Company: BNRG
Filing Date: 2025-03-04
Form Type: 20-F
Source: 0001213900-25-020178
Chunk: 63

Company: Brenmiller Energy Ltd.
Filing Date: 2025-03-04
Form: 20-F
Item: Item 4A
Chunk 63
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ITEM 4A. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 5. OPERATING AND FINANCIAL
REVIEW AND PROSPECTS

A. Operating Results.

The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related
notes included elsewhere in this annual report on Form 20-F. The discussion below contains forward-looking statements that are based upon
our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these
expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in “ Cautionary
Note Regarding Forward-Looking Statements” and under “ Risk Factors” elsewhere in this annual report on Form 20-F. Our
discussion and analysis for the year ended December 31, 2022 and December 31, 2023 can be found in our Annual Report on Form 20-F for
the fiscal year ended December 31, 2023, filed with the SEC on March 18, 2024.

Overview

We are a technology company
that develops, produces, markets, and sells TES systems based on our proprietary and patented bGen™ technology. Our bGen™
technology uses crushed rocks to store heat at high temperatures, and our TES systems use that heat to dispatch consistent thermal energy
on demand. For additional information on our technology and products, see “ Item 4. D. - Business Overview - Our Products”
for additional information.

Components of our Operating Results

We have not generated significant
revenues to date. Our revenues consist of revenues from the sale of our storage units, licensing fees and engineering services.

Our costs and expenses consist
of the following components:

  Cost of Revenues. Our cost of revenues consists of expenditures on materials, payments to consultants and subcontractors, as well as labor, and royalty payments. In addition, the cost of revenu...  

  Research and Development, net. Our research and development expenses consist primarily of payroll, including share-based compensation and related personnel expenses, cost of third-party consult...  

  Selling and Marketing. Our selling and marketing expenses consist primarily of payroll, including share-based compensation and related personnel expenses, office maintenance, project promotion ...  

  General and Administrative. General and administrative consist primarily of payroll, including share-based compensation and related personnel expenses, professional service fees for accounting,...  

  Other Income (expenses), net. Other income (expenses),