Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting its financial results for fourth-quarter and full-year 2021. The report noted that the company ends the fourth quarter with $45.7 million in cash, cash equivalent and short-term deposits. In addition, FRSX reported a U.S. generally accepted accounting principles (“GAAP”) net loss of $15.04 million for the full year of 2021, a 2% decrease from the GAAP net loss of $15.32 million reported for the same period last year. Foresight reported a GAAP net loss of $3.72 million for fourth-quarter 2021 and a non-GAAP net loss of $3.27 million for the fourth quarter and $12.57 million for the full year 2021. “Foresight concluded 2021 with a series of successes that we believe validate our product development roadmap and demonstrate the widespread appeal and the large potential addressable market for our stereoscopic vision systems,” said Foresight CEO Haim Siboni in the press release. “Most notably, we successfully completed a proof-of-concept (“POC”) project with a leading European vehicle manufacturer, demonstrating the added value of our QuadSight(R) solution in converting mono camera-based systems to stereoscopic systems for improved performance. We also made key inroads with a robotic systems developer in North America, as well as a leading Japanese agricultural and heavy equipment manufacturer. We continue to see enthusiastic interest in our solutions across industries and geographies, as companies continue to evaluate the potential benefits of our four-camera vision system.”
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About Foresight Autonomous Holdings Ltd.
Foresight Automotive is a technology company engaged in the design, development and commercialization of sensor systems for the automotive industry. Through the company’s wholly owned subsidiaries Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” cellular-based applications. Foresight’s vision sensor is a four-camera system based on 3D video analysis, advanced algorithms for image processing and sensor fusion. Eye-Net Mobile’s cellular-based application is a V2X (vehicle-to-everything) accident-prevention solution based on real-time spatial analysis of clients’ movement. The company’s systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. Foresight is targeting the semi-autonomous and autonomous vehicle markets and predicts that its systems will revolutionize automotive safety by providing an automotive-grade, cost-effective platform and advanced technology. For more information, visit the company’s website at www.ForesightAuto.com.
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