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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 | 0.90 | 8.00 | 1.12 | 1.07 | 1.07 | 34,264 | 05:00:02 |
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, 2019. Foresight ended the third quarter of 2019 with $13.1 million in cash, cash equivalents and short-term deposits, GAAP net loss of $11.07 million and non-GAAP net loss for the same period of $9.46 million.
“The third quarter was highlighted by our significant progress in penetrating the autonomous vehicle markets in Asia and the United States,” commented Haim Siboni, CEO of Foresight. “Our compelling technological demonstrations in Japan and the United States both led to prototype purchases from Tier One suppliers and we expect our demonstrations in France and Germany to lead to additional cooperation and prototype purchases. Additionally, we expect that our recently announced partnership with Guide Infrared will significantly expand our footprint in greater China. Going forward, we will continue to pursue our successful strategy of increasing our customer base through technological demonstrations.”
Corporate Highlights Q3:
Third Quarter 2019 Financial Results
Nine months 2019 Financial Results
Balance Sheet Highlights
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this earnings release contains non-GAAP financial measures of net loss for the periods presented 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 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 sensors 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.
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 demonstrations in France and Germany to lead to additional cooperation and prototype purchases, that its partnership with Guide Infrared will significantly expand its footprint in greater China, continuing to pursue its strategy of increasing customer base through technological demonstrations, that customer satisfaction may lead to additional system orders for mass production, revenue from prototype system sales, cooperation with Wuhan Guide Infrared Co. Ltd., and potential integration of the Eye-Net solution in a vehicle manufacturer’s connected car platform. 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. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: Foresight’s burn rate, its ability to generate revenue, and its ability to continue as a going concern. Based on the projected cash flows and our cash balances as of September 30, 2019, Foresight’s management is of the opinion that without further fund raising it will not have enough resources to enable it to continue advancing its activities for a period of at least 12 months. As a result, there is substantial doubt about Foresight’s ability to continue as a going concern. 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 is not responsible for the contents of third-party websites.
FORESIGHT AUTONOMOUS HOLDINGS LTD. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands
As of September 30, 2019
As of September 30, 2018
As of December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents
$
5,070
$
11,172
$
3,158
Short term deposits
8,068
8,109
12,506
Marketable equity securities
36
24
23
Other investments
-
5,574
345
Other receivables
773
526
471
Total current assets
13,947
25,405
16,503
Non-current assets:
ROU asset
1,340
-
-
Investment in affiliate company
7,400
7,559
7,568
Fixed assets, net
668
827
787
9,408
8,386
8,355
Total assets
$
23,355
$
33,791
$
24,858
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade payables
$
675
$
223
$
344
Operating lease liability
413
-
-
Other accounts payables
892
928
947
Derivative warrant liability
-
2
-
Total current liabilities
1,980
1,153
1,291
Non-current liabilities:
Operating lease liability
1,068
-
-
Derivative warrant liability
-
76
-
-
Total liabilities
3,048
1,229
1,291
Shareholders’ equity:
Common stock of NIS 0 par value;
-
-
-
Additional paid-in capital
65,330
57,102
57,521
Accumulated deficit
(45,023
)
(24,540
)
(33,954
)
Total stockholders’ equity
20,307
32,562
23,567
Total liabilities and stockholders’ equity
$
23,355
$
33,791
$
24,858
FORESIGHT 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,
2019
2018
2019
2018
Research and development expenses, net
(7,007)
(6,478)
(2,547)
(2,217)
Marketing and sales
(1,616)
(775)
(519)
(234)
General and administrative expenses
(2,666)
(2,813)
(893)
(872)
Operating loss
(11,289)
(10,066)
(3,959)
(3,323)
Equity in net loss of an affiliated company
(168)
(2,112)
(184)
(1,035)
Financing income, net
388
6,935
212
600
Net loss
(11,069)
(5,243)
(3,931)
(3,758)
FORESIGHT 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,
2019
2018
2019
2018
Net cash used in operating activities
Loss for the Period
(11,069)
(5,243)
(3,931)
(3,758)
Adjustments to reconcile profit (loss) to net cash used in operating activities:
2,259
(2,962)
827
143
Net cash used in operating activities
(8,810)
(8,205)
(3,104)
(3,615)
Cash Flows from Investing Activities
Changes in short term deposits
4,438
4,060
4,212
3,053
Proceeds from other investments
21
-
-
-
Investment in affiliate company
-
(4,479)
-
(1,990)
Purchase of fixed assets
(73)
(708)
(34)
(282)
Net cash provided by (used in) investing activities
4,386
(1,127)
4,178
785
Cash flows from Financing Activities:
Issuance of ordinary shares and warrants, net of issuance expenses
6,521
11,208
-
5,403
Exercise of warrants and options, net of issuance expenses
-
159
-
-
Net cash provided by financing activities
6,521
11,367
-
5,403
Effect of exchange rate changes on cash and cash equivalents
(185)
(499)
(51)
116
Increase in cash and cash equivalents
1,912
1,536
1,023
2,689
Cash and cash equivalents at the beginning of the period
3,158
9,636
4,047
8,483
Cash and cash equivalents at the end of the period
5,070
11,172
5,070
11,172
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:
Nine months
ended September 30,
Three months
ended September 30,
2019
2018
2019
2018
Share-based payment
1,286
1,620
450
440
Depreciation
193
170
65
80
Revaluation of derivative warrant liability
1
(1,993)
(42)
(441)
Equity in loss of an affiliated company
168
2,112
184
1,035
Revaluation of securities
(13)
(2)
(5)
20
Revaluation of other investments
324
(5,328)
-
-
Exchange rate changes on cash and cash equivalents
185
499
51
(116)
Changes in assets and liabilities:
increase in other receivables
(302)
(44)
(264)
(186)
Increase (decrease) in Trade payables
331
(107)
368
(83)
Change in operating lease liability
105
-
30
Increase (decrease) in other accounts payable
(19)
111
(10)
(606)
Adjustments to reconcile profit (loss) to net cash used in operating activities
2,259
(2,962)
827
143
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP SHAREHOLDERS' EQUITY U.S. dollars in thousands
As of September 30, 2019
As of September 30, 2018
As of December 31, 2018
GAAP Shareholders' equity
20,307
32,562
23,567
Revaluation of other investments
324
(5,328)
(316)
Derivative warrant liability
-
78
--
Non-GAAP Shareholders' equity
20,631
27,312
23,252
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,
2019
2018
2019
2018
GAAP operating loss
(11,289)
(10,066)
(3,959)
(3,323)
Stock-based compensation in research and development
442
491
158
142
Stock-based compensation in sales and marketing
152
143
54
47
Stock-based compensation in general and administrative
692
986
238
251
Non-GAAP operating loss
(10,003)
(8,446)
(3,509)
(2,883)
GAAP Financing income (expenses), net
388
6,935
212
600
Revaluation of other investments
324
(5,328)
-
-
Revaluation of derivative warrant liability expenses (income)
1
(1,993)
42
(441)
Non-GAAP Financing income (expenses), net
713
(386)
254
159
GAAP net profit (loss)
(11,069)
(5,243)
(3,931)
(3,758)
Stock-based compensation expenses
1,286
1,620
450
440
Revaluation of other investments
324
(5,328)
-
-
Revaluation of derivative warrant liability
1
(1,993)
42
(441)
Non-GAAP net loss
(9,457)
(10,944)
(3,439)
(3,759)
View source version on businesswire.com: https://www.businesswire.com/news/home/20191118005648/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR LLC msegal@ms-ir.com 917-607-8654
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