Foresight Autonomous Holdings Ltd. American Depositary Shares - FRSX STOCK NEWS

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced the sale of a prototype of its QuadSight^® four-camera vision system to a major agricultural and construction equipment manufacturer for evaluation in agricultural machinery. This marks Foresight's first prototype sale in the agricultural sector, leveraging stereo technology for enhanced automation and productivity. The global autonomous farm equipment market is valued at $742.5 million, projected to grow to $1.89 billion by 2031. Foresight aims to integrate QuadSight technology into this growing market.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced a joint proof of concept project with a major European car manufacturer to test its stereoscopic technology. This initiative aims to enhance existing vehicle safety features without additional hardware. The project comprises two phases: feasibility testing and real-life simulations, with a total consideration of up to $120,000. CEO Haim Siboni expressed optimism about the potential integration of Foresight’s solutions into future vehicles, which could streamline production timelines and reduce costs.

Foresight Autonomous Holdings Ltd. (FRSX) reported a GAAP net loss of $4.4 million and a non-GAAP net loss of $3.2 million for Q1 2021, reflecting increased share-based compensation expenses. The company's cash and short-term deposits stood at $56.5 million, up from $43.9 million at 2020 year-end, with shareholders' equity at $58 million. Key advancements included the sale of a QuadSight system, successful pilot projects, and partnerships aimed at commercialization in mobility tech. Despite minor impacts from COVID-19, Foresight is positioned for growth post-pandemic.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced that its affiliate, Rail Vision Ltd., signed an agreement with Hitachi Rail STS Australia to supply equipment to Rio Tinto Railway Network. The project, which aims to enhance collision detection, includes a prototype demonstration estimated at $265,000, with an option for additional services worth $133,000. Successful outcomes could lead to outfitting Rio Tinto’s fleet of 220 locomotives. The project duration is expected to be nine months, with equipment installation anticipated in Q3 2021.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced that its affiliate, Rail Vision Ltd., has filed a nonpublic draft prospectus for an initial public offering on the Tel Aviv Stock Exchange. Foresight holds a 19.36% stake in Rail Vision. The draft prospectus was submitted on April 25, 2021, with the intention of testing market conditions for a potential offering. However, no final decision on the offering has been made, and it is subject to regulatory approval. The offering will be limited to Israel and will not involve U.S. stock exchanges.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced a distribution agreement between its subsidiary, Eye-Net Mobile Ltd., and Brazilian company WebSIA. WebSIA will exclusively promote the Eye-Net™ Protect solution in Sao Paulo, aiming to enhance road safety. The agreement may expand to other territories following successful integration. The Eye-Net™ Protect app provides real-time pre-collision alerts, leveraging AI technology. This partnership aligns with Sao Paulo's smart city initiatives and could significantly increase Eye-Net's user base and market impact in Latin America.

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) has sold a prototype of its QuadSight® four-camera vision system to a major Japanese manufacturer of stereo vision systems for use in the automotive industry. This Tier One supplier will assess the prototype's thermal stereo capabilities to enhance their visible-light systems. CEO Haim Siboni emphasized the sale's significance in validating the market need for advanced stereo technology, which is crucial for ADAS and autonomous driving. The automotive stereo camera market is projected to grow significantly, with North America driving much of this growth.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced a commercial partnership between its subsidiary, Eye-Net Mobile Ltd., and SaverOne 2014 Ltd. to integrate Eye-Net’s Protect solution into SaverOne’s cell phone distraction prevention system. This collaboration aims to reduce road accidents caused by texting while driving, which accounts for 1.6 million crashes annually in the U.S. The partnership also opens potential revenue streams through license fees and mutual introductions to business relationships in Japan.

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) announced that its subsidiary, Eye-Net Mobile Ltd., completed the first phase of a pilot project with a major Japanese vehicle manufacturer. The project evaluated the Eye-Net™ Protect solution for its smart city initiative and deemed it a valid option. Technical discussions will follow for potential integration into the smart city project. This pilot builds on a previous successful trial conducted in March 2021, highlighting Foresight's role in advancing urban safety technologies.