Foresight Announces Fourth Quarter and Full Year 2024 Financial Results
Foresight (NASDAQ: FRSX) reported its Q4 and full year 2024 financial results, showing revenues of $436,000 for 2024 and ending with $7.2M in cash. The company reduced its GAAP net loss by 39.5% to $11.1M in 2024 from $18.4M in 2023.
Key developments include a commercial agreement with KONEC in South Korea, projecting sales of $1.5M by 2027 and potential $7M by 2029, and collaboration with Tata Elxsi for ADAS development. The company launched six new stereoscopic sensor kits and secured partnerships in autonomous tractors and smart mobility.
Q4 2024 showed revenues of $101,000 (down 26.8% YoY) with a GAAP net loss of $3.1M (improved from $3.6M in Q4 2023). The company secured additional $4.75M in financing in early 2025 through sale of Eye-Net Mobile securities.
Foresight (NASDAQ: FRSX) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando ricavi di $436.000 per il 2024 e chiudendo con $7,2 milioni in contante. L'azienda ha ridotto la sua perdita netta GAAP del 39,5% a $11,1 milioni nel 2024, rispetto ai $18,4 milioni del 2023.
Sviluppi chiave includono un accordo commerciale con KONEC in Corea del Sud, che prevede vendite di $1,5 milioni entro il 2027 e potenziali $7 milioni entro il 2029, e collaborazione con Tata Elxsi per lo sviluppo di ADAS. L'azienda ha lanciato sei nuovi kit di sensori stereoscopici e ha assicurato partnership nel campo dei trattori autonomi e della mobilità intelligente.
Il quarto trimestre del 2024 ha mostrato ricavi di $101.000 (in calo del 26,8% su base annua) con una perdita netta GAAP di $3,1 milioni (migliorata rispetto ai $3,6 milioni del quarto trimestre 2023). L'azienda ha ottenuto ulteriori $4,75 milioni di finanziamento all'inizio del 2025 attraverso la vendita di titoli di Eye-Net Mobile.
Foresight (NASDAQ: FRSX) informó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando ingresos de $436,000 para 2024 y finalizando con $7.2 millones en efectivo. La compañía redujo su pérdida neta GAAP en un 39.5% a $11.1 millones en 2024 desde $18.4 millones en 2023.
Los desarrollos clave incluyen un acuerdo comercial con KONEC en Corea del Sur, proyectando ventas de $1.5 millones para 2027 y un potencial de $7 millones para 2029, y colaboración con Tata Elxsi para el desarrollo de ADAS. La empresa lanzó seis nuevos kits de sensores estereoscópicos y aseguró asociaciones en tractores autónomos y movilidad inteligente.
El cuarto trimestre de 2024 mostró ingresos de $101,000 (una disminución del 26.8% interanual) con una pérdida neta GAAP de $3.1 millones (mejorada desde $3.6 millones en el cuarto trimestre de 2023). La compañía aseguró $4.75 millones adicionales en financiamiento a principios de 2025 a través de la venta de valores de Eye-Net Mobile.
포어사이트 (NASDAQ: FRSX)는 2024년 4분기 및 연간 재무 결과를 발표하며 2024년 수익이 $436,000에 달하고 현금 잔고가 $7.2M에 이른다고 밝혔습니다. 회사는 2023년 $18.4M에서 2024년 $11.1M으로 GAAP 기준 순손실을 39.5% 줄였습니다.
주요 발전 사항으로는 한국의 KONEC와의 상업 계약이 있으며, 2027년까지 $1.5M의 매출을 예상하고 있으며, 2029년까지 $7M의 잠재력을 가지고 있습니다. 또한 Tata Elxsi와의 ADAS 개발 협력도 포함됩니다. 회사는 여섯 개의 새로운 입체 센서 키트를 출시하고 자율 트랙터 및 스마트 모빌리티 분야에서 파트너십을 확보했습니다.
2024년 4분기에는 $101,000의 수익(전년 대비 26.8% 감소)과 $3.1M의 GAAP 기준 순손실(2023년 4분기 $3.6M에서 개선됨)을 기록했습니다. 회사는 2025년 초에 Eye-Net Mobile 증권 판매를 통해 추가로 $4.75M의 자금을 확보했습니다.
Foresight (NASDAQ: FRSX) a publié ses résultats financiers du quatrième trimestre et de l'année entière 2024, affichant des revenus de 436 000 $ pour 2024 et se terminant avec 7,2 millions $ en liquidités. L'entreprise a réduit sa perte nette GAAP de 39,5 % à 11,1 millions $ en 2024 contre 18,4 millions $ en 2023.
Les développements clés comprennent un accord commercial avec KONEC en Corée du Sud, prévoyant des ventes de 1,5 million $ d'ici 2027 et un potentiel de 7 millions $ d'ici 2029, ainsi qu'une collaboration avec Tata Elxsi pour le développement de l'ADAS. L'entreprise a lancé six nouveaux kits de capteurs stéréoscopiques et a sécurisé des partenariats dans les tracteurs autonomes et la mobilité intelligente.
Le quatrième trimestre de 2024 a montré des revenus de 101 000 $ (en baisse de 26,8 % par rapport à l'année précédente) avec une perte nette GAAP de 3,1 millions $ (améliorée par rapport à 3,6 millions $ au quatrième trimestre 2023). L'entreprise a obtenu un financement supplémentaire de 4,75 millions $ début 2025 par la vente de titres Eye-Net Mobile.
Foresight (NASDAQ: FRSX) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, mit Einnahmen von 436.000 $ für 2024 und einem Endstand von 7,2 Millionen $ in bar. Das Unternehmen hat seinen GAAP-Nettoverlust um 39,5 % auf 11,1 Millionen $ im Jahr 2024 im Vergleich zu 18,4 Millionen $ im Jahr 2023 reduziert.
Wichtige Entwicklungen umfassen eine Handelsvereinbarung mit KONEC in Südkorea, die bis 2027 einen Umsatz von 1,5 Millionen $ und ein potenzielles Umsatzvolumen von 7 Millionen $ bis 2029 prognostiziert, sowie eine Zusammenarbeit mit Tata Elxsi zur Entwicklung von ADAS. Das Unternehmen hat sechs neue stereoskopische Sensorsets auf den Markt gebracht und Partnerschaften im Bereich autonomer Traktoren und smarter Mobilität gesichert.
Im vierten Quartal 2024 betrugen die Einnahmen 101.000 $ (ein Rückgang von 26,8 % im Jahresvergleich) bei einem GAAP-Nettoverlust von 3,1 Millionen $ (verbessert von 3,6 Millionen $ im vierten Quartal 2023). Das Unternehmen hat Anfang 2025 zusätzlich 4,75 Millionen $ durch den Verkauf von Eye-Net Mobile-Wertpapieren finanziert.
- 39.5% reduction in annual net loss from $18.4M to $11.1M
- Strategic partnership with KONEC projecting up to $7M in revenues by 2029
- Secured additional $4.75M financing in early 2025
- Launch of six new stereoscopic sensor product lines
- Multiple strategic partnerships with major companies like Tata Elxsi and Software République
- 12.3% decrease in annual revenue to $436,000 from $497,000
- 26.8% decline in Q4 revenue to $101,000 from $138,000
- Cash position decreased to $7.2M from $15.7M year-over-year
- 58.1% decrease in total equity to $6.7M from $16.0M
Insights
Foresight's Q4 and FY2024 results present a mixed financial picture with notable improvements in cost management offset by concerning revenue trends. The company reported a 39.5% reduction in annual net loss to
However, the
The commercial agreement with KONEC projecting
With quarterly cash burn averaging approximately
Foresight's technological positioning across multiple autonomous vehicle segments shows strategic diversification but remains early in commercialization. The launch of six stereoscopic sensor kits—ScaleCam™ Vision, ScaleCam™ Thermal, and QuadSight®—represents significant product maturation, transitioning from proof-of-concept to production-ready solutions designed for serial manufacturing.
The company's technological approach combining visible-light and thermal infrared cameras for 3D perception offers compelling advantages in autonomous vehicle applications, particularly in adverse weather and lighting conditions where traditional sensors struggle. This differentiated approach has attracted partnerships across diverse sectors—autonomous tractors with GINT, electric buses with Bumhan Motors, and advanced driver assistance systems with Tata Elxsi.
Particularly noteworthy is the South Korean market penetration through KONEC, leveraging the advanced automotive manufacturing ecosystem there. The collaboration following a successful project backed by Hyundai indicates growing validation from established industry players.
The Eye-Net subsidiary's V2X collision prevention technology testing in Bordeaux with Software République (including Renault Group and Orange) demonstrates expansion beyond vehicle-based systems into broader mobility infrastructure solutions.
While these technological developments and partnerships show promising industry validation, the
NESS ZIONA, Israel, March 24, 2025 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd., (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in 3D perception systems, today reported financial results for the fourth quarter and full year ended December 31, 2024.
Foresight had revenues of
For the year ended December 31, 2024, the Company reported a U.S. generally accepted accounting principles (“GAAP”) net loss of
Foresight reported a GAAP net loss of
"The fourth quarter of 2024 was a transformative period for Foresight, marked by significant strategic agreements and technological advancements across multiple industries,” commented Haim Siboni, Chief Executive Officer of Foresight. “From launching our cutting-edge stereoscopic sensor kits to securing major collaborations in autonomous tractors, smart parking, and artificial intelligence-driven mobility solutions, we have reinforced our leadership in 3D perception technology.”
“We are pleased to report progress in our strategic collaboration with KONEC Co. Ltd. (“KONEC”) in South Korea. Our ongoing co-development efforts have established a strong foundation for commercializing our advanced 3D perception solutions. We anticipate substantial revenue opportunities from this collaboration and are committed to contributing to South Korea's continued technological leadership in the autonomous vehicle sector.”
“Additionally, Eye-Net, Foresight’s wholly owned subsidiary, made important strides in the European market through its agreement with Software République, with key players such as the Renault Group and Orange S.A., advancing the deployment of its vehicle-to-everything (“V2X”) collision prevention solution to enhance urban mobility and road safety.”
“Furthermore, we believe that our alignment with the expected U.S. regulatory support and federal framework for autonomous vehicles underscores the long-term potential of our technology. With commercial agreements projecting millions in potential future revenue and potential joint ventures on the horizon, Foresight is well on its way to shaping the future of autonomous mobility and industrial automation," concluded Siboni.
Recent Corporate Highlights:
- Foresight signed a commercial cooperation agreement with South Korean Tier-One supplier KONEC to distribute Foresight’s advanced 3D perception solutions across multiple sectors, including passenger and commercial vehicles, autonomous logistics, geofenced autonomous vehicles, agriculture, and heavy machinery. KONEC forecasts sales of
$1.5 million by 2027, with potential revenues reaching$7 million by 2029. The agreement grants KONEC exclusive distribution rights in South Korea for 2025, contingent on meeting sales targets. Following a successful co-development project backed by Hyundai’s Foundation of Korea Automotive Parts Industry Promotion, the parties are also considering a joint venture, including a potential manufacturing facility, to accelerate commercialization. - Foresight and Tata Elxsi Limited signed a multi-phase collaboration agreement to accelerate the development and commercialization of advanced driver assistance systems (“ADAS”) and autonomous vehicle solutions. The partnership will leverage Foresight’s 3D stereoscopic technology and Tata Elxsi Limited’s system integration expertise, initially targeting the Indian automotive market before expanding globally. The collaboration will focus on integrating ADAS into passenger vehicles, heavy machinery, and agricultural equipment, with plans to develop semi- and fully autonomous vehicle features. Tata Elxsi Limited will introduce and promote Foresight’s technology to its customer base. This collaboration aims to enhance vehicle safety and efficiency while expanding Foresight’s presence in the Indian market.
- Foresight launched six advanced stereoscopic sensor kits—ScaleCam™ Vision, ScaleCam™ Thermal, and QuadSight® in various configurations—to enhance 3D perception in industrial automation and autonomous mobility. Designed for serial production, these kits empower developers and manufacturers across diverse sectors, including automated special purpose vehicles, warehouse and logistics automation, drones, unmanned aerial vehicles, aviation, and autonomous vehicle applications. ScaleCam Vision delivers high-resolution 3D point clouds, ScaleCam Thermal ensures reliable performance in poor visibility, and QuadSight integrates visible-light and thermal imaging for cost-effective autonomous solutions. The portfolio aims to accelerate innovation by providing developers with highly accurate 3D perception tools, reducing development time and enhancing safety across multiple industries.
