Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-Looking Statements

Certain information includedherein may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Actof 1995 and other securities laws. Forward-looking statements are often characterized by the use of forward-looking terminology such as“may,” “will,” “expect,” “anticipate,” “estimate,” “continue,”“believe,” “should,” “intend,” “project” or other similar words, but are not the onlyway these statements are identified.

These forward-looking statementsmay include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projectionsof results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development,completion and use of our products, and all statements (other than statements of historical facts) that address activities, events ordevelopments that we intend, expect, project, believe or anticipate will or may occur in the future.

Forward-looking statementsare not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements onassumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions,expected future developments and other factors they believe to be appropriate.

Important factors that couldcause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statementsinclude, among other things:

Thesestatements are only current predictions and are subject to known and unknown risks, uncertainties, and other factors that may cause ouror our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipatedby the forward-looking statements. For a more detailed description of the risks and uncertainties affecting our company, referenceis made to our annual report on Form 20-F for the fiscal year ended December 31, 2024 which we filed with the Securities and ExchangeCommission, or the SEC, on March 27, 2025, or the Annual Report, and the other risk factors discussed from time to time by our companyin reports filed or furnished to the SEC.

Exceptas required by law, we are under no duty to update or revise any of the forward-looking statements, whether as a result of new information,future events or otherwise, after the date of this Report of Foreign Private Issuer on Form 6-K.

Unlessotherwise indicated, all references to “we,” “us,” “our,” the “Company” and “IceCure”refer to IceCure Medical Ltd. and its wholly owned subsidiaries, IceCure Medical Inc., a Delaware corporation, IceCure Medical HK Limiteda Hong Kong corporation and IceCure (Shanghai) MedTech Co., Ltd., a subsidiary of IceCure Medical HK Limited.

Our reporting currency andfunctional currency is the U.S. dollar. Unless otherwise expressly stated or the context otherwise requires, references in this Reportof Foreign Private Issuer on Form 6-K to “NIS” are to New Israeli Shekels, and references to “dollars” or “$”mean U.S. dollars.

We report our financial statementsin accordance with generally accepted accounting principles in the United States, or U.S. GAAP.

Overview

We are a commercial stagemedical device company focusing on the research, development and marketing of cryoablation systems and technologies based on liquid nitrogen,or LN2, for treating tumors. Cryoablation is the process by which benign and malignant tumors are ablated (destroyed) through freezingsuch tumors. Our proprietary cryoablation technology is a minimally invasive alternative to surgical intervention for tumors, includingthose found in breast, lungs, kidneys, bones and other indications. Our lead commercial cryoablation product is the ProSense system andits associated CryoProbes.

Components of Operating Results

The following discussionand analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim condensed consolidatedfinancial statements and the related notes thereto for the six months ended June 30, 2025, included elsewhere in this Report of ForeignPrivate Issuer on Form 6-K. The discussion below contains forward-looking statements that are based upon our current expectations andare subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurateassumptions and known or unknown risks and uncertainties.

Revenues

Our revenues primarily consistof (i) selling or placing our ProSense and IceSense3 systems and selling their disposables and related services; and (ii) revenues fromgranting the exclusive distribution rights to our products in Japan and other services to Terumo Corporation, which also include providingtechnical, regulatory and clinical materials and support in obtaining regulatory approvals in Japan.

Cost of Revenues

Our cost of revenues consistsprimarily of salaries and related personnel expenses, materials for production of our products, subcontractors’ expenses and otherrelated production expenses.

Gross Margin

Gross margin, or gross profitas a percentage of revenue, is affected by a variety of factors that influence our revenues and the cost of goods sold. Revenues are affectedmostly by the varying ratio between selling and placing systems, different selling prices depending on sales channels, territories andthe mix of products and currency fluctuation, mainly the U.S. Dollar against the Euro and revenue recognition from granting exclusivedistribution rights in Japan. The cost of revenues is affected mostly by the changes in cost of materials and import costs, subcontractors’costs, cost of personal, and currency fluctuation, mainly the U.S. Dollar against the NIS. Our gross margin is also affected by productionvolumes and production efficiency.

