Eye-Net’s V2X collision prevention technology is scheduled for live trial with 10,000 participants in the fourth quarter of 2025 Ness Ziona, Israel, July 09, 2025 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in 3D perception systems, announced that its wholly-owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net”), has successfully completed the first phase of a landmark mobility trial in Bordeaux, France. The trial involved a mobile a ...

Eye-Net’s V2X collision prevention technology is scheduled for live trial with 10,000 participants in the fourth quarter of 2025 Ness Ziona, Israel, July 09, 2025 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in 3D perception systems, announced that its wholly-owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net”), has successfully completed the first phase of a landmark mobility trial in Bordeaux, France. The trial involved a mobile a ...

The POC project aims to integrate Eye-Net’s technology into the safety systems of the vehicle manufacturer’s vehicles, creating a comprehensive ecosystem that connects the vehicle, vulnerable road users, and surrounding infrastructure for enhanced situational awareness Ness Ziona, Israel, July 07, 2025 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in 3D perception systems, announced that its wholly-owned subsidiary, Eye-Net Mobile ...

Core Viewpoint - The collaboration between Foresight Autonomous Holdings Ltd. and StreamRail aims to enhance safety and operational efficiency in urban rail transit systems through the integration of advanced 3D perception technology [1][5]. Company Overview - Foresight Autonomous Holdings Ltd. specializes in developing advanced three-dimensional perception systems and cellular-based applications, targeting various markets including automotive and rail transit [7][8]. - StreamRail is a leader in rail transit technologies, focusing on intelligent control, detection, and maintenance solutions for rail systems, and has implemented its technologies in over 30 cities globally [6]. Collaboration Details - The initial phase of the collaboration will focus on developing an innovative obstacle detection system that utilizes advanced sensors and AI to reduce collision risks on rail tracks [2]. - The revenue potential from this project is estimated to reach up to $12 million by 2029, with commercialization expected to start in 2026 [2]. - StreamRail has secured exclusive distribution rights for the new solution in China, contingent upon achieving sales of at least $1.5 million during 2026 and 2027 [2]. Market Insights - The global market for Rail Transit Obstacle Detection Systems is projected to grow from $1.97 billion in 2024 to $3.2 billion by 2032, with the metro segment expected to lead this growth due to urbanization and the need for advanced safety solutions [4]. - The rising adoption of AI-powered and cloud-based monitoring technologies is a significant driver of this market growth [4]. Strategic Importance - The partnership signifies a shift from first-generation 2D to second-generation 3D technology in train safety systems, addressing key challenges in railway transportation [3]. - The collaboration is expected to deliver innovative, safe, and reliable onboard intelligent products, enhancing the overall value for global customers and passengers [3].

The parties will engage in a POC project to improve urban transit safety through precision curb detection system Ness Ziona, Israel, May 14, 2025 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in three-dimensional (“3D”) perception systems, announced today the signing of an agreement for proof of concept (POC) project with a global Tier One automotive supplier to evaluate the effectiveness of its cutting-edge 3D perception system i ...

The global drone inspection and monitoring market is projected to reach $21.3 billion by 2027, driven by demand in industries such as oil and gas, mining, critical infrastructure, and manufacturing. Revenues from the commercialization of the jointly developed technology may reach up to $32 million by 2031 Ness Ziona, Israel, April 10, 2025 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in three-dimensional (“3D”) perception system ...

Foresight to Participate in The LD Micro Invitational XV 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 roa ...

