Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has released financial results for the three and nine months ended Sept. 30, 2023. Among the highlights, Foresight reported a 50% increase in revenues to $304,000, compared to revenues of $203,000 for the third quarter of 2022. “Foresight continues to make important strides in both the defense and automotive industries, as demonstrated by our significant milestones recorded during the third quarter. We believe that our global exclusive commercialization agreement with Elbit, one of the world’s leading integrators for the defense industry, demonstrates the exceptional quality of our vision systems for defense applications. This software license agreement has the potential to significantly accelerate the commercialization of our solutions, both for semi and fully autonomous platforms, in the defense, paramilitary and homeland security markets,” said Foresight CEO Haim Siboni. “We continue to execute our strategy of developing joint projects with leading automotive and OEM manufacturers around the world. We announced multiple new POC projects with global Chinese manufacturers during the third quarter, expanding our presence in this significant market. The third quarter also saw a breakthrough achievement for Eye-Net Mobile, our fully owned subsidiary, as the company announced a paid POC project with SoftBank, one of Japan’s most important companies. In the fourth quarter of 2023, we expect to build on these successes and enhance our global expansion.”
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About Foresight Autonomous Holdings Ltd.
Foresight is a technology company developing smart multi-spectral 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 about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.ForesightAuto.com.
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