The primary near-term risk is Nasdaq delisting, which would severely impair liquidity and access to capital. Monitor for any reverse stock split announcement or other compliance plan. The large provision for impaired receivables (NIS 49.5M) signals significant counterparty risk, particularly from the Bazelet restructuring. The company's reliance on government compensation (NIS 72M in other income) and a related-party bridge loan highlights fragile financial health. The pending class action (NIS 420M claim) is a material overhang.
Price Chart
Executive Summary
InterCure's FY2025 20-F shows a 13% revenue increase to NIS 270M, driven by resumed Southern Facility production and first German market revenues, but the company remains deeply unprofitable with a net loss of NIS 37M. The company faces Nasdaq delisting risk from a minimum bid price deficiency, a material NIS 49.5M provision for impaired receivables, and ongoing legal disputes. While the net loss narrowed from NIS 73M in 2024 and cash from operations turned positive at NIS 17M, the overall financial picture is one of a distressed recovery, not a turnaround.
Key Facts
- FY2025 revenue was NIS 270.2M, up 13% from NIS 238.8M in FY2024, but still well below FY2023's NIS 355.6M.
- Net loss for FY2025 was NIS 36.8M, improved from a NIS 72.8M loss in FY2024.
- Adjusted EBITDA was positive at NIS 41.6M for FY2025.
- Cash from operations was positive NIS 16.8M in FY2025, compared to negative NIS 66.9M in FY2024.
- Cash and cash equivalents fell to NIS 46.5M as of Dec 31, 2025, from NIS 78.3M a year earlier.
- The company received a Nasdaq deficiency notice on Feb 25, 2026 for failing to maintain a $1.00 minimum bid price, with a 180-day cure period ending Aug 24, 2026.
- A NIS 49.5M provision for impairment was recorded against other receivables, primarily related to uncompleted M&A processes and the Bazelet restructuring.
- The company recorded NIS 72M in other income from Israeli tax authority compensation for war damages to its Southern Facility.
- A NIS 11M bridge loan was taken from controlling shareholder Alexander Rabinovich in Dec 2025.
- A class action with claimed compensation of NIS 420M is pending, with a trial hearing scheduled for Nov 16, 2026.
Financial Impact
Revenue of NIS 270M, net loss of NIS 37M, cash burn of NIS 32M, and a NIS 49.5M provision for impaired receivables.
Risk Factors
- Nasdaq delisting if minimum bid price compliance is not regained by Aug 24, 2026.
- Material litigation risk from a class action with NIS 420M in claimed damages.
- High credit risk from a NIS 49.5M provision for impaired receivables, including exposure to Bazelet's restructuring.
- Dependence on continued Israeli government compensation for war damages to sustain operations.
- Significant insider ownership (30.97%) concentrated in CEO/Chairman, creating governance risk.
- Ongoing legal disputes with former business partners (Cann, Geffen) with claims exceeding NIS 100M.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001493152-26-020743 |
| Exhibit: ex11-1b.htm | 0001493152-26-020743 |
| Exhibit: ex4-10.htm | 0001493152-26-020743 |
| Exhibit: ex2-2.htm | 0001493152-26-020743 |
| Exhibit: ex12-2.htm | 0001493152-26-020743 |
| Exhibit: ex12-1.htm | 0001493152-26-020743 |
| Exhibit: ex8-1.htm | 0001493152-26-020743 |
| Exhibit: ex13-1.htm | 0001493152-26-020743 |
| Exhibit: ex13-2.htm | 0001493152-26-020743 |
| Document: 0001493152-26-020743-index-headers.html | 0001493152-26-020743 |
| Document: 0001493152-26-020743-index.html | 0001493152-26-020743 |
| Document: 0001493152-26-020743.txt | 0001493152-26-020743 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 9w ago | 6-K | $5.48 $5.39 | ▼ −1.64% | ▼ −2.96% | $4.27 (−22.08%) |
Aug 4, 2026 11w ago | 6-K | $4.82 $5.51 | ▲ +14.43% | ▲ +15.67% | $4.27 (−11.32%) |
Jun 15, 2026 19w ago | 6-K | $0.9550 $0.9545 | ▼ −0.05% | ▼ −0.05% | $4.27 (+347.12%) |
Apr 30, 2026 25w ago | Press Release | $0.8880 $1.07 | ▲ +20.50% | ▲ +15.21% | $4.27 (+380.86%) |
Apr 30, 2026 25w ago | 20-F | $0.8880 $1.07 | ▼ −20.50% | ▼ −15.23% | $4.27 (−380.86%) |
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