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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 third quarter ended September 30, 2018. Foresight ended the third quarter of 2018 with $19.3 million in cash and short-term deposits, GAAP net loss of $3.75 million and non-GAAP net loss for the same period of $3.76 million.
“During the third quarter, we continued early sales of our QuadSight prototype and expanded our geographic footprint into Asia,” commented Haim Siboni, CEO of Foresight. “We are pleased that a leading Chinese electric and autonomous vehicle manufacturer has recently purchased our QuadSight prototype. China is a market leader in electric vehicle sales, so the opportunity to test and potentially integrate our system opens the door to substantial future possibilities for revenue growth. Furthermore, additional customer relationships enable us to modify and improve our system based on market needs, improving our competitive edge.”
Third Quarter 2018 Financial Results
Balance Sheet Highlights
December 31,
(thousands of U.S. dollars) 2018 2017 2017 GAAP Results Shareholders’ equity $ 32,562 $ 15,598 $ 24,817 Non-GAAP Results Shareholders' equity $ 27,312 $ 21,890 $ 22,921A 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 revaluation of other investments and derivative warrant liability.
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 stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry. Foresight’s vision systems are 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 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 future possibilities for revenue growth and potential revenues from prototype system sales. 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 27, 2018, 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 September 30, 2018 As of September 30, 2017 As of December 31, 2017ASSETS
Current assets: Cash and cash equivalents $ 11,172 $ 10,182 $ 9,636 Short term deposits 8,109 11,342 12,169 Marketable equity securities 24 20 22 Other investments 5,574 - 2,361 Other receivables 526 369 482 Total current assets 25,405 21,913 24,670 Non-current assets: Investment in affiliate company 7,559 522 1,404 Other investments - 66 1,672 Fixed assets, net 827 186 289 8,386 774 3,365 Total assets $ 33,791 22,687 $ 28,035LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Trade payables $ 223 259 $ 330 Other accounts payables 928 538 817 Derivative warrant liability 2 - - Total current liabilities 1,153 797 1,147 Derivative warrant liability 76 6,292 2,071 Total liabilities 1,229 7,089 3,218 Shareholders’ equity: Common shares of no par value; - - - Additional paid-in capital 57,102 41,389 44,114 Accumulated deficit (24,540) (25,791) (19,297) Total shareholders’ equity 32,562 15,598 24,817 Total liabilities and shareholders’ equity $ 33,791 22,687 $ 28,035SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP SHAREHOLDERS' EQUITY
U.S. dollars in thousands
As ofSeptember 30, 2018 As ofSeptember 30, 2017 As of December 31, 2017 GAAP Shareholders’ equity 32,562 15,598 24,817 Revaluation of other investments (5,328 ) - (3,967) Derivative warrant liability 78 6,292 2,071 Non-GAAP Shareholders' equity 27,312 21,890 22,921FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands
Nine months ended September 30, Three months ended September 30, 2018 2017 2018 2017 Research and development expenses (6,478) (2,419) (2,217) (1,144) Marketing and sales (775) (776) (234) (263) General and administrative expenses (2,813) (3,021) (872) (684) Operating loss (10,066) (6,216) (3,323) (2,091) Equity in net loss of an affiliated company (2,112) (726) (1,035) (343) Financing income (expenses), net 6,935 (15,494) 600 6,900 Net (loss) profit (5,243) (22,436) (3,758) 4,466FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Nine months ended September 30, Three months ended September 30, 2018 2017 2018 2017Net cash used in operating activities
Profit (loss) for the period (5,243) (22,436) (3,758) 4,466 Adjustments to reconcile profit (loss) to net cash used in operating activities:(2,959)
18,642
146
(5,930)
Net cash used in operating activities (8,202) (3,794) (3,612) (1,464)Cash Flows from Investing Activities
Changes in short term deposits 4,060 (10,952) 3,053 (7,323) Investment in affiliate company (4,479) - (1,990) - Proceeds from sales of fixed assets 1 - 1 - Purchase of fixed assets (712) (149) (282) (69) Net cash provided (used) in investing activities (1,130) (11,101) 782 (7,392)Cash flows from Financing Activities:
Issuance of ordinary shares and warrants, net of issuance expenses 11,20810,745
5,403-
Exercise of warrants and options, net of issuance expenses 15910,646
-
5,050
Net cash provided by financing activities 11,367 21,391 5,403 5,050 Effect of exchange rate changes on cash and cash equivalents (499) 322 116 (294) Increase (decrease) in cash and cash equivalents 1,536 6,818 2,689 (4,100) Cash and cash equivalents at the beginning of the period9,636
3,364
8,483
14,282
Cash and cash equivalents at the end of the period11,172
10,182
11,172
10,182
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Adjustments to reconcile profit (loss) to netcash used in operating activities:
Nine monthsended September 30,
Three monthsended September 30,
2018 2017 2018 2017 Share-based payment 1,620 2,063 440 424 Depreciation 170 30 80 15 Loss from sale of fixed assets 3 3 Revaluation of derivative warrant liability (1,993) 16,074 (441) (6,976) Equity in loss of an affiliated company 2,112 726 1,035 343 Revaluation of securities (2) (3) 20 3 Revaluation of other investments (5,328) - - - exchange rate changes on cash and cash equivalents 499 (322) (116) 294 Changes in assets and liabilities: Decrease (increase) in other receivables (44) (266) (186) (89) Increase (decrease) in trade payables (107) 155 (83) 156 Increase (decrease) in other accounts payable 111 185 (606) (100)Adjustments to reconcile profit (loss) to netcash used in operating activities
(2,959)
18,642
146
(5,930)
FORESIGHT AUTONOMOUS HOLDINGS LTD.
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands
Nine months ended September 30 Three months ended September 30, 2018 2017 2018 2017 GAAP operating loss (10,066) (6,216) (3,323) (2,091) Stock-based compensation in research and development
491
345
142
162
Stock-based compensation in sales and marketing 143 354 47 94 Stock-based compensation in general and administrative986
1,364
251
168
Non-GAAP operating loss (8,446) (4,153) (2,883) (1,667) GAAP financing income (expenses), net6,935
(15,494)
600
6,900
Revaluation of other investments (5,328) - - - Revaluation of derivative warrant liability (1,993) 16,074 (441) (6,976) Non-GAAP financing income (expenses), net(386)
580
159
(76)
GAAP net profit (loss) (5,243) (22,436) (3,758) 4,466 Stock-based compensation expenses 1,620 2,063 440 424 Revaluation of other investments (5,328) - - - Revaluation of derivative warrant liability (1,993) 16,074 (441) 6,976 Non-GAAP net loss (10,944) (4,299) (3,759) (2,086)
View source version on businesswire.com: https://www.businesswire.com/news/home/20181114005829/en/
Investor Relations Contact:Miri Segal-SchariaCEOMS-IR LLCmsegal@ms-ir.com917-607-8654
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