BrenX Reports First Half 2026 Financial Results and Advances Integrated Energy Infrastructure Strategy
BrenX narrows losses, adds Hungarian renewable assets and advances three energy projects as it shifts toward an integrated infrastructure model.
Rhea-AI Summary
BrenX (BRNX) reported first half 2026 results showing a 9% reduction in operating loss to $5.97 million and an 18% reduction in net loss to $6.09 million versus first half 2025, while revenue fell to zero from $387 thousand.
Cash and cash equivalents were $5.69 million at June 30, 2026, with shareholders’ equity rising to $4.59 million from $3.49 million at year-end 2025. The 32 MWh bGen™ system at Tempo is assembled, integrated and producing steam during commissioning, and BrenX has begun on-site work on the 12 MWh Wolfson Medical Center project after receiving a construction permit. The company purchased a 1.2 MWp operating photovoltaic facility in Hungary for approximately $1.1 million and signed a definitive agreement to acquire adjacent land and PV infrastructure for a planned integrated energy resource center. BrenX also finalized its corporate rebrand and leadership changes and expanded its Baran Energy collaboration, which includes up to $2.9 million in milestone payments for Tempo and Wolfson.
Positive
- Operating loss improved 9% to $5.97 million in H1 2026
- Net loss improved 18% to $6.09 million in H1 2026
- R&D expenses reduced about 41% to $1.43 million, reflecting cost optimization
- Shareholders’ equity increased to $4.59 million from $3.49 million
- Acquired 1.2 MWp Hungarian PV facility for ~$1.1 million, adding recurring revenue
- Baran Energy agreement provides up to $2.9 million milestone payments for Tempo and Wolfson
Negative
- Revenue declined to $0 in H1 2026 from $387 thousand a year earlier
- Company still incurred a $6.09 million net loss in H1 2026
- Net cash used in operating activities rose 4% to $5.50 million
- Cash balance of $5.69 million is close to H1 operating cash outflow level
- H1 2026 operating loss of $5.97 million indicates continued high burn despite cost cuts
News Explained
Baran would own the Tempo and Wolfson systems after final commissioning, while BrenX retains intellectual property and service-related payment rights.
BrenX reports Tempo in commissioning, Wolfson construction underway, the ARD facility purchased and the adjacent-land acquisition signed; under its Baran arrangement, final commissioning would transfer ownership of the Tempo and Wolfson systems.
Baran is to make milestone payments totaling approximately
The planned Hungary center could eventually include up to
At
The next material checkpoints are final commissioning for the Baran ownership transfer and the specified financing, permitting and customer milestones for the Hungary expansion.
Key Figures
- Operating Loss
- $5.97 million
- H1 2026; 9% decrease from H1 2025
- Net Loss
- $6.09 million
- H1 2026; 18% decrease from H1 2025
- Revenue
- $0
- H1 2026 vs. $387 thousand in H1 2025
- Cash and Equivalents
- $5.69 million
- At June 30, 2026
- Net Cash Used in Operating Activities
- $5.50 million
- H1 2026 vs. $5.27 million in H1 2025
- Research and Development Expenses
- $1.43 million
- H1 2026; approximately 41% decrease from H1 2025
- Tempo TES System
- 32 MWh
- Assembled, integrated and producing steam during commissioning
- Wolfson TES System
- 12 MWh
- Construction commenced after receipt of the permit
Historical Context
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Definitive agreement to acquire adjacent Hungarian industrial land and photovoltaic infrastructure.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
thermal energy storage technical
photovoltaic facility technical
revenue-recognition criteria financial
battery energy storage technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
New BrenX Identity Reflects Expansion from Thermal Energy Storage Technology into Broader Energy Infrastructure Platform
Tempo Reaches Key Commissioning Milestone; Wolfson Construction Underway; Hungary Purchase Adds Operating Renewable Energy Assets
Rosh HaAyin, Israel--(Newsfile Corp. - September 9, 2026) - BrenX Ltd. (NASDAQ: BRNX) (the "Company" or "BrenX"), a provider of thermal energy storage ("TES") and integrated industrial energy solutions, today reported unaudited financial results as of and for the six months ended June 30, 2026, together with operational and subsequent business developments as the Company advances its strategy beyond TES equipment sales toward the potential development, ownership and optimization of integrated energy infrastructure.
