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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% | 1.09 | 1.09 | 1.16 | 6 | 12:38:09 |
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 2020. Foresight ended the fourth quarter of 2020 with $43.9 million in cash and short-term deposits.
Foresight reported a GAAP operating loss of $12.84 million for the full year 2020 which is an approximately 15% less than the GAAP operating loss of $15.03 million reported for the full year 2019. Foresight reported a GAAP net loss of $3.96 million and $15.32 million for the fourth quarter 2020 and the full year, respectively, and a non-GAAP net loss of $3.71 million for the fourth quarter and $14.16 million for the full year 2020.
“We achieved important key milestones during the fourth quarter of 2020 and maintained solid progress throughout the year in spite of the COVID-19 pandemic,” said Haim Siboni, Foresight’s CEO. “We are entering 2021 with a strong balance sheet, following successful capital raises including $26 million raised in our registered direct offering announced on December 28, 2020. We will continue to build on our innovative product portfolio, which has been validated through key prototype orders and partnerships in Europe, Asia and North America.”
“The successful year also extends to our subsidiary, Eye-Net Mobile, and our affiliate, Rail Vision. Both companies achieved major business milestones during the fourth quarter of 2020, as Rail Vision received a second investment of $10 million from a leading Tier One European-based group, Knorr-Bremse, in October 2020, and Eye-Net Mobile signed a distribution agreement with Cornes Technologies, a leading Japanese trading house. We believe that Rail Vision and Eye-Net Mobile are poised for further growth in 2021,” concluded Mr. Siboni.
Fourth Quarter 2020 Financial Results
Full Year 2020 Financial Results
Full year ended December 31,
Three months ended December 31,
(thousands of U.S. dollars)
2020
2019
2020
2019
GAAP Results
Net loss
$(15,324)
$(15,439)
$(3,964)
$(4,370)
Non-GAAP Results
Net loss
$(14,162)
$(13,476)
$(3,712)
$(4,018)
Balance Sheet Highlights
Fourth Quarter 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 share-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) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the company’s wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of automatic calibration, sensor fusion and dense 3D point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on Twitter, or join Foresight Automotive on LinkedIn.
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 its belief that it is entering 2021 with a strong balance sheet, that it will continue to build on its innovative product portfolio, which it believes has been validated through key prototype orders and partnerships in Europe, Asia and North America, that it believes that Rail Vision and Eye-Net Mobile are poised for further growth in 2021, Rail Vision’s expected revenue from Knorr-Bremse, and that Foresight will work with students from the University of Michigan to further develop its automotive vision system designed for Advanced Driver Assistance Systems and autonomous vehicles. 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 31, 2020, 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 thousands
As of December 31, 2020 (Unaudited)
As of December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
38,772
$
4,827
Short term deposits
5,166
5,233
Marketable equity securities
42
23
Other receivables
401
613
Total current assets
44,381
10,696
Non-current assets:
ROU asset
1,104
1,278
Investment in equity securities
4,062
-
Investment in affiliate company
-
6,729
Fixed assets, net
427
631
5,593
8,638
Total assets
$
49,974
$
19,334
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade payables
$
391
$
498
Operating lease liability
427
411
Other accounts payables
1,207
1,130
Total current liabilities
2,025
2,039
Non-current liabilities:
Operating lease liability
853
1,007
-
Total liabilities
2,878
3,046
Shareholders’ equity:
Ordinary shares of NIS 0 par value;
-
-
Additional paid-in capital
111,739
65,681
Accumulated deficit
(64,717
)
(49,393
)
Total Foresight Autonomous Holdings LTD. shareholders’ equity
47,022
16,288
Non-Controlling Interest
74
-
Total equity
47,096
16,288
Total liabilities and shareholders’ equity
$
49,974
$
