This is the summary of Friday, 14 August 2026 earnings. The Tel Aviv exchange does not trade on Friday, but filings are still made.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
Two Companies, Two Opposite Businesses
Only two Israeli companies filed today, and it would be hard to find two more different from one another.
| Q2 2026, NIS thousands | Nawi | Axon Vision |
|---|---|---|
| Revenue | 121,411 | 11,205 |
| Gross profit | 68,916 | 6,844 |
| Gross margin | 56.8% | 61.1% |
| Operating profit | 58,497 | loss 6,414 |
| Operating margin | 48.2% | negative |
| Pre-tax | 58,497 | loss 6,584 |
| Net profit | 45,227 | loss 6,584 |
| Basic per share, NIS | 1.38 | -0.43 |
| Total assets | 5,762,376 | 31,274 |
| Shareholders' equity | 1,101,835 | 20,465 |
Nawi
An operating margin of 48.2% is not a figure one sees in an industrial company, and it is consistent with the structure of a financial business: revenue is mostly interest and fees, and there is no cost of production in the ordinary sense.
Two checks the numbers pass. Pre-tax profit is identical to operating profit, meaning there are no net financing items below the line. And the tax, NIS 13.27 million on pre-tax profit of NIS 58.5 million, is an effective rate of 22.7% - close to the Israeli corporate rate.
And the balance sheet is the real story: NIS 5.76 billion against shareholders' equity of NIS 1.10 billion. A ratio of about 5.2 to one, which is a leverage structure typical of a credit business. Return on equity for the quarter, annualised, is about 16.4%.
Axon Vision
Here the picture is exactly inverted. The gross margin, 61.1%, is higher even than Nawi's - but operating expenses total about NIS 13.3 million against revenue of NIS 11.2 million, and so the operating line is negative.
This is the classic profile of a technology company in a growth phase: a high-margin product, and a cost structure built for future revenue rather than for current revenue. Shareholders' equity of NIS 20.5 million against a quarterly loss of NIS 6.6 million is the ratio worth following.
Wall Street
A scan of filings after the close found 69 companies that filed today - fewer than half of yesterday's 161. A Friday in August, and the list is made up entirely of small companies. There is no first-tier name in it.
And within it, the filers with an Israeli connection:
| Foresight Autonomous | Computer vision for autonomous vehicles |
| Lifeward | Rehabilitation and walking systems |
| BrainStorm Cell Therapeutics | Stem cells for degenerative disease |
| Quoin Pharmaceuticals | Treatments for rare skin diseases |
| Silexion Therapeutics | Oncology treatments |
We did not open a separate piece for any of them. All are small companies, and none sits on a thesis we cover. They are listed here so that the list is complete.
And what is still ahead: Eltek will publish its second quarter results on 18 August, before the market opens, and will hold a conference call the same day at 8:30 a.m. Eastern Time.
