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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 | 1.23 | 1.10 | 1.05 | 1.05 | 24,796 | 01:00:00 |
Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX), today reported financial results for the second quarter of 2020. Foresight ended the second quarter of 2020 with $17.4 million in cash and short-term deposits.
The Company reported GAAP net loss of $3.3 million and non-GAAP net loss of $3.1 million for the second quarter of 2020, compared to GAAP net loss of $4 million and non-GAAP net loss of $3.9 million for the first quarter of 2020, reflecting a decrease of $0.7 million and $0.8 million, respectively, resulting from the reduction in monthly operating expenses made during the second quarter.
“Foresight achieved outstanding business and technological milestones during the second quarter, demonstrating our steady progress in a number of key areas,” said Haim Siboni, Foresight’s CEO. “Most notably, we announced our strategic collaboration with FLIR Systems Inc. in April, through which we will combine FLIR’s industry-leading thermal imaging cameras with our QuadSight® vision system. This collaboration will allow us to expand our sales and distribution efforts in new verticals and regions, as we leverage FLIR’s exceptional technology and reputation to make new inroads in the automotive industry. In addition, we have taken the next step in our collaboration with our partner Elbit Systems Ltd. We will be entering a product development phase that includes customization of our unique vision system for potential end customers. This significant milestone will allow us to expand our presence in the defense market.
“Foresight also strengthened its balance sheet during the second quarter through three capital raises, as we raised $14.4 million in gross proceeds, to support expanded R&D and marketing efforts. Our affiliates and subsidiaries, Rail Vision Ltd. and Eye-Net Mobile Ltd., both made important strides during the quarter. Rail Vision announced its first sale to a leading European train operator, which could result in future sales of up to 6 million Euro, while Eye-Net Mobile reported two important technological advancements for its Eye-Net™ Protect accident prevention solution.
“Our innovative technologies and expertise in thermal imaging, computer vision and AI serve as the backbone for our COVID-19 screening solution, for which we submitted a patent application in the United States. This solution is designed to detect up to six key symptoms of COVID-19, and we believe that this technology could play an important role in responding to the coronavirus pandemic. In the upcoming weeks, as a result of an accelerated development effort, Foresight will start a first pilot project for its prototype COVID-19 symptom detection solution with one of Israel’s largest health maintenance organizations.
“Foresight and its subsidiaries have continued all business activities throughout the first half of 2020, with required adaptations to marketing and business development, and with minimal changes to research and development,” concluded Mr. Siboni.
Second Quarter 2020 Financial Results
Balance Sheet Highlights
Second 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 exclude 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 exclude 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 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” 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. Foresight is targeting the semi-autonomous and autonomous vehicle markets and predicts that its systems will revolutionize automotive safety by providing an automotive-grade, cost-effective platform and advanced technology.
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 expansion of its sales and distribution in new verticals and regions, collaboration with Elbit Systems, entering a product development phase, its expansion in the defense market, the potential of Foresight’s COVID-19 screening solution to play an important role in responding to the coronavirus pandemic, starting a pilot project for a prototype COVID-19 symptom detection solution, the expected receipt of a grant from the AWARD Consortium, the expected size of the self-driving truck market and the possibility of purchases of additional Assisted Remote Shunting systems. 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 June 30, 2020
As of June 30, 2019
As of December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
10,312
$
4,047
$
4,827
Short term deposits
7,129
12,280
5,233
Marketable equity securities
14
31
23
Other receivables
311
509
613
Total current assets
17,766
16,867
10,696
Non-current assets:
Right of use asset
1,172
1,417
1,278
Investment in affiliate company
