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Name | Symbol | Market | Type |
---|---|---|---|
Foresight Autonomous Holdings Ltd | NASDAQ:FRSX | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.075 | 1.07 | 1.08 | 1.095 | 1.06 | 1.09 | 9,255 | 16:39:19 |
Foresight Autonomous Holdings Ltd., a leading developer of Advanced Driver Assistance Systems (TASE: FRSX) (NASDAQ: FRSX), today reported financial results for the six months ended June 30, 2017. Foresight ended the first half of 2017 with $18.3 million in cash and short term deposits, with GAAP net loss of $26.9 million and with non-GAAP net loss of $2.2 million.
Commenting on Foresight's first half 2017 results, Foresight’s CEO, Haim Siboni said: "We are extremely pleased with the company’s progress this period in multiple areas. First, our dual listing on the NASDAQ has been instrumental for our expansion into the U.S. market. In addition, our progress with one of the largest vehicle manufacturers in China demonstrates that our unparalleled technology aligns with our long-term corporate development strategy to become a leader in the automated transportation industry. Since then, we signed another pilot agreement with a leading vehicle manufacturer in China. Finally, these achievements, along with a strong balance sheet, have built solid momentum for the remainder of 2017, as we plan to leverage our competitive technology and expand globally."
Six Months Ended June 30, 2017 Financial Results
December 31,
(thousands of U.S. dollars, except share and per share data) 2017 2016 2016 GAAP Results Net loss (26,902) (1,424) (1,913) Basic and diluted loss per share (0.33) (0.02) (0.03) Non-GAAP Results Net loss (2,213) (1,642) (3,355) Basic and diluted loss per share (0.03) (0.03) (0.05)A reconciliation between GAAP operating results and non-GAAP operating results is provided in the financial statements that are part of this release. Non-GAAP results exclude stock-based compensation expenses and revaluation of derivative warrant liability.
Balance Sheet Highlights
●
Cash and short term deposits totaled $18.3 million as of June 30, 2017, compared to $3.8 million on December 31, 2016. The increase compared to December 31, 2016 is mainly due to the proceeds received from private placements that occurred in the first half of 2017, totaling $11.6 million gross ($10.7 net proceeds), and from warrants exercised by shareholders equal to $5.6 million, less cash used during the first half of 2017.●
GAAP shareholders’ equity totaled $2.6 million as of June 30, 2017, compared to $4.7 million as of December 31, 2016. Non-GAAP shareholders' equity totaled $18.9 million as of June 30, 2017 compared to $4.8 million as of December 31, 2016.
As of June 30, As of
December 31,
(thousands of U.S. dollars) 2017 2016 2016 GAAP Results Shareholders' equity 2,619 3,799 4,669 Non-GAAP Results Shareholders' equity 18,926 5,199 4,800A reconciliation between GAAP shareholders' equity results and non-GAAP shareholders' equity results is provided in the financial statements that are part of this release. Non-GAAP results exclude derivative warrant liability.
Business Highlights
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the company's earnings release contains non-GAAP financial measures of net loss for the period that excludes the effect of stock-based compensation expenses and revaluation of derivative warrant liability, and non-GAAP financial measures of shareholders’ equity that excludes the effect of derivative warrant liability. The company’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of the company's on-going operations. Management also uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The non-GAAP financial measures disclosed by the company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Reconciliations between GAAP measures and non-GAAP measures are provided later in this press release.