Operating Expenses

Our current operating expensesconsist of three components (i) research and development expenses, (ii) marketing and sales expenses and (iii) general and administrativeexpenses. To ensure that we are well-positioned to achieve our near-term objectives, we have implemented an expense reduction plan settingout reductions in non-revenue generating and clinical efforts costs, lowering monthly cash expenditure, and ensuring that we can meetour primary goals in the second half of 2025.

Research and Development Expenses

Our research and developmentexpenses consist primarily of salaries and related benefits, subcontractors’ expenses, materials and other related research anddevelopment expenses, clinical studies and regulation expenses.

Our research and developmentexpenses may increase as we continue to develop our new products, pursue new regulatory indications in the US and other territories, collectupdated clinical data, and recruit additional research and development and regulation employees.

Sales and Marketing

Our sales and marketing expensesconsist primarily of salaries and related benefits, payments to consultants, costs associated with conventions, travel and other marketingand sales expenses.

We expect that our sales andmarketing expenses will materially increase as we continue to enhance our market penetration efforts and recruit additional sales andmarketing employees.

General and Administrative Expenses

General and administrativeexpenses consist primarily of salaries and related benefits, professional services fees for accounting, legal, directors’ fees,facilities, and associate costs, insurance and other general and administrative expenses. Our general and administrative expenses mayincrease as a result of the expansion of our business.

Finance income, net

Finance income consists primarilyof interest income from deposits and exchange rate differences on cash and cash equivalents, deposits and other assets and liabilitieswhich are denominated in NIS and EUR.

Comparison of the Six Months Ended June 30, 2025 and 2024

Results of Operations

The following table sets forthour results of operations for the periods presented.

Revenues

The following table summarizesour revenues by type for the periods presented. The period-to-period comparison of results is not necessarily indicative of results forfuture periods.

The following table summarizesour revenues by geographic region for the periods presented. The period-to-period comparison of results is not necessarily indicativeof results for future periods.

Our revenues for the six monthsended June 30, 2025 decreased by 29% to $1,250 thousand, compared to $1,754 thousand for the six months ended June 30, 2024. Revenuesfrom the sale of systems and disposable probes for the six months ended June 30, 2025 totaled $1,250 thousand, a decrease of 24%, comparedto $1,654 thousand for the six months ended June 30, 2024. The decrease in revenue is attributable to the delay in shipments, worth $241,as a result of the Israel-Iran conflict during the month of June, that were scheduled for delivery during the second quarter of 2025.Payment for these orders, which were primarily from distributors in global markets outside of the U.S., were received during the secondquarter and recorded on the Company's balance sheet as deferred sales. In addition there was decrease in sales in the United States, Japanand India and a decrease in revenue recognition from our exclusive distribution agreement and other services in Japan for the six monthsended June 30, 2025, with no revenue recognized compared to $100 thousand for the six months ended June 30, 2024, which was partiallyoffset by an increase in sales in Spain, Italy and Canada.

Our revenues from sales inthe United States decreased by 30% to $371 thousand for the six months ended June 30, 2025, compared to $524 thousand for the six monthsended June 30, 2024. Our revenues in Japan decreased by 71% to $98 thousand for the six months ended June 30, 2025, compared to $335 thousandfor the six months ended June 30, 2024., due to a decrease in sales and a decrease in revenue recognized from our exclusive distributionagreement and other services with Terumo Corporation. Our revenues from sales in Spain and Italy increased by 107% to $362 thousand forthe six months ended June 30, 2025, compared to $175 thousand for the six months ended June 30, 2024. Revenues from sales in India decreasedby 93% to $16 thousand for the six months ended June 30, 2025, compared to $238 thousand for the six months ended June 30, 2024. Our revenuesfrom sales in other territories decreased by 16% to $403 thousand for the six months ended June 30, 2025, compared to $482 thousand forthe six months ended June 30, 2024.

Cost of Revenues and Gross Profit

The following table summarizesour cost of revenues for the periods presented, as well as presenting the gross profit as a percentage of total revenues. The period-to-periodcomparison of results is not necessarily indicative of results for future periods.

Our cost of revenues for thesix months ended June 30, 2025 decreased by 6% to $901 thousand, compared to $955 thousand for the six months ended June 30, 2024. Ourgross profit for the six months ended June 30, 2025 decreased by 56% to $349 thousand, which is 28% of our revenues for the six monthsended June 30, 2025. Our gross profit for the six months ended June 30, 2024 was $799 thousand, which is 46% of our revenues for the sameperiod. The decrease in gross profit is primarily attributable to the decrease in sales of products.

Research and development expenses 

The following table summarizesour research and development expenses for the periods presented. The period-to-period comparison of results is not necessarily indicativeof results for future periods.

Research and development expensesdecreased by 5% to $3,375 thousand during the six months ended June 30, 2025, compared to $3,536 thousand for the six months ended June30, 2024. The decrease is primarily due to the decrease in payroll and related benefits and costs associated with clinical trials.

Sales and marketing expenses

The following table summarizesour sales and marketing expenses for the periods presented. The period-to-period comparison of results is not necessarily indicative ofresults for future periods.

Selling and marketing expensesfor the six months ended June 30, 2025 decreased by 7% to $2,146 thousand, compared to $2,296 thousand for the six months ended June 30,2024. The decrease in selling and marketing expenses is due to a decrease in the number of employees and other costs, which was partiallyoffset by an increase in consultancy expenses.

General and administrative expenses

The following table summarizesour general and administrative costs for the periods presented. The period-to-period comparison of results is not necessarily indicativeof results for future periods.

General and administrativeexpenses increased by 1% to $1,870 thousand for the six months ended June 30, 2025, compared to $1,845 thousand for the six months endedJune 30, 2024. The increase is mainly due to an increase in professional services expenses, which was partially offset by a decrease inpayroll and related benefits..

Operating loss

Based on the foregoing, ouroperating loss increased to $7,042 thousand for the six months ended June 30, 2025, from $6,878 thousand for the six months ended June30, 2024. 

Finance income, net

Finance income, net, for thesix months ended June 30, 2025 was $90 thousand, compared to finance income of $188 thousand for the six months ended June 30, 2024. Thedecrease in our net finance income is primarily due to a decrease in interest on deposits.

Net loss

Net loss for the six monthsended June 30, 2025 increased to $6,952 thousand by 4%, compared to a net loss of $6,690 thousand for the six months ended June30, 2024. The increase is attributable to the decrease in gross profit and finance income, which were partially offset by a decrease inoperating expenses.

Liquidity and Capital Resources

Overview

Since our inception throughJune 30, 2025, we have funded our operations principally from the issuance of securities, loans, revenues from sale of products and grantsreceived from the Israeli Innovation Authority, or IIA. As of June 30, 2025, we had $5,383 thousand in cash and cash equivalents and short-termbank deposits, compared to $7,564 thousand as of December 31, 2024 and $10,459 thousand as of June 30, 2024.

The table below presents ourcash flows for the periods indicated.

Operating Activities

Cash flows from operatingactivities consist primarily of loss adjusted for various non-cash items, including depreciation and amortization and share-based compensationexpenses. In addition, cash flows from operating activities are impacted by changes in operating assets and liabilities, which includeinventories, accounts receivable, other assets, accounts payable and other current liabilities.

Net cash used in operatingactivities for the six months ended June 30, 2025 was $6,850 thousand. This net cash used in operating activities primarily reflects anet loss of $6,952 thousand, which was offset by non-cash expenses of $404 thousand and by a net change in operating assets and liabilitiesof $302 thousand.

The net decrease in changesin operating assets and liabilities for the six months ended June 30, 2025, is attributable mainly to a decrease in trade receivablesand trade payables. This net decrease was partially offset by an increase in inventory, prepaid expenses and other receivables, as wellas in employee-related and other current liabilities.

Net cash used in operatingactivities for the six months ended June 30, 2024 was $5,215 thousand. This net cash used in operating activities primarily reflects anet loss of $6,690 thousand, partially offset by non-cash expenses of $648 thousand and by a net change in operating assets and liabilitiesof $827 thousand.

The net decrease in changesin operating assets and liabilities for the six months ended June 30, 2024, is attributable mainly to a decrease in inventory, prepaidexpenses and other receivables. This net decrease was partially offset by an increase in trade receivables, trade payables and employeesand other current liabilities.

Investing Activities

Net cash used in investingactivities for the six months ended June 30, 2025, was $28 thousand. This net cash used in investing activities is attributable to thepurchase of property and equipment in the amount of $28 thousand.

Net cash used in investingactivities for the six months ended June 30, 2024, was $352 thousand. This net cash used in investing activities is primarily attributableto net investment of $308 thousand in bank deposits, a net investment of $10 thousand in restricted long-term deposits and $34 thousandin the purchase of property and equipment.

Financing Activities

Net cash provided by financingactivities for the six months ended June 30, 2025, was $4,647 thousand, which was attributable to the issuance of ordinary shares, netof issuance costs, primarily through the use of our 2025 ATM Facility (as defined below) and a bridge loan from Epoch.

Net cash provided by financingactivities for the six months ended June 30, 2024, was $4,727 thousand, which was attributable to the issuance of ordinary shares, netof issuance costs, primarily through the use of our 2024 ATM Facility (as defined below).

Financial Arrangements

Asof June 30, 2025, our credit arrangements include grants from the IIA.

OnDecember 23, 2022, we announced the closing of a “best efforts” public offering of 8,787,880 ordinary shares at a public offeringprice of $1.65 per share. After deducting placement agent fees, commissions and other offering expenses, our net proceeds from this offeringwere $13.6 million. Several of our long-term institutional shareholders, including Epoch Partner Investments Limited, or Epoch, participatedin the transaction on the same terms as other investors.

On January 12, 2024, we enteredinto an equity distribution agreement with Maxim Group LLC, or Maxim, as sales agent, pursuant to which we offered and sold ordinary shareshaving an aggregate offering price of up to $9,700,000 from time to time through Maxim, or the 2024 ATM Facility. The ordinary shareswere offered and sold pursuant to our currently effective registration statement on Form F-3 (File No. 333-267272), the prospectus containedtherein and the prospectus supplement filed with the SEC dated January 12, 2024. We paid Maxim a commission equal to 2.5% of the grosssales price per share sold pursuant to the terms of the agreement and provided Maxim with customary indemnification and contribution rights.We also agreed to reimburse Maxim for certain specified expenses. We had sold a total of 10,764,315 ordinary shares under the 2024 ATMFacility, having aggregate gross proceeds of $9.7 million and aggregate net proceeds of $9.2 million.

On January 13, 2025, we enteredinto a second equity distribution agreement with Maxim as sales agent, pursuant to which we may offer and sell ordinary shares havingan aggregate offering price of up to $13,960,500 from time to time through Maxim, or the 2025 ATM Facility. The ordinary shares will beoffered and sold pursuant to our currently effective registration statement on Form F-3 (File No. 333-267272), the prospectus containedtherein and the prospectus supplement filed with the SEC dated January 13, 2025. We will pay Maxim a commission equal to 2.5% of the grosssales price per share sold pursuant to the terms of the agreement and will provide Maxim with customary indemnification and contributionrights. We also agreed to reimburse Maxim for certain specified expenses. As of August 12, 2025, we have sold 2,127,961 ordinary sharesunder the 2025 ATM facility, having aggregate gross proceeds of $2.85 million and aggregate net proceeds of $2.65 million.

On May 17, 2025, we entered,as borrower, into a certain unsecured loan agreement, or the Loan Agreement, with Epoch, as lender, pursuant to which we received a bridgeloan in the amount of $2,000,000, or the Principal Amount. Pursuant to the Loan Agreement, the Principal Amount is repayable within onecalendar year from May 17, 2025, and bears interest at a rate equal to the yield in a 12-month U.S. Treasury bond.

On August 1, 2025, we closeda rights offering, or the Rights Offering, pursuant to which we distributed, at no charge, to all holders of record of our ordinary sharesas of July 9, 2025 non-transferable subscription rights to purchase up to an aggregate of 10,000,000 units at a subscription price of$1.00 per whole unit. We engaged Maxim Group LLC, or Maxim, to act as the dealer-manager for the Rights Offering, for which it receiveda cash fee of 7.0% of the gross proceeds received by us directly from exercises of the subscription rights, in addition to any reimbursement,up to $75,000, of expenses. We received $9,999,989 in gross proceeds from the Rights Offering.

Inaddition, since our inception, we received an aggregate of $2.7 million (including accumulated interest) from the IIA.

Current Outlook

We have financed our operationsto date primarily through proceeds from sales of our ordinary shares and convertible securities, sales of our products and grants fromthe IIA. We have incurred losses and generated negative cash flows from operations since inception in 2006.

We expect that we will continueto generate substantial operating losses and fund our operations primarily through the utilization of current financial resources, salesof our products, and additional raises of capital. These conditions raise substantial doubts about our ability to continue as a goingconcern. Our plan involves raising funds from existing shareholder and potential investors. There is no assurance, however, that suchfunding would be available to us, that it could be obtained on favorable terms, or that we will be provided with sufficient funds to continueto develop and commercialize our products.

Since 2012, we have generatedrevenues from the sale of our products, as well as from granting exclusive distribution rights in Japan, Singapore and Thailand to TerumoCorporation. These arrangement also included the provision of technical, regulatory and clinical materials and support in obtaining regulatoryapprovals. In February 2023, Terumo Corporation notified us of its decision to cease distribution activities in Singapore, effective March31, 2023.

We expect to generate revenuesfrom the sale of our products and other revenues in the future. However, we do not expect these revenues to support all of our operationsin the near future. We expect our expenses to increase in the future in connection with our ongoing activities, particularly as we continuethe development of our MultiSense system and continue our commercialization efforts. Furthermore, we expect to continue to incur significantcosts associated with operating as a public company listed on Nasdaq. Accordingly, we will need to obtain substantial additional fundingin connection with our continuing operations.

During the six months ended June 30, 2025, ourcash and cash equivalents and short-term deposits were $5,383 thousand, and we had a working capital of $1,381 thousand and an accumulateddeficit of $112,331 thousand. The Company’s current cash and cash equivalents position is not sufficient to fund its planned operationsfor at least the next 12 months beyond the filing date of this Report of Foreign Private Issuer on Form 6-K. Such conditions raise substantialdoubts about the Company’s ability to continue as a going concern. Management’s plan includes raising funds from existingshareholders and/or outside potential investors. However, there is no assurance such funding will be available to the Company or thatit will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to successfully complete the developmentof, and to commercialize, its products In addition, our operating plans may change as a result of many factors that may currently be unknownto us, and we may need to seek additional funds sooner than planned. Our future capital requirements will depend on many factors, including:

Until we can generate significantrecurring revenues and profit, we expect to satisfy our future cash needs through debt or equity financings. We cannot be certain thatadditional funding will be available to us when needed, on acceptable terms, if at all. If funds are not available, we may be requiredto delay, reduce the scope of, or eliminate research or development plans, and/or commercialization efforts and/or regulatory effortswith respect to our products in different territories.

Critical Accounting Policies and Estimates

The preparation of financialstatements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosureof contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reportingperiods. A comprehensive discussion of our critical accounting policies is included in “Critical Accounting Policies and Estimates”under “Operating and Financial Review and Prospects” section in our Annual Report, as well as our unaudited interim condensedconsolidated financial statements and the related notes thereto as of and for the six months ended June 30, 2025, included elsewhere inthis Report of Foreign Private Issuer on Form 6-K.

We prepare our financial statementsin accordance with U.S. GAAP. At the time of the preparation of the financial statements, our management is required to use estimates,evaluations, and assumptions which affect the application of the accounting policy and the amounts reported for assets, obligations, income,and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting estimates are credited during theperiod in which the change to the estimate is made.

Use of estimates in the preparation of financialstatements

The preparation of consolidatedfinancial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statementsand the reported amounts of revenues and expenses during the reporting period. Management believes that the estimates, judgments and assumptionsused are reasonable based upon information available at the time they are made. Actual results could differ from those estimates.

Share-based compensation

We measure the compensationcosts of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statementsover the period during which employees are required to provide services. Share-based compensation arrangements include options, performance-basedawards, share appreciation rights, and employee share purchase plans. We amortize such compensation amounts, if any, over the respectiveservice periods of the award. We use the Black-Scholes-Merton option pricing model, or the Black-Scholes Model, an acceptable model inaccordance with ASC 718, Compensation-Stock Compensation, to value options. Option valuation models require the input of assumptions,including the expected life of the stock-based awards, the estimated stock price volatility, the risk-free interest rate, and the expecteddividend yield. The risk-free interest rate assumption is based upon the yield from Israel Treasury zero-coupon bonds with an equivalentterm. Estimated volatility is a measure of the amount by which our stock price is expected to fluctuate each year during the term of theaward. Our calculation of estimated volatility is based on historical stock prices over a period equal to the expected term of the awards.The average expected life of options was based on the contractual terms of the stock option using the simplified method. We utilize adividend yield of zero based on the fact that we have never paid cash dividends and have no current intention to pay cash dividends. Theassumptions used in calculating the fair value of share-based awards represent our best estimates, but these estimates involve inherentuncertainties and the application of management judgment. As a result, if factors change and we use different assumptions, our share-basedcompensation expense could be materially different in the future. We recognize the compensation expense for share-based compensation grantedbased on the grant date fair value estimated in accordance with ASC 718. We generally recognize the compensation expense over the employee’srequisite service period. We account for forfeitures when they occur. 

10

Exhibit 99.3

IceCure Reports Financial & OperationalResults for the First Half of 2025

$10 million two-times over-subscribed rightsoffering creates cash runway to anticipated FDA marketing authorization decision for ProSense® in women aged 70+ with early-stagelow risk breast cancer

Conference call to be held today at 11:00 amEastern Time

CAESAREA, Israel, August 13, 2025 – IceCure Medical Ltd.(Nasdaq: ICCM) (“IceCure”, “IceCure Medical” or the “Company”), developer of minimally-invasive cryoablationtechnology that destroys tumors by freezing as an alternative to surgical tumor removal, today reported financial results as of and forthe six months ended June 30, 2025.

During the second quarter of 2025, IceCure concluded a productive meetingwith the leadership of the U.S. Food and Drug Administration’s (“FDA”) Center for Devices and Radiological Health (“CDRH”)regarding the Company’s De Novo marketing authorization request for ProSense® in the treatment of early-stage low risk breastcancer when combined with adjuvant endocrine therapy for women aged 70 and over which represents approximately 46,000 patients annuallyin the U.S., alone.

The FDA requested that IceCure conduct a study after marketing authorizationhas been granted (the “Post-Market Study”), with the aim of producing additional data in this indication. IceCure has presentedits Post-Market Study plan to the FDA and, upon the CDRH’s approval of such plan, the FDA’s final marketing authorizationdecision is expected.

“The Post-Marketing Study plan was fully submitted to the FDAand we have an ongoing dialog with the agency. We believe the plan reflects a comprehensive and well-structured approach,” statedEyal Shamir, IceCure CEO. “The FDA reviewed the plan and asked us to provide additional information which we are actively workingto complete. Assuming the FDA finds the supplemental data satisfactory, we remain optimistic that approval will be granted before year-end 2025.”

“As we continue to gain wider ProSense® adoption in the U.S.,we are experiencing a positive shift in Europe toward greater utilization of our cryoablation system, specifically for breast cancer.While ProSense® has been approved for breast cancer and other indications in Europe, we believe this recent uptick in breast cancercryoablation with ProSense® in Europe is likely the result of our successfully concluded ICE3 study and the growing body of evidencefrom independent studies.”

“We believe that regulatory and commercial momentum, as wellas continued strong clinical results from independent studies, have given our long-term shareholders even more confidence in our abilityto execute on a substantial market and treatment opportunity. On August 1, 2025, we closed a rights offering that was approximately twotimes over-subscribed, yielding gross proceeds of $10 million, and signaling strong support from our shareholder base,” Shamir concluded.

Upcoming value-driving milestones expected include:

Second quarter 2025 and recent ProSense® clinical data and commercialactivities:

Financial Results for the Six Months Ended June 30, 2025

Revenue for the six months ended June 30, 2025 was $1,250,000compared to $1,754,000 for the six months ended June 30, 2024, that included recognition of $100,000 from a distribution agreement andother services in Japan. As previously announced, shipments of product sales worth more than $200,000, that were scheduled for deliveryduring the second quarter of 2025, were delayed due to the Israel-Iran conflict in June 2025. Payments for these orders, which were primarilyfrom ProSense® distributors in global markets outside of the U.S., were received by IceCure during the second quarter of 2025 andrecorded on the Company’s balance sheet as deferred sales.

Gross profit for the six months ended June 30, 2025 was $349,000compared to $799,000 for the six months ended June 30, 2024. Gross margin for the six months ended June 30, 2025 was 28% comparedto 46% for the six months ended June 30, 2024. Non-GAAP gross profit for the six months ended June 30, 2025 was $349,000 compared to $699,000for the six months ended June 30, 2024. Non-GAAP gross margin for the six months ended June 30, 2025 was 28% compared to 42% for the sixmonths ended June 30, 2024. The changes in non-GAAP gross profit and non-GAAP gross margin, which exclude revenue from the exclusive distributionagreements and other services in Japan, was attributable to the decrease of 24% in revenue from sales of ProSense® systems and disposablesprobes. Non-GAAP gross profit and non-GAAP gross margin are financial measures that may be defined as “non-GAAP financial measures”by the U.S. Securities and Exchange Commission (“SEC”). For a reconciliation of these non-GAAP financial measures to the nearestcomparable GAAP measure, see Appendix A to this press release.

Research and development expenses for the six months ended June 30,2025 were $3,375,000 compared to $3,536,000 for the six months ended June 30, 2024. The decrease was primarily due to areduction in payroll and related benefits and clinical trials costs as the Company concluded the ICE3 study in 2024.

Sales and marketing expenses for the six months ended June 30, 2025were $2,146,000 compared to $2,296,000 million for the six months ended June 30, 2024. General and administrative expenses forthe six months ended June 30, 2025, were $1,870,000 compared to $1,845,000 for the six months ended June 30, 2024.

Total operating expenses for the six months ended June 30, 2025 decreasedto $7,391,000 from $7,677,000 for the six months ended June 30, 2024. The decrease in operating expenses was attributable to reductionsin research and development and sales and marketing expenses, due to the Company’s initiative to reduce non-critical operating expenses,which were partially offset by a minor increase in general and administrative expenses.

Net loss for the six months ended June 30, 2025 was $6,952,000, or$0.12 per share compared to a net loss of $6,690,000, or $0.14 per share, for the same period last year.

As of June 30, 2025, the Company had cash and cash equivalents, includingshort-term deposits, of approximately $5.38 million, including a $2 million bridge loan from its major shareholder. During the first halfof 2025, the Company raised $2.65 million in net proceeds from the sale of 2,127,961 ordinary shares under its at-the-market offeringfacility.

On August 1, 2025, the Company strengthened its balance sheet as itsuccessfully closed on a $10 million funding through a rights offering, which was approximately two times oversubscribed. The Companyplans to repay the $2 million bridge to its major shareholder during the month of August 2025.

