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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 0.47% | 1.075 | 1.07 | 1.11 | 1.10 | 1.05 | 1.05 | 24,796 | 22:02:39 |
Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (NASDAQ and TASE: FRSX), today reported financial results for the fourth quarter and full year 2017. Foresight ended the fourth quarter of 2017 with $21.8 million in cash and short-term deposits, with GAAP net loss for the full year 2017 of $15.9 million and with non-GAAP net loss of $5.3 million.
“The excitement for Foresight’s life-saving automotive vision solutions continues to grow,” commented Foresight Chief Executive Officer Haim Siboni. “Most recently, our innovative QuadSightTM vision system drew a tremendous amount of attention at the International Consumer Electronics Show in Las Vegas. We have also seen considerable progress in China, as Foresight concluded pilot programs with multiple leading Chinese car manufacturers during 2017. In the coming year, we will continue to leverage our industry-leading technology through pilot tests and commercial partnerships, leading us to long-term success.”
Fourth Quarter 2017 Financial Results
Full Year 2017 Financial Results
(thousands of U.S. dollars,
2017 2016 2017 2016except per share data)
GAAP Results Net (loss) profit $ (15,942) $ (1,913) $ 6,493 $ (1,019) Basic and diluted (loss) profit per share (0.17) (0.03) 0.06 (0.01) Non-GAAP Results Net loss $ (5,274) $ (3,355) $ (977) $ (1,032) Basic and diluted loss per share (0.06) (0.05) (0.01) (0.01)A reconciliation between GAAP operating results and non-GAAP operating results is provided in the following financial statements that are part of this release. Non-GAAP results exclude stock-based compensation expenses, revaluation of other investments and revaluation of derivative warrant liability.
Balance Sheet Highlights
A reconciliation between GAAP shareholders' equity results and non-GAAP shareholders' equity results is provided in the following financial statements that are part of this release. Non-GAAP results exclude derivative warrant liability and revaluation of other investments.
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 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 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 stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry based on 3D video analysis, advanced algorithms for image processing and sensor fusion. The company, through its wholly owned subsidiary Foresight Automotive Ltd., 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 improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company’s systems are targeting the Advanced Driver Assistance Systems (ADAS), semi-autonomous and autonomous vehicle markets. The company estimates 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 will continue to leverage industry-leading technology through pilot tests and commercial partnerships and that it will examine potential opportunities for cooperation in the coming months. 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.
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousandsAs of As of December 31, December 31, 2017 2016
ASSETS
Current assets: Cash and cash equivalents $ 9,636 $ 3,364 Short term deposits 12,169 390 Marketable equity securities 22 - Other Investments 2,361 - Other receivables 482 104 Total current assets 24,670 3,858 Non-current assets: Marketable equity securities - 18 Investment in affiliate company 1,404 1,248 Other investments 1,672 66 Fixed assets, net 289 67 3,365 1,399 Total assets $ 28,035 $ 5,257LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Trade payables $ 330 $ 104 Other accounts payable 817 353 Total current liabilities 1,147 457 Derivative warrant liability 2,071 131 Total liabilities 3,218 588 Shareholders’ equity: Common stock of NIS 0 par value; - - Additional paid-in capital 44,114 8,024 Accumulated deficit (19,297) (3,355) Total shareholders’ equity 24,817 4,669 Total liabilities and shareholders’ equity $ 28,035 $ 5,257SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP SHAREHOLDRES' EQUITY U.S.
dollars in thousands
As of As of December December 31, 2017 31, 2016 GAAP Shareholders' equity 24,817 4,669 Revaluation of other investments (3,967) - Derivative warrant liability 2,071 131 Non-GAAP Shareholders' equity 22,921 4,800FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands Year ended Three months ended December 31, December 31, 2017 2016 2017 2016 Research and development expenses, net (4,089) (904) (1,670) (308) Marketing and sales (1,015) (224) (239) (64) General and administrative expenses (3,753) (2,627) (732) (645) Operating loss (8,857) (3,755) (2,641) (1,017) Equity in net loss (gain) of an affiliated company (156) 108 (882) 108 Financing income (expenses), net (7,241) 1,950 8,253 106 Net (loss) profit (15,942) (1,913) 6,494 (1,019)FORESIGHT AUTONOMOUS HOLDINGS LTD.
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousandsYear ended Three months ended December 31 December 31, 2017 2016 2017 2016 GAAP operating loss (8,857) (3,755) (2,641) (1,017) Stock-based compensation in research and development
491
-
146
-
Stock-based compensation in sales and marketing 443 - 89 - Stock-based compensation in general and administrative1,521
405
157
81
Non-GAAP operating loss (6,402) (3,350) (2,249) (936) GAAP Financing income (expenses), net(7,241)
1,9508,253
106
Revaluation of derivative warrant liability 12,180 (1,847) (3,894) (94) Revaluation of other investments (3,967) - (3,967) - Non-GAAP financing (expenses) income, net972
103
392
12
GAAP net profit (loss) (15,942) (1,913) 6,494 (1,019) Stock-based compensation expenses 2,455 405 391 81 Revaluation of other investments (3,967) - (3,967) - Revaluation of derivative warrant liability expenses/ income12,180
(1,847)
(3,894)
(94)
Non-GAAP net loss (5,274) (3,355) (977) (1,032)
View source version on businesswire.com: https://www.businesswire.com/news/home/20180327006362/en/
Foresight Investor RelationsMS-IR LLCMiri Segal-Scharia, 917-607-8654msegal@ms-ir.com
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