Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, today reported financial results for the second quarter of
2024.
Q2 and recent key highlights:
Foresight enhanced global commercial
partners network in main target markets:
|
● |
Signed collaboration agreement with Korean Tier-One KONEC,
sponsored by Hyundai’s Foundation. |
|
● |
Announced it will supply advanced systems for SUNWAY-AI’s
autonomous logistics vehicles. |
|
● |
Secured follow-up order from leading Japanese vehicle
manufacturer. |
|
● |
Entered an agreement with BuilderX Robotics to enhance autonomous
heavy machinery operations. |
|
● |
Elbit Systems Ltd. (“Elbit”) to deploy Foresight’s breakthrough
technology with order from leading defense customer. |
Eye-Net Mobile Ltd. (“Eye-Net”) achieved
major milestones on its path to commercialization:
|
● |
Eye-Net and SoftBank Corp. expanded collaboration, entered
agreement with a leading Japanese vehicle manufacturer. |
|
● |
Announced collaboration with leading Japanese insurance company
aiming to reduce accident rate through connected dashcams. |
“Foresight’s innovative technologies continue to
gain momentum in the automotive and defense industries,
particularly in Europe and Asia,” said Haim Siboni, Chief Executive
Officer of Foresight. “During the second quarter of 2024, Foresight
announced a co-development project with Konec Co. Ltd. (“Konec”), a
major Tier One Korean automotive supplier, sponsored by the Hyundai
Motor Group’s Foundation of Korea Automotive Parts Industry
Promotion. We expect this new collaboration to lead to further
opportunities in Korea, driven by the strength and expertise of our
partners. We also announced that Elbit will deploy Foresight’s
innovative 3D image processing software with a leading defense
customer, which may lead to additional orders in the future.
“In the second quarter, we also had exciting
updates regarding Eye-Net, Foresight’s wholly owned subsidiary.
Eye-Net will work together with insurance and technology companies
in Japan to assess the integration benefits of Eye-Net’s solutions
in the technology company’s dashboard cameras. This proof of
concept (POC) project follows Eye-Net’s progress in Japan based on
the company’s relationship with SoftBank. We expect to see new
commercial opportunities for both Eye-Net and Foresight during the
second half of 2024,” concluded Mr. Siboni.
The Company reported a U.S. generally accepted
accounting principles (GAAP) operating loss of $3,200,000 for the
three months ended June 30, 2024, compared to $4,300,000 for the
three months ended June 30, 2023, approximately a 25.6% decrease.
The Company reported a GAAP net loss of $3,200,000 for the three
months ended June 30, 2024, compared to a GAAP net loss of
$6,100,000 for the three months ended June 30, 2023, representing
approximately a 47.5% decrease, and reported a non-GAAP net loss of
$3,000,000 for the three months ended June 30, 2024, compared to a
non-GAAP loss of $5,700,000 for the three months ended June 30,
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.
Second Quarter Corporate
Highlights:
|
● |
Foresight Signs Collaboration Agreement with Konec, a Tier
One Korean Automotive Supplier for Co-Development Project of
Autonomous Vehicle: In May 2024, Foresight announced the
signing of a co-development collaboration agreement with KONEC, a
leading Korean Tier One automotive supplier. The agreement is
sponsored by the Foundation of Korea Automotive Parts Industry
Promotion (KAP), founded by Hyundai Motor Group. The collaboration
agreement involves the integration of Foresight’s ScaleCam™ 3D
perception technology into a conceptual autonomous driving vehicle.
This collaboration combines KONEC’s expertise in developing
advanced automotive systems with KAP’s mission to foster innovation
within the automobile parts industry. The successful integration of
ScaleCam has the potential to significantly enhance the
capabilities and safety of autonomous vehicles. |
|
|
|
|
● |
Foresight Announces Breakthrough in Development of
Dragonfly Vision System Using NVIDIA Jetson AGX Orin
Platform:In May 2024, Foresight announced a major
breakthrough in the development of the Dragonfly Vision™, its
cutting-edge 360-degrees 3D perception solution, based on the
NVIDIA Jetson AGX Orin platform, designed for power-optimized
autonomous machines. By using the significant artificial
intelligence (AI) computing power of the NVIDIA Jetson AGX Orin
platform, Foresight can create an all-around obstacle detection
solution, including the detection of non-classified objects.
