![]() ![]() The revenues were generated primarily from the successful completion of a proof of concept (POC) project with a leading American EV manufacturer in the amount of $70,000, and from the successful completion of a POC project with a leading global tractor manufacturer in the amount of $15,000. Revenues for the fourth quarter of 2022 increased by 23.8% to $99,000, compared to $80,000 for the fourth quarter of 2021.Through our continued research and development (R&D), technological demonstrations, and commercial relationships, we intend to capitalize on this market opportunity and establish Foresight as an essential supplier for the global automotive industry,” concluded Siboni. In addition, Foresight’s Mono2Stereo™ software-based solution creates a 3D perception stereo vision thus amplifying the performance of existing ADAS sensors and resulting in better distance accuracy and more robust active safety features. ![]() Foresight’s quad-camera vision system is a vital solution to support safe and reliable operations of autonomous and semi-autonomous vehicles in any lighting or weather conditions. As more technology providers and Tier One manufacturers test and evaluate our innovative solutions, we are excited about the potential that these evaluations may convert into long-term commercial agreements.Īs the electric vehicle (EV) market reaches a crucial tipping point, safety and reliability must be addressed to ensure widespread adoption. “This agreement is an important step forward for our operations in China, and it validates our long-term strategy of establishing deep working relationships with partners in various geographies including China, Japan, Europe and North America. “Foresight gained significant momentum during the fourth quarter of 2022 with the announcement of our commercial agreement with SUNWAY-AI, a leading Chinese manufacturer of components for autonomous and unmanned intelligent vehicles,” said Haim Siboni, CEO of Foresight. The webinar provided an overview on the Company’s progress in different regional markets, as well as information regarding existing relationships with customers including Hitachi Astemo Americas and SUNWAY-AI. Foresight Hosts Virtual Investor Webinar on Moving to Commercialization in Automotive Technology: In December, Foresight presented the Company’s progress in developing and distributing new technologies for the automotive industry in a virtual investor webinar.The successful demonstrations generated significant interest among the attending companies, which may lead to further technological evaluations. The roadshow included technological demonstrations for 20 automotive-related companies, including five leading Japanese original equipment manufacturers, Tier One, and Tier Two suppliers, as well as 11 dashboard camera companies. Eye-Net Showcases Advanced Solution to Leading OEMs and Tier One Suppliers in Japan: Eye-Net Mobile, a wholly owned subsidiary of Foresight, successfully completed a technological roadshow of its Eye-Net™ Protect solution in Japan in November.SUNWAY-AI will commercialize the ADAS systems to customers and third parties in mainland China, Hong Kong, Taiwan, and Macao. According to the agreement, the companies will establish a joint program for the development and supply of obstacle detection systems and cloud gateway for driverless vehicles, advanced driver assistance systems (ADAS), and airport ground support vehicles. The deal may yield up to $51 million in revenue over the contractual period of four years, depending on demand from SUNWAY-AI. Foresight Signs Commercial Agreement with SUNWAY-AI for up to $51 million: In November, Foresight announced the signing of a joint development and supply agreement with SUNWAY-AI Technology Co., Ltd., a global Chinese manufacturer of components for autonomous and unmanned intelligent vehicles.Foresight reported a GAAP net loss of $3.8 million for the fourth quarter 2022, compared to a GAAP net loss of $3.7 million for the fourth quarter 2021, and a non-GAAP net loss of $3.4 million for the fourth quarter 2022, compared to a non-GAAP loss of $3.3 million for the fourth quarter 2021. generally accepted accounting principles (GAAP) operating loss of $17.5 million which is approximately a 10% increase from the GAAP operating loss of $15.9 million reported for the full year 2021. ![]() Foresight ended the full year of 2022 with revenues of $550,000 and with $26.5 million in cash, cash equivalent, restricted cash and short-term deposits. We intend to continue this trend going forward in 2023 and start realizing our advanced technology to revenues"įoresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), today reported financial results for the fourth quarter and full year 2022. "Our focus in 2022 was on early adopters and commercialization, leading to 3 commercial agreements with industry leaders. ![]()
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