Use of Non-U.S. GAAP Measures

In addition to disclosing financial results prepared in accordancewith accounting principles generally accepted in the U.S. (U.S. GAAP), this press release contains certain financial measures which maybe defined as “non-GAAP financial measures” by the SEC. The Company defines non-GAAP gross profit as gross profit less revenuefrom exclusive distribution agreements and other services. The Company has provided non-GAAP gross profit in this press release becauseit is a key measure used by management and the board of directors as an indication of our gross profit from sales of our systems and disposablesand management believes that it is useful to investors’ understanding and assessment of the Company’s gross profit withoutthe impact of revenue recorded from the Company’s exclusive distribution agreements and other services. The Company has provideda reconciliation below of non-GAAP gross profit and non-GAAP gross margin to the most directly comparable financial measure calculatedand presented in accordance with U.S. GAAP. The non-GAAP financial measures disclosed by the Company should not be considered in isolationor as a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP and the financial results calculatedin accordance with U.S. GAAP and reconciliations to those financial results should be carefully evaluated.

Conference call & webcast info:

Wednesday, August 13, 2025, at 11:00 am EDT
US: 1-888-407-2553
Israel/International: +972-3-918-0696
A live webcast will be available at: https://www.veidan-conferenceing.com/icecure  
A recording of the webcast will be available at: ir.icecure-medical.com

About IceCure Medical

IceCure Medical (Nasdaq: ICCM) develops and marketsadvanced liquid-nitrogen-based cryoablation therapy systems for the destruction of tumors (benign and cancerous) by freezing, with theprimary focus areas being breast, kidney, bone and lung cancer. Its minimally invasive technology is a safe and effective alternativeto hospital surgical tumor removal that is easily performed in a relatively short procedure. The Company’s flagship ProSense®system is marketed and sold worldwide for the indications cleared and approved to date including in the U.S., Europe and Asia.

Forward Looking Statements

Thispress release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private SecuritiesLitigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,”“plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of suchwords are intended to identify forward-looking statements. For example, IceCure is using forward looking statements in thispress release when it discusses: the belief that the Post-Marketing Study plan reflects a comprehensive and well-structured approach;the belief that regulatory approval based on the Post-Marketing Study plan will be granted before year-end 2025; the beliefthat the increasing popularity in ProSense® in Europe is the result of the ICE3 study and the growing body of evidence from independentstudies; the belief that regulatory and commercial momentum, as well as continued strong clinical results from independent studies, havegiven the Company’s long-term shareholders more confidence in the Company’s ability to execute on a substantial market andtreatment opportunity; the belief that the rights offering signalled strong support from the Company’s shareholder base; the impendingFDA final marketing authorization decision; Terumo Corporation’s expected regulatory filing for ProSense® regulatory approval;the expected response from regulatory authorities in Israel for XSense™; the expectation that ProSense® will be featured inworkshops and hand-on trainings at key global breast imaging and interventional radiology events in September 2025, including at theEuropean Society of Breast Imaging and the Cardiovascular and Interventional Radiology Society of Europe; and the possibility that additionalvalue-driving clinical data may be forthcoming, including from the PRECISE trial in Italy and an upcoming trial at UNIFESP. Historicalresults of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trialswill suggest identical or even similar conclusions. Important factors that could cause actual results, developments and business decisionsto differ materially from those anticipated in these forward-looking statements include, among others: the Company’s planned levelof revenues and capital expenditures; the Company’s available cash and its ability to obtain additional funding; the Company’sability to market and sell its products; legal and regulatory developments in the United States and other countries; the Company’sability to maintain its relationships with suppliers, distributors and other partners; the Company’s ability to maintain or protectthe validity of its patents and other intellectual property; the Company’s ability to expose and educate medical professionalsabout its products; political, economic and military instability in the Middle East, specifically in Israel; as well as thosefactors set forth in the Risk Factors section of the Company’s Annual Report on Form 20-F for the year ended December 31,2024 filed with the SEC on March 27, 2025, and other documents filed with or furnished to the SEC which are available on theSEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes afterthe date of this release, except as required by law.

IR Contact:

Email: investors@icecure-medical.com

Michael Polyviou

Phone: 732-232-6914

ICECURE MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIALPOSITION

ICECURE MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)

ICECURE MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)

APPENDIX A

NON-GAAP RECONCILIATIONS (Unaudited)