Financial and Operating Highlights
- For the period ended June 30, 2026, operating loss decreased by
9% to$5.97 million and net loss decreased by18% to$6.09 million compared to the period ended June 30, 2025. - Cash and cash equivalents totaled
$5.69 million at June 30, 2026. - The 32 MWh bGen™ TES system at Tempo Beverages Ltd. ("Tempo") has been assembled and integrated with the customer's production facility and is producing steam as part of the commissioning process.
- The Company received the construction permit for its 12 MWh bGen™ TES project at Wolfson Medical Center, subsequent to the period, and commenced on-site work. The system is designed to replace fuel-oil boilers and provide steam and hot water for hospital operations.
- The Company purchased for approximately
$1.1 million , subsequent to the period, an operating 1.2 MWp photovoltaic facility ("ARD Facility") that supplies renewable electricity to the Hungarian grid and is expected to provide a recurring revenue stream. In addition, on August 28, 2026, the Company, through its subsidiary, signed a definitive agreement to acquire adjacent industrial land and related photovoltaic infrastructure to support BrenX's planned first integrated energy resource center in Hungary.
"We believe the first half of 2026 and subsequent developments represent an important stage in our Company's evolution, and our rebrand as BrenX reflects the broader business we are building," said Nir Brenmiller, Chief Executive Officer of BrenX. "For nearly 15 years, we have focused on developing and commercializing our thermal energy storage technology. That technology remains at the core of BrenX, but our opportunity today extends beyond thermal energy storage alone. The BrenX name reflects our evolution toward a broader energy infrastructure company striving to bring together bGen™ with renewable generation, battery storage and other energy assets to deliver integrated power and heat solutions around the needs of industrial customers. Our strategy is also evolving beyond equipment sales toward the development, ownership and optimization of energy infrastructure, giving us the opportunity to participate more broadly in the economics of the projects we develop and, over time, build recurring, infrastructure-based revenue streams."
"We are beginning to translate that strategy into operating assets and projects. At Tempo, our 32 MWh bGen™ system has been assembled and integrated into the customer's production facility and is producing steam as part of the commissioning process. At Wolfson Medical Center, we received the construction permit and have commenced on-site work on a 12 MWh bGen™ system designed to replace the hospital's fuel-oil boilers and provide steam and hot water for its operations. Together, Tempo and Wolfson demonstrate how our thermal energy storage technology can be deployed in very different operating environments and provide the foundation for the broader integrated energy solutions we are now pursuing."
"In Hungary, we are beginning to put that broader strategy into practice. We purchased the ARD Facility and its operating photovoltaic assets, which are already supplying renewable electricity to the grid and providing a recurring revenue stream. The subsequent agreement to acquire adjacent industrial land and related photovoltaic infrastructure gives us an opportunity to build around those existing assets as we pursue the development of our first integrated energy resource center."
"Our financial results also reflect our continued focus on managing the business as we execute this transition. We reduced our operating loss by
Additional Business Highlights
- Baran Energy Collaboration: Under BrenX's agreement with Baran Energy Ltd., Baran has agreed to acquire the Tempo and Wolfson systems and make milestone-based payments totaling approximately
$2.9 million during construction and commissioning. Baran will become the owner of the systems upon final commissioning, while BrenX retains its intellectual property and is entitled to additional contingent consideration, subject to the terms of the agreement, and to payment for ongoing operations and maintenance services. - Hungary: Planned Integrated Energy Resource Center: Current plans contemplate the potential expansion of the Hungary site to include an aggregate of up to 20 MW of solar generation, 6 MWh of battery energy storage and 12.5 MWh of thermal energy storage, as well as the potential direct supply of electricity and heat to nearby industrial customers. BrenX may also evaluate opportunities to integrate digital infrastructure, including modular data centers, subject to further development, financing, permitting, customer arrangements and other commercial and regulatory considerations.
- Corporate Transition: Shareholders approved the change of the Company's name to BrenX Ltd., the appointment of Nir Brenmiller as Chief Executive Officer and the appointment of Avi Brenmiller as Chairman of the Board of Directors. The Nasdaq ticker symbol for the Company's ordinary shares has changed to BRNX as part of the Company's name change.
Summary of First Half 2026 Financial Results (U.S. dollars in thousands)
| U.S.$ in thousands, except percentages | H1 2026 | H1 2025 | Change |
| Revenue | NM(1) | ||
| Operating loss | |||
| Net loss | |||
| Net cash used in operating activities |
(1) NM: not meaningful.
