Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, today reported financial results for the first quarter of
2024.
Key highlights:
- Initial revenues from
collaborations with Elbit Systems Ltd. ("Elbit”) and SoftBank Corp.
(Tokyo: 9434) (“SoftBank”)
- Focus on defense, industrial
vehicles and Eye-Net Mobile (“Eye-Net”), the Company’s wholly owned
subsidiary, initiatives resulted in significant reduction in net
loss
- Cash, cash equivalents and
restricted cash amounted to $14.8 million at the end of the first
quarter of 2024
- Company continues to increase its
market awareness with multiple engagements, mainly in Europe,
Japan, and China
- Eye-Net collaborates with new
global leading partners
“Foresight continues to impress key customers in
proof-of-concept (“POC”) projects, leading to promising commercial
opportunities, mainly in Europe, Japan, and China,” said Haim
Siboni, CEO of Foresight. “During the first quarter of 2024,
Foresight successfully completed two POC projects with a leading
Japanese vehicle manufacturer. This collaboration could eventually
lead to the integration of Foresight’s solutions into the
manufacturer’s passenger vehicles. More recently, we announced that
Elbit will deploy Foresight’s cutting-edge software solution with a
leading defense customer, demonstrating the significant commercial
opportunities for Foresight’s innovative 3D perception
software-based solutions."
“The first quarter also saw significant business
milestones for Eye-Net, Foresight’s wholly owned subsidiary.
Eye-Net continues to build on its relationship with SoftBank in
Japan, moving from technology validation to initiate commercial
efforts of Eye-Net’s technology in Japan. These achievements should
pave the way for new commercial opportunities in the months to
come,” concluded Siboni.
The Company reported a U.S. generally accepted
accounting principles (GAAP) operating loss of $2.9 million for the
three months ended March 31, 2024, compared to $4.6 million for the
three months ended March 31, 2023, approximately a 37% decrease.
Foresight reported a GAAP net loss of $1.5 million for the three
months ended March 31, 2024, compared to $4.6 million for the three
months ended March 31, 2023, approximately a 67% decrease, and
reported a non-GAAP net loss of $1.4 million for the three months
ended March 31, 2024, compared to a non-GAAP loss of $4.2 million
for the three months ended March 31, 2023. The financial results
reflect the Company’s efficiency that has been achieved primarily
through our renewed focus on enhancing client-facing initiatives
and the strategic reallocation of resources. A reconciliation
between GAAP net loss and non-GAAP net loss is provided in the
financial statements that are part of this release.
First quarter Corporate Highlights:
- Eye-Net and Softbank
Successfully Complete Technology Validation Phase for Connected
Mobility Applications in Japan: In March 2024, Eye-Net
announced that SoftBank will collaborate with its business partners
to initiate commercial validation efforts of Eye-Net’s products in
Japan, having successfully completed the first phase of the
multi-phrase agreement in November 2023. SoftBank’s commercial
validation efforts follow this technology validation, and this new
phase will see SoftBank initiate sales efforts with key business
partners to advance the commercial validation of Eye-Net’s
solutions in Japan.
- Eye-Net Secures Follow-up
Order from Leading Japanese Vehicle Manufacturer: Eye-Net
announced in March 2024 that it received an additional order for a
POC from a leading global Japanese vehicle manufacturer. The
parties initially engaged in the POC project in February 2023 and
the successful completion of the first two phases of it
demonstrated the feasibility and potential benefits of Eye-Net’s
solutions for the automotive industry.
- Foresight Successfully
Completes Project with Prominent Japanese Vehicle
Manufacturer: In February 2024, Foresight announced the
completion of two POC projects with a leading Japanese vehicle
manufacturer. The two projects evaluated the accuracy of
Foresight’s unique automatic calibration capabilities to enhance 3D
depth perception. The parties are now exploring co-development
initiatives for further evaluation of the solution’s capabilities,
and potential collaboration could involve the integration of
Foresight’s solution into the manufacturer’s passenger
vehicles.
First Quarter 2024 Financial Results
- Revenues for the three months ended
March 31, 2024 were $101,000, compared to $55,000 for the three
months ended March 31, 2023, an increase of 84%. The revenues were
generated primarily by Eye-Net from the successful completion of a
POC project with SoftBank and from the commercialization agreement
with Elbit.
- Research and development expenses,
net for the three months ended March 31, 2024 were $2,158,000,
compared to $3,119,000 for the three months ended March 31, 2023, a
31% decrease. The decrease is mainly attributable to a decrease in
payroll and related expenses and a decrease in subcontracted work
and consultants.
- Sales and marketing expenses for
the three months ended March 31, 2024 were $265,000, compared to
$704,000 for the three months ended of March 31, 2023, a decrease
of 62%. The decrease is mainly attributed to a decrease in payroll
and related expenses and a decrease in exhibitions, conventions,
and travel expenses.
