Starting trouble: Maya Dynamics' vehicles are stuck and the stock continues its downward spiral

Rising losses, an emptying treasury, and a collapse in the stock — what happened to the transport company Maya Dynamics? Yesterday, Maya Dynamics shares plunged by 26.5%, the sharpest decline in a trading day on the Israeli stock exchange. The declines occurred against the backdrop of the publication of the first-half reports for the year, which showed a loss of almost 11 million shekels, more than double the loss of 4.6 million shekels recorded in the first half of 2025.

The surge in losses occurred following a sharp decline in sales and sales revenue. In the first half of the year, sales revenue stood at less than 400 thousand shekels, revenue so low that the company effectively did not present gross profit, as the minimal sales did not cover fixed production costs. For comparison, in the corresponding six months of 2025, the company recorded revenue of 2.7 million shekels.

Sales data indicate that Maya Dynamics' great promise to grow in the USA is currently far from being realized. According to the financial report, the company's sales in the USA in the first half of the year stood at only 31 thousand shekels, and this in the largest economy in the world, which it defined as one of its main markets. In fact, in the corresponding half of 2025, it had no revenue from the USA at all, and almost all the revenue recorded in 2025 was in the second half of the year.

The management of Maya Dynamics, under CEO Itzhak Calderon (34.8%) and Chairman Yaniv Hevron (14.6%), chose to expand in the USA through a limited distribution network and dependence on distributors. Maya granted the American company Quadsolo exclusivity in distributing transport vehicles for the police, law enforcement, and security sectors, so the company itself cannot approach customers directly in this field. The company's management explicitly admits that it depends on the connections, contracts, and customer base of the American distributor to continue developing in this market.

Maya Dynamics' conduct with Quadsolo has raised red flags in the last two years. In 2024, the American distributor placed a large order for 1,000 vehicles, which was a central engine for the company's growth. However, against the backdrop of a decline in sales in 2025, Quadsolo did not order new vehicles either that year or in 2026, and has not yet paid the full consideration for the sale it made in 2024.

Maya Dynamics is an Israeli technology company operating in the micro-mobility sector. This means it is responsible for the development, sale, and marketing of small four-wheeled electric transport vehicles intended for private travel, security, delivery, and competition. Although throughout its years on the stock exchange, since its merger into the shell of GoDM at the beginning of 2022, it was traded at a value of up to a quarter of a billion shekels, at the beginning of its trading it was considered revolutionary and won the trust of institutional investors like Ayalon, which invested in Maya mainly through mutual funds. In fact, the company won additional votes of confidence in July 2025 when it raised convertible bonds for almost 40 million shekels in an institutional tender and another 4 million shekels at the end of last year based on the exercise of options.

An inquiry to senior officials at Maya Dynamics to explain the company's situation was met with a refusal due to an investor call to be held today. In an inquiry with those close to the company, they attributed the disappointing report on the collapse in sales to a "delay in production that depleted inventory and made sales difficult." However, there is no general statement in the report that "production was delayed" in all of the company's activities, but rather several disclosures that actually point to delays and slow progress in production and development. Among other things, the company explains that within the framework of the cooperation it is carrying out with Elta Systems, a subsidiary of Israel Aerospace Industries, for the development of a robotic transport vehicle, there are delays stemming from "the continuation of the development process." This development is being carried out through the subsidiary Maya Robotics, and Elta even signed an order in 2025 for 1,000 robots over the next three years. However, the agreement is now undergoing re-examination regarding the reduction of exclusivity.

Beyond that, Maya Dynamics' urban model series, intended for delivery as early as the last quarter of 2025, was still in the production and assembly stages during 2026, when the company reported adjustments and upgrades in the production process. That is, at Maya Dynamics there is a cocktail that combines difficulties in production with difficulties in marketing.

Either way, the difficulties in sales create financial pressure on the company. At the end of 2025, Maya reported a monthly burn rate of about 900 thousand shekels. In the first half of 2026, the rate had already risen to 1.1 million shekels per month — an increase of about 22%. In the first half of 2026, current operations had already burned 12 million shekels compared to 8 million shekels in the corresponding half — a deterioration of 49%. In 2025 as a whole, the negative cash flow from current operations stood at 18 million shekels.

At the end of 2025, there were 28.65 million shekels in cash and cash equivalents in the company's treasury, after the bond raising. At the end of June, 3.7 million shekels remained in cash and cash equivalents and another 12.4 million shekels in deposits — which puts the company's liquidity balances at 16 million shekels. That is, in the current situation, it has "air" for only 14 more months. To solve this situation, the company will have to look for solutions in the form of turning to the capital market or the owners or bringing in a new investor. As of now, the board of directors of Maya determines that after examining the forecast for two years, in its assessment, the company does not have a liquidity problem.

Maya Dynamics shares have fallen by 31% in the last 12 months, compared to the TA-Growth index, in which it is included, which fell by 3.4%. The company's value after the sharp daily decline is 70 million shekels. The price of the bonds that the company raised in 2025 fell by 29% this year, and they are traded at a junk yield of 17.5%. The next principal and interest payment of Maya Dynamics will be made only at the end of 2029, so the company has breathing room to recover until it has to return people's money.

At the beginning of the decade, Calderon stated in an interview with Calcalist that "Maya will be the first in its field, like Tesla in the electric vehicle world. But of course, if a car company comes (with a purchase offer), I will smile to the skies. It's a great exit." It seems, in any case, that the long-awaited exit is becoming increasingly distant.