- Foresight announced that its cutting-edge 3D perception technology is in line with expected regulatory support for autonomous vehicles under the Trump administration. With a commitment to establishing a federal framework for self-driving technology, the Trump administration’s approach could create new opportunities for Foresight’s stereoscopic vision systems, which combine visible-light and thermal infrared cameras for precise environmental mapping and object detection. The Company believes its technology is suited for integration as a primary sensor suite in autonomous vehicles, addressing regulatory challenges while advancing innovation in the U.S. autonomous transportation sector.
- Eye-Net Mobile signed an agreement with Software République to integrate and test its V2X collision prevention solution in Bordeaux, France. This initiative, part of a broader mobility project involving major industry players and public institutions, aims to enhance road safety through real-time digital services. Successful testing could lead to widespread deployment across Bordeaux and expansion into multiple European cities. Eye-Net’s technology provides real-time alerts to road users, creating a safer and more connected transportation ecosystem while opening significant commercial opportunities in the European mobility sector.
- Foresight, GINT Ltd, and KONEC signed a multi-phase collaboration agreement to develop advanced 3D perception solutions for autonomous tractors and construction equipment in South Korea. Initially, they will design and commercialize autonomous tractor kits incorporating Foresight's visible-light and thermal infrared camera technology to enhance safety and efficiency. The partnership aims to expand into semi- and fully autonomous solutions for commercial vehicles and fleet management. The parties plan to finalize a commercial agreement by early 2025, with the intent to drive innovation in agricultural and construction automation.
- Foresight signed a collaboration agreement with Bumhan Motors Ltd., a leading South Korean bus manufacturer, to develop advanced 3D perception solutions for autonomous electric buses and commercial vehicles. The collaboration aims to enhance safety and efficiency, with plans to finalize a commercial agreement in the first half of 2025. Bumhan Motors Ltd. projects sales of 200 electric buses in 2025, increasing to 3,000 units annually by 2029, marking a significant opportunity for Foresight in the autonomous vehicle market.
Fourth Quarter 2024 Financial Results
- Revenues for the fourth quarter of 2024 decreased by
26.8% to$101,000 , compared to$138,000 for the fourth quarter of 2023. The revenues were generated primarily from the successful completion of a proof-of-concept (“POC”) project with KONEC in the amount of$33,000 and from a commercialization agreement with Elbit Systems Land Ltd. ("Elbit") in the amount of$32,000. - Research and development (“R&D”) expenses, net for the fourth quarter of 2024 were
$2,176,000 , a10.5% decrease compared to$2,430,000 for the fourth quarter of 2023. The decrease is mainly attributable to a decrease in payroll and related expenses and decrease in subcontracted work and consultants. - Sales and marketing (“S&M”) expenses for the fourth quarter of 2024 were
$306,000 , an increase of5.5% compared to$290,000 for the fourth quarter of 2023. - General and administrative (“G&A”) expenses for the fourth quarter of 2024 were
$770,000 , an increase of14.1% compared to$675,000 in the fourth quarter of 2023. The increase is primarily attributable to an increase in other expenses. - Financial income, net for the fourth quarter of 2024 was
$75,000 , compared to financial expenses, net of$255,000 in the fourth quarter of 2023. Financial income, net for the fourth quarter of 2024, consisted of a profit from the revaluation of the Company’s investment in Rail Vision Ltd. ("Rail Vision") to its fair value in the amount of$57,000 and from interest income in the amount of$43,000 , offset by exchange rate differences and other expenses in the amount of$25,000. Finance expenses, net for the fourth quarter of 2023, consisted of a loss from the revaluation of the Company’s investment in Rail Vision to its fair value in the amount of$759,000 , offset by exchange rate differences and others in the amount of$383,000 and by interest income in the amount of$121,000. - GAAP net loss for the fourth quarter of 2024 was
$3,100,000 , or$0.01 per ordinary share, compared to a GAAP net loss of$3,551,000 , or$0.01 1 per ordinary share, in the fourth quarter of 2023. - Non-GAAP net loss for the fourth quarter of 2024 was
$2,847,000 , or$0.01 per ordinary share, compared to a non-GAAP net loss of$3,293,000 in the fourth quarter of 2023, or$0.01 per ordinary share. A reconciliation between GAAP net loss and non-GAAP net loss is provided following the financial statements that are part of this release. Non-GAAP results exclude the effect of share-based compensation expenses.
