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 , andChina - 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
“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
The Company reported a
First quarter Corporate Highlights:
- Eye-Net and Softbank Successfully Complete Technology Validation Phase for Connected Mobility Applications in
Japan : InMarch 2024 , Eye-Net announced that SoftBank will collaborate with its business partners to initiate commercial validation efforts of Eye-Net’s products inJapan , having successfully completed the first phase of the multi-phrase agreement inNovember 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 inJapan . - 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 inFebruary 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: InFebruary 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 endedMarch 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 endedMarch 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 ofMarch 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 endedMarch 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 endedMarch 31, 2023 . Financial income, net for the three months endedMarch 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 endedMarch 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 endedMarch 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 endedMarch 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 ofDecember 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 ofDecember 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
About Foresight
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,
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
Investor Relations Contact:
CEO
msegal@ms-ir.com
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
|
| As of |
|
| As of |
|
| As of |
| |||
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 |
|
| - |
|
|
| - |
|
|
| - |
|
Additional paid-in capital |
|
| 135,441 |
|
|
| 130,097 |
|
|
| 135,282 |
|
Accumulated deficit |
|
| (121,426 | ) |
|
| (106,066 | ) |
|
| (119,890 | ) |
|
| 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 |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
| Three months ended |
| |||||
|
| 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 | ) |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
|
| Three months ended |
| |||||
|
| 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 |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
Adjustments to reconcile loss to net cash provided by (used in) operating activities: |
| Three months ended |
| |||||
|
| 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 |
|
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
|
| Three months ended |
| |||||
|
| 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 | ) |
![](https://ml.globenewswire.com/media/NGUyMjY3ZGUtYmU0Ny00YjM4LWI1YTAtZmQ2ODIyYTBlZTJlLTUwMDExNzQ5Ng==/tiny/Foresight-Autonomous-Holdings-.png)
2024 GlobeNewswire, Inc., source