PART I [Key Information](index=9&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section details the company's significant risks, including its development-stage status, history of losses, going concern opinion, and geopolitical risks [Risk Factors](index=9&type=section&id=D.%20Risk%20Factors) The company faces substantial risks including limited operating history, significant accumulated losses, a going concern opinion, and geopolitical instability - The company is a development-stage entity and has incurred net losses of approximately **$131,028,000** since its merger in 2015 through December 31, 2024[52](index=52&type=chunk)[53](index=53&type=chunk) - The audited financial statements for FY 2024 include an explanatory paragraph expressing substantial doubt about the company's ability to continue as a **going concern**, which could materially limit its ability to raise additional funds[55](index=55&type=chunk) - As of March 17, 2025, principal shareholders, officers, and directors beneficially own approximately **10.57%** of the company's Ordinary Shares, giving them significant control over shareholder matters[113](index=113&type=chunk) - The company's operations are exposed to political, economic, and military instability in Israel, including the Israel-Hamas and Israel-Hezbollah wars, which could adversely affect business operations[125](index=125&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk) - The company received a notice of non-compliance from Nasdaq on **September 3, 2024**, for failing to maintain a minimum bid price of $1.00. It regained compliance on **January 7, 2025**, but there is a risk of future non-compliance and potential delisting[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) [Information on the Company](index=29&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) Foresight develops 3D perception and V2X collision prevention systems for diverse markets, outlining its history, structure, and sales strategy [History and Development of the Company](index=29&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) The company, incorporated in Israel in 1977, became Foresight Autonomous Holdings Ltd. in 2016, trading on TASE and Nasdaq, and spun out Eye-Net Mobile - The company was incorporated in Israel in 1977, changed its name to Foresight Autonomous Holdings Ltd. in 2016, and its ADSs trade on the Nasdaq Capital Market under the symbol "**FRSX**"[148](index=148&type=chunk) Capital Expenditures (2022-2024) | Year | Capital Expenditures (USD) | | :--- | :--- | | 2024 | $62,000 | | 2023 | $124,000 | | 2022 | $313,000 | [Business Overview](index=30&type=section&id=B.%20Business%20Overview) Foresight develops 3D perception and V2X collision prevention systems for diverse markets, pursuing commercial agreements through a multi-step sales strategy - The company's 3D perception systems (ScaleCam™, QuadSight®) are designed for diverse markets including automotive, defense, agriculture, and UAVs, offering features like **automatic calibration** and operability in **harsh weather**[155](index=155&type=chunk)[157](index=157&type=chunk)[195](index=195&type=chunk) - Eye-Net Mobile develops cellular-based V2X collision prevention solutions (Eye-Net™ Protect, Eye-Net™ Sense) that provide **real-time alerts** to all road users using existing cellular networks and AI[156](index=156&type=chunk)[252](index=252&type=chunk)[268](index=268&type=chunk) - The company has signed significant commercial agreements, including one with SUNWAY for up to **$51 million** for obstacle detection systems and another with Elbit for up to **$4 million** for its image processing software in the defense sector[225](index=225&type=chunk) - The sales strategy focuses on a multi-step process: initial engagement through demonstrations, paid Proof of Concept (POC) projects (typically **$25k-$100k**), co-development projects, and ultimately large-scale commercial production agreements (design win)[224](index=224&type=chunk) Research and Development Expenses (Net) | Year | R&D Expenses (USD) | | :--- | :--- | | 2024 | $9,143,000 | | 2023 | $11,587,000 | | 2022 | $11,534,000 | [Organizational Structure](index=43&type=section&id=C.%20Organizational%20Structure) The company's organizational structure includes two wholly-owned Israeli subsidiaries and a Chinese subsidiary, with Magna B.S.P. Ltd. holding a significant share - The company has **two wholly-owned subsidiaries**: Foresight Automotive Ltd. and Eye-Net Mobile Ltd[301](index=301&type=chunk) - Foresight Automotive has a **wholly-owned subsidiary in China**, Foresight Changzhou Automotive Ltd., established in January 2022 to facilitate entry into the Chinese market[301](index=301&type=chunk)[302](index=302&type=chunk) [Property, Plants and Equipment](index=44&type=section&id=D.%20Property,%20Plants%20and%20Equipment) The company leases an 11,000 sq ft office and R&D facility in Ness Ziona, Israel, with a lease expiring March 2027 - The company leases approximately **11,000 square feet** for its office and R&D facility in Ness Ziona, Israel. The lease expires on **March 31, 2027**, with a monthly rent of about **NIS 106,000**[304](index=304&type=chunk) [Operating and Financial Review and Prospects](index=44&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes the company's financial performance, noting a reduced net loss in FY2024, but highlights ongoing liquidity concerns and reliance on equity financing [Operating Results](index=44&type=section&id=A.%20Operating%20Results) Foresight's FY2024 revenues decreased, but operating and net losses significantly improved due to reduced expenses and net financial income Consolidated Results of Operations (FY 2024 vs. FY 2023) | Metric | 2024 (USD in thousands) | 2023 (USD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | 436 | 497 | -12.3% | | Gross profit | 264 | 354 | -25.4% | | R&D expenses, net | 9,143 | 11,587 | -21.1% | | Marketing and sales | 1,120 | 1,939 | -42.2% | | General and administrative | 2,677 | 3,119 | -14.2% | | Operating loss | 12,676 | 16,291 | -22.2% | | Financial (income) expenses, net | (1,538) | 2,119 | N/A | | Net loss | 11,138 | 18,410 | -39.5% | - Revenues in 2024 were primarily generated from the commercial agreement with Elbit (**$162k**) and various POC projects with customers like KONEC (**$55k**), SoftBank (**$74k**), and Japanese vehicle manufacturers (**$83k**)[318](index=318&type=chunk) - The decrease in R&D expenses in 2024 was mainly due to lower payroll and subcontracting costs, while the decrease in sales and marketing expenses was driven by reduced payroll, consultant, and exhibition costs[319](index=319&type=chunk)[320](index=320&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) As of December 31, 2024, the company had $7.2 million in cash, with a going concern warning, relying on equity financing to fund operations through January 2026 - As of Dec 31, 2024, the company had approximately **$7.2 million in cash** and cash equivalents. Existing cash is expected to be sufficient to support operations only through **January 2026**, raising substantial doubt about its ability to continue as a **going concern**[327](index=327&type=chunk)[328](index=328&type=chunk) Consolidated Cash Flows (FY 2024 vs. FY 2023) | Cash Flow Activity | 2024 (USD in thousands) | 2023 (USD in thousands) | | :--- | :--- | :--- | | Operating activities | (11,055) | (14,926) | | Investing activities | 1,785 | 7,092 | | Financing activities | 903 | 4,181 | | **Net decrease in cash** | **(8,552)** | **(3,541)** | - In March 2025, Eye-Net Mobile secured an investment of approximately **$2.75 million** from institutional and private investors based on a pre-money valuation of **$45 million**[340](index=340&type=chunk) - The company utilizes an "at-the-market" offering agreement (2024 Sales Agreement) with A.G.P. to raise capital. As of March 17, 2025, it has raised aggregate gross proceeds of **$2.87 million** under this agreement[338](index=338&type=chunk) [Directors, Senior Management and Employees](index=51&type=section&id=ITEM%206.%20DIRECTORS,%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section outlines the company's leadership, compensation practices, board structure, and employee base, noting a decrease in total employees to 72 in 2024 [Compensation](index=54&type=section&id=B.