(via TheNewswire)
Ness Ziona,
Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX), today reported financial results for the second quarter of 2021. Foresight ended the second quarter of 2021 with
The Company reported
“Foresight continues to achieve remarkable progress as it expands into new markets and geographic areas,” said
Second Quarter 2021 Financial Results
- Research and development (R&D) expenses, net for the three months ended June 30, 2021 were
$2,436,000 , compared to$1,876,000 in the three months endedJune 30, 2020 . The increase is attributed mainly to an increase in payroll and related expenses and an increase in subcontracted services.- General and administrative (G&A) expenses for the three months ended June 30, 2021 were
$812,000 , compared to$634,000 in the three months ended June 30, 2020. The increase is attributed primarily to an increase in share-based compensation expenses to employees and service providers.- GAAP net loss for the three months ended June 30, 2021 was
$3,163,000 , or$0.01 perordinary share, compared to a GAAP net loss of$3,331,000 , or$0.02 per ordinary share, in the three months ended June 30, 2020. The decrease in the net loss is attributed mainly to the increase in financing income, net, offset mainly by an increase in payroll and related expenses.- Non-GAAP net loss for the three months ended June 30, 2021 was
$2,661,000 , or$0.01 perordinary share, compared to a non-GAAP net loss of$3,136,000 , or$0.02 per ordinary share, in the same quarter last year. A reconciliation between GAAP net loss and non-GAAP net loss is provided in the financial statements that are part of this release.
Balance Sheet Highlights
- Cash and cash equivalents and short-term deposits totaled
$52.3 million as ofJune 30, 2021 , compared to$43.9 million as of December 31, 2020.- GAAP shareholders’ equity totaled
$55.3 million as ofJune 30, 2021 , compared to$47 million as of December 31, 2020. The increase is attributed to the receipt of proceeds from the securities offerings completed during the first quarter of 2021 and option exercises, offset by the net loss for the same period.
Second Quarter Corporate Highlights:
- Foresight Chosen for Joint POC Project by a Leading European Auto Manufacturer: Foresight was chosen by the American subsidiary of a leading European passenger car manufacturer to provide a proof-of-concept (POC) to test Foresight’s stereoscopic technology. Following successful completion of the project, the European passenger car manufacturer may consider integrating Foresight’s solutions into its vehicle safety applications.
- Foresight Receives Prototype Order of QuadSight Vision System from LeadingAgricultural Equipment Manufacturer:In June, Foresight announced the sale of a prototype of its QuadSight four-camera vision system to a leading global manufacturer of agricultural and construction equipment. The manufacturer will evaluate the QuadSight system for use in agricultural machinery, marking the Company’s first sale to the agricultural equipment market. Foresight’s advanced thermal stereoscopic capabilities are designed to offer added value to precision agriculture and automated navigation.
- Rail Vision Files Draft Prospectus for Initial Public Offering:In May, Rail Vision, an affiliate of Foresight, filed a public draft prospectus for an initial public offering and registration for trade of its securities on the Tel Aviv Stock Exchange. Rail Vision intends to simultaneously test the prevailing conditions on the Israeli capital markets towards a potential public offering. The filing of a final prospectus is subject to a permit from the Israeli Securities Authority and the approval of the TelAviv Stock Exchange.- Eye-Net Mobile to Pursue Potential Nasdaq Listing: Foresight’s wholly owned subsidiary,Eye-Net Mobile Ltd. (“Eye-Net Mobile”), announced in May that it intends to pursue a potential listing on the Nasdaq Stock Market. The strategic decision was made following a resolution of the board of directors of both Foresight and Eye-Net Mobile.