Full Year 2024 Financial Results
- Revenues for the full year ended December 31, 2024, decreased by
12.3% to$436,000 , compared to$497,000 for the full year ended December 31, 2023. The revenues for the full year ended December 31, 2024 were generated primarily from the commercialization agreement of the Company with Elbit in the amount of$162,000 , from the completion of a successful POC project with KONEC in the amount of$55,000 , from the completion of a successful POC project of Eye-Net with SoftBank Corp. in the amount of$74,000 and from a successful POC project of Eye-Net with two leading Japanese vehicle manufacturers in the amount of$83,000. - R&D expenses, net for the full year ended December 31, 2024, were
$9,143,000 , a decrease of21.1% compared to$11,587,000 for the full year ended December 31, 2023. The decrease is mainly attributable to a decrease in payroll and related expenses and a decrease in subcontracted work and consultants, offset by an increase in travel expenses. - S&M expenses for the full year ended December 31, 2024, were
$1,120,000 , a decrease of42.2% compared to$1,939,000 for the full year ended December 31, 2023. The decrease is mainly attributable to a decrease in payroll and related expenses, a decrease in consultants and a decrease in exhibitions and travel expenses. - G&A expenses for the full year ended December 31, 2024, were
$2,677,000 , a decrease of14.2% compared to$3,119,000 for the full year ended December 31, 2023. The decrease is mainly attributable to a decrease in payroll and related expenses and in professional services. - Financial income, net for the full year ended December 31, 2024, was
$1,538,000 , compared to financial expenses, net of$2,119,000 for the full year ended December 31, 2023. Financial income, net for the year ended December 31, 2024, consisted of gain from the sale of all Rail Vision shares and from the revaluation of the Rail Vision warrants to its fair value in the amount of$1,444,000 and from interest income in the amount of$431,000 , offset by exchange rate differences and others in the amount of$337,000. Financial expenses, net for the year ended December 31, 2023, consisted of loss from the revaluation of the Company’s investment in Rail Vision to its fair value in the amount of$2,320,000 and from exchange rate differences and others in the amount of$466,000 , offset by interest income in the amount of$667,000. - GAAP net loss for the full year ended December 31, 2024, was
$11,138,000 , or$0.02 per ordinary share, a decrease of39.5% compared to a GAAP net loss of$18,410,000 for the full year ended December 31, 2023, or$0.05 6 per ordinary share. - Non-GAAP net loss for the full year ended December 31, 2024, was
$10,350,000 , or$0.02 per ordinary share, a decrease of39% compared to a non-GAAP net loss of$16,969,000 for the full year ended December 31, 2023, or$0.05 1 per ordinary share.
Balance Sheet Highlights
- Cash and cash equivalents and restricted cash totaled
$7.2 million as of December 31, 2024, compared to$15.7 million in cash, restricted cash, and short-term deposits as of December 31, 2023. - GAAP total equity totaled
$6.7 million as of December 31, 2024, a decrease of58.1% compared to$16.0 million as of December 31, 2023. The decrease is mainly attributable to the net loss for the period in the amount of$11,138,000 offset by share-based payments in the amount of$788,000 , and from the issuance of ordinary shares, net of issuance expenses, in the amount of$903,000.
In addition, as a Foreign Private Issuer, Foresight is not required to file or publish its first and third quarter financial results, and does not intend to do so in 2025.
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with GAAP, the Company's earnings release contains non-GAAP financial measures of net loss for the period that exclude the effect of stock-based compensation expenses. The Company’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of the Company's ongoing operations. Management also uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The non-GAAP financial measures disclosed by the Company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Reconciliations between GAAP measures and non-GAAP measures are provided later in this press release.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing advanced three-dimensional (3D) perception systems 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 3D perception systems include modules of automatic calibration and dense 3D point cloud that can be applied to different markets such as automotive, defense, autonomous driving, agriculture, heavy industrial equipment and unmanned aerial vehicles (UAVs).
Eye-Net Mobile develops next-generation vehicle-to-everything (V2X) collision prevention solutions and smart automotive systems to enhance road safety and situational awareness for all road users in the urban mobility environment. By leveraging cutting-edge artificial intelligence (AI) technology, advanced analytics, and existing cellular networks, Eye-Net’s innovative solution suite delivers real-time pre-collision alerts to all road users using smartphones and other smart devices within vehicles.
For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on X, or join Foresight Automotive on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses its belief that its co-development efforts with KONEC have established a strong foundation for commercializing its advanced 3D perception solutions, that it anticipates substantial revenue opportunities from this collaboration, that it is committed to contributing to South Korea's continued technological leadership in the autonomous vehicle sector, the potential benefits of its various collaboration agreements and potential revenues that may be derived from such agreements, the belief that its alignment with the expected U.S. regulatory support and federal framework for autonomous vehicles underscores the long-term potential of its technology and that the Trump administration’s potential federal framework for self-driving technology may create new opportunities, its belief that it may shape the future of autonomous mobility and industrial automation, the prospective next phases and aims of its collaboration with Tata Elxsi Limited, its aims with respect to its stereoscopic sensor kit portfolio, the aims of Eye-Net’s agreement with Software République, and the aims and projections of the collaboration agreement between Foresight and Bumhan Motors Ltd. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on March 24, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third party websites.
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
FORESIGHT AUTONOMOUS HOLDINGS LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
| As of December 31, 2024 | As of December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 7,082 | $ | 15,635 | ||||
| Restricted cash | 100 | 99 | ||||||
| Marketable equity securities | 71 | 474 | ||||||
| Trade Receivables | 113 | 308 | ||||||
| Other current receivables | 480 | 531 | ||||||
| Total current assets | 7,846 | 17,047 | ||||||
| Non-current assets: | ||||||||
| Operating lease right-of-use asset | 1,576 | 1,802 | ||||||
| Fixed assets, net | 323 | 461 | ||||||
| 1,899 | 2,263 | |||||||
| Total assets | $ | 9,745 | $ | 19,310 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Trade payables | $ | 297 | $ | 136 | ||||
| Operating lease liability | 289 | 468 | ||||||
| Other current payables | 1,157 | 1,548 | ||||||
| Total current liabilities | 1,743 | 2,152 | ||||||
| Non-current liabilities: | ||||||||
| Operating lease liability | 1,272 | 1,163 | ||||||
| Total liabilities | 3,015 | 3,315 | ||||||
| Shareholders’ equity: | ||||||||
| Ordinary shares of NIS 0 par value; | - | - | ||||||
| Additional paid-in capital | 137,094 | 135,282 | ||||||
| Accumulated deficit | (131,028 | ) | (119,890 | ) | ||||
| Total Foresight Autonomous Holdings LTD. shareholders’ equity | 6,066 | 15,392 | ||||||
| Non-Controlling Interest | 664 | 603 | ||||||
| Total equity | 6,730 | 15,995 | ||||||
| Total liabilities and shareholders’ equity | $ | 9,745 | $ | 19,310 | ||||
FORESIGHT AUTONOMOUS HOLDINGS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
U.S. dollars in thousands
| Year ended December 31, | Three months ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | 436 | 497 | 101 | 138 | ||||||||||||
| Cost of revenues | 172 | 143 | 24 | 39 | ||||||||||||
| Gross profit | 264 | 354 | 77 | 99 | ||||||||||||
| Research and development, net | (9,143 | ) | (11,587 | ) | (2,176 | ) | (2,430 | ) | ||||||||
| Sales and marketing | (1,120 | ) | (1,939 | ) | (306 | ) | (290 | ) | ||||||||
| General and administrative | (2,677 | ) | (3,119 | ) | (770 | ) | (675 | ) | ||||||||
| Operating loss | (12,676 | ) | (16,291 | ) | (3,175 | ) | (3,296 | ) | ||||||||
| Financing income (expenses), net | 1,538 | (2,119 | ) | 75 | (255 | ) | ||||||||||
| Net loss | (11,138 | ) | (18,410 | ) | (3,100 | ) | (3,551 | ) | ||||||||
FORESIGHT AUTONOMOUS HOLDINGS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
| Year ended December 31, | Three months ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net cash used in operating activities | ||||||||||||||||
| Loss for the year | (11,138 | ) | (18,410 | ) | (3,100 | ) | (3,551 | ) | ||||||||
