by Experts94
H.Documents on Display95
I.Subsidiary Information95
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK95
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES96
A.Debt Securities96
B.Warrants and rights96
C.Other Securities96
D.American Depositary Shares96
PART II
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES96
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS96
ITEM 15.CONTROLS AND PROCEDURES96
ITEM 16.[RESERVED]97
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT97
ITEM 16B.CODE OF ETHICS97
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES98
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES98
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS98
ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT98
ITEM 16G.CORPORATE GOVERNANCE98
ITEM 16H.MINE SAFETY DISCLOSURE100
ITEM 16IDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS100
ITEM 16JINSIDER TRADING POLICIES100
ITEM 16KCYBERSECURITY101
PART III
ITEM 17.FINANCIAL STATEMENTS101
ITEM 18.FINANCIAL STATEMENTS101
ITEM 19.EXHIBITS101
SIGNATURES104

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ContentsView on SEC.gov

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