Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has released its financial results for the first quarter of 2023. According to the report, the company ended Q1 2023 with $21.7 million in cash, cash equivalents, restricted cash and short-term deposits and saw a U.S. Generally Accepted Accounting Principles (“GAAP”) net loss of $4.6 million for the same period along with a non-GAAP net loss of $4.2 million. The company also reported key corporate highlights. “Foresight’s industry-leading technology continued to gain momentum during the first quarter of 2023,” said Foresight CEO Haim Siboni in the press release. “We are particularly pleased by our achievements in the Asia-Pacific (‘APAC’) region, as we began an additional important joint proof-of-concept (‘POC’) project with a leading Japanese global vehicle manufacturer. Foresight Changzhou Automotive Ltd., our fully owned subsidiary in Jiangsu Province, China, received special recognition from the China Israel Changzhou Innovation Park, and Eye-Net Mobile Ltd., our wholly owned subsidiary, received its first order for the Eye-Zone(TM) V2X automotive system from a leading Japanese automotive manufacturer. The first quarter also saw a key breakthrough for Rail Vision Ltd., our affiliate, which received an order from Israel Railways for 10 Main Line Systems. We believe that these achievements for Foresight, Eye-Net and Rail Vision demonstrate the exceptional performance of our technology, as our POC projects are in the process of converting into orders from leading organizations in the automotive, defense and transportation industries. As we continue to prove our ability to create tailored, high-performance solutions for a diverse customer base, we expect to see increased demand.”
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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’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.
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