Foresight Autonomous Holdings - Tremendous enthusiasm and higher cash burn
Foresight Autonomous’s Q118 results reveal an R&D-heavy start to the year, leading to an increase in cash burn to $5.1m (Q117: $1.9m). The group ended the quarter with $16.7m cash reserves after outlays of $2.6m on operations, a $2.2m cash injection into Rail Vision (RV) and $160k in capex. Management has reported “tremendous enthusiasm†for its quad-camera systems from the US, Europe and Asia following CES 2018 in January. It has also successfully concluded a multi-user trial of mobile phone-based road safety technology, EyeNet. Our DCF valuation has risen NIS0.07 to NIS5.06 as a result of US dollar strength.Foresight Autonomous Holdings is a technology company based in Israel. Co. is engaged in the design, development and commercialization of 3D multi-camera-based Advanced Driver Assistance Systems (ADAS) for accident prevention in the automotive industry. Co.'s system creates and analyzes a one-of-a-kind 3D image in order to foresee possible collisions with vehicles, pedestrians, cyclists and other obstacles while providing highly accurate real time alerts, with minimum false alerts. In addition, through Rail Vision, Co. develops a warning system to alert train engineers to obstacles on railway tracks in a timely fashion.
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