- Eye-Net Partners with WebSIA for Exclusive Distribution in
Brazil : In April, Foresightannounced that its wholly owned subsidiary, Eye-Net Mobile, signed a distribution agreement with WebSIA Soluções Disruptivas, Inteligências Associadas, Tecnologia e Serviços Ltda. (“WebSIA”), a Brazilian distributor, developer and integrator focused on cutting-edge technologies. WebSIA will exclusively promote the Eye-Net Protect accident prevention solution and serve as Eye-Net’s distributor in the city of Sao Paulo, Brazil’s mostdensely populated and technologically advanced region.- Rail Vision Signs Agreement to Supply Prototype to Rio Tinto Railway Network: In May,Foresight’s affiliate Rail Vision announced an agreement to supply equipment, services and personnel to the Australian rail company Rio Tinto Railway Network. According to the agreement, Hitachi Rail STS, the project integrator, will supply Rio Tinto with a prototype of Rail Vision’s Collision Avoidance System to conduct demonstration and feasibility testing for a proof-of-concept project. Successful demonstrations may lead to Rail Vision outfitting Rio Tinto’s entire fleet of approximately 220 vehicles with its systems.
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-GAAPfinancial measures of net loss for the period that exclude the effect of stock-based compensation expenses. 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
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 @ForesightAuto1on Twitter, or join ForesightAutomotiveon 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 the potential of the Company’s QuadSight® vision system in the agricultural equipment market and the continued appeal of Foresight’s technology to the automotive industry, long-term growth anticipated by both Rail Vision and Eye-Net Mobile, that following the successful completion of the POC project, the European passenger car manufacturer may consider integrating Foresight’s solutions into its vehicle safety applications, that Rail Vision intends to test the prevailing conditions on the Israeli capital markets towards a potential public offering, that Eye-Net Mobile intends to pursue a potential listing on the Nasdaq Stock Market, that WebSIA will exclusively promote the Eye-Net Protect accident prevention solution and serve as Eye-Net’s distributor in the city of
Investor Relations Contact:
MS-IR LLC
msegal@ms-ir.com
917-607-8654
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
------------------------------------------------------------- | |Asof | |Asof | |Asof | |-----------------------------------------------------------| | |June30 | |June30 | |December31| |-----------------------------------------------------------| | |2021 | |2020 | |2020 | |-----------------------------------------------------------| |ASSETS | | | | | | |-----------------------------------------------------------| | | | | | | | |-----------------------------------------------------------| |Currentassets: | | | | | | |-----------------------------------------------------------| |Cashandcashequivalents |$ | |$ | |$ | | | | | | | | | | 23,750| | 10,312| | 38,772 | |-----------------------------------------------------------| |Restrictedcash |133 | |- | |- | |-----------------------------------------------------------| |Shorttermdeposits |28,462 | |7,129 | |5,166 | |-----------------------------------------------------------| |Marketableequitysecurities |11 | |14 | |42 | |-----------------------------------------------------------| |Otherreceivables |524 | |311 | |401 | |-----------------------------------------------------------| |Totalcurrentassets |52,880 | |17,766 | |44,381 | |-----------------------------------------------------------| | | | | | | | |-----------------------------------------------------------| |Non-currentassets: | | | | | | |-----------------------------------------------------------| |ROUasset |1,916 | |1,172 | |1,104 | |-----------------------------------------------------------| |Investmentinaffiliatecompany|- | |5,385 | |- | |-----------------------------------------------------------| |Investmentinequitysecurities|4,011 | |- | |4,011 | |-----------------------------------------------------------| |Fixedassets,net |408 | |509 | |427 | |-----------------------------------------------------------| | |6,335 | |7,066 | |5,542 | |-----------------------------------------------------------| | | | | | | | |-----------------------------------------------------------| |Totalassets |$ | |$ | |$ | | | | | | | | | | 59,215| | 24,832| | 49,923 | |-----------------------------------------------------------| | | | | | | | -------------------------------------------------------------
