Developing & selling small scale engines & generators.
Veloryx is still not an operating HLS company. It is a transition vehicle trying to connect an uncommercialized engine platform with a still-unclosed drone acquisition, while the capital raised so far buys time but does not yet resolve the business model.
AQ150 remains a live asset, but by the end of 2025 it still was not on a sales curve. It rested on a system in run-in in Poland, a first pilot expected only in the second quarter of 2026, and a monetization path that depends on third-party capital or a sale of the activity.
The Euro Sol transaction still cannot be read as a simple ILS 35 million acquisition price: ILS 26 million is earmarked for existing shareholders, ILS 9 million is meant to remain inside the target, and the documents themselves present two different revenue and EBITDA baselines…
At Veloryx, the post-2025 capital raised is not just funding a bridge year. It is also pre-claiming a large share of the upside, which means the real question is not only whether the new activity works, but how much of it remains for the year-end 2025 shareholders.
