Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has released its financial results for the fourth quarter and full year 2022. According to the report, the company ended the year with revenues of $550,000 along with $26.5 million in cash, cash equivalent, restricted cash and short-term deposits. The report noted that the company saw a U.S. generally accepted accounting principles (“GAAP”) operating loss of $17.5 million, with a GAAP net loss of $3.8 million for Q4 2022. Corporate highlights noted in the report include a commercial agreement signed with SUNWAY-AIfor up to $51 million; subsidiary Eye-Net’s successful completion of a technological roadshow of its Eye-Net(TM) Protect solution in Japan; and the company hosting a virtual investor webinar discussing moving to commercialization in automotive technology.
“Foresight gained significant momentum during the fourth quarter of 2022 with the announcement of our commercial agreement with SUNWAY-AI, a leading Chinese manufacturer of components for autonomous and unmanned intelligent vehicles,” said Foresight Autonomous Holdings CEO Haim Siboni in the press release. “This agreement is an important step forward for our operations in China, and it validates our long-term strategy of establishing deep working relationships with partners in various geographies including China, Japan, Europe and North America. As more technology providers and tier-one manufacturers test and evaluate our innovative solutions, we are excited about the potential that these evaluations may convert into long-term commercial agreements.
As the electric vehicle (EV) market reaches a crucial tipping point, safety and reliability must be addressed to ensure widespread adoption. Foresight’s quad-camera vision system is a vital solution to support safe and reliable operations of autonomous and semi-autonomous vehicles in any lighting or weather conditions.”
To view the full press release, visit https://ibn.fm/NnMc3
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, pre-collision 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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