LOD, Israel - ZOOZ Power Ltd. (NASDAQ and TASE: ZOOZ), a provider of flywheel-based power boosting solutions for electric vehicle (EV) charging, today announced a leadership transition with Avi Cohen set to become Interim CEO starting June 1, 2024. Cohen, the current Executive Chairman, will take over from Boaz Weizer, who is stepping down. The company has begun a search for a permanent CEO.
In addition to the CEO change, Eyal Bloom, the Chief Revenue Officer, will step into the role of Interim Chief Business Officer (CBO), overseeing customer-facing functions such as sales, marketing, and customer service. Ruth Smadja, the Chief Financial Officer, will take on the role of Interim Chief Operating Officer (COO), managing finance, operations, and research and development.
Cohen brings a wealth of experience to the interim CEO role, having served in leadership positions across various sectors, including technology and telecommunications. His past roles include CEO of MX1 and President and CEO of Orbit Technologies, among others.
Commenting on the transition, Cohen expressed gratitude to Weizer for his contributions and emphasized the company's commitment to innovation in the EV charging space. He stated his eagerness to work with the ZOOZ team to continue building on the company's momentum.
ZOOZ Power specializes in the development of flywheel-based power-boosting technology, which allows for efficient and reliable ultra-fast charging of electric vehicles, addressing grid limitations. The company's solutions are designed with sustainability and environmental consciousness in mind, aiming to facilitate the expansion of fast-charging infrastructure.
The press release includes forward-looking statements regarding the company's future operations and strategy, as well as potential risks and uncertainties that could impact ZOOZ's business and financial results. These statements are based on current expectations and projections and are subject to change.
This news is based on a press release statement and reflects the company's current plans for its leadership and strategic direction.
InvestingPro Insights
As ZOOZ Power Ltd. navigates its leadership transition, the company's financial health and market performance remain critical for investors monitoring the impact of these changes. According to real-time data from InvestingPro, ZOOZ's market capitalization stands at a modest $32.94 million. The company's financial metrics indicate significant challenges, with a negative P/E ratio of -2.44 for the last twelve months as of Q4 2023, highlighting that ZOOZ is currently not profitable.
The company's stock has also experienced considerable volatility, as reflected in the price volatility InvestingPro Tip, and is trading near its 52-week low. This is corroborated by a 33.41% decline in the price total return over the past six months, up to the present day in 2024. Additionally, with a gross profit margin of -156.52% for the same period, the company is suffering from weak gross profit margins, indicating that it is spending more to produce its goods than it is earning from sales.
Despite these challenges, ZOOZ does have some financial stability factors in its favor. An InvestingPro Tip reveals that the company holds more cash than debt on its balance sheet, which could provide some cushioning as it undergoes its CEO transition and continues its search for a permanent leader. Moreover, ZOOZ's liquid assets exceed its short-term obligations, suggesting the company is in a position to cover its immediate liabilities.
For investors seeking a more comprehensive analysis of ZOOZ Power Ltd., InvestingPro offers additional tips that can provide deeper insights into the company's performance and valuation. There are 13 more InvestingPro Tips available for ZOOZ, which can be accessed through the dedicated InvestingPro page for the company. Interested investors can take advantage of the special offer to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription by using the coupon code PRONEWS24.
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