About Foresight
Foresight (NASDAQ and TASE: FRSX), founded in 2015, is a technology company engaged in the design, development and commercialization of Advanced Driver Assistance Systems (ADAS) based on 3D video analysis, advanced algorithms for image processing and artificial intelligence. The company, through its wholly owned subsidiary, develops advanced systems for accident prevention, which are designed to provide real-time information about the vehicle's surroundings while in motion. The systems are designed to alert drivers to threats that might cause accidents, resulting from traffic violations, driver fatigue or lack of concentration, etc., and to enable highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company estimates that its systems will revolutionize ADAS by providing an automotive grade, cost-effective platform, and advanced technology.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation 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 such words are intended to identify forward-looking statements. For example, when Foresight describes exploring several scenarios for potential commercial cooperation with a Chinese car manufacturer, that it plans to leverage its competitive technology and expand globally, and that it estimates that its systems will revolutionize ADAS, it is using forward-looking statements. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's registration statement on Form 20-F filed with the Securities and Exchange Commission ("SEC") on June 1, 2017, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
FORESIGHT AUTONOMOUS HOLDINGS LTD. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (Except share data)
As of June 30, 2017
As of June 30, 2016As of December 31, 2016
ASSETS Current assets: Cash and cash equivalents $ 14,282 5,042 3,364 Short Term Deposits 4,019 - 390 Marketable equity securities 24 17 - Other receivables 304 299 104 Total current assets 18,605 5,358 3,858 Non-current assets: Marketable equity securities - 63 18 Investment in affiliate company 865 - 1,248 Other investments 66 - 66 Fixed assets, net 132 12 67 1,063 75 1,399 Total assets $ 19,668 5,433 5,257 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Other accounts payable $ 742 234 457 Total current liabilities 742 234 457 Derivative warrant liability 16,307 1,400 131 Total liabilities 17,049 1,634 588 Shareholders’ equity: Common stock of NIS 0 par value; - - - Additional paid-in capital 32,876 6,672 8,024 Accumulated deficit (30,257) (2,873) (3,355) Total stockholders’ equity 2,619 3,799 4,669 Total liabilities and stockholders’ equity $ 19,668 5,433 5,257SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP SHAREHOLDERS' EQUITY U.S. dollars in thousands
As of June 30, 2017 As of June 30, 2016
As of December 31, 2016
GAAP Shareholders' equity 2,619 3,799 4,669 Derivative warrant liability 16,307 1,400 131 Non-GAAP Shareholders' equity 18,926 5,199 4,800FORESIGHT AUTONOMOUS HOLDINGS LTD. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands (Except share data)
Six months ended June 30, Year endedDecember 31,
2017 2016 2016 Research and development expenses, net $ (1,275 ) $ (319) $ (904) Marketing and sales (513 ) (105) (224) General and administrative expenses (2,337 ) (1,484) (2,627) Equity in net loss of an affiliated company (383 ) - (108) Operating loss (4,508 ) (1,908) (3,863) Revaluation of derivative warrant liability (expenses) income (23,050) 438 1,847 Financing income, net 656 53 103 Net loss $ (26,902) $ (1,417) $ (1,913) Basic and diluted loss per share $ (0.33) $ (0.02) $ (0.03) Weighted average number of shares outstanding used in computing basic and diluted loss per share - in thousands 82,100 64,566 67,311FORESIGHT AUTONOMOUS HOLDINGS LTD. SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands
Six months ended June 30, Year endedDecember 31,
2017 2016 2016 GAAP operating loss (4,508) (1,908) (3,863) Stock-based compensation in research and development 183 - - Stock-based compensation in sales and marketing 260 - - Stock-based compensation in general and administrative 1,196 213 405 Non-GAAP operating loss (2,869) (1,695) (3,458) GAAP Revaluation of derivative warrant liability (expenses) income (23,050) 438 1,847 Revaluation of derivative warrant liability 23,050 (438 ) (1,847) Non-GAAP Revaluation of derivative warrant liability (expenses) income - - - GAAP net loss (26,902) (1,417) (1,913) Stock-based compensation expenses 1,639 213 405 Revaluation of derivative warrant liability (expenses) income 23,050 (438 ) (1,847) Non-GAAP net loss (2,213) (1,642) (3,355) GAAP Basic and diluted loss per share (0.33) (0.02) (0.03) Non-GAAP Basic and diluted loss per share (0.03) (0.03) (0.05) Weighted average number of shares outstanding used in computing basic and diluted loss per share - in thousands 82,100 64,566 67,311
View source version on businesswire.com: http://www.businesswire.com/news/home/20170822005481/en/
Foresight Autonomous HoldingsCONTACT INVESTOR RELATIONS:Miri Segal-SchariaCEOMS-IR LLC917-607-8654msegal@ms-ir.com
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