%20Compensation) Aggregate compensation for directors and senior management in FY2024 totaled over $1.5 million, including significant RSU grants Aggregate Compensation for Directors and Senior Management (FY 2024) | Compensation Type | Amount (USD) | | :--- | :--- | | Salary and Other Benefits | $988,888 | | Pension, Retirement and Similar Benefits | $156,209 | | Share Based Compensation | $411,254 | Compensation of 5 Most Highly Compensated Officers (FY 2024) | Executive Officer | Salary and Related Benefits (USD) | Share Based Compensation (USD) | Total (USD) | | :--- | :--- | :--- | :--- | | Haim Siboni | $233,577 | $141,376 | $374,953 | | Eli Yoresh | $140,146 | $102,372 | $242,518 | | Dror Elbaz | $199,339 | $6,378 | $205,717 | | Oren Bar-On | $157,969 | $33,370 | $191,339 | | Izac Assia | $155,217 | $34,719 | $189,936 | - In July and August 2024, the company granted a significant number of RSUs to senior officers (**12,780,000**) and board members, including the CEO (**9,000,000**), under its new 2024 Share Incentive Plan[382](index=382&type=chunk)[383](index=383&type=chunk) [Board Practices](index=56&type=section&id=C.%20Board%20Practices) The Board consists of six members, including two external directors, with the Chairman also serving as CEO, and an audit committee overseeing compensation - The Board of Directors consists of **six members**, including **two external directors** (Zeev Levenberg and Daniel Avidan) as required by the Israeli Companies Law[387](index=387&type=chunk)[395](index=395&type=chunk) - Haim Siboni serves in the combined role of **Chairman of the Board and CEO**, which was approved by shareholders on August 26, 2024, for a three-year term[392](index=392&type=chunk) - The Audit Committee, comprised of **three independent directors**, also functions as the Compensation Committee and Financial Statements Examination Committee[410](index=410&type=chunk)[413](index=413&type=chunk)[419](index=419&type=chunk) - An amended and restated compensation policy was approved by shareholders on **August 26, 2024**, for a **three-year period**, establishing the framework for executive compensation[424](index=424&type=chunk) [Employees](index=70&type=section&id=D.%20Employees) The company's workforce decreased to 72 employees by December 31, 2024, with the majority in research and development and no union representation Employee Headcount by Year and Department | Department | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | :--- | | Research and Development | 54 | 63 | 64 | | Management and Administration | 8 | 8 | 10 | | Sales and Marketing | 7 | 6 | 8 | | Operations | 3 | 4 | 5 | | **Total Employees** | **72** | **81** | **87** | [Major Shareholders and Related Party Transactions](index=72&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details the company's ownership structure, with CEO Haim Siboni as the largest beneficial owner, and outlines related party transactions - As of March 17, 2025, CEO Haim Siboni beneficially owned **7.95%** of the company's shares, and all directors and executive officers as a group beneficially owned **10.57%**[487](index=487&type=chunk) - The company has a services agreement with Magna B.S.P. Ltd. (a significant shareholder controlled by the CEO) for R&D services. Due to cost-saving measures, the payment for these services in 2024 (totaling **$181,000**) was waived and recorded as a **capital contribution** from Magna[497](index=497&type=chunk)[499](index=499&type=chunk) - Insider participants, including the CEO (via Magna) and the VP of Human Resources, invested an aggregate of **$525,000** in the December 2023 Registered Direct Offering[501](index=501&type=chunk) [Financial Information](index=76&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section confirms financial statements are under Item 18, states no material legal proceedings, and notes no cash dividends have ever been paid - The company is not currently subject to any **material legal proceedings**[503](index=503&type=chunk) - The company has never declared or paid any **cash dividends** and does not anticipate paying any in the foreseeable future[504](index=504&type=chunk) [The Offer and Listing](index=76&type=section&id=ITEM%209.%20THE%20OFFER%20AND%20LISTING) This section details the trading of the company's Ordinary Shares on the TASE and its ADSs on the Nasdaq Capital Market under "FRSX" - The company's Ordinary Shares trade on the **TASE**, and its ADSs trade on the **Nasdaq Capital Market** under the symbol "**FRSX**"[508](index=508&type=chunk)[510](index=510&type=chunk) [Additional Information](index=77&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section covers material contracts, exchange controls, and taxation, including Israeli corporate tax and potential PFIC classification for U.S. shareholders - There are currently no Israeli currency control restrictions on dividend payments, but such payments may be subject to **Israeli withholding taxes**[516](index=516&type=chunk) - The general corporate tax rate in Israel is **23%**. The company may receive tax benefits related to R&D grants from the Israel Innovation Authority (IIA), but this also imposes restrictions on transferring technology or manufacturing outside of Israel[520](index=520&type=chunk)[526](index=526&type=chunk) - For U.S. federal income tax purposes, there is a risk that the company could be classified as a **Passive Foreign Investment Company (PFIC)**, which would have adverse tax consequences for U.S. shareholders. The company does not expect to be a PFIC for 2024 but makes no assurances[118](index=118&type=chunk)[554](index=554&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=86&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is foreign currency exchange rate fluctuations between NIS and USD, with no current hedging strategies - The company's main market risk is **foreign currency exchange risk**, particularly between the NIS and the U.S. dollar, as a large portion of its expenses are in NIS[576](index=576&type=chunk)[578](index=578&type=chunk) - A **5% change** in the USD/NIS exchange rate would have resulted in a **4.51% change** in operating expenses for 2024. The company does not currently **hedge** this currency risk[578](index=578&type=chunk)[579](index=579&type=chunk) [Description of Securities Other than Equity Securities](index=87&type=section&id=ITEM%2012.%20DESCRIPTION%20OF%20SECURITIES%20OTHER%20THAN%20EQUITY%20SECURITIES) This section details the fees charged by The Bank of New York Mellon for holding the company's American Depositary Shares (ADSs) ADS Holder Fees | Fee | For | | :--- | :--- | | $5.00 (or less) per 100 ADSs | Issuance or cancellation of ADSs | | $.05 (or less) per ADS | Any cash distribution | | $.05 (or less) per ADS per year | Depositary services | PART II [Controls and Procedures](index=88&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management concluded that as of December 31, 2024, the company's disclosure controls and procedures were **effective**[590](index=590&type=chunk) - Management concluded that the company's internal control over financial reporting was **effective** as of December 31, 2024[592](index=592&type=chunk) - The annual report does not include an attestation report from the public accounting firm on internal controls because the company is a **non-accelerated filer**[593](index=593&type=chunk) [Corporate Governance and Other Matters](index=89&type=section&id=ITEM%2016.%20%5BReserved%5D) This section covers corporate governance, including audit committee, code of ethics, accountant fees, Israeli home country practices, and cybersecurity [Principal Accountant Fees and Services](index=89&type=section&id=ITEM%2016.%20C%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Fees paid to Brightman Almagor Zohar & Co. (Deloitte) for FY2024 totaled $89,882, primarily for audit and audit-related services Accountant Fees (FY 2024 vs. FY 2023) | Fee Category | 2024 (USD) | 2023 (USD) | | :--- | :--- | :--- | | Audit fees | $64,882 | $66,225 | | Audit-Related Fees | $25,000 | $15,000 | | Tax Fees | - | - | | All Other Fees | - | - | | **Total** | **$89,882** | **$81,225** | [Corporate Governance](index=90&type=section&id=ITEM%2016.