StorEdge Drop Stock Plummets Amid Project Delays and Financial Woes
Translated & summarized from Calcalist by baba
StorEdge Drop, an energy company formerly chaired by Gadi Eisenkot, has seen its stock value crash by over 98% to NIS 4 million. The company is facing significant delays in a key project with Tnuva due to infrastructure issues, adding to its long-standing struggle to commercialize its technology. With minimal revenues and substantial losses, StorEdge Drop faces a going concern warning, dependent on securing further funding for its operations and new projects like its CoolDrop cooling system.
The story in 5 lines · by baba
- StorEdge Drop's stock value has plummeted over 98% to NIS 4 million, from NIS 260 million at its listing.
- A key project with Tnuva is delayed due to infrastructure issues, with uncertain resolution and potential impact on profitability.
- The company reported negligible revenues of NIS 19,000 and significant losses in the first half of 2026.
- StorEdge Drop faces a going concern warning, indicating substantial doubt about its ability to continue operating.
- Gadi Eisenkot chaired the company from April 2021 until he entered politics in November 2022.
StorEdge Drop, an energy company formerly chaired by Israeli politician Gadi Eisenkot, is facing significant financial difficulties and operational setbacks. The company's stock has plummeted by over 98% since its public listing in July 2021, falling from a market value of approximately NIS 260 million to just NIS 4 million. This financial collapse occurred during Eisenkot's tenure as chairman from April 2021 until he entered politics in November 2022.
Adding to its troubles, StorEdge Drop announced a further delay in a project to install an air compression facility at the Tnuva factory in Alon Tavor. The company cited infrastructure deficiencies at the factory site as the reason for suspending the project, with no clear timeline for resumption. While the agreement with Tnuva has not been canceled, StorEdge Drop noted uncertainty regarding the resolution of these issues due to the complexity of the repairs and the difficulty in finding suitable professionals, which could impact the project's economic viability.
StorEdge Drop has struggled for years to commercialize its technology. The Tnuva project, signed in 2023 with an estimated annual revenue potential of NIS 1 million, was a key initiative. The company reported negligible revenues of only NIS 19,000 in the first half of 2026, alongside net losses of NIS 489,000 and operating losses of NIS 1.46 million during the same period. Accumulated losses from 2023 to 2025 reached approximately NIS 11.4 million.
The company's cash reserves stood at NIS 1.82 million at the end of June, sufficient for about 14 months of operations at the current burn rate, largely due to capital raises rather than business activity. However, its financial reports include a going concern warning, indicating substantial doubt about its ability to continue operating without additional funding. The company itself acknowledges a lack of certain financial resources to meet its business plans and obligations.
Despite these challenges, StorEdge Drop is developing a new growth engine in industrial cooling with its CoolDrop system, supported by EU funding. While a prototype has been produced and performance tests are planned in Spain, a commercial pilot with an Israeli client is slated for 2027, with binding commercial agreements contingent on its success. The company's CEO, Shai Cohen, was unavailable for comment.
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