------------------------------------------------------------------------ |LIABILITIESANDSHAREHOLDERS’EQUITY | | | | |----------------------------------------------------------------------| | | | | | | | |----------------------------------------------------------------------| |Currentliabilities: | | | | | | |----------------------------------------------------------------------| |Tradepayables |$ | |$ | |$ | | | | | | | | | | 220 | | 94 | | 391 | |----------------------------------------------------------------------| |Operating leaseliability |416 | |394 | |427 | |----------------------------------------------------------------------| |Otheraccountspayables |1,689 | |1,269 | |1,207 | |----------------------------------------------------------------------| |Totalcurrentliabilities |2,325 | |1,757 | |2,025 | |----------------------------------------------------------------------| | | | | | | | |----------------------------------------------------------------------| |Non-currentliabilities: | | | | | | |----------------------------------------------------------------------| |Operating leaseliability |1,547 | |888 | |853 | |----------------------------------------------------------------------| | | | | | | | |----------------------------------------------------------------------| |Totalliabilities |3,872 | |2,645 | |2,878 | |----------------------------------------------------------------------| | | | | | | | |----------------------------------------------------------------------| |Shareholders’equity: | | | | | | |----------------------------------------------------------------------| | | | |----------------------------------------------------------------------| |Commonstockofnoparvalue; |- | |- | |- | |----------------------------------------------------------------------| |Additional paid-in capital|127,492 | |78,960 | |111,739 | |----------------------------------------------------------------------| |Accumulateddeficit |(72,293) | |(56,773)| |(64,768)| |----------------------------------------------------------------------| |Total Foresight Autonomous| | | | | | |Holdings | | | | | | |Ltd.shareholders’equity |55,199 | |22,187 | |46,971 | |----------------------------------------------------------------------| |Non-controllinginterest |144 | |- | |74 | |----------------------------------------------------------------------| |Totalequity |55,343 | |22,187 | |47,045 | ------------------------------------------------------------------------
------------------------------------------------- | | | | | | | |-----------------------------------------------| |Totalliabilitiesand|$ | |$ | |$ | |shareholders’equity| | | | | | | | 59,215| | 24,832| | 49,923| -------------------------------------------------
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
------------------------------------------------------------------------------------- | | |Sixmonthsended | |Threemonthsended | | |----------------------------------------------| | | |June30, | |June30, | |-----------------------------------------------------------------------------------| | | |2021 | |2020 | |2021 | |2020 | |-----------------------------------------------------------------------------------| |Researchanddevelopmentexpenses,net | |(5,095)| |(4,217)| |(2,436)| |(1,876)| |-----------------------------------------------------------------------------------| |Marketingandsales | |(985) | |(666) | |(489) | |(233) | |-----------------------------------------------------------------------------------| |Generalandadministrativeexpenses | |(2,018)| |(1,294)| |(812) | |(634) | |-----------------------------------------------------------------------------------| |Operatingloss | |(8,098)| |(6,177)| |(3,737)| |(2,743)| |-----------------------------------------------------------------------------------| | | | | | | | | | | |-----------------------------------------------------------------------------------| |Equityinnetlossofanaffiliatedcompany| | | |(1,344)| | | |(598) | |-----------------------------------------------------------------------------------| |Financing income,net | |573 | |141 | |574 | |10 | |-----------------------------------------------------------------------------------| |Netloss | |(7,525)| |(7,380)| |(3,163)| |(3,331)| -------------------------------------------------------------------------------------
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
--------------------------------------- | | |Sixmonthsended| |Threemonthsended| | |-----------------------------------| | | |June30, | |June30, | ---------------------------------------
-------------------------------------------------------------------------------------------------------- | | |2021 | |2020 | |2021 | |2020 | |------------------------------------------------------------------------------------------------------| | | | | | | | | | | |------------------------------------------------------------------------------------------------------| |Net cash usedin operatingactivities | | | | | | | | | |------------------------------------------------------------------------------------------------------| |LossforthePeriod | |(7,525) | |(7,380)| |(3,163)| |(3,331)| |------------------------------------------------------------------------------------------------------| | | | | | | | | | | |------------------------------------------------------------------------------------------------------| |Adjustmentstoreconcilelosstonetcashusedinoperatingactivities:| | | | | | | | | | | |1,761 | |1,603 | |(808) | |803 | |------------------------------------------------------------------------------------------------------| | | | | | | | | | | |------------------------------------------------------------------------------------------------------| |Netcashusedinoperatingactivities | |(5,764) | |(5,777)| |(3,971)| |(2,528)| |------------------------------------------------------------------------------------------------------| | | | | | | | | | | |------------------------------------------------------------------------------------------------------| |CashFlowsfromInvestingActivities | | | | | | | | | |------------------------------------------------------------------------------------------------------| |Changesinshorttermdeposits | |(23,296)| |(1,896)| |(3,343)| |(2,892)| |------------------------------------------------------------------------------------------------------| |Proceedfromsalesmarketablesecurities | |- | |68 | |- | |68 | |------------------------------------------------------------------------------------------------------| |Purchaseoffixedassets | |(61) | |(9) | |(42) | |(3) | |------------------------------------------------------------------------------------------------------| | | | | | | | | | | |------------------------------------------------------------------------------------------------------| |Netcashusedbyinvestingactivities | |(23,357)| |(1,837)| |(3,385)| |(2,827)| |------------------------------------------------------------------------------------------------------| | | | | | | | | | | |------------------------------------------------------------------------------------------------------| |CashflowsfromFinancingActivities: | | | | | | | | | |------------------------------------------------------------------------------------------------------| |Issuanceofordinarysharesandwarrants,netofissuanceexpenses | | | | | | | | | | | |13,508 | |13,082 | |- | |13,082 | |------------------------------------------------------------------------------------------------------| |Proceedsfromexerciseofwarrants | |595 | |- | |- | |- | |------------------------------------------------------------------------------------------------------| |Proceedsfromexerciseofoptions | |57 | |- | | | |- | |------------------------------------------------------------------------------------------------------| | | | | | | | | | | --------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------- | | | | | | |_ | | | |Netcashprovidedbyfinancingactivities | |14,160 | |13,082| | | |13,082| |-------------------------------------------------------------------------------------------| | | | | | | | | | | |-------------------------------------------------------------------------------------------| |Effectofexchangeratechangesoncashandcashequivalents | | | | | | | | | | | | | | | | | | | | | |72 | |17 | |(126) | |1 | |-------------------------------------------------------------------------------------------| | | | | | | | | | | |-------------------------------------------------------------------------------------------| |Increase(decrease)incashandcashequivalents | | | | | | | | | | | | | | | | | | | | | |(14,889)| |5,485 | |(7,482)| |7,728 | |-------------------------------------------------------------------------------------------| |Cash and cash equivalents at thebeginningoftheperiod| | | | | | | | | | | | | | | | | | | | | |38,772 | |4,827 | |31,365 | |2,584 | |-------------------------------------------------------------------------------------------| | | | | | | | | | | |-------------------------------------------------------------------------------------------| |Cash and cash equivalents | | | | | | | | | |andRestrictedcashattheendoftheperiod | | | | | | | | | | | |23,883 | |10,312| |23,883 | |10,312| ---------------------------------------------------------------------------------------------
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
-------------------------------------------------------------------------- | | |Sixmonthsended | |Threemonthsended | |------------------------------------------------------------------------| |Adjustments to reconcile loss to | | | | | |net | |June30, | |June30 | |cashusedinoperatingactivities: | | | | | |------------------------------------------------------------------------| | | |2021 | |2020 | |2021 | |2020 | |------------------------------------------------------------------------| |Share-basedpayment | | | | | | | | | | | |1,663| |350 | |502 | |195 | |------------------------------------------------------------------------| |Depreciation | |80 | |131 | |36 | |65 | |------------------------------------------------------------------------| |Equityinlossofanaffiliatedcompany| |- | |1,344| | | |598 | |------------------------------------------------------------------------| |Revaluationofsecurities | |31 | |(59) | |4 | |(16) | --------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------- |exchangeratechangesoncashandcashequivalents | | | | | | | | | | | | | | | | | | | | | |(72) | |(17) | |126 | |(1) | |---------------------------------------------------------------------------------------------------------------| | | | | | | | | | | |---------------------------------------------------------------------------------------------------------------| |Changesinassetsandliabilities: | | | | | | | | | |---------------------------------------------------------------------------------------------------------------| |Decrease(increase)inotherreceivables | | | | | | | | | | | |(123)| |302 | |(52) | |41 | |---------------------------------------------------------------------------------------------------------------| |Increase(decrease)intradepayables | |(171)| |(404)| |53 | |(71) | |---------------------------------------------------------------------------------------------------------------| |Changeinoperatinglease liability | |(122)| |(17) | |43 | |31 | |---------------------------------------------------------------------------------------------------------------| |Increase(decrease)inotheraccountspayable | |475 | |(27) | |(1,520)| |(39) | |---------------------------------------------------------------------------------------------------------------| |Adjustments to reconcile loss to net cashusedinoperatingactivities | | | | | | | | | | | | | | | | | | | | | |1,761| |1,603| |(808) | |803 | |---------------------------------------------------------------------------------------------------------------| | | |---------------------------------------------------------------------------------------------------------------| |Non-Cashactivities | |Sixmonthsended | |Threemonthsended | |---------------------------------------------------------------------------------------------------------------| | | |June30, | |June30, | |---------------------------------------------------------------------------------------------------------------| | | |2021 | |2020 | |2021 | |2020 | |---------------------------------------------------------------------------------------------------------------| | | | | | | | | | | |AccruedIssuanceexpenses | | | |153 | | | |153 | |---------------------------------------------------------------------------------------------------------------| | | | | | | | | | | |---------------------------------------------------------------------------------------------------------------| |Supplemental cash flow | | | | | | | | | |informationrelatedtooperatingleaseswasasfollows: | | | | | | | | | |---------------------------------------------------------------------------------------------------------------| |Cashpaymentsforoperatingleases | |219 | |221 | |111 | |110 | |---------------------------------------------------------------------------------------------------------------| |Newoperatingleaseassetsobtainedinexchangeforoperatinglease liabilities| | | | | | | | | | | | | | | | | | | | | |972 | |64 | | | |33 | -----------------------------------------------------------------------------------------------------------------
FORESIGHT AUTONOMOUS HOLDINGS LTD.
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
-------------------------------------------------------------------------------------------------- | | |Sixmonthsended | |Threemonthsended | | |----------------------------------------------| | | |June30, | |June30, | |------------------------------------------------------------------------------------------------| | | |2021 | |2020 | |2021 | |2020 | |------------------------------------------------------------------------------------------------| |GAAPoperatingloss | |(8,098)| |(6,177)| |(3,737)| |(2,743)| |------------------------------------------------------------------------------------------------| | | | | | | | | | | |------------------------------------------------------------------------------------------------| |Stock-basedcompensationinresearchanddevelopment | | | | | | | | | | | | | | | | | | | | | |675 | |159 | |195 | |83 | |------------------------------------------------------------------------------------------------| |Stock-basedcompensationinsalesandmarketing | | | | | | | | | | | | | | | | | | | | | |230 | |32 | |78 | |20 | |------------------------------------------------------------------------------------------------| |Stock-basedcompensationingeneralandadministrative| | | | | | | | | | | | | | | | | | | | | |758 | |159 | |229 | |92 | |------------------------------------------------------------------------------------------------| |Non-GAAPoperatingloss | |(6,435)| |(5,827)| |(3,235)| |(2,548)| |------------------------------------------------------------------------------------------------| | | | | | | | | | | |------------------------------------------------------------------------------------------------| |GAAPnetloss | |(7,525)| |(7,380)| |(3,163)| |(3,331)| |------------------------------------------------------------------------------------------------| |Stock-basedcompensationexpenses | |1,663 | |350 | |502 | |195 | |------------------------------------------------------------------------------------------------| |Non-GAAPnetloss | |(5,862)| |(7,030)| |(2,661)| |(3,136)| --------------------------------------------------------------------------------------------------
Contact Details
Investor Relations Contact
Miri Segal-Scharia, CEO, MS-IR LLC
+1 917-607-8654
msegal@ms-ir.com
DOWNLOAD
Company Website
Click Image To View Full Size
https://www.foresightauto.com/
Copyright (c) 2021 TheNewswire - All rights reserved.
Copyright (c) 2021 TheNewswire - All rights reserved., source