%20G%20CORPORATE%20GOVERNANCE) As a foreign private issuer, the company follows Israeli corporate governance practices, differing from Nasdaq rules on quorum, director nominations, and shareholder approval - The company follows Israeli **home country practices** for corporate governance, exempting it from certain Nasdaq rules[605](index=605&type=chunk) - Key exemptions include **quorum requirements** for adjourned meetings, **director nominations** by the Board instead of a nominating committee, and different **shareholder approval thresholds** for certain transactions as dictated by Israeli law[607](index=607&type=chunk)[608](index=608&type=chunk)[609](index=609&type=chunk) [Cybersecurity](index=93&type=section&id=ITEM%2016.K%20CYBERSECURITY) The company maintains an ISO/IEC 27001 certified cybersecurity program, overseen by the Board and CISO, including annual penetration tests and insurance - The company's cybersecurity program is overseen by the **Board and Audit Committee** and managed by a **CISO**[615](index=615&type=chunk)[620](index=620&type=chunk) - The company is **ISO/IEC 27001 certified**, conducts **annual third-party penetration tests**, and maintains a **Disaster Recovery Plan (DRP)** and **cybersecurity insurance**[616](index=616&type=chunk)[618](index=618&type=chunk)[621](index=621&type=chunk) - Cybersecurity threats have **not materially affected** or are reasonably likely to materially affect the company's business strategy, results of operations, or financial condition[623](index=623&type=chunk) PART III [Financial Statements](index=95&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section presents audited consolidated financial statements, including the auditor's "Going Concern" warning due to significant losses, and key FY2024 financial data [Report of Independent Registered Public Accounting Firm](index=96&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The auditor's report expresses a fair opinion but includes a "Going Concern" paragraph due to significant operating losses, raising doubt about continuity - The auditor's report contains a "**Going Concern**" paragraph, citing the company's lack of significant revenues and substantial operating losses as factors that raise doubt about its ability to continue operations[637](index=637&type=chunk) [Consolidated Balance Sheets](index=98&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, total assets decreased to $9.7 million, driven by reduced cash, with corresponding decreases in liabilities and equity Consolidated Balance Sheet Data (As of Dec 31) | Account | 2024 (USD in thousands) | 2023 (USD in thousands) | | :--- | :--- | :--- | | **Total Assets** | **9,745** | **19,310** | | Cash and cash equivalents | 7,082 | 15,635 | | **Total Liabilities** | **3,015** | **3,315** | | **Total Equity** | **6,730** | **15,995** | [Consolidated Statements of Comprehensive Loss](index=99&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) For FY2024, the company reported a net loss of $11.1 million, a significant improvement from prior years due to lower operating expenses and net financial income Consolidated Statement of Comprehensive Loss | Metric (USD in thousands) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Revenues | 436 | 497 | 550 | | Operating loss | 12,676 | 16,291 | 17,455 | | **Net Loss** | **11,138** | **18,410** | **21,676** | | Basic and diluted loss per share (USD) | (0.02) | (0.06) | (0.07) | [Consolidated Statements of Cash Flows](index=101&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In FY2024, net cash used in operating activities improved, with cash provided by investing and financing, resulting in an overall cash decrease of $8.6 million Consolidated Cash Flow Summary (Year ended Dec 31) | Activity (USD in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | (11,055) | (14,926) | | Net cash provided by investing activities | 1,785 | 7,092 | | Net cash provided by financing activities | 903 | 4,181 | | **Net decrease in cash** | **(8,552)** | **(3,541)** |

[Foresight 2024 Q4 and Full Year Financial Results](index=1&type=section&id=Foresight%20Announces%20Fourth%20Quarter%20and%20Full%20Year%202024%20Financial%20Results) This section provides an overview of Foresight's financial performance for Q4 and full year 2024, alongside strategic commentary from the CEO and key business developments [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the full year 2024, Foresight reported revenues of $436,000 and a GAAP net loss of $11.1 million, a 39.5% improvement from 2023. The company ended the year with $7.2 million in cash and equivalents and secured an additional $4.75 million in financing in early 2025. The fourth quarter GAAP net loss was $3.1 million, down from $3.6 million in Q4 2023 Full