Through advanced algorithms and AI, Dragonfly Vision enables
unprecedented accuracy and road surface coverage, offering
groundbreaking, cost-effective solutions compared to traditional
LiDAR systems. |
|
|
|
|
● |
Elbit Systems Announces Plans to Deploy Foresight’s
Breakthrough Technology with Leading Defense Customer: in
April 2024, Foresight announced that Elbit, a leading global
defense company, will commercially deploy Foresight’s cutting-edge
software solution to its key customer in the defense industry, who
will install it in its fully autonomous defense vehicles. The
deployment marks the first time Foresight’s innovative 3D image
processing software, recognized as a breakthrough technology by
Israel’s Ministry of Defense, will be commercially licensed to one
of Elbit’s end-customers. Foresight believes this initial
commercial deployment will lead to additional orders of software
licenses from the same customer in the near future. |
|
|
|
|
● |
Eye-Net Mobile Collaborates with Leading Japanese Insurance
Company Aiming to Reduce Accident Rate Through Connected
Dashcams: In April 2024, Eye-Net announced the signing of
a three-way agreement for a POC project with leading Japanese
technology and insurance companies to assess the integration
benefits of Eye-Net’s technology with dashboard cameras
manufactured by the technology company. The technology company
plans to evaluate, and potentially integrate, Eye-Net’s technology
into its dashboard cameras. |
Second Quarter 2024 Financial Results
|
● |
Revenues for the three months ended June 30, 2024, were $123,000,
compared to no revenues for the three months ended June 30, 2023.
The revenues were generated primarily by Foresight from the
commercialization agreement with Elbit and by Eye-Net from a
successful completion of a POC project with a leading Japanese
vehicle manufacturer. |
|
|
|
|
● |
Research and development expenses, net for the three months ended
June 30, 2024, were $2,367,000, compared to $3,150,000 for the
three months ended June 30, 2023, a 24.9% 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 June 30,
2024, were $311,000, compared to $484,000 for the three months
ended of June 30, 2023, a decrease of 35.7%. 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 June
30, 2024, were $608,000, compared to $715,000 for the three months
ended June 30, 2023, a decrease of 15.0%. 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 June 30, 2024, was
$29,000, compared to financial expenses, net of $1,715,000 for the
three months ended June 30, 2023. Financial income, net for the
three months ended June 30, 2024, consisted of interest income in
the amount of $138,000, offset by exchange rate differences and
other offsetting factors in the amount of $109,000. Finance
expenses, net for the three months ended June 30, 2023, consisted
of expenses from the revaluation of the Company’s stake in Rail
Vision Ltd. to its fair value in the amount of $1,666,000, expenses
from exchange rate differences and others in the amount of
$249,000, offset by interest income in the amount of $200,000. |
|
|
|
|
● |
GAAP net loss for the for the three months ended June 30, 2024, was
$3,172,000, or $0.01 per ordinary share, compared to a GAAP net
loss of $6,064,000, or $0.02 per ordinary share, for the three
months ended June 30, 2023. |
|
|
|
|
● |
Non-GAAP net loss for the three months ended June 30, 2024, was
$3,030,000, or $0.01 per ordinary share, compared to a non-GAAP net
loss of $5,652,000 for the three months ended June 30, 2023, or
$0.02 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. |
First Half 2024 Financial
Results
● |
Revenues for the six months ended June 30, 2024, were $224,000,
compared to $55,000 for the six months ended June 30, 2023. The
revenues were generated primarily by Foresight from the
commercialization agreement with Elbit, and by Eye-Net from the
successful completion of a POC project with SoftBank and from the
successful completion of a POC project with a leading Japanese
vehicle manufacturer. |
|
|
● |
R&D expenses, net for the six months ended June 30, 2024, were
$4,525,000, compared to $6,269,000 for the six months ended June
30, 2023, a decrease of 27.8%. The decrease is mainly attributable
to a decrease in payroll and related expenses and a decrease in
subcontracted work and consultants. |
|
|
● |
S&M expenses for the six months ended June 30, 2024, were
$576,000, compared to $1,188,000 for the six months ended June 30,
2023, a decrease of 51.5%. The decrease is mainly attributable to a
decrease in payroll and related expenses and to a decrease in
exhibitions, conventions and travel expenses. |
|
|
● |
G&A expenses for the six months ended June 30, 2024, were
$1,161,000, compared to $1,573,000 for the six months ended June
30, 2023, a decrease of 26.2%. The decrease is mainly attributable
to a decrease in payroll and related expenses and to a decrease in
professional services. |
|
|
● |
Finance income, net for the six months ended June 30, 2024, was
$1,402,000, compared to finance expenses, net of $1,655,000 for the
six months ended June 30, 2023. Financial income, net for the six
months ended June 30, 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 $1,393,000, from interest income in
the amount of $281,000, offset by exchange rate differences and
other offsetting factors in the amount of $272,000. Finance
expenses, net for the six months ended June 30, 2023, consisted of
expenses from the revaluation of the Company’s stake in Rail Vision
Ltd. to its fair value in the amount of $1,544,000, expenses from
exchange rate differences and others in the amount of $521,000,
offset by interest income in the amount of $410,000. |
|
|
● |
GAAP net loss for the six months ended June 30, 2024, was
$4,708,000, or $0.01 per ordinary share, compared to a GAAP net
loss of $10,651,000, or $0.03 per ordinary share, for the six
months ended June 30, 2023. |
|
|
● |
Non-GAAP net loss for the six months ended June 30, 2024, was
$4,425,000, or $0.01 per ordinary share, compared to a non-GAAP net
loss of $9,894,000 or $0.03 per ordinary share, for the six months
ended June 30, 2023. A reconciliation between GAAP net loss and
non-GAAP net loss is provided following the financial statements
that are part of this release. |
Balance Sheet Highlights
|
● |
Cash, cash equivalents and restricted cash totaled $12,064,000 as
of June 30, 2024, compared to $15,700,000 in cash, cash equivalents
and restricted cash as of December 31, 2023. |
|
|
|
|
● |
GAAP total equity totaled $11,500,000 as of June 30, 2024, a
decrease of 28.1% compared to $16,000,000 as of December 31, 2023.
The decrease is mainly attributable to the net loss for the period
in the amount of $4,708,000. |
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 (formerly
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 new collaboration with Konec will lead to
further opportunities in Korea, that Elbit’s announcement may lead
to additional orders in the future and its expectation to see new
commercial opportunities for both Eye-Net and Foresight during the
second half of 2024. 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 for the fiscal
year ended December 31, 2023, filed with the Securities and
Exchange Commission (“SEC”) on March 27, 2024, 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 our cash
balances as of June 30, 2024, Foresight’s management is of the
opinion that its existing cash, cash equivalents and restricted
cash will be sufficient to fund our current operations until August
2025. 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 SHEETS
U.S. dollars in thousands
|
|
As ofJune 30, 2024 Unaudited |
|
|
As of June 30, 2023 Unaudited |
|
|
As ofDecember 31, 2023 Audited |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,968 |
|
|
$ |
17,033 |
|
|
$ |
15,635 |
|
Restricted cash |
|
|
96 |
|
|
|
97 |
|
|
|
99 |
|
Short term deposits |
|
|
- |
|
|
|
662 |
|
|
|
- |
|
Marketable equity securities |
|
|
20 |
|
|
|
2 |
|
|
|
474 |
|
Trade receivables |
|
|
211 |
|
|
|
- |
|
|
|
308 |
|
Other receivables |
|
|
500 |
|
|
|
569 |
|
|
|
531 |
|
Total current assets |
|
|
12,795 |
|
|
|
18,363 |
|
|
|
17,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
ROU asset |
|
|
2,235 |
|
|
|
2,056 |
|
|
|
1,802 |
|
Investment in equity securities |
|
|
- |
|
|
|
1,260 |
|
|
|
- |
|
Fixed assets, net |
|
|
384 |
|
|
|
575 |
|
|
|
461 |
|
|
|
|
2,619 |
|
|
|
3,891 |
|
|
|
2,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
15,414 |
|
|
$ |
22,254 |
|
|
$ |
19,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
|
$ |
240 |
|
|
$ |
242 |
|
|
$ |
136 |
|
Operating lease liability |
|
|
388 |
|
|
|
456 |
|
|
|
468 |
|
Other accounts payables |
|
|
1,580 |
|
|
|
1,297 |
|
|
|
1,548 |
|
Total current liabilities |
|
|
2,208 |
|
|
|
1,995 |
|
|
|
2,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability |
|
|
1,694 |
|
|
|
1,370 |
|
|
|
1,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
3,902 |
|
|
|
3,365 |
|
|
|
3,315 |
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares no par value; |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
|
135,478 |
|
|
|
130,453 |
|
|
|
135,282 |
|
Accumulated deficit |
|
|
(124,598 |
) |
|
|
(112,131 |
) |
|
|
(119,890 |
) |
Total Foresight Autonomous Holdings LTD. shareholders’ equity |
|
|
10,880 |
|
|
|
18,322 |
|
|
|
15,392 |
|
Non-controlling interest |
|
|
632 |
|
|
|
567 |
|
|
|
603 |
|
Total equity |
|
|
11,512 |
|
|
|
18,889 |
|
|
|
15,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
15,414 |
|
|
$ |
22,254 |
|
|
$ |
19,310 |
|
FORESIGHT AUTONOMOUS HOLDINGS
LTD.UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVELOSS
U.S. dollars in thousands
|
|
Six months endedJune 30, |
|
|
Three months endedJune 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
224 |
|
|
|
55 |
|
|
|
123 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(72 |
) |
|
|
(21 |
) |
|
|
(38 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
152 |
|
|
|
34 |
|
|
|
85 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses, net |
|
|
(4,525 |
) |
|
|
(6,269 |
) |
|
|
(2,367 |
) |
|
|
(3,150 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
(576 |
) |
|
|
(1,188 |
) |
|
|
(311 |
) |
|
|
(484 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
|
(1,161 |
) |
|
|
(1,573 |
) |
|
|
(608 |
) |
|
|
(715 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
(6,110 |
) |
|
|
(8,996 |
) |
|
|
(3,201 |
) |
|
|
(4,349 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income (expenses),
net |
|
|
1,402 |
|
|
|
(1,655 |
) |
|
|
29 |
|
|
|
(1,715 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(4,708 |
) |
|
|
(10,651 |
) |
|
|
(3,172 |
) |
|
|
(6,064 |
) |
FORESIGHT AUTONOMOUS HOLDINGS
LTD.UNAUDITED INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOW
U.S. dollars in thousands
|
|
Six months endedJune 30, |
|
|
Three months endedJune 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
(4,708 |
) |
|
|
(10,651 |
) |
|
|
(3,172 |
) |
|
|
(6,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile loss
to net cash provided by (used in) operating activities: |
|
|
(417 |
) |
|
|
2,668 |
|
|
|
634 |
|
|
|
2,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities |
|
|
(5,125 |
) |
|
|
(7,983 |
) |
|
|
(2,538 |
) |
|
|
(3,509 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in short term
deposits |
|
|
- |
|
|
|
6,554 |
|
|
|
- |
|
|
|
(6 |
) |
Proceeds from sales of
marketable securities |
|
|
1,847 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Purchase of fixed assets |
|
|
(32 |
) |
|
|
(101 |
) |
|
|
(21 |
) |
|
|
(17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities |
|
|
1,815 |
|
|
|
6,453 |
|
|
|
(21 |
) |
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance expenses |
|
|
(98 |
) |
|
|
- |
|
|
|
(89 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities |
|
|
(98 |
) |
|
|
- |
|
|
|
(89 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents |
|
|
(262 |
) |
|
|
(615 |
) |
|
|
(133 |
) |
|
|
(335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash, cash
equivalents and restricted cash |
|
|
(3,670 |
) |
|
|
(2,145 |
) |
|
|
(2,781 |
) |
|
|
(3,867 |
) |
Cash, cash equivalents
and restricted cash at the beginning of the period |
|
|
15,734 |
|
|
|
19,275 |
|
|
|
14,845 |
|
|
|
20,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at the end of the period |
|
|
12,064 |
|
|
|
17,130 |
|
|
|
12,064 |
|
|
|
17,130 |
|
FORESIGHT
AUTONOMOUS HOLDINGS LTD.UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Adjustments to
reconcile loss to net cash used in operating
activities: |
|
Six monthsendedJune
30, |
|
|
Three monthsendedJune
30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Share-based payment |
|
|
283 |
|
|
|
757 |
|
|
|
142 |
|
|
|
412 |
|
Depreciation |
|
|
108 |
|
|
|
125 |
|
|
|
46 |
|
|
|
65 |
|
Revaluation of marketable
equity securities |
|
|
(1,393 |
) |
|
|
1,544 |
|
|
|
18 |
|
|
|
1,666 |
|
Exchange rate changes on cash
and cash equivalents |
|
|
262 |
|
|
|
615 |
|
|
|
133 |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in trade
receivables |
|
|
97 |
|
|
|
- |
|
|
|
30 |
|
|
|
- |
|
Decrease in other
receivables |
|
|
31 |
|
|
|
362 |
|
|
|
189 |
|
|
|
184 |
|
Increase (decrease) in trade
payables |
|
|
104 |
|
|
|
(73 |
) |
|
|
91 |
|
|
|
(19 |
) |
Changes in operating lease
liability |
|
|
18 |
|
|
|
(166 |
) |
|
|
(38 |
) |
|
|
(127 |
) |
Increase (decrease) in other
accounts payable |
|
|
73 |
|
|
|
(496 |
) |
|
|
23 |
|
|
|
39 |
|
Adjustments to
reconcile loss to net cash provided by (used in) operating
activities |
|
|
(417 |
) |
|
|
2,668 |
|
|
|
634 |
|
|
|
2,555 |
|
FORESIGHT AUTONOMOUS HOLDINGS
LTD.SUPPLEMENTAL RECONCILIATION OF GAAP TO
NON-GAAP RESULTS
(Unaudited) U.S. dollars in
thousands
|
|
Six months endedJune 30 |
|
|
Three months endedJune 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP operating
loss |
|
|
(6,110 |
) |
|
|
(8,996 |
) |
|
|
(3,201 |
) |
|
|
(4,349 |
) |
Stock-based compensation in
cost of revenues |
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
Stock-based compensation in
research and development |
|
|
156 |
|
|
|
488 |
|
|
|
79 |
|
|
|
261 |
|
Stock-based compensation in
sales and marketing |
|
|
9 |
|
|
|
73 |
|
|
|
4 |
|
|
|
42 |
|
Stock-based compensation in
general and administrative |
|
|
118 |
|
|
|
194 |
|
|
|
59 |
|
|
|
109 |
|
Non-GAAP operating
loss |
|
|
(5,827 |
) |
|
|
(8,239 |
) |
|
|
(3,059 |
) |
|
|
(3,937 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss |
|
|
(4,708 |
) |
|
|
(10,651 |
) |
|
|
(3,172 |
) |
|
|
(6,064 |
) |
Stock-based compensation
expenses |
|
|
283 |
|
|
|
757 |
|
|
|
142 |
|
|
|
412 |
|
Non-GAAP net
loss |
|
|
(4,425 |
) |
|
|
(9,894 |
) |
|
|
(3,030 |
) |
|
|
(5,652 |
) |
Foresight Autonomous (NASDAQ:FRSX)
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Foresight Autonomous (NASDAQ:FRSX)
過去 株価チャート
から 10 2023 まで 10 2024