5,385
7,584
6,729
Fixed assets, net
509
699
631
7,066
9,700
8,638
Total assets
$
24,832
$
26,567
$
19,334
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade payables
$
94
$
308
$
498
Operating lease liability
394
408
411
Other accounts payables
1,269
897
1,130
Total current liabilities
1,757
1,655
2,039
Non-current liabilities:
Operating lease liability
888
1,125
1,007
-
Total liabilities
2,645
2,780
3,046
Shareholders’ equity:
Ordinary shares of NIS 0 par value;
-
-
-
Additional paid-in capital
78,960
64,879
65,681
Accumulated deficit
(56,773
)
(41,092
)
(49,393
)
Total shareholders’ equity
22,187
23,787
16,288
Total liabilities and shareholders’ equity
$
24,832
$
26,567
$
19,334
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands
Six months ended June 30,
Three months ended June 30,
2020
2019
2020
2019
Research and development expenses, net
(4,217)
(4,460)
(1,876)
(2,390)
Marketing and sales
(666)
(1,097)
(233)
(499)
General and administrative expenses
(1,294)
(1,773)
(634)
(865)
Operating loss
(6,177)
(7,330)
(2,743)
(3,754)
Equity in net gain (loss) of an affiliated company
(1,344)
16
(598)
106
Financing income (expenses), net
141
176
10
(175)
Net loss
(7,380)
(7,138)
(3,331)
(3,823)
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Six months ended June 30,
Three months ended June 30,
2020
2019
2020
2019
Net cash used in operating activities
Net loss for the period
(7,380)
(7,138)
(3,331)
(3,823)
Adjustments to reconcile profit (loss) to net cash used in operating activities:
1,603
1,432
803
630
Net cash used in operating activities
(5,777)
(5,706)
(2,528)
(3,193)
Cash Flows from Investing Activities
Changes in short term deposits
(1,896)
226
(2,892)
(1,957)
Proceed from other investments
-
21
-
21
Proceed from sales marketable securities
68
-
68
-
Purchase of fixed assets
(9)
(39)
(3)
(8)
Net cash provided (used) by investing activities
(1,837)
208
(2,827)
(1,944)
Cash flows from Financing Activities:
Issuance of ordinary shares and warrants, net of issuance expenses
13,082
6,521
13,082
290
Net cash provided by financing activities
13,082
6,521
13,082
290
Effect of exchange rate changes on cash and cash equivalents
17
(134)
1
(60)
Increase (decrease) in cash and cash equivalents
5,485
889
7,728
(4,907)
Cash and cash equivalents at the beginning of the period
4,827
3,158
2,584
8,954
Cash and cash equivalents at the end of the period
10,312
4,047
10,312
4,047
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:
Six months
ended June 30,
Three months
ended June 30,
2020
2019
2020
2019
Share-based payment
350
836
195
441
Depreciation
131
127
65
65
Revaluation of derivative warrant liability
-
43
-
42
Equity in loss (gain) of an affiliated company
1,344
(16)
598
(106)
Revaluation of securities
(59)
(8)
(16)
(11)
Revaluation of other investments
-
324
-
324
exchange rate changes on cash and cash equivalents
(17)
134
(1)
60
Changes in assets and liabilities:
Decrease (increase) in other receivables
302
(38)
41
(62)
Decrease in Trade payables
(404)
(36)
(71)
(3)
Change in operating lease liability
(17)
75
31
25
Decrease in other accounts payable
(27)
(9)
(39)
(145)
Adjustments to reconcile loss to net cash used in operating activities
1,603
1,432
803
630
FORESIGHT AUTONOMOUS HOLDINGS LTD.
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP SHAREHOLDERS' EQUITY
U.S. dollars in thousands
As of June 30, 2020
As of June 30, 2019
As of December 31, 2019
GAAP Shareholders' equity
22,187
23,787
16,288
Revaluation of other investments
--
324
324
Derivative warrant liability
--
42
--
Non-GAAP Shareholders' equity
22,187
24,153
16,612
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands
Six months ended June 30
Three months ended June 30,
2020
2019
2020
2019
GAAP operating loss
(6,177)
(7,330)
(2,743)
(3,754)
Stock-based compensation in research and development
159
284
83
160
Stock-based compensation in sales and marketing
32
98
20
50
Stock-based compensation in general and administrative
159
454
92
231
Non-GAAP operating loss
(5,827)
(6,494)
(2,548)
(3,313)
GAAP Financing income (expenses), net
141
176
10
(175)
Revaluation of other investments
--
324
--
324
Revaluation of derivative warrant liability expenses
--
43
--
42
Non-GAAP Financing income, net
141
543
10
191
GAAP net loss
(7,380)
(7,138)
(3,331)
(3,823)
Stock-based compensation expenses
350
836
195
441
Revaluation of other investments
--
324
--
324
Revaluation of derivative warrant liability
--
43
--
42
Non-GAAP net loss
(7,030)
(5,935)
(3,136)
(3,016)
View source version on businesswire.com: https://www.businesswire.com/news/home/20200820005703/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR LLC msegal@ms-ir.com 917-607-8654
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