- General and administrative expenses
for the three months ended March 31, 2024 were $553,000, compared
to $857,000 for the three months ended March 31, 2023, a decrease
of 35%. The decrease is primarily attributable to a decrease in
payroll and related expenses and in professional services.
- Financial income, net for the three
months ended March 31, 2024 was $1,373,000, compared to financial
income, net of $60,000 for the three months ended March 31, 2023.
Financial income, net for the three months ended March 31, 2024
consisted of a gain from the revaluation and sale of the Company’s
stake in Rail Vision Ltd. to its fair value in the amount of
$1,412,000 and from interest income in the amount of $143,000,
offset by exchange rate differences and other offsetting factors in
the amount of $182,000. Finance income, net for the three months
ended March 31, 2023 consisted of profit from the revaluation of
the Company’s stake in Rail Vision Ltd. to its fair value in the
amount of $122,000 and interest income in the amount of $210,000,
offset by exchange rate differences and other offsetting factors in
the amount of $272,000.
- GAAP net loss for the for the three
months ended March 31, 2024 was $1,536,000, or $0.003 per ordinary
share, compared to a GAAP net loss of $4,586,000, or $0.014 per
ordinary share, for the three months ended March 31, 2023.
- Non-GAAP net loss for the three
months ended March 31, 2024 was $1,395,000, or $0.003 per ordinary
share, compared to a non-GAAP net loss of $4,241,000 for the three
months ended March 31, 2024 , or $0.013 per ordinary share. A
reconciliation between GAAP net loss and non-GAAP net loss is
provided following the financial statements that are part of this
release. Non-GAAP results exclude the effect of share-based
compensation expenses.
Balance Sheet Highlights
- Cash, cash equivalents and
restricted cash totaled $14.8 million as of March 31, 2024,
compared to $15.7 million in cash, cash equivalents and restricted
cash as of December 31, 2023.
- GAAP total equity totaled $14.6
million as of March 31, 2024, a decrease of 8.5% compared to $16.0
million as of December 31, 2023. The decrease is mainly
attributable to the net loss for the period in the amount of
$1,536,000.
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 X, 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 first quarter achievements should pave the way for new
commercial opportunities in the months to come and the exploration
of a prospective co-development initiative for the further
evaluation of its automatic calibration capabilities to enhance 3D
depth perception with a view to integration into the Japanese
vehicle manufacturer’s passenger vehicles. 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 27, 2024, 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 is not responsible for the contents
of third-party websites.
Investor Relations Contact:Miri
Segal-SchariaCEOMS-IR LLCmsegal@ms-ir.com
FORESIGHT AUTONOMOUS HOLDINGS
LTD.UNAUDITED INTERIM CONDENSED CONSOLIDATED
BALANCE SHEETSU.S. dollars in
thousands
|
|
As ofMarch 31, 2024Unaudited
|
|
|
As ofMarch 31, 2023Unaudited
|
|
|
As ofDecember 31, 2023Audited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
14,747
|
|
|
$
|
20,898
|
|
|
$
|
15,635
|
|
Restricted cash
|
|
|
98
|
|
|
|
99
|
|
|
|
99
|
|
Short term deposits
|
|
|
-
|
|
|
|
657
|
|
|
|
-
|
|
Marketable equity securities
|
|
|
38
|
|
|
|
2
|
|
|
|
474
|
|
Trade receivables
|
|
|
241
|
|
|
|
-
|
|
|
|
308
|
|
Other receivables
|
|
|
689
|
|
|
|
664
|
|
|
|
531
|
|
Total current assets
|
|
|
15,813
|
|
|
|
22,320
|
|
|
|
17,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
ROU asset
|
|
|
2,340
|
|
|
|
2,145
|
|
|
|
1,802
|
|
Investment in equity securities
|
|
|
-
|
|
|
|
2,926
|
|
|
|
-
|
|
Fixed assets, net
|
|
|
410
|
|
|
|
622
|
|
|
|
461
|
|
|
|
|
2,750
|
|
|
|
5,693
|
|
|
|
2,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
18,563
|
|
|
$
|
28,013
|
|
|
$
|
19,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables
|
|
$
|
149
|
|
|
$
|
261
|
|
|
$
|
136
|
|
Operating lease liability
|
|
|
396
|
|
|
|
454
|
|
|
|
468
|
|
Other accounts payables
|
|
|
1,557
|
|
|
|
1,258
|
|
|
|
1,548
|
|
Total current liabilities
|
|
|
2,102
|
|
|
|
1,973
|
|
|
|
2,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability
|
|
|
1,829
|
|
|
|
1,499
|
|
|
|
1,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
3,931
|
|
|
|
3,472
|
|
|
|
3,315
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares of NIS 0 par value;
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in capital
