Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has reported its second-quarter 2022 financial and corporate results. Highlights of the report include revenues of $248,000 for the first half of 2022 as well as $35.6 million in cash, cash equivalent, restricted cash and short-term deposits. In addition, the report showed a U.S. generally accepted accounting principles (“GAAP”) net loss of $10.1 million and a non-GAAP net loss of $9.7 million for the quarter. Corporate highlights included a collaboration with Chinese tier-one supplier SUNWAY-AI Technology Co. on product development; the integration of FRSX’s QuadSight vision system in the prototype of an unmanned robotic combat vehicle manufactured by Elbit Systems; a joint proof-of-concept with tier-one supplier ZF North America; and an agreement with Hitachi Astemo Americas to conduct a joint POC project designed to test Foresight’s QuadSight and Mono2Stereo(TM) technologies with Hitachi Astemo’s existing camera systems. “Foresight’s performance in the second quarter of 2022 was focused on demonstrating the broad viability of our stereoscopic vision technology for autonomous and semiautonomous vehicle applications,” said Foresight Autonomous Holdings CEO Haim Siboni in the press release. “Our key business achievements reveal significant interest across markets, industries and geographies. During the second quarter, Foresight signed agreements with multiple tier one suppliers for passenger vehicles, commercial vehicles, industrial technology, unmanned vehicles and vehicle-control systems. We believe that this diversity is a solid indication of the breadth and depth of Foresight’s total addressable market, and we expect to see continued interest in the second half of 2022 from industries including defense, transportation and agriculture.”
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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, 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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