BrenX Ltd. reported a narrower loss for the first half of 2026 as it pushed ahead with a broader shift from thermal energy storage equipment sales toward developing and owning energy infrastructure assets.

The company, which trades on Nasdaq under the symbol BRNX, said operating loss for the six months ended June 30, 2026, fell 9% to $5.97 million from $6.57 million a year earlier, while net loss decreased 18% to $6.09 million from $7.45 million. Cash and cash equivalents stood at $5.69 million at June 30, 2026.

Revenue was $0 in the first half of 2026, compared with $387 thousand in the same period of 2025. BrenX said no comparable project milestone met revenue-recognition criteria during the latest first half, as the Tempo and Wolfson projects remained under construction or commissioning.

Rebrand tied to broader strategy

The company said its new BrenX identity reflects an expansion beyond its bGen™ thermal energy storage technology into a broader energy infrastructure platform that may combine renewable generation, battery storage and other energy assets.

"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."

Shareholders approved the company’s name change 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 changed to BRNX as part of the name change.

Project progress at Tempo and Wolfson

BrenX said its 32 MWh bGen™ thermal energy storage system at Tempo Beverages Ltd. has been assembled and integrated with the customer’s production facility and is producing steam as part of the commissioning process.

Subsequent to the reporting period, the company received the construction permit for its 12 MWh bGen™ thermal energy storage project at Wolfson Medical Center and began on-site work. BrenX said the system is designed to replace fuel-oil boilers and provide steam and hot water for hospital operations.

"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."

Under an 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. BrenX said Baran will become the owner of the systems upon final commissioning, while BrenX will retain its intellectual property and remain entitled to additional contingent consideration, subject to the terms of the agreement, and to payment for ongoing operations and maintenance services.

Hungary acquisition adds operating solar asset

After the close of the reporting period, BrenX said it purchased an operating 1.2 MWp photovoltaic facility for approximately $1.1 million. The ARD Facility supplies renewable electricity to the Hungarian grid and is expected to provide a recurring revenue stream.

The company also said that on August 28, 2026, through its subsidiary, it signed a definitive agreement to acquire adjacent industrial land and related photovoltaic infrastructure as part of plans for what it described as its first integrated energy resource center in Hungary.

"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."

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, as well as the potential direct supply of electricity and heat to nearby industrial customers. BrenX said it may also evaluate integrating digital infrastructure, including modular data centers, subject to further development, financing, permitting, customer arrangements and other commercial and regulatory considerations.

Expenses and liquidity

BrenX said operating loss improved mainly because of lower research and development expenses and cost of revenues, partly offset by the absence of revenue and higher selling and marketing and general and administrative expenses. Research and development expenses declined approximately 41% to $1.43 million from $2.41 million.

The company said net loss also benefited from a shift from $837 thousand of net financial expense in the first half of 2025 to $4 thousand of net financial income in the first half of 2026.

At June 30, 2026, total assets were $13.48 million, total liabilities were $8.88 million and shareholders’ equity was $4.59 million. At December 31, 2025, total assets were $12.50 million, total liabilities were $9.00 million and shareholders’ equity was $3.49 million.

Net cash used in operating activities was $5.50 million in the first half of 2026, compared with $5.27 million in the first half of 2025. Net cash provided by financing activities was $6.45 million, compared with $3.35 million in the first half of 2025.

"Our financial results also reflect our continued focus on managing the business as we execute this transition. We reduced our operating loss by 9% and our net loss by 18% compared with the first half of 2025, while continuing to advance our commercial projects and broader strategy. Looking ahead, our priorities are clear: complete the commissioning of Tempo, continue construction at Wolfson, advance the development of our Hungary energy platform and pursue financing structures that can support both our existing projects and future energy infrastructure opportunities. We believe executing against these priorities can move BrenX closer to our objective of building a scalable energy infrastructure business around our technology and assets."

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