|
|
|
135,441
|
|
|
|
130,097
|
|
|
|
135,282
|
|
Accumulated deficit
|
|
|
(121,426
|
)
|
|
|
(106,066
|
)
|
|
|
(119,890
|
)
|
Total Foresight Autonomous Holdings LTD. shareholders’
equity
|
|
|
14,015
|
|
|
|
24,031
|
|
|
|
15,392
|
|
Non-controlling interest
|
|
|
617
|
|
|
|
510
|
|
|
|
603
|
|
Total equity
|
|
|
14,632
|
|
|
|
24,541
|
|
|
|
15,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
18,563
|
|
|
$
|
28,013
|
|
|
$
|
19,310
|
|
FORESIGHT AUTONOMOUS HOLDINGS
LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSSU.S. dollars in
thousands
|
|
Three months ended March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Revenues
|
|
|
101
|
|
|
|
55
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
(34
|
)
|
|
|
(21
|
)
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
67
|
|
|
|
34
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses
|
|
|
(2,158
|
)
|
|
|
(3,119
|
)
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses
|
|
|
(265
|
)
|
|
|
(704
|
)
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
(553
|
)
|
|
|
(857
|
)
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(2,909
|
)
|
|
|
(4,646
|
)
|
|
|
|
|
|
|
|
|
|
Financing income, net
|
|
|
1,373
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(1,536
|
)
|
|
|
(4,586
|
)
|
FORESIGHT AUTONOMOUS HOLDINGS
LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWU.S. dollars in
thousands
|
|
Three months ended March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
|
(1,536
|
)
|
|
|
(4,586
|
)
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile loss to net cash provided by (used in)
operating activities:
|
|
|
(1,052
|
)
|
|
|
113
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
(2,588
|
)
|
|
|
(4,473
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Changes in short term deposits
|
|
|
-
|
|
|
|
6,559
|
|
Purchase of fixed assets
|
|
|
(11
|
)
|
|
|
(84
|
)
|
Proceeds from sales of marketable securities
|
|
|
1,847
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities
|
|
|
1,836
|
|
|
|
6,475
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Issuance expenses
|
|
|
(9
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(9
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents
|
|
|
(128
|
)
|
|
|
(280
|
)
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents and
Restricted cash
|
|
|
(889
|
)
|
|
|
1,722
|
|
Cash and cash equivalents and Restricted cash at the
beginning of the period
|
|
|
15,734
|
|
|
|
19,275
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and Restricted cash at the end
of the period
|
|
|
14,845
|
|
|
|
20,997
|
|
FORESIGHT AUTONOMOUS HOLDINGS
LTD.UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Adjustments to reconcile loss to net cash provided by
(used in) operating activities:
|
|
Three months ended March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Share-based payment
|
|
|
141
|
|
|
|
345
|
|
Depreciation
|
|
|
62
|
|
|
|
60
|
|
Revaluation of marketable equity securities
|
|
|
(1,411
|
)
|
|
|
(122
|
)
|
Exchange rate changes on cash and cash equivalents
|
|
|
128
|
|
|
|
280
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease (increase) in other receivables
|
|
|
(158
|
)
|
|
|
178
|
|
Increase (decrease) in trade payables
|
|
|
13
|
|
|
|
(54
|
)
|
Increase in trade receivables
|
|
|
67
|
|
|
|
-
|
|
Change in operating lease liability, net
|
|
|
56
|
|
|
|
(39
|
)
|
Increase (decrease) in other accounts payable
|
|
|
50
|
|
|
|
(535
|
)
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile loss to net cash provided by
(used in) operating activities
|
|
|
(1,052
|
)
|
|
|
113
|
|
FORESIGHT AUTONOMOUS HOLDINGS
LTD.SUPPLEMENTAL RECONCILIATION OF GAAP TO
NON-GAAP RESULTS
(Unaudited) U.S. dollars in
thousands
|
|
Three months ended March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
GAAP operating loss
|
|
|
(2,909
|
)
|
|
|
(4,646
|
)
|
Share-based compensation in cost of services
|
|
|
-
|
|
|
|
2
|
|
Share-based compensation in research and development
|
|
|
78
|
|
|
|
227
|
|
Share-based compensation in sales and marketing
|
|
|
4
|
|
|
|
31
|
|
Share-based compensation in general and administrative
|
|
|
59
|
|
|
|
85
|
|
Non-GAAP operating loss
|
|
|
(2,768
|
)
|
|
|
(4,301
|
)
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
(1,536
|
)
|
|
|
(4,586
|
)
|
Share-based compensation expenses
|
|
|
141
|
|
|
|
345
|
|
Non-GAAP net loss
|
|
|
(1,395
|
)
|
|
|
(4,241
|
)
|
Foresight Autonomous (NASDAQ:FRSX)
過去 株価チャート
から 5 2024 まで 6 2024
Foresight Autonomous (NASDAQ:FRSX)
過去 株価チャート
から 6 2023 まで 6 2024