Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting on its fourth-quarter and full-year 2023 financial results, for the period ending Dec. 31, 2023. According to the report, the company ended 2023 with revenues of $497,000 and with $15.7 million in cash, cash equivalent and restricted cash. In addition, the report noted that Foresight had a U.S. generally accepted accounting principles (“GAAP”) operating loss of $16.3 million, which is down 7% from the full-year 2022 GAAP operating loss, which was $17.5 million. The company also reported that its Q4 2023 GAAP net loss was $3.6 million compared to a GAAP net loss of $3.8 million for Q4 2022, with a Q4 2023 non-GAAP net loss of $3.3 million, which is slightly down from the Q4 2022 non-GAAP loss of $3.4 million. “In 2023, the world was captivated by the potential of artificial intelligence (‘AI’) to revolutionize the ways in which we live, work and travel,” said Foresight Autonomous Holdings CEO Haim Siboni in the press release. “This excitement extended to the mobility and transportation industries, as Foresight and its subsidiaries and affiliates gained momentum and drew global interest in their AI-based technologies and other innovative solutions. Foresight recently completed two paid proof of concept projects with a leading Japanese vehicle manufacturer, demonstrating the widespread commercial viability of our solutions for 3D depth perception. These successful projects follow similar collaborations with leading manufacturers in China, Israel and South Korea. Foresight continues to execute on its strategy of collaborating with some of the world’s largest tier one automotive suppliers, indicating expansive and diverse potential for long-term growth. Foresight recently announced several milestones together with its wholly owned subsidiary, Eye-Net Mobile Ltd. Eye-Net has successfully completed the technology validation phase of a multiphase collaboration project with SoftBank Corp. Moving forward, SoftBank will collaborate with its business partners to initiate sales efforts for Eye-Net’s products in Japan. Together, we believe that Foresight and Eye-Net are poised to achieve commercial breakthroughs in 2024.”
To view the full press release, visit https://ibn.fm/2S3YS
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.
NOTE TO INVESTORS: The latest news and updates relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
About InvestorWire
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer
InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
Editor@InvestorWire.com
InvestorWire is powered by IBN