| Adjustments to reconcile loss to net cash (provided by) used in operating activities: | 83 | 3,484 | 480 | (45 | ) | |||||||||||
| Net cash used in operating activities | (11,055 | ) | (14,926 | ) | (2,620 | ) | (3,596 | ) | ||||||||
| Cash Flows from Investing Activities | ||||||||||||||||
| Changes in short term deposits | - | 7,216 | - | - | ||||||||||||
| Purchase of fixed assets | (62 | ) | (124 | ) | - | (10 | ) | |||||||||
| Proceeds from sales of marketable securities | 1,847 | - | (7 | ) | - | |||||||||||
| Net cash provided by (used in) investing activities | 1,785 | 7,092 | (7 | ) | (10 | ) | ||||||||||
| Cash flows from Financing Activities: | ||||||||||||||||
| Issuance of ordinary shares, net of issuance expenses | 903 | 4,181 | 857 | 4,048 | ||||||||||||
| Net cash provided by financing activities | 903 | 4,181 | 857 | 4,048 | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (185 | ) | 112 | 14 | 1,094 | |||||||||||
| Increase (decrease) in cash and cash equivalents and Restricted cash | (8,552 | ) | (3,541 | ) | (1,756 | ) | 1,536 | |||||||||
| Cash and cash equivalents and Restricted cash at the beginning of the period | 15,734 | 19,275 | 8,938 | 14,198 | ||||||||||||
| Cash and cash equivalents and Restricted cash at the end of the period | 7,182 | 15,734 | 7,182 | 15,734 | ||||||||||||
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
| Adjustments to reconcile loss to net cash provided by (used in) operating activities: | Year ended December 31, | Three months ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Share-based payment | 788 | 1,441 | 253 | 258 | ||||||||||||
| Depreciation | 200 | 263 | 47 | 72 | ||||||||||||
| Revaluation of marketable securities | (1,444 | ) | 2,330 | (56 | ) | 754 | ||||||||||
| Exchange rate changes on cash and cash equivalents | 185 | (112 | ) | (14 | ) | (1,094 | ) | |||||||||
| Changes in assets and liabilities: | ||||||||||||||||
| Decrease in other current assets | 51 | 311 | 163 | 384 | ||||||||||||
| Increase (decrease) in trade payables | 161 | (179 | ) | 16 | (115 | ) | ||||||||||
| Increase (decrease) in trade receivables | 195 | (308 | ) | 317 | (308 | ) | ||||||||||
| Change in operating lease liability, net | 156 | (18 | ) | 34 | 101 | |||||||||||
| Decrease in other payables | (209 | ) | (244 | ) | (280 | ) | (97 | ) | ||||||||
| Adjustments to reconcile loss to net cash provided by (used in) operating activities | 83 | 3,484 | 480 | (45 | ) | |||||||||||
| Supplemental cash flow information related to Non-Cash Activities: | ||||||||||||||||
| Year ended | Three months ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Accrued issuance costs recorded in shareholders’ equity | — | 92 | — | 92 | ||||||||||||
| Shareholder debt waiver recognized as capital contribution | 182 | — | 29 | — | ||||||||||||
| Increase of lease liability and operating lease right-of-use asset due to lease modification | 637 | — | — | — | ||||||||||||
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited) U.S. dollars in thousands
| Year ended December 31 | Three months ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP operating loss | (12,676 | ) | (16,291 | ) | (3,175 | ) | (3,296 | ) | ||||||||
| Share-based compensation in cost of services | 1 | 9 | - | 2 | ||||||||||||
| Share-based compensation in research and development | 387 | 849 | 115 | 152 | ||||||||||||
| Share-based compensation in sales and marketing | 36 | 118 | 15 | 17 | ||||||||||||
| Share-based compensation in general and administrative | 364 | 465 | 123 | 87 | ||||||||||||
| Non-GAAP operating loss | (11,888 | ) | (14,850 | ) | (2,922 | ) | (3,038 | ) | ||||||||
| GAAP net loss | (11,138 | ) | (18,410 | ) | (3,100 | ) | (3,551 | ) | ||||||||
| Share-based compensation expenses | 788 | 1,441 | 253 | 258 | ||||||||||||
| Non-GAAP net loss | (10,350 | ) | (16,969 | ) | (2,847 | ) | (3,293 | ) | ||||||||
FAQ
What were Foresight's (FRSX) key financial metrics for full year 2024?
How much revenue is expected from FRSX's partnership with KONEC in South Korea?
What new products did Foresight (FRSX) launch in 2024?
How did Foresight's (FRSX) Q4 2024 performance compare to Q4 2023?
What additional financing did FRSX secure in early 2025?
