Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX) (“Foresight or the “Company”), today reported financial results for the first quarter of 2022. Foresight ended the first quarter of 2022 with $40.4 million in cash, cash equivalent, restricted cash and short-term deposits.
The Company reported a GAAP net loss of $2.02 million for the first quarter of 2022 and a non-GAAP net loss for the same period of $1.53 million.
“The milestones achieved during the first quarter of 2022 demonstrate that our long-term product roadmap and business strategy are beginning to enter a significant new phase. Following successful demonstrations to customers of our wide range of solutions, we are now engaging in new partnerships to deploy our technology on a larger scale. Both Foresight and Eye-Net Mobile Ltd. (“Eye-Net Mobile”), our wholly owned subsidiary, continue to expand into new regions and addressable industries, demonstrating the breadth of our potential markets,” said Haim Siboni, CEO of Foresight.
“The establishment of Foresight Changzhou Automotive Ltd., (“Foresight Changzhou”), our fully owned subsidiary in Jiangsu Province, China, demonstrates our belief in the potential of the Chinese market. We believe that working seamlessly with local partners, manufacturers and suppliers in China will allow more collaborations and joint undertakings. Additionally, Foresight is now developing a custom 3D sensor solution for a leading Israeli defense integrator, for which the Israeli Defense Force (IDF) is the end customer. This technology is expected to replace LiDAR in the defense integrator’s 3D perception products. As Foresight demonstrates the ability to tailor its technology to the needs of specific applications and industries, we expect to see growing interest from customers with specialized requirements,” concluded Mr. Siboni.
First Quarter 2022 Financial Results
Balance Sheet Highlights
First 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 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) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
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 Foresight’s and Eye-Net Mobile’s continued expansion into new regions and addressable industries, demonstrating the breadth of their potential markets, the its belief in the potential of the Chinese market and that working seamlessly with local partners, manufacturers and suppliers in China will lead directly to more collaborations and joint undertakings, customization of its products and solutions for a leading Israeli defense integrator, for which the IDF is the end customer, that its technology is expected to replace LiDAR in the defense integrator’s 3D perception products, the expectation of growing interest from customers with specialized requirements, the expected timing of revenues from the IDF project, its intention to demonstrate its ability to enhance the Tier One supplier’s existing stereoscopic vision system, that Foresight Changzhou will allow the Company to expand more easily within the Chinese market, its multiphase business cooperation with SUNWAY-AI and that successful completion of the evaluation could lead to a partnership agreement involving cooperation projects to develop and commercialize products for the Chinese agriculture and heavy machinery markets, and the potential for Eye-Net to commercialize its Eye-Net Protect with respect to its fleet tracking first pilot project in India.. 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, 2022, 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 | As of | As of | |||||||
March 31, | March 31, | December 31, | |||||||
2022 | 2021 | 2021 | |||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 26,722 | $ | 31,365 | $ | 28,073 | |||
Restricted cash | 112 | - | 115 | ||||||
Short term deposits | 13,578 | 25,119 | 17,513 | ||||||
Marketable equity securities | 8 | 15 | 12 | ||||||
Other receivables | 928 | 472 | 660 | ||||||
Total current assets | 41,348 | 56,971 | 46,373 | ||||||
Non-current assets: | |||||||||
ROU asset | 2,516 | 1,999 | 2,594 | ||||||
Investment in equity securities | 7,096 | 4,011 | 4,011 | ||||||
Fixed assets, net | 631 | 402 | 503 | ||||||
10,243 | 6,412 | 7,108 | |||||||
Total assets | $ | 51,591 | $ | 63,383 | $ | 53,481 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Trade payables | $ | 281 | $ | 167 | $ | 253 | |||
Operating lease liability | 593 | 417 | 587 | ||||||
Other accounts payables | 1,611 | 3,209 | 1,865 | ||||||
Total current liabilities | 2,485 | 3,793 | 2,705 | ||||||
Non-current liabilities: | |||||||||
Operating lease liability | 2,000 | 1,586 | 2,143 | ||||||
Total liabilities | 4,485 | 5,379 | 4,848 | ||||||
Shareholders’ equity: | |||||||||
Ordinary shares of NIS 0 par value; | - | - | - | ||||||
Additional paid-in capital | 128,634 | 127,025 | 128,209 | ||||||
Accumulated deficit | -81,827 | -69,130 | -79,804 | ||||||
Total Foresight Autonomous Holdings LTD. shareholders’ equity | 46,807 | 57,895 | 48,405 | ||||||
Non-Controlling Interest | 299 | 109 | 228 | ||||||
Total equity | 47,106 | 58,004 | 48,633 | ||||||
Total liabilities and shareholders’ equity | $ | 51,591 | $ | 63,383 | $ | 53,481 |
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands
| Three months ended March 31, | ||
| 2022 | 2021 | |
Revenues | 35 | -- | |
|
|
| |
Cost of revenues | (27) | -- | |
|
|
| |
Gross profit | 8 | -- | |
|
|
| |
Research and development expenses, net | (2,692) | (2,659) | |
|
|
| |
Marketing and sales | (624) | (496) | |
|
|
| |
General and administrative expenses | (1,188) | (1,206) | |
|
|
| |
Operating loss | (4,496) | (4,361) | |
|
|
| |
Financing income (expenses), net | 2,472 | (1) | |
|
|
| |
Net loss | (2,024) | (4,362) |
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
| Three months ended March 31, | ||
| 2022 | 2021 | |
|
|
| |
Net Cash Used in Operating Activities |
|
| |
Loss for the Period | (2,024) | (4,362) | |
|
|
| |
Adjustments to reconcile profit to net cash used in (provided by) operating activities: | (2,805) | 2,569 | |
|
|
| |
Net cash used in operating activities | (4,829) | (1,793) | |
|
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| |
|
|
| |
Cash Flows from Investing Activities |
|
| |
Changes in short term deposits | 3,934 | (19,953) | |
|
|
| |
Investment in equity securities | (287) | -- | |
|
|
| |
Purchase of fixed assets | (179) | (19) | |
|
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| |
Net cash provided by (used in) investing activities | 3,468 | (19,972) | |
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| |
|
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| |
Cash flows from Financing Activities: |
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| |
Issuance of ordinary shares, net of issuance expenses | -- | 13,508 | |
Proceeds from exercise of warrants | -- | 595 | |
Proceeds from exercise of options | -- | 57 | |
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| |
Net cash provided by financing activities | -- | 14,160 | |
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| |
|
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| |
Effect of exchange rate changes on cash and cash equivalents | 7 | 198 | |
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|
| |
Decrease in cash and cash equivalents and restricted cash | (1,354) | (7,407) | |
Cash and cash equivalents and restricted cash at the beginning of the period |
28,188 | 38,772 | |
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|
| |
Cash and cash equivalents and restricted cash at the end of the period | 26,834 | 31,365 |
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Three months | |||
ended | |||
Adjustments to reconcile profit (loss) to net cash used in operating activities: | March 31, | ||
| 2022 | 2021 | |
Share-based payment | 497 | 1,161 | |
Depreciation | 51 | 44 | |
Revaluation of marketable equity securities | (2,793) | 27 | |
exchange rate changes on cash and cash equivalents | (7) | (198) | |
Changes in assets and liabilities: |
|
| |
Increase in other receivables | (268) | (71) | |
Increase (decrease) in trade payables | 28 | (224) | |
Change in operating lease liability | (59) | (165) | |
Increase (decrease) in other accounts payable | (254) | 1,995 | |
|
|
| |
Adjustments to reconcile loss to net cash used in operating activities | (2,805) | 2,569 |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
U.S. dollars in thousands
| Three months ended March 31, | ||
| 2022 | 2021 | |
GAAP operating loss | (4,496) | (4,361) | |
|
|
| |
Share-based compensation in research and development | 215 | 480 | |
Share-based compensation in sales and marketing | 89 | 152 | |
Share-based compensation in general and administrative | 193 | 529 | |
Non-GAAP operating loss | (3,999) | (3,200) | |
|
|
| |
|
|
| |
GAAP net loss | (2,024) | (4,362) | |
Share-based compensation expenses | 497 | 1,161 | |
Non-GAAP net loss | (1,527) | (3,201) |
Contact Details
Investor Relations Contact:
Miri Segal-Scharia, CEO, MS-IR LLC
+1 917-607-8654
This email address is being protected from spambots. You need JavaScript enabled to view it.
Company Website
Last Trade: | US$1.70 |
Daily Change: | 0.45 36.00 |
Daily Volume: | 6,803,163 |
Market Cap: | US$26.060M |
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