Income statement: The Company recognized no revenue during the six months ended June 30, 2026, compared with
Operating loss decreased
Net loss decreased
Balance Sheet and Liquidity: At June 30, 2026, cash and cash equivalents totaled
Net cash used in operating activities was
About bGen™
bGen™ is BrenX's thermal energy storage system. It converts electricity into heat, stores that heat in crushed rock and dispatches steam, hot water or hot air on demand according to customer requirements. The system is designed to enable industrial customers to use renewable or lower-cost electricity for process heat and to support grid flexibility.
About BrenX Ltd.
BrenX provides thermal energy storage and integrated industrial energy solutions. Building on its proprietary bGen™ thermal energy storage technology, the Company is expanding its strategy to develop, own, operate and optimize energy assets that may combine local generation, electrical and thermal storage, grid connectivity and intelligent energy management around customer needs. BrenX is headquartered in Rosh Ha'ayin, Israel. For more information, visit https://www.bren-x.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements when discussing the anticipated completion, commissioning and performance of the Tempo project; the continued construction, financing, commissioning and operation of the Wolfson project; the expected benefits, revenues, performance and strategic contribution of the ARD Facility and the purchase of adjacent industrial land and related photovoltaic infrastructure; the potential development and expansion of the Company's integrated industrial energy resource center in Hungary, including the potential addition of solar generation, battery energy storage, thermal energy storage and the direct supply of electricity and heat to industrial customers; the potential integration of digital infrastructure, including modular data centers; the Company's ability to obtain corporate and project-level financing and other resources necessary to develop and operate existing and future projects; the Company's strategy to develop, own, operate and optimize integrated energy infrastructure assets and its ability to generate recurring infrastructure-based revenues; and the intended capabilities, uses and benefits of the bGen™ system. Without limiting the generality of the foregoing, words such as "plan," "potential," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," "seek," "target" or "continue" are intended to identify forward-looking statements.
Readers are cautioned that actual results may differ materially from those expressed or implied by forward-looking statements. Factors that may affect the Company's results include, among others, the Company's ability to complete, commission and operate its projects as planned; construction, integration, performance and customer acceptance risks; the Company's liquidity, capital requirements and ability to obtain additional financing; the effect of financing transactions and anti-dilution provisions on the Company's capital structure; the Company's ability to integrate and realize the anticipated benefits of acquired assets; demand for and market acceptance of the Company's products; competitive, technological, supply-chain, regulatory and commercial risks; and political, economic and military instability in Israel and the Middle East. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") on March 25, 2026, and in the Company's subsequent SEC filings. The Company undertakes no obligation to update any forward-looking statement, except as required by law.
Contact:
Crescendo Communications, LLC
212-671-1020
BRNX@crescendo-ir.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313475
FAQ
What progress did BrenX make on the Tempo and Wolfson bGen™ projects?
The 32 MWh bGen™ system at Tempo has been assembled, integrated into the customer’s production facility and is producing steam as part of commissioning. At Wolfson Medical Center, BrenX received the construction permit after the period and has commenced on-site work on a 12 MWh bGen™ system designed to replace fuel-oil boilers and provide steam and hot water for hospital operations.
How is the Baran Energy collaboration structured for the Tempo and Wolfson systems?
Under the agreement with Baran Energy, Baran has agreed to acquire the Tempo and Wolfson systems and make milestone-based payments totaling approximately $2.9 million during construction and commissioning. Baran will own the systems after final commissioning, while BrenX retains its intellectual property and is entitled to additional contingent consideration and payments for ongoing operations and maintenance services, subject to the agreement’s terms.
What are BrenX’s plans for the integrated energy resource center in Hungary?
Current plans for the Hungary site contemplate potential expansion to include up to 20 MW of solar generation, 6 MWh of battery energy storage and 12.5 MWh of thermal energy storage, with the potential to directly supply electricity and heat to nearby industrial customers. BrenX may also evaluate integrating digital infrastructure such as modular data centers, subject to development, financing, permitting, customer arrangements and other commercial and regulatory considerations.
What corporate changes accompanied BrenX’s rebrand?
Shareholders approved changing the company’s name to BrenX Ltd., appointed Nir Brenmiller as Chief Executive Officer and appointed Avi Brenmiller as Chairman of the Board of Directors. The Nasdaq ticker symbol for the company’s ordinary shares changed to BRNX as part of the name change.
How did BrenX’s financing activities affect liquidity in the first half of 2026?
Net cash used in operating activities was $5.50 million in the first half of 2026, while net cash provided by financing activities was $6.45 million, compared with $3.35 million in the first half of 2025. At June 30, 2026, cash and cash equivalents totaled $5.69 million.