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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.93% | 1.07 | 1.07 | 1.10 | 1.12 | 1.07 | 1.07 | 34,264 | 21:30:00 |
Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX), today reported financial results for the first quarter 2019. Foresight ended the first quarter of 2019 with $19.3 million in cash and short-term deposits, GAAP net loss of $3.3 million, and non-GAAP net loss for the same period of $2.9 million.
“The year has started off on a very positive note as we demonstrated progress across all business activities, including an additional sale of our QuadSight™ prototype. Our unique technology continues to gain recognition in the autonomous vehicle industry illustrated by increased demand,” commented Haim Siboni, CEO of Foresight. “In addition, our wholly owned subsidiary, Eye-Net Mobile Ltd., completed another trial of its accident prevention solution with one of Israel’s largest cities as well as initial installation with a leading Israeli cellular provider. We expect this progress to continue as our recently announced capital raise of $6.2 million will support our development efforts and marketing initiatives throughout the year.”
First Quarter 2019 Financial Results
Balance Sheet Highlights
Recent Corporate 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, the revaluation of other investments and revaluation of derivative warrant liability, and non-GAAP financial measures of shareholders’ equity that excludes the effect of derivative warrant liability and the revaluation of other investments. 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 ongoing 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 Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), founded in 2015, is a technology company engaged in the design, development and commercialization of sensor systems for the automotive industry. Through our wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., we develop both “in-line-of-sight” vision systems and “beyond-line-of-sight” cellular-based applications. Foresight’s vision sensor is a four-camera system based on 3D video analysis, advanced algorithms for image processing, and sensor fusion. Eye-Net Mobile’s cellular-based application is a V2X (vehicle-to-everything) accident prevention solution based on real-time spatial analysis of clients’ movement.
The company’s systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts and are targeting the semi-autonomous and autonomous vehicle markets. The company predicts that its systems will revolutionize automotive safety 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, Foresight is using forward-looking statements in this press release when it discusses that it expects progress to continue, that the Company’s CEO will be committing 50% of his salary for the next six months to purchasing Foresight stock, revenues from the sales of prototypes, and collaboration with other parties. 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 annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 20, 2019, 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. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousandsAs of As of As of March 31, March 31, December 31, 2019 2018 2018
ASSETS
Current assets: Cash and cash equivalents $ 8,954 $ 5,181 $ 3,158 Short Term Deposits 10,323 11,512 12,506 Marketable equity securities 20 52 23 Other Investments 345 3,865 345 Other receivables 488 489 471 Total current assets 20,130 21,099 16,503 Non-current assets: ROU Asset 1,493 - - Investment in affiliate company 7,478 3,614 7,568 Other investments - 4,908 - Fixed assets, net 756 529 787 9,727 9,051 8,355 Total assets $ 29,857 $ 30,150 $ 24,858LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Trade payables $ 404 $ 296 $ 344 Operating Lease Liability 400 - - Other accounts payables
1,155
1,027
947
Total current liabilities 1,959 1,323 1,291 Non-current liabilities: Operating Lease Liability 1,189 - - Derivative warrant liability - 646 - 1,189 646 - Total liabilities 3,148 1,969 1,291 Shareholders’ equity: Common stock of NIS 0 par value; - - - Additional paid-in capital 63,978 44,880 57,521 Accumulated deficit (37,269 ) (16,699 ) (33,954 ) Total shareholders’ equity 26,709 28,181 23,567 Total liabilities and shareholders’ equity $ 29,857 $ 30,150 $ 24,858SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP SHAREHOLDERS' EQUITY
U.S. dollars in thousands As of As of As of March 31, March 31, December 31, 2019 2018 2018 GAAP Shareholders' equity 26,709 28,181 23,567 Revaluation of other investments - (5,328 ) (316 ) Derivative warrant liability - 646 -- Non-GAAP Shareholders' equity 26,709 23,499 23,252FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands Three months ended March 31, 2019 2018 Research and development expenses $ (2,070 ) $ (2,075 ) Marketing and sales (598 ) (307 ) General and administrative expenses (908 ) (1,054 ) Operating loss (3,576 ) (3,436 ) Equity in net loss of an affiliated company 90 618 Financing income, net 351 6,652 Net profit (loss) $ (3,315 ) $ 2,598FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands Three Months ended March 31, 2019 2018Net cash used in operating activities
Profit (Loss) for the Period (3,315 ) 2,598 Adjustments to reconcile profit (loss) to net cash used in operating activities:802
(5,191
)
Net cash used in operating activities (2,513 ) (2,593 )Cash Flows from Investing Activities
Changes in short term deposits 2,183 657 Investment in affiliate company - (2,240 ) Purchase of fixed assets (31 ) (279 ) Net cash provided (used) in investing activities 2,152 (1,862 )Cash flows from Financing Activities:
Issuance of ordinary shares, net of issuance expenses 6,231-
Exercise of warrants and options, net of issuance expenses-
159 Net cash provided by financing activities 6,231 159 Effect of exchange rate changes on cash and cash equivalents (74 ) (159 ) Increase (decrease) in cash and cash equivalents 5,796 (4,455 ) Cash and cash equivalents at the beginning of the period3,158
9,636
Cash and cash equivalents at the end of the period8,954
5,181
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands Three monthsAdjustments to reconcile profit (loss) to net cash
endedused in operating activities:
March 31, 2019 2018 Share-based payment 395 607 Depreciation 62 39 Revaluation of warrant liability 1 (1,425) Equity in loss of an affiliated company 90 618 Revaluation of securities 3 (30) Revaluation of other investments - (5,328) exchange rate changes on cash and cash equivalents 74 159 Changes in assets and liabilities: Decrease (increase) in other receivables 24 (7) Increase (decrease) in Trade payables (33) (34) Change in operating lease liability 50 - Increase (decrease) in other accounts payable 136 210 Adjustments to reconcile profit (loss) to net cash used in operating activities802
(5,191)
FORESIGHT AUTONOMOUS HOLDINGS LTD.
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands Three months ended March 31,Year ended
December 31,
2019 2018 2018 GAAP operating loss (3,576 ) (3,436 ) (13,321 ) Stock-based compensation in research and development 124 183 621 Stock-based compensation in sales and marketing 48 48 196 Stock-based compensation in general and administrative 223 376 1,223 Non-GAAP operating loss (3,181 ) (2,829 ) (11,281 ) GAAP Financing income (expenses), net 351 6,652 1,569 Revaluation of other investments - (5,328 ) (316 ) Revaluation of derivative warrant liability expenses (income) 1 (1,425 ) (2,071 ) Non-GAAP financing (expenses) income, net 352 (101 ) (818 ) GAAP net profit (loss) (3,315 ) 2,598 (14,657 ) Stock-based compensation expenses 395 607 2,040 Revaluation of other investments - (5,328 ) (316 ) Revaluation of derivative warrant liability expenses (income) 1 (1,425 ) (2,071 ) Non-GAAP net loss (2,919 ) (3,548 ) (15,004 )
View source version on businesswire.com: https://www.businesswire.com/news/home/20190515005849/en/
Investor Relations Contact:Miri Segal-SchariaCEOMS-IR LLCmsegal@ms-ir.com917-607-8654
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