Year 2024 Key Financial Metrics | Metric | Value (USD) | Source | | :--- | :--- | :--- | | Revenues | $436,000 | Year ended Dec 31, 2024 | | GAAP Net Loss | $11.1 million | 39.5% decrease YoY | | Cash, Cash Equivalent & Restricted Cash | $7.2 million | As of Dec 31, 2024 | Q4 2024 Net Loss (GAAP vs. Non-GAAP) | Metric | Q4 2024 (USD) | Q4 2023 (USD) | | :--- | :--- | :--- | | GAAP Net Loss | $3.1 million | $3.6 million | | Non-GAAP Net Loss | $2.8 million | $3.3 million | - In early 2025, the company secured an additional **$4.75 million** in financing, primarily through the sale of securities in its subsidiary, Eye-Net Mobile Ltd., strengthening its financial position[3](index=3&type=chunk) [CEO Commentary and Strategic Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Strategic%20Outlook) CEO Haim Siboni highlighted Q4 2024 as a transformative period, marked by key strategic agreements and technological progress. He emphasized the strong foundation for commercialization with KONEC in South Korea, significant strides by subsidiary Eye-Net in Europe with partners like Renault, and the company's alignment with expected U.S. regulatory support for autonomous vehicles. These developments position Foresight to shape the future of autonomous mobility and industrial automation - The fourth quarter was a transformative period with significant strategic agreements in autonomous tractors, smart parking, and AI-driven mobility solutions[6](index=6&type=chunk) - The strategic collaboration with KONEC in South Korea is expected to generate substantial revenue opportunities and may lead to a joint venture[6](index=6&type=chunk) - Subsidiary Eye-Net advanced its V2X collision prevention solution in the European market through an agreement with Software République, which includes major players like the Renault Group and Orange S.A[6](index=6&type=chunk) - The company believes its technology is well-aligned with expected U.S. regulatory support for autonomous vehicles, underscoring long-term potential[6](index=6&type=chunk) [Recent Corporate Highlights & Business Developments](index=2&type=section&id=Recent%20Corporate%20Highlights) Foresight has secured several key commercial and collaboration agreements to drive future growth. A distribution agreement with South Korean supplier KONEC projects potential revenues of $7 million by 2029. A partnership with Tata Elxsi aims to commercialize ADAS solutions, starting in India. The company also launched six advanced stereoscopic sensor kits to accelerate development in industrial automation and autonomous mobility. Additionally, collaborations were signed with GINT Ltd. for autonomous tractors, Bumhan Motors for electric buses, and an initiative with Software République to test Eye-Net's V2X solution in France - Signed a commercial agreement with South Korean supplier KONEC, which forecasts sales of **$1.5 million** by 2027 and potential revenues of **$7 million** by 2029, with a joint venture also being considered[7](index=7&type=chunk) - Partnered with Tata Elxsi Limited to develop and commercialize ADAS and autonomous vehicle solutions, initially targeting the Indian market before global expansion[7](index=7&type=chunk) - Launched six advanced stereoscopic sensor kits (ScaleCam™ Vision, ScaleCam™ Thermal, QuadSight®) to support developers in industrial automation and autonomous mobility[7](index=7&type=chunk) - Subsidiary Eye-Net Mobile signed an agreement with Software République to integrate and test its V2X collision prevention solution in Bordeaux, France, with potential for wider European deployment[9](index=9&type=chunk) - Entered multi-phase collaboration agreements with GINT Ltd. and KONEC for autonomous tractors, and with Bumhan Motors Ltd. for autonomous electric buses in South Korea[9](index=9&type=chunk) [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) This section presents a detailed breakdown of Foresight's financial performance for the fourth quarter and full year 2024, including key balance sheet metrics [Fourth Quarter 2024 Financial Results](index=3&type=section&id=Fourth%20Quarter%202024%20Financial%20Results) In Q4 2024, revenues decreased by 26.8% year-over-year to $101,000. The company successfully reduced its GAAP net loss to $3.1 million from $3.55 million in Q4 2023, driven by a 10.5% decrease in R&D expenses and positive net financial income, which offset modest increases in S&M and G&A expenses Q4 2024 vs. Q4 2023 Financial Performance (in thousands USD) | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $101 | $138 | -26.8% | | R&D Expenses, net | $2,176 | $2,430 | -10.5% | | S&M Expenses | $306 | $290 | +5.5% | | G&A Expenses | $770 | $675 | +14.1% | | GAAP Net Loss | $3,100 | $3,551 | -12.7% | | Non-GAAP Net Loss | $2,847 | $3,293 | -13.5% | - Q4 2024 revenue was primarily generated from a POC project with KONEC (**$33,000**) and a commercialization agreement with Elbit Systems Land Ltd. (**$32,000**)[8](index=8&type=chunk) - Net financial income was **$75,000** in Q4 2024, a significant improvement from net financial expenses of **$255,000** in Q4 2023, mainly due to a smaller loss from the revaluation of the Rail Vision investment[12](index=12&type=chunk) [Full Year 2024 Financial Results](index=4&type=section&id=Full%20Year%202024%20Financial%20Results) For the full year 2024, revenues were $436,000, a 12.3% decrease from 2023. However, the company demonstrated strong cost control, with significant reductions in R&D (-21.1%), S&M (-42.2%), and G&A (-14.2%) expenses. This, combined with a shift to net financial income of $1.5 million (from a $2.1 million expense in 2023), led to a 39.5% reduction in the GAAP net loss to $11.1 million Full Year 2024 vs. 2023 Financial Performance (in thousands USD) | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $436 | $497 | -12.3% | | R&D Expenses, net | $9,143 | $11,587 | -21.1% | | S&M Expenses | $1,120 | $1,939 | -42.2% | | G&A Expenses | $2,677 | $3,119 | -14.2% | | GAAP Net Loss | $11,138 | $18,410 | -39.5% | | Non-GAAP Net Loss | $10,350 | $16,969 | -39.0% | - FY 2024 revenue sources included agreements with Elbit (**$162k**), KONEC (**$55k**), SoftBank Corp. (**$74k**), and two Japanese vehicle manufacturers (**$83k**)[11](index=11&type=chunk) - Net financial income for FY 2024 was **$1.54 million**, compared to net financial expenses of **$2.12 million** in FY 2023, primarily driven by a gain from the sale of Rail Vision shares[15](index=15&type=chunk) [Balance Sheet Highlights](index=5&type=section&id=Balance%20Sheet%20Highlights) As of December 31, 2024, Foresight's cash, cash equivalents, and restricted cash stood at $7.2 million, down from $15.7 million at the end of 2023. Total equity decreased by 58.1% to $6.7 million, primarily due to the net loss for the period, which was partially offset by share-based payments and the issuance of new shares Balance Sheet Comparison (as of Dec 31, in millions USD) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Cash, Cash Equivalents & Restricted Cash | $7.2 | $15.7 | -54.1% | | GAAP Total Equity | $6.7 | $16.0 | -58.1% | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section provides the complete consolidated financial statements, including balance sheets, statements of comprehensive loss, cash flows, and reconciliation of GAAP to non-GAAP results [Condensed Consolidated Balance Sheets](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section provides the company's condensed consolidated balance sheets as of December 31, 2024, compared to December 31, 2023, detailing assets, liabilities, and shareholders' equity Condensed Consolidated Balance Sheets (U.S. dollars in thousands) | | As of Dec 31, 2024 | As of Dec 31, 2023 | | :--- | :--- | :--- | | **ASSETS** | | | | Total current assets | $7,846 | $17,047 | | Total non-current assets | $1,899 | $2,263 | | **Total assets** | **$9,745** | **$19,310** | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Total current liabilities | $1,743 | $2,152 | | Total non-current liabilities | $1,272 | $1,163 | | **Total liabilities** | **$3,015** | **$3,315** | | **Total equity** | **$6,730** | **$15,995** | | **Total liabilities and shareholders' equity** | **$9,745** | **$19,310** | [Condensed Consolidated Statements of Comprehensive Loss](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20LOSS) This section presents the company's condensed consolidated statements of comprehensive loss for the fourth quarter and full year ended December 31, 2024, with comparative figures for the same