Urban renewal projects.
Beit Vegag enters 2026 with a larger pipeline and better planning milestones, but 2025 showed that value still sits mainly in inventory, permits, and funding rather than in profit and cash already generated.
The December Haifa updates materially improved the Bat Galim project's path and modeled economics, but as of year-end 2025 this is still an advanced planning milestone rather than a cash event. Without a full permit, financing, a contractor, and signed sales, the project has not…
Beit Vegag's working capital looks comfortable on paper, but most of it sits in inventory rather than cash. In 2025 the cash balance increased mainly because financing cash flow was positive, while Series A stayed far from covenant stress and the real pressure point remained the…
