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Foresight Announces Third Quarter 2018 Financial Results

Foresight Autonomous Holdings Ltd., an innovator in automotive vision
systems (Nasdaq and TASE: FRSX), today reported financial results for
the third quarter ended September 30, 2018. Foresight ended the third
quarter of 2018 with $19.3 million in cash and short-term deposits, GAAP
net loss of $3.75 million and non-GAAP net loss for the same period of
$3.76 million.


"During the third quarter, we continued early sales of our QuadSight
prototype and expanded our geographic footprint into Asia,a?? commented
Haim Siboni, CEO of Foresight. "We are pleased that a leading Chinese
electric and autonomous vehicle manufacturer has recently purchased our
QuadSight prototype. China is a market leader in electric vehicle sales,
so the opportunity to test and potentially integrate our system opens
the door to substantial future possibilities for revenue growth.
Furthermore, additional customer relationships enable us to modify and
improve our system based on market needs, improving our competitive
edge.a??


Third Quarter 2018 Financial Results





Research and development (R&D) expenses for the three months ended
September 30, 2018 were $2,217,000 compared to $1,144,000 in the three
months ended September 30, 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 service expenses.






General and administrative (G&A) expenses for the three months ended
September 30, 2018 were $872,000 compared to $684,000 in the three
months ended September 30, 2018. The increase is attributed primarily
to payroll and related expenses, and subcontracted service expenses.






GAAP net loss for the three months ended September 30, 2018 was
$3,758,000, or $0.03 loss per ordinary share, compared to a GAAP net
profit of $4,466,000, or $0.04 profit per ordinary share, in the three
months ended September 30, 2017. The change is attributed mainly to
the revaluation of derivative warrant liability.






Non-GAAP net loss for the three months ended September 30, 2018 was
$3,759,000, or $0.03 loss per ordinary share, compared to a non-GAAP
net loss of $2,086,000, or $0.02 loss per ordinary share, in the three
months ended September 30, 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 other investments
and revaluation of derivative warrant liability.





Balance Sheet Highlights





Cash and cash equivalents and short-term deposits totaled $19.3
million as of September 30, 2018, compared to $21.5 million on
September 30, 2017.






Investments in RailVision Ltd. totaled $13.1 million (including
investment in an affiliate company totaling $7.6 million and other
short-term investments totaling $5.6 million) as of September 30,
2018, compared to $0.6 million on September 30, 2017. The increase is
attributed to warrants revaluation of $9.3 million, warrants exercised
in the amount of $4.5 million and equity in net loss of an affiliated
company of $1.3 million.






GAAP shareholdersa?? equity totaled $32.8 million as of September 30,
2018, compared to $24.8 million as of December 31, 2017. The increase
is attributed mainly to the capital raise completed by the company
during the period.






Non-GAAP shareholdersa?? equity totaled $27.6 million as of September
30, 2018, compared to $22.9 million as of December 31, 2017.






















As of
September 30,













As of

December 31,
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