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NESS ZIONA, Israel--(BUSINESS WIRE)--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 2020. Foresight ended the fourth quarter of 2020 with $43.9 million in cash and short-term deposits.

Foresight reported a GAAP operating loss of $12.84 million for the full year 2020 which is an approximately 15% less than the GAAP operating loss of $15.03 million reported for the full year 2019. Foresight reported a GAAP net loss of $3.96 million and $15.32 million for the fourth quarter 2020 and the full year, respectively, and a non-GAAP net loss of $3.71 million for the fourth quarter and $14.16 million for the full year 2020.

We achieved important key milestones during the fourth quarter of 2020 and maintained solid progress throughout the year in spite of the COVID-19 pandemic, said Haim Siboni, Foresights CEO. We are entering 2021 with a strong balance sheet, following successful capital raises including $26 million raised in our registered direct offering announced on December 28, 2020. We will continue to build on our innovative product portfolio, which has been validated through key prototype orders and partnerships in Europe, Asia and North America.

The successful year also extends to our subsidiary, Eye-Net Mobile, and our affiliate, Rail Vision. Both companies achieved major business milestones during the fourth quarter of 2020, as Rail Vision received a second investment of $10 million from a leading Tier One European-based group, Knorr-Bremse, in October 2020, and Eye-Net Mobile signed a distribution agreement with Cornes Technologies, a leading Japanese trading house. We believe that Rail Vision and Eye-Net Mobile are poised for further growth in 2021, concluded Mr. Siboni.

Fourth Quarter 2020 Financial Results

Full Year 2020 Financial Results

Full year endedDecember 31,

Three months endedDecember 31,

(thousands of U.S. dollars)

2020

2019

2020

2019

GAAP Results

Net loss

$(15,324)

$(15,439)

$(3,964)

$(4,370)

Non-GAAP Results

Net loss

$(14,162)

$(13,476)

$(3,712)

$(4,018)

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 excludes the effect of share-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 companys 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 companys 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.

Foresights vision solutions include modules of automatic calibration, sensor fusion and dense 3D point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobiles 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 http://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 it is entering 2021 with a strong balance sheet, that it will continue to build on its innovative product portfolio, which it believes has been validated through key prototype orders and partnerships in Europe, Asia and North America, that it believes that Rail Vision and Eye-Net Mobile are poised for further growth in 2021, Rail Visions expected revenue from Knorr-Bremse, and that Foresight will work with students from the University of Michigan to further develop its automotive vision system designed for Advanced Driver Assistance Systems and autonomous vehicles. Because such statements deal with future events and are based on Foresights 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 Foresights annual report on Form 20-F filed with the Securities and Exchange Commission (SEC) on March 31, 2020, 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 ofDecember31, 2020(Unaudited)

As ofDecember31, 2019

ASSETS

Current assets:

Cash and cash equivalents

$

38,772

$

4,827

Short term deposits

Link:
Foresight Announces Fourth Quarter and Full Year 2020 Financial Results - Business Wire

This entry was posted on March 3, 2021 at 12:48 am and is filed under Eye Sight & Vision. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |