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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0001 | -0.01% | 1.08 | 1.08 | 1.14 | 1.14 | 1.08 | 1.14 | 38,664 | 00:05:28 |
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, 2020. Foresight ended the third quarter of 2020 with $14.5 million in cash and short-term deposits, GAAP net loss of $11.4 million and non-GAAP net loss for the same period of $10.5 million.
“Foresight continued to demonstrate steady progress in the third quarter, as we established new partnerships with influential players in Europe, Japan and China,” commented Haim Siboni, CEO of Foresight. “We are confident that our new relationships with leading companies such as Elbit Systems and FLIR Systems will lead to stable sales growth, as we continue to refine our products and technology based on feedback from our prototype system sales. I am proud of how Foresight has responded to the market situation posed by the COVID-19 pandemic, as we have worked not only to maintain stable business performance, but also to develop a COVID-19 symptom screening solution which leverages our leading thermal and visible-light camera technology.”
“The third quarter also saw notable progress for our subsidiary Eye-Net Mobile and our affiliated company Rail Vision,” continued Mr. Siboni. “Both companies made impressive strides in new markets, demonstrating the long-term potential of their innovative technologies. Rail Vision has accomplished the first commercial agreement for its shunting yard solution which is currently being evaluated by a major European train operator, while Eye-Net Mobile’s Eye-Net™ Protect solution is undergoing pilot projects with two multi-billion-dollar Japanese companies. We are optimistic that successful evaluation could lead to further collaboration with these impressive partners.”
Third Quarter 2020 Financial Results
Balance Sheet Highlights
As of September 30,
As of
December 31,
(thousands of U.S. dollars)
2020
2019
2019
GAAP Results
Shareholders’ equity
$ 18,767
$ 20,307
$ 16,288
Non-GAAP Results
Shareholders' equity
$ 18,767
$ 20,631
$ 16,612
A reconciliation between GAAP shareholders’ equity results and non-GAAP shareholders’ equity results is provided following the financial statements that are part of this release. Non-GAAP results exclude 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, 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 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 Advanced Driver Assistance Systems (ADAS), 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 its expected stable sales growth and further collaborations with partners. 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. 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 Foresight’s cash balances as of September 30, 2020, Foresight’s management is of the opinion that as of September 30, 2020, 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 AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
As of September 30, 2020
As of September 30, 2019
As of December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
9,395
$
5,070
$
4,827
Short Term Deposits
5,142
8,068
5,233
Marketable equity securities
19
36
23
Other receivables
446
773
613
Total current assets
15,002
13,947
10,696
Non-current assets:
ROU Asset
1,127
1,340
1,278
Investment in affiliate company
4,730
7,400
6,729
Fixed assets, net
487
668
631
6,344
9,408
8,638
Total assets
$
21,346
$
23,355
$
19,334
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade payables
$
188
$
675
$
498
Operating Lease Liability
401
413
411
Other accounts payables
1,158
892
1,130
Total current liabilities
1,747
1,980
2,039
Non-current liabilities:
Operating Lease Liability
832
1,068
1,007
-
Total liabilities
2,579
3,048
3,046
Shareholders’ equity:
Common stock of NIS 0 par value;
-
-
-
Additional paid-in capital
79,478
65,330
65,681
Accumulated deficit
(60,753
)
(45,023
)
(49,393
)
Total Foresight autonomous holdings LTD. Shareholders’ equity
18,725
20,307
19,334
Non-Controlling Interest
42
-
-
Total equity
18,767
20,307
16,288
Total liabilities and stockholders’ equity
$
21,346
$
23,355
$
19,334
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,
2020
2019
2020
2019
Research and development expenses, net
(6,374)
(7,007)
(2,157)
(2,547)
Marketing and sales
(973)
(1,616)
(307)
(519)
General and administrative expenses
(2,212)
(2,666)
(918)
(893)
Operating loss
(9,559)
(11,289)
(3,382)
(3,959)
Equity in net gain (loss) of an affiliated company
(1,999)
(168)
(655)
(184)
Financing income (expenses), net
198
388
57
212
Net loss
(11,360)
(11,069)
(3,980)
(3,931)
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,
2020
2019
2020
2019
Net cash used in operating activities
Loss for the Period
(11,360)
(11,069)
(3,980)
(3,931)
Adjustments to reconcile profit (loss) to net cash used in operating activities:
2,852
2,259
1,249
827
Net cash used in operating activities
(8,508)
(8,810)
(2,731)
(3,104)
Cash Flows from Investing Activities
Changes in short term deposits
91
4,438
1,987
4,212
Proceed from other investments
-
21
-
-
Proceed from sales marketable securities
68
-
-
-
Purchase of fixed assets
(48)
(73)
(39)
(34)
Net cash provided by investing activities
111
4,386
1,948
4,178
Cash flows from Financing Activities:
Issuance of ordinary shares and warrants, net of issuance expenses
12,929
6,521
(153)
-
Net cash provided (used) by financing activities
12,929
6,521
(153)
-
Effect of exchange rate changes on cash and cash equivalents
36
(185)
19
(51)
Increase (decrease) in cash and cash equivalents
4,568
1,912
(917)
1,023
Cash and cash equivalents at the beginning of the period
4,827
3,158
10,312
4,047
Cash and cash equivalents at the end of the period
9,395
5,070
9,395
5,070
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,
2020
2019
2020
2019
Share-based payment
910
1,286
560
450
Depreciation
192
193
61
65
Revaluation of derivative warrant liability
-
1
-
(42)
Equity in loss (gain) of an affiliated company
1,999
168
655
184
Revaluation of securities
(64)
(13)
(5)
(5)
Revaluation of other investments
-
324
-
-
exchange rate changes on cash and cash equivalents
(36)
185
(19)
51
Changes in assets and liabilities:
Decrease (increase) in other receivables
167
(302)
(135)
(264)
Increase (decrease) in Trade payables
(310)
331
94
368
Change in operating lease liability
(15)
105
2
30
Increase (decrease) in other accounts payable
9
(19)
36
(10)
Adjustments to reconcile loss to net cash used in operating activities
2,852
2,259
1,249
827
FORESIGHT AUTONOMOUS HOLDINGS LTD.
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP SHAREHOLDERS' EQUITY
U.S. dollars in thousands
As of September 30, 2020
As of September 30, 2019
As of December 31, 2019
GAAP Shareholders' equity
18,767
20,307
16,288
Revaluation of other investments
--
324
324
Non-GAAP Shareholders' equity
18,767
20,631
16,612
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands
Nine months ended September 30
Three months ended September 30,
2020
2019
2020
2019
GAAP operating loss
(9,559)
(11,289)
(3,382)
(3,959)
Stock-based compensation in research and development
374
442
215
158
Stock-based compensation in sales and marketing
46
152
14
54
Stock-based compensation in general and administrative
490
692
331
238
Non-GAAP operating loss
(8,649)
(10,003)
(2,822)
(3,509)
GAAP Financing income (expenses), net
198
388
57
212
Revaluation of other investments
--
324
--
-
Revaluation of derivative warrant liability expenses
--
1
--
42
Non-GAAP Financing income, net
198
713
57
254
GAAP net loss
(11,360)
(11,069)
(3,980)
(3,931)
Stock-based compensation expenses
910
1,286
560
450
Revaluation of other investments
--
324
--
-
Revaluation of derivative warrant liability
--
1
--
42
Non-GAAP net loss
(10,450)
(9,457)
(3,420)
(3,439)
View source version on businesswire.com: https://www.businesswire.com/news/home/20201112006055/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR LLC msegal@ms-ir.com 917-607-8654
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