[March 20, 2019] |
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Foresight Announces Fourth Quarter and Full Year 2018 Financial Results
Foresight Autonomous Holdings Ltd., an innovator in automotive vision
systems (Nasdaq and TASE: FRSX), today reported financial results for
the fourth quarter and full year 2018. Foresight ended the fourth
quarter of 2018 with $15.7 million in cash and short-term deposits. This
amount does not include gross proceeds of approximately $6.2 million
raised through a public offering on March 19, 2019.
The Company reported GAAP net loss of $9.4 million for the fourth
quarter 2018, and non-GAAP net loss for the same period of $4.1 million.
"Multiple positive developments in 2018 served to validate the strength
of our QuadSight™ vision system," said Haim Siboni, Foresight's CEO. "We
are particularly proud to be named a CES Innovation Awards honoree,
recognizing QuadSight™ in the Vehicle Intelligence and Self-Driving
category. This award from one of the industry's most prestigious events
acknowledges the groundbreaking technology at work in our QuadSight™
system.
"The strength of our competitive product offering was also recognized
through a $1 million investment by RH Electronics, a leading contractor
in the electronic industry, which purchased shares in Foresight at a
significant premium over the market price. This investment echoes the
industry confidence as demonstrated by the purchase of QuadSight™
prototypes by three separate European and Chinese automotive original
equipment manufacturers (OEM) and one leading defense company in Israel.
We expect to continue this momentum into 2019 and sell more systems as
in-vehicle demonstrations increase customer confidence in our superior
technology."
Fourth Quarter 2018 Financial Results
-
Research and development (R&D) expenses for the three months ended
December 31, 2018, were $2,160,000, compared to $1,670,000 in the
three months ended December 31, 2017. The increase is attributed
mainly to accelerated employee recruitment and is comprised primarily
of payroll and related expenses, stock-based compensation expenses and
subcontracted services expenses.
-
General and administrative (G&A) expenses for the fourth quarter 2018
were $882,000, compared to $732,000 in the same quarter last year. The
increase is attributed primarily to payroll and related expenses,
expenses related to service providers, and office expenses.
-
GAAP net loss for the three months ended December 31, 2018, was
$9,414,000 compared to a GAAP net profit of $6,493,000 in the fourth
quarter of 2017. The increase is attributed mainly to the revaluation
of other investments.
-
Non-GAAP net loss for the fourth quarter of 2018 was $4,060,000,
compared to a non-GAAP net loss of $977,000 in the three months ended
December 31, 2017.
Full Year 2018 Financial Results
-
R&D expenses for the full year ended December 31, 2018 were
$8,638,000, compared to $4,089,000 in the full year ended December 31,
2017. The increase is attributed to acceleration in Research &
Development efforts and employee recruitment, and is comprised
primarily of payroll and related expenses and subcontracted services
expenses.
-
G&A expenses for the full year ended December 31, 2018, were
$3,696,000, compared to $3,753,000 in the full year ended December 31,
2017. The decrease is attributed primarily to stock-based compensation
expenses and to expenses associated with professional services offset
by an increase in salaries and related personnel expenses, reflecting
an increase in the number of employees.
-
GAAP net loss for the full year ended December 31, 2018, was
$14,657,000, compared to a GAAP net loss of $15,942,000 in the full
year ended December 31, 2017. The decrease is attributed mainly to the
revaluation of derivative warrant liability and other investments and
offset mainly by the increase in R&D expenses.
-
Non-GAAP net loss for the full year ended December 31, 2018 was
$15,004,000 compared to a non-GAAP net loss of $5,274,000 in the full
year ended December 31, 2017. A reconciliation between GAAP net loss
and non-GAAP net loss is provided in the financial statements that are
part of this release. Non-GAAP results exclude the effect of
stock-based compensation expenses, revaluation of derivative warrant
liability and revaluation of other investments.
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Full year ended
December 31,
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Three months ended
December 31,
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(thousands of U.S. dollars)
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2018
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2017
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2018
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2017
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GAAP Results
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Net (loss) profit
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$(14,657)
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$(15,942)
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$(9,414)
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$6,494
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Non-GAAP Results
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Net (loss)
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$(15,004)
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$(5,274)
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$(4,060)
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$(977)
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Balance Sheet Highlights
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Cash and short-term deposits totaled $15.7 million as of December 31,
2018, compared to $21.8 million on December 31, 2017.
-
Investments in Rail Vision Ltd. totaled $7.9 million (including
investment in an affiliate company totaling $7.6 million and other
investments totaling $0.3 million) as of December 31, 2018, compared
to $5.4 million on December 31, 2017. The increase is attributed
primarily to the exercise of warrants in the amount of $5.1 million,
in addition to an amount of $4 million representing the fair value of
the exercised warrants, the revaluation of outstanding warrants (which
are presented in current assets) of $0.3 million offset by an equity
loss of $2.9 million.
-
GAAP shareholders' equity totaled $23.6 million as of December 31,
2018, compared to $24.8 million as of December 31, 2017. The decrease
is attributed to the 2018 loss of $14.7 million offset by an increase
due to the capital raise completed by the company during the period.
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Non-GAAP shareholders' equity totaled $23.3 million as of December 31,
2018, compared to $22.9 million as of December 31, 2017.
A reconciliation between GAAP shareholders' equity results and non-GAAP
shareholders' equity results is provided in the financial statements
that are part of this release. Non-GAAP results exclude revaluation of
other investments and derivative warrant liability.
Recent Corporate Highlights:
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CES 2019 Innovation Awards Recognize Foresight as Honoree in the
Vehicle Intelligence and Self-Driving Technology Category:
Foresight's QuadSight™ vision system was named a 2019 CES Innovation
Award honoree in the Vehicle Intelligence and Self-Driving Technology
category. Foresight's quad-camera vision system was selected from a
highly competitive pool of participating innovative CES products.
Foresight showcased a live demonstration, streaming direct from
Israel, of its QuadSight™ vision system, demonstrating in real time
how QuadSight™ detects obstacles in darkness, fog, rain, and blinding
glare.
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Foresight Receives $1 Million Investment from RH Electronics at
$4.08 per ADS: Foresight signed a Development and Investment
Agreement with RH Electronics Ltd., a primary contractor in the
manufacturing and assembly of electronic systems. The development
agreement covers the terms of RH's engagement, directly and/or through
its approved contractor, Tonson Labs, to develop and produce
prototypes of a chip-based FPGA solution embedding Foresight's
proprietary image processing software for the QuadSight™ four-camera
vision system. The FPGA-board platform offers substantial performance
and cost benefits for long-term mass production in comparison with
other off-the-shelf alternatives such as CPU boards.
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Foresight Vision System Installed in Leading Automotive OEM's
Vehicle: Foresight successfully delivered and installed its first
QuadSight™ prototype system for evaluation by a leading European
manufacturer of commercial vehicles. The QuadSight™ system
was successfully installed on the manufacturer's truck and passed all
initial performance testing. The customer will continue independent
evaluation of the system's performance.
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Foresight Increased Stake in Rail Vision & Rail Vision Received
Strategic $10M Investment from Knorr-Bremse (Frankfurt: KBX): Foresight
increased its stake in Rail Vision Ltd. by exercising warrants
into 2,704 of Rail Vision's ordinary shares for an aggregate of $0.6
million. The exercise follows Rail Vision's successful participation
at the InnoTrans International Trade Fair for Transport Technology
last September in Berlin, where Rail Vision demonstrated substantial
technological and commercial progress. Following the exercise, as of
December 31, 2018, Foresight held 33.81% of Rail Vision on a fully
diluted basis.
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On March 13, 2019, Rail Vision and Knorr-Bremse, a global market
leader for braking systems and a leading supplier of other rail and
commercial vehicle subsystems, executed an agreement whereby
Knorr-Bremse will invest $10 million in Rail Vision, in two
installments, in consideration of 21.34% of the Company's issued and
outstanding capital, representing a post investment valuation of
approximately $47 million.
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 excludes the effect of stock-based compensation
expenses, the revaluation of other investments and revaluation of
derivative warrant liability, and non-GAAP financial measures of
shareholders' equity that excludes the effect of derivative warrant
liability and the revaluation of other investments. 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), founded in
2015, is a technology company engaged in the design, development and
commercialization of stereo/quad-camera vision systems for the
automotive industry. Foresight's vision systems are based on 3D video
analysis, advanced algorithms for image processing, and sensor fusion.
The company, through its wholly owned subsidiary Foresight Automotive
Ltd., develops advanced systems for accident prevention which are
designed to provide real-time information about the vehicle's
surroundings while in motion. The systems are designed to improve
driving safety by enabling highly accurate and reliable threat detection
while ensuring the lowest rates of false alerts. The company's systems
are targeting the semi-autonomous and autonomous vehicle markets. The
company predicts that its systems will revolutionize automotive safety
by providing an automotive-grade, cost-effective platform and advanced
technology.
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 expectations to continue momentum into 2019 and selling
more systems as in-vehicle demonstrations increase customer confidence
in the company's superior technology, the agreement with RH Electronics,
and that a leading European manufacturer of commercial vehicles will
continue independent evaluation of the QuadSight™ system's performance.
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, 2018, 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.
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FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS
U.S. dollars in thousands
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As of December 31, 2018
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As of December 31, 2017
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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3,158
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$
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9,636
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Short Term Deposits
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12,506
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12,169
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Marketable equity securities
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23
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22
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Other Investments
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345
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2,361
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Other current receivables
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471
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482
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Total current assets
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16,503
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24,670
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Non-current assets:
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Investment in affiliate company
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7,568
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1,404
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Other investments
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-
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1,672
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Fixed assets, net
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|
|
787
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289
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|
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8,355
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|
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|
3,365
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Total assets
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|
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24,858
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$
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28,035
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Trade payables
|
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|
|
344
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$
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330
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Other accounts payables
|
|
|
|
|
947
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|
|
|
817
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Derivative warrant liability
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|
-
|
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-
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Total current liabilities
|
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|
1,291
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|
1,147
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Derivative warrant liability
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-
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2,071
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|
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Total liabilities
|
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1,291
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|
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|
3,218
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Shareholders' equity:
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Common shares of NIS 0 par value;
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-
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-
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Additional paid-in capital
|
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|
57,521
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|
|
|
44,114
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Accumulated deficit
|
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|
|
(33,954)
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|
|
|
(19,297)
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Total shareholders' equity
|
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|
|
|
23,567
|
|
|
|
24,817
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|
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Total liabilities and shareholders' equity
|
|
|
|
|
24,858
|
|
|
$
|
28,035
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SUPPLEMENTAL RECONCILIATION OF GAAP TO
NON-GAAP SHAREHOLDERS' EQUITY
U.S. dollars in thousands
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As of December 31, 2018
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As of December 31, 2017
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GAAP Shareholders' equity
|
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|
|
23,567
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|
|
24,817
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Revaluation of other investments
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|
|
(316)
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|
(3,967)
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Derivative warrant liability
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|
--
|
|
|
2,071
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Non-GAAP Shareholders' equity
|
|
|
|
23,252
|
|
|
22,921
|
|
|
|
|
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|
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FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE LOSS
U.S. dollars in thousands
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Year ended December 31,
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Three months ended December 31,
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|
|
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2018
|
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2017
|
|
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2018
|
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2017
|
Research and development expenses, net
|
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|
|
(8,638)
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|
|
(4,089)
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|
|
(2,160)
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|
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(1,670)
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|
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Marketing and sales
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(987)
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(1,015)
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(212)
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|
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(239)
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|
|
|
|
|
|
|
|
|
|
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General and administrative expenses
|
|
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|
(3,696)
|
|
|
(3,753)
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|
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(882)
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|
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(732)
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|
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|
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|
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Operating loss
|
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|
(13,321)
|
|
|
(8,875)
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|
|
(3,254)
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|
|
(2,641)
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|
|
|
|
|
|
|
|
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Equity in net gain (loss) of an affiliated company
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(2,905)
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|
|
156
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(793)
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|
882
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|
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Financing income (expenses), net
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1,569
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|
(7,241)
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|
(5,367)
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|
|
8,253
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Net (loss) profit
|
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|
(14,657)
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|
|
(15,942)
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|
|
(9,414)
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6,494
|
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|
|
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FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOW
U.S. dollars in thousands
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Year ended December 31,
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Three months ended December 31,
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|
|
|
|
2018
|
|
|
2017
|
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2018
|
|
|
2017
|
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|
|
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|
|
|
|
|
|
|
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Net cash used in operating activities
|
|
|
|
|
|
|
|
|
|
|
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Profit (Loss) for the Period
|
|
|
|
(14,657)
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|
|
(15,942)
|
|
|
(9,414)
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|
|
6,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile profit (loss) to net cash used in
operating activities:
|
|
|
|
3,184
|
|
|
11,151
|
|
|
6,143
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|
|
(7,491)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
|
(11,473)
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|
|
(4,791)
|
|
|
(3,271)
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|
|
(997)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
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Changes in short term deposits
|
|
|
|
(337)
|
|
|
(11,779)
|
|
|
(4,397)
|
|
|
(827)
|
Investment in affiliate company
|
|
|
|
(5,065)
|
|
|
-
|
|
|
(586)
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|
|
-
|
Purchase of fixed assets
|
|
|
|
(733)
|
|
|
(271)
|
|
|
(22)
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|
|
(122)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(6,135)
|
|
|
(12,050)
|
|
|
(5,005)
|
|
|
(949)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cash flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of ordinary shares and warrants, net of issuance
expenses
|
|
|
|
11,208
|
|
|
10,745
|
|
|
-
|
|
|
-
|
Exercise of warrants and options, net of issuance expenses
|
|
|
|
159
|
|
|
12,650
|
|
|
-
|
|
|
2,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
11,367
|
|
|
23,395
|
|
|
-
|
|
|
2,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents
|
|
|
|
(237)
|
|
|
(282)
|
|
|
262
|
|
|
(604)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
(6,478)
|
|
|
6,272
|
|
|
(8,014)
|
|
|
(546)
|
Cash and cash equivalents at the beginning of the
period
|
|
|
|
9,636
|
|
|
3,364
|
|
|
11,172
|
|
|
10,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
3,158
|
|
|
9,636
|
|
|
3,158
|
|
|
9,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
Full year
ended December 31,
|
|
|
Three months
ended December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Share-based payment
|
|
|
|
2,040
|
|
|
2,455
|
|
|
420
|
|
|
392
|
Depreciation
|
|
|
|
235
|
|
|
49
|
|
|
62
|
|
|
19
|
Revaluation of warrant liability
|
|
|
|
(2,071)
|
|
|
12,180
|
|
|
(78)
|
|
|
(3,894)
|
Equity in loss (gain) of an affiliated company
|
|
|
|
2,905
|
|
|
(156)
|
|
|
793
|
|
|
(882)
|
Revaluation of securities
|
|
|
|
(1)
|
|
|
(4 )
|
|
|
1
|
|
|
(2)
|
Revaluation of other investments
|
|
|
|
(316)
|
|
|
(3,967)
|
|
|
5,012
|
|
|
(3,967)
|
exchange rate changes on cash and cash equivalents
|
|
|
|
237
|
|
|
282
|
|
|
(262)
|
|
|
604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in other receivables
|
|
|
|
11
|
|
|
(378)
|
|
|
55
|
|
|
(113)
|
Increase (decrease) in Trade payables
|
|
|
|
14
|
|
|
226
|
|
|
121
|
|
|
72
|
Increase (decrease) in other accounts payable
|
|
|
|
130
|
|
|
464
|
|
|
19
|
|
|
280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile profit (loss) to net cash
used in operating activities
|
|
|
|
3,184
|
|
|
11,151
|
|
|
6,143
|
|
|
(7,491)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORESIGHT AUTONOMOUS HOLDINGS LTD.
SUPPLEMENTAL RECONCILIATION OF GAAP TO
NON-GAAP RESULTS
U.S. dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31
|
|
|
Three months ended December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
GAAP operating loss
|
|
|
|
(13,321)
|
|
|
(8,857)
|
|
|
(3,254)
|
|
|
(2,641)
|
Stock-based compensation in research and development
|
|
|
|
621
|
|
|
491
|
|
|
130
|
|
|
146
|
Stock-based compensation in sales and marketing
|
|
|
|
196
|
|
|
443
|
|
|
53
|
|
|
89
|
Stock-based compensation in general and administrative
|
|
|
|
1,223
|
|
|
1,521
|
|
|
237
|
|
|
157
|
Non-GAAP operating loss
|
|
|
|
(11,281)
|
|
|
(6,402)
|
|
|
(2,834)
|
|
|
(2,249)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Financing income (expenses), net
|
|
|
|
1,569
|
|
|
(7,241)
|
|
|
(5,367)
|
|
|
8,253
|
Revaluation of other investments
|
|
|
|
(316)
|
|
|
(3,967)
|
|
|
5,012
|
|
|
(3,967)
|
Revaluation of derivative warrant liability
|
|
|
|
(2,071)
|
|
|
12,180
|
|
|
(78)
|
|
|
(3,894)
|
Non-GAAP Financing income (expenses), net
|
|
|
|
(818)
|
|
|
972
|
|
|
(433)
|
|
|
392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net profit (loss)
|
|
|
|
(14,657)
|
|
|
(15,942)
|
|
|
(9,414)
|
|
|
6,494
|
Stock-based compensation expenses
|
|
|
|
2,040
|
|
|
2,455
|
|
|
420
|
|
|
391
|
Revaluation of other investments
|
|
|
|
(316)
|
|
|
(3,967)
|
|
|
5,012
|
|
|
(3,967)
|
Revaluation of derivative warrant liability
|
|
|
|
(2,071)
|
|
|
12,180
|
|
|
(78)
|
|
|
(3,894)
|
Non-GAAP net loss
|
|
|
|
(15,004)
|
|
|
(5,274)
|
|
|
(4,060)
|
|
|
(977)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190320005797/en/
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