NetworkNewsBreaks – Foresight Autonomous Holding
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Posted On: 05/23/2018 8:06:01 PM
NetworkNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Reports Q1 2018 Financial Results
Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, this morning reported financial results for the first quarter of 2018. The company ended the first quarter with $16.7 million in cash and short-term deposits, compared to $21.8 million on December 31, 2017. The decrease is primarily attributed to the exercise of $2.24 million of warrants in Rail Vision and to the net cash used in operating activities. Foresight increased its stake in Rail Vision, currently holding approximately 32% of its outstanding shares and approximately 35% on a fully-diluted basis. Additionally, for the three months ended March 31, 2018, GAAP net profit was $2,598,000 compared to a GAAP net loss of $5,455,000 in the same period of the prior year. “During the first quarter of 2018, we continued to experience wide interest in our advanced accident prevention systems,” Foresight CEO Haim Siboni stated in the news release. “We generated tremendous enthusiasm for our quad-camera vision system during the Consumer Electronics Show in Las Vegas in January, and we are currently fielding inquiries from interested parties in the United States, Europe and Asia.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, this morning reported financial results for the first quarter of 2018. The company ended the first quarter with $16.7 million in cash and short-term deposits, compared to $21.8 million on December 31, 2017. The decrease is primarily attributed to the exercise of $2.24 million of warrants in Rail Vision and to the net cash used in operating activities. Foresight increased its stake in Rail Vision, currently holding approximately 32% of its outstanding shares and approximately 35% on a fully-diluted basis. Additionally, for the three months ended March 31, 2018, GAAP net profit was $2,598,000 compared to a GAAP net loss of $5,455,000 in the same period of the prior year. “During the first quarter of 2018, we continued to experience wide interest in our advanced accident prevention systems,” Foresight CEO Haim Siboni stated in the news release. “We generated tremendous enthusiasm for our quad-camera vision system during the Consumer Electronics Show in Las Vegas in January, and we are currently fielding inquiries from interested parties in the United States, Europe and Asia.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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