Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting its financial results and company update for the second quarter of 2024. Highlights of the report include a collaboration agreement with Korean Tier-One KONEC, a contract to supply advanced systems for SUNWAY-AI autonomous logistics vehicles, and a follow-up order from a leading Japanese manufacturer, to name a few.
The report also showed that the company reported a U.S. generally accepted accounting principles (“GAAP”) operating loss of $3,200,000 for the quarter, a 25.6% decrease from the same quarter in 2023. In addition, Foresight saw a GAAP net loss of $3,200,000 and a non-GAAP net loss of $3,000,000 for the quarter, compared to a non-GAAP loss of $5,700,000 for the same period in 2023. The report noted that the financial results reflect the company’s efficiency that has been achieved primarily through a renewed focus on enhancing client-facing initiatives and the strategic reallocation of resources.
“Foresight’s innovative technologies continue to gain momentum in the automotive and defense industries, particularly in Europe and Asia,” said Foresight CEO Haim Siboni in the press release. “In the second quarter, we also had exciting updates regarding Eye-Net, Foresight’s wholly owned subsidiary. Eye-Net will work together with insurance and technology companies in Japan to assess the integration benefits of Eye-Net’s solutions in the technology company’s dashboard cameras. This proof of concept project follows Eye-Net’s progress in Japan based on the company’s relationship with SoftBank. We expect to see new commercial opportunities for both Eye-Net and Foresight during the second half of 2024.”
To view the full press release, visit https://ibn.fm/TMR6l
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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