19,334
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands
Year ended December 31,
Three months ended December 31,
2020
(Unaudited)
2019
2020
(Unaudited)
2019
Research and development expenses, net
(8,563)
(10,210)
(2,189)
(3,203)
Marketing and sales
(1,268)
(1,350)
(295)
266
General and administrative expenses
(3,005)
(3,469)
(793)
(803)
Operating loss
(12,836)
(15,029)
(3,277)
(3,740)
Equity in net loss of an affiliated company
(2,667)
(839)
(668)
(671)
Financing income (expenses), net
179
429
(19)
41
Net loss
(15,324)
(15,439)
(3,964)
(4,370)
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Year ended December 31,
Three months ended December 31,
2020 (Unaudited)
2019
2020 (Unaudited)
2019
Net cash used in operating activities
Loss for the Period
(15,324)
(15,439)
(3,964)
(4,370)
Adjustments to reconcile profit to net cash used in operating activities:
3,829
3,578
977
1,319
Net cash used in operating activities
(11,495)
(11,861)
(2,987)
(3,051)
Cash Flows from Investing Activities
Changes in short term deposits
67
7,273
(24)
2,835
Proceeds from other investments
-
21
-
-
Proceed from sales of marketable equity securities
68
-
-
-
Purchase of fixed assets
(50)
(103)
(2)
(30)
Net cash provided by (used in) investing activities
85
7,191
(26)
2,805
Cash flows from Financing Activities:
Issuance of ordinary shares, net of issuance expenses
45,017
6,521
32,088
-
Exercise of options, net of issuance expenses
263
-
263
-
Net cash provided by financing activities
45,280
6,521
32,351
-
Effect of exchange rate changes on cash and cash equivalents
75
(182)
39
3
Increase (decrease) in cash and cash equivalents
33,945
1,669
29,377
(243)
Cash and cash equivalents at the beginning of the period
4,827
3,158
9,395
5,070
Cash and cash equivalents at the end of the period
38,772
4,827
38,772
4,827
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Adjustments to reconcile profit (loss) to net cash used in operating activities:
Year ended December 31,
Three months ended December 31,
2020 (Unaudited)
2019
2020 (Unaudited)
2019
Share-based payment
1,162
1,638
252
352
Depreciation
254
259
62
66
Revaluation of derivative warrant liability
-
1
-
-
Equity in loss of an affiliated company
2,667
839
668
671
Revaluation of marketable equity securities
(87)
-
(23)
13
Revaluation of other investments
-
324
-
-
exchange rate changes on cash and cash equivalents
(75)
182
(39)
(3)
Changes in assets and liabilities:
Decrease (increase) in other receivables
212
(142)
45
160
Increase (decrease) in trade payables
(296)
154
14
(177)
Change in operating lease liability
60
110
75
5
Increase (decrease) in other accounts payable
(68)
213
(77)
232
Adjustments to reconcile loss to net cash used in operating activities
3,829
3,578
977
1,319
Non-Cash activities
Year ended
Three months ended
December 31,
December 31,
2020 (Unaudited)
2019
2020 (Unaudited)
2019
Accrued issuance expenses recorded in equity
310
--
310
--
FORESIGHT AUTONOMOUS HOLDINGS LTD.
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP SHAREHOLDERS' EQUITY
(Unaudited) U.S. dollars in thousands
As of December 31, 2020
As of December 31, 2019
GAAP Total equity
47,096
16,288
Revaluation of other investments
-
324
Non-GAAP Total equity
47,096
16,612
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited) U.S. dollars in thousands
Year ended December 31
Three months ended December 31,
2020
2019
2020
2019
GAAP operating loss
(12,836)
(15,029)
(3,277)
(3,740)
Share-based compensation in research and development
469
568
95
126
Share-based compensation in sales and marketing
62
214
16
62
Share-based compensation in general and administrative
631
856
141
164
Non-GAAP operating loss
(11,674)
(13,391)
(3,025)
(3,388)
GAAP Financing income (expenses), net
179
429
(19)
41
Revaluation of other investments
-
324
-
-
Revaluation of derivative warrant liability expense
-
1
-
-
Non-GAAP Financing income (expenses), net
179
754
(19)
41
GAAP net loss
(15,324)
(15,439)
(3,964)
(4,370)
Share-based compensation expenses
1,162
1,638
252
352
Revaluation of other investments
-
324
-
-
Revaluation of derivative warrant liability expenses
-
1
-
-
Non-GAAP net loss
(14,162)
(13,476)
(3,712)
(4,018)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225006166/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR LLC msegal@ms-ir.com 917-607-8654
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