Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has released it financial numbers for the first quarter of 2022. Highlights of the report include the company reporting $40.4 million in cash, cash equivalent, restricted cash and short-term deposits at the end of the quarter. In addition, the report shows that Foresight experienced a GAAP net loss of $2.02 million for Q1 2022 and a non-GAAP net loss for the same period of $1.53 million. Revenues for the period totaled $35,000 with R&D expenses reaching $2,692,000, compared to $2,659,000 in Q1 2021. GAAP net loss for Q1 2022 was $2,024,000 or $0.006 per ordinary share while non-GAAP net loss for the period was $1,527,000 or $0.005 per ordinary share. Corporate highlights for the period include a joint POC project that FRSX entered with the American division of a Japanese tier one supplier, the company’s agreement to develop a custom 3D sensor solution for a leading Israeli defense integrator and the establishment of Foresight Changzhou, a wholly owned subsidiary, in Jiangsu Province, China. In addition, the company collaborated with SUNWAY-AI to commercialize solutions for Chinese agriculture and heavy-machinery markets and entered the Indian market through Eye-Net Mobile, its wholly owned subsidiary; Eye-Net Mobile was also invited by Paris2Connect Consortium to participate in an urban mobility experiment. “The milestones achieved during the first quarter of 2022 demonstrate that our long-term product roadmap and business strategy are beginning to enter a significant new phase,” said Foresight CEO Haim Siboni in the press release. “Following successful demonstrations to customers of our wide range of solutions, we are now engaging in new partnerships to deploy our technology on a larger scale. Both Foresight and Eye-Net Mobile Ltd., our wholly owned subsidiary, continue to expand into new regions and addressable industries, demonstrating the breadth of our potential markets.”
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About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd. 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.
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