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

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) announced a paid proof of concept (POC) project with a leading industrial equipment manufacturer's Chinese subsidiary to evaluate its QuadSight® technology for autonomous capabilities in mining and construction trucks. Foresight's technology was chosen for its accurate 3D perception vision solutions and high-resolution point cloud, addressing driving challenges in harsh conditions. The successful POC may lead to integrating Foresight's technology into the manufacturer's trucks, offering an alternative to existing LiDAR sensors.

Foresight Autonomous Holdings has signed a five-year exclusivity agreement with Elbit Systems Land for the commercialization of Foresight's image processing software solution. The agreement is expected to generate revenues of up to $4 million over the five-year period, with minimum guaranteed revenues of $1 million. Foresight will start recognizing initial revenues from the agreement in the second half of 2023. Elbit will have exclusive rights to market and sell Foresight's software in the defense and paramilitary sectors globally.

Foresight Autonomous Holdings (FRSX) has signed a joint development agreement with SUNWAY-AI Technology, potentially generating up to $51 million in revenue over four years. The partnership aims to integrate Foresight's QuadSight technology into driverless airport ground vehicles for enhanced obstacle detection and driver assistance. Starting in H1 2023, SUNWAY will commercialize these advanced driver assistance systems (ADAS) across Mainland China and other regions. This collaboration positions Foresight favorably in the autonomous vehicle market.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced a collaboration with V-tron B.V. to evaluate Eye-Net™ Protect for potential integration into V-tron’s telematics systems. This pilot project aims to enhance road safety by providing real-time collision alerts, thereby improving existing Advanced Driver Assistance Systems (ADAS). The initiative marks Eye-Net's third project in Europe, following partnerships with a cellular provider and Wunder Mobility. The collaboration is expected to increase Eye-Net Protect's user base, potentially reducing road accidents and saving lives.

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) announced that Eli Yoresh, CFO, and Doron Cohadier, VP of Business Development, will present at the Sidoti Virtual Investor Conference on June 23, 2021, at 9:15 AM EDT. They will also be available for one-on-one virtual meetings on June 23-24. A live webcast of the presentation will be accessible on their Investor Relations website and archived for 90 days. Foresight specializes in developing innovative vision systems and accident-prevention solutions for various sectors, including automotive and defense.

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.