Company: BNRG
Filing Date: 2025-03-04
Form Type: 20-F
Source: 0001213900-25-020178
Chunk: 98

Company: Brenmiller Energy Ltd.
Filing Date: 2025-03-04
Form: 20-F
Item: Item 19
Chunk 98
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 caused by military reserve call-ups, in addition, the Company is required
to find alternative sources of materials and supplies and to cope with increasing costs. A negative sentiment towards Israel and Israeli
companies may also affect international markets that may, in turn, affect the Company commercially and its ability to raise funds. Such
disruption, including the escalation of the political situation in Israel, could materially adversely affect the Company’s business,
prospects, financial condition, and results of operations.

  Liquidity  

The Company has not yet generated significant
revenues from its operations and has an accumulated deficit as of December 31, 2024, as well as a history of net losses and negative operating
cash flows. Towards the end of 2024, the Company started the operations of its new production line, which facilitates the shift in operations
from the development stage to commercial operations and commenced the production of TES systems under sale type lease agreements with
two Israeli customers. However, the Company expects to continue incurring losses and negative cash flows from operations until its products
reach profitability. As a result of these expected losses and negative cash flows from operations, along with the Company’s current
cash position, the Company has concluded that these conditions raise substantial doubt about the Company’s ability to continue as
a going concern. These financial statements have been prepared assuming that the Company will continue as a going concern and do not include
any adjustments that might result from the outcome of this uncertainty.

F-9

Brenmiller Energy Ltd.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - GENERAL(cont.):

  Liquidity (Cont.)  

Management’s plans include the
continued commercialization of the Company’s products and services, raising capital through private and public offerings (including
the use of an at-the-market offering) and through government grants under approved research and development plans and approved projects
(Note 12). In addition, management is planning to find additional cash sources through additional equity and debt financing (see also Note 10 with respect to EIB requirements).

There are no assurances however, that
the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in commercializing
its products and raising capital, it may need to reduce, delay, or adjust its operating expenses, including commercialization of existing
products or be unable to expand its operations, as desired.

NOTE 2 - SIGNIFICANT
ACCOUNTING POLICIES:

  Basis of presentation: