Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting its second-quarter 2023 financial results. According to the report, the company ended the first half of 2023 with $55,000 in revenues and $17.8 million in cash, cash equivalent, restricted cash and short-term deposits. In addition, the company noted a U.S. generally accepted accounting principles (“GAAP”) net loss of $6.1 million and a non-GAAP net loss of $5.6 million for Q2; this compares to a Q2 2022 $10.1 million GAAP net loss and a $9.7 million non-GAAP net loss, a decrease of 40% and 42%, respectively. “At the end of the second quarter, we recorded a significant milestone with the signing of our exclusive commercialization agreement with Elbit Systems Land Ltd (NASDAQ: ESLT),” said Foresight Autonomous Holdings CEO Haim Siboni in the press release.
“This agreement will put our technology directly in the hands of Elbit customers in the defense, paramilitary and homeland security industries. We believe that this is an important step forward for Foresight, as well as notable validation of our technology by one of the world’s leading defense suppliers. The commercialization agreement may result in revenues of up to $4 million over a five-year contractual period. Foresight’s ongoing strategy of collaborating with global leading tier-one suppliers continues. During the second quarter, we signed a memorandum of understanding (‘MOU’) with KONEC, a leading South Korean tier-one automotive supplier. This MOU is an important first step as we enter one of the world’s most important automotive markets, and it builds off our previous successes working with leading tier-one suppliers in Japan, China, Europe and the United States. Tier-one suppliers value the benefits of our 3D perception stereo vision solutions, and we expect this widespread interest to convert into paying customers in the coming quarters.”
To view the full press release, visit https://ibn.fm/AtJpn
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’s 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.
NOTE TO INVESTORS: The latest news and updates relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
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