He said his company would bring in $30 million: it is bringing in only 1% of that

On the stock exchange, one often hears "ambitious" forecasts. This is part of a company's public relations strategy: glorifying the product, emphasizing the size of the market, and the breakthrough that is "just around the corner." However, no matter how successfully a company markets itself, forecasts must eventually meet reality. When decisive moments arrive, the numbers speak for themselves.

Nur Ink Innovations, which develops water-based pigment ink for digital printers, published its reports for the first half of 2026, revealing a huge gap between the company's forecasts from a year ago and reality. In the first half of the year, the company recorded revenues of only 149,000 shekels (an annual rate of about 300,000 shekels), while it had previously stated it expected sales of $30 million as early as 2027 and $180 million in 2030. Meanwhile, the stock has declined by about 37% since the beginning of the year, with a market value of about 72.5 million shekels.

The basis for the company's forecasts is its flagship development: DTF (Direct-to-Film) ink, which, according to the company, eliminates the need for adhesive powder. Nur presents itself as the first in the world with powder-free commercial DTF ink, targeting a market estimated at about $3.6 billion per year. However, even a year ago, these forecasts looked highly optimistic for a company that only recorded its first revenues in 2024.

The report paints a worrying picture: beyond the meager revenues, Nur recorded a gross loss, a net loss of about 6 million shekels for the half-year, and burned about 4.2 million shekels in cash from current operations. On June 30, only 412,000 shekels remained in the coffers — an amount insufficient, as the company admits, to finance operations beyond 12 months. The accumulated loss has climbed to 63.6 million shekels.

Since the beginning of the year, Nur has announced a series of exclusive distribution agreements: with DCC in the USA, Resolute in the UK, Hosonsoft in China, and a veteran German distribution company that markets Epson, Ricoh, and Mutoh printers across Europe. On the surface, these are cumulative purchase commitments of hundreds of tons of ink. However, in the fine print of the report, Nur clarifies that these quantities "do not constitute an absolute commitment" and depend on actual demand.

To bridge the gap, Nur had to act on two fronts. In July, it raised about 5.3 million shekels in a public offering, and in August, it received a commitment from shareholders to inject up to 10 million shekels if necessary. The auditing accountant, Kesselman & Kesselman (PwC), explicitly drew attention to the company's financial situation. While a "going concern" note was not issued, this was largely thanks to the financial backing from shareholders.

Moshe Nur is an experienced entrepreneur who founded Nur Macroprinters (acquired by HP) and was a co-founder of Kornit Digital. This track record gives him credit, but not a guarantee. As early as June last year, Nur said that "to reach profitability, the company needs about 10 such agreements," and added that they would arrive "easily" by mid-2026. In practice, four were signed.

Investors should remember: when someone makes a bombastic statement, be critical. Check the numbers and read other sources. This effort might cost you time, but it can save you a lot of money.

Moshe Nur, Chairman of the Board and CEO of the company, stated:

"The signing of the agreement with the German client is another important strategic move for Nur Ink, expanding our operations to the European market. This is a significant agreement in terms of the expansion of our marketing efforts and confidence in the quality, innovation, and capabilities of the unique ink technology we have developed. The client brings together a distribution network of about 20 sub-distributors across Europe, operating in Austria, Belgium, Denmark, Sweden, Norway, and other countries."