Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX) (“Foresight”), today reported financial results for the fourth quarter and full year 2021. Foresight ended the fourth quarter of 2021 with $45.7 million in cash, cash equivalent and short-term deposits.
Foresight reported a U.S. generally accepted accounting principles (GAAP) net loss of $15.04 million for the full year 2021, which is approximately 2% less than the GAAP net loss of $15.32 million reported for the full year 2020. Foresight reported a GAAP net loss of $3.72 million for the fourth quarter 2021 and a non-GAAP net loss of $3.27 million for the fourth quarter and $12.57 million for the full year 2021.
“Foresight concluded 2021 with a series of successes that we believe validate our product development roadmap and demonstrate the widespread appeal and the large potential addressable market for our stereoscopic vision systems,” said Haim Siboni, CEO of Foresight. “Most notably, we successfully completed a proof-of-concept (POC) project with a leading European vehicle manufacturer, demonstrating the added value of our QuadSight® solution in converting mono camera-based systems to stereoscopic systems for improved performance. We also made key inroads with a robotic systems developer in North America, as well as a leading Japanese agricultural and heavy equipment manufacturer. We continue to see enthusiastic interest in our solutions across industries and geographies, as companies continue to evaluate the potential benefits of our four-camera vision system."
“Over the course of 2021, Foresight made important strides in communicating the value and superiority of our technology for the growing autonomous and semi-autonomous vehicle industries. In 2022, we expect to see increased interest as companies in the automotive, defense, agricultural and robotic systems industries consider advanced vision technologies for further development. Finally, we anticipate continued progress for our wholly owned subsidiary, Eye-Net Mobile, and our affiliate, Rail Vision, as leading manufacturers evaluate their technologies for potential integration,” concluded Mr. Siboni.
Fourth Quarter 2021 Financial Results
Full Year 2021 Financial Results
Balance Sheet Highlights
Fourth 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 Automotive Ltd. (Nasdaq and TASE: FRSX), founded in 2015, is a technology company engaged in the design, development, and commercialization of sensor 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.
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 belief that its successes at the end of 2021 validate its product development roadmap and demonstrate the widespread appeal, and the large potential addressable market, for its stereoscopic vision systems, that it continues to see enthusiastic interest in its solutions across industries and geographies, as companies continue to evaluate the potential benefits of its four-camera vision system, that in 2022, it expects to see increased interest as companies in the automotive, defense, agricultural and robotic systems industries consider advanced vision technologies for further development and that it anticipates continued progress for its wholly owned subsidiary, Eye-Net Mobile, and its affiliate, Rail Vision, as leading manufacturers evaluate their technologies for potential integration. 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 December 31, 2021 |
| As of December 31, 2020 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents | $ 28,073 |
| $ 38,772 |
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Restricted cash |
| 115 |
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| - |
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Short term deposits |
| 17,513 |
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| 5,166 |
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Marketable equity securities |
| 12 |
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| 42 |
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Other receivables |
| 660 |
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| 401 |
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Total current assets |
| 46,373 |
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| 44,381 |
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Non-current assets: |
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ROU asset |
| 2,594 |
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| 1,104 |
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Investment in equity securities |
| 4,011 |
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| 4,011 |
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Fixed assets, net |
| 503 |
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| 427 |
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| 7,108 |
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| 5,542 |
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Total assets | $ 53,481 |
| $ 49,923 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Trade payables | $ 253 |
| $ 391 |
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Operating lease liability |
| 587 |
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| 427 |
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Other accounts payables |
| 1,865 |
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| 1,207 |
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Total current liabilities |
| 2,705 |
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| 2,025 |
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Non-current liabilities: |
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Operating lease liability |
| 2,143 |
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| 853 |
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Total liabilities |
| 4,848 |
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| 2,878 |
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Shareholders’ equity: |
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Ordinary shares of NIS 0 par value; |
| - |
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| - |
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Additional paid-in capital |
| 128,209 |
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| 111,739 |
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Accumulated deficit |
| (79,804 | ) |
| (64,768 | ) |
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Total Foresight Autonomous Holdings LTD. shareholders’ equity |
| 48,405 |
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| 46,971 |
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Non-Controlling Interest |
| 228 |
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| 74 |
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Total equity |
| 48,633 |
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| 47,045 |
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Total liabilities and shareholders’ equity | $ 53,481 |
| $ 49,923 |
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FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands
Year ended December 31, | Three months ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Service revenues | 120 | - | 80 | - | |||
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Cost of revenues | 67 | - | 32 | - | |||
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Gross profit | 53 | - | 48 | - | |||
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Research and development expenses, net | (10,170) | (8,563) | (2,647) | (2,189) | |||
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Marketing and sales | (1,848) | (1,268) | (530) | (295) | |||
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General and administrative expenses | (3,980) | (3,005) | (987) | (793) | |||
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Operating loss | (15,945) | (12,836) | (4,116) | (3,277) | |||
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Equity in net loss of an affiliated company | - | (2,718) | - | (719) | |||
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Financing income (expenses), net | 909 | 179 | 390 | (19) | |||
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Net loss | (15,036) | (15,375) | (3,726) | (4,015) | |||
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FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Year ended December 31, | Three months ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | ||||
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Net cash used in operating activities |
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Loss for the Period | (15,036) | (15,375) | (3,726) | (4,015) | |||
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Adjustments to reconcile profit to net cash used in operating activities: |
2,911 |
3,880 |
409 |
1,028 | |||
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Net cash used in operating activities | (12,125) | (11,495) | (3,317) | (2,987) | |||
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Cash Flows from Investing Activities |
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Changes in short term deposits | (12,347) | 67 | (789) | (24) | |||
Proceed from sales of marketable equity securities | - | 68 | - | - | |||
Purchase of fixed assets | (235) | (50) | (118) | (2) | |||
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Net cash provided by (used in) investing activities | (12,582) | 85 | (907) | (26) | |||
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Cash flows from Financing Activities: |
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Issuance of ordinary shares, net of issuance expenses | 13,508 | 45,017 | - | 32,088 | |||
Proceeds from exercise of warrants | 595 | - | - | - | |||
Proceeds from exercise of options | 57 | 263 | - | 263 | |||
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Net cash provided by financing activities | 14,160 | 45,280 | - | 32,351 | |||
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Effect of exchange rate changes on cash and cash equivalents | (37) | 75 | 84 | 39 | |||
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Increase (decrease) in cash and cash equivalents and Restricted cash | (10,584) | 33,945 | (4,140) | 29,377 | |||
Cash and cash equivalents and Restricted cash at the beginning of the period |
38,772 |
4,827 |
32,328 |
9,395 | |||
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Cash and cash equivalents and Restricted cash at the end of the period |
28,188 |
38,772 |
28,188 |
38,772 | |||
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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: | Year ended December 31, | Three months ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Share-based payment | 2,464 | 1,162 | 422 | 252 | ||||
Depreciation | 159 | 254 | 41 | 62 | ||||
Equity in loss of an affiliated company | - | 2,718 | - | 719 | ||||
Revaluation of marketable equity securities | 30 | (87) | 5 | (23) | ||||
exchange rate changes on cash and cash equivalents | 37 | (75) | (84) | (39) | ||||
Changes in assets and liabilities: |
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Decrease (increase) in other receivables | (259) | 212 | 15 | 45 | ||||
Increase (decrease) in trade payables | (138) | (296) | (25) | 14 | ||||
Change in operating lease liability | (33) | 60 | 74 | 75 | ||||
Increase (decrease) in other accounts payable | 651 | (68) | (39) | (77) | ||||
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Adjustments to reconcile loss to net cash used in operating activities |
2,911 |
3,880 |
409 |
1,028 | ||||
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Supplemental cash flow information related to operating leases was as follows: | |||||||
Year ended |
| Year ended | |||||
| December 31, |
| December 31, | ||||
| 2021 | 2020 | 2021 | 2020 | |||
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Cash payments for operating leases | 460 | 449 | 126 | 132 | |||
New operating lease assets obtained in exchange for operating lease liabilities | 1,824 | 171 | 814 | 70 |
Non-Cash activities | Year ended |
| Three months ended | ||||
| December | December | |||||
2021 | 2020 | 2021 | 2020 | ||||
Accrued issuance expenses recorded in equity | - | 310 | - | 310 |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited) U.S. dollars in thousands
Year ended December 31 | Three months ended December 31, | ||||||
2021 | 2021 | 2021 | 2020 | ||||
GAAP operating loss | (15,945) | (12,836) | (4,116) | (3,277) | |||
Share-based compensation in cost of services | 5 | - | 5 | - | |||
Share-based compensation in research and development |
1,161 |
469 |
244 |
95 | |||
Share-based compensation in sales and marketing | 169 | 62 | 24 | 16 | |||
Share-based compensation in general and administrative |
1,129 |
631 |
149 |
141 | |||
Non-GAAP operating loss | (13,481) | (11,674) | (3,694) | (3,025) | |||
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GAAP net loss | (15,036) | (15,375) | (3,726) | (4,015) | |||
Share-based compensation expenses | 2,464 | 1,162 | 422 | 252 | |||
Non-GAAP net loss | (12,572) | (14,213) | (3,304) | (3,763) | |||
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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. 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, sensor fusion and dense 3D point cloud that can be applied to diverse 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.
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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