Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting its financial results for first quarter 2024. Highlights of the report include initial revenues from collaborations with Elbit Systems Ltd. and SoftBank Corp.; a significant reduction in net loss as a result of a focus on defense, industrial vehicles and Eye-Net Mobile, the company’s wholly owned subsidiary, initiatives; and cash, cash equivalents and restricted cash totaling $14.8 million at the end of the quarter. In addition, Foresight continues to work on increasing its market awareness with multiple engagements, mainly in Europe, Japan, and China, while Eye-Net is focused on collaborations with new global leading partners. “Foresight continues to impress key customers in proof-of-concept (‘POC’) projects, leading to promising commercial opportunities, mainly in Europe, Japan and China,” said Foresight Autonomous Holdings CEO Haim Siboni in the press release. “During the first quarter of 2024, Foresight successfully completed two POC projects with a leading Japanese vehicle manufacturer. This collaboration could eventually lead to the integration of Foresight’s solutions into the manufacturer’s passenger vehicles. More recently, we announced that Elbit will deploy Foresight’s cutting-edge software solution with a leading defense customer, demonstrating the significant commercial opportunities for Foresight’s innovative 3D perception software-based solutions. 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 Japan, moving from technology validation to initiate commercial efforts of Eye-Net’s technology in Japan. These achievements should pave the way for new commercial opportunities in the months to come.”
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About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings is a technology company developing smart multispectral vision software solutions and cellular-based applications. Through the company’s wholly owned subsidiaries — Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd. — Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions. Foresight 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, precollision 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, visit the company’s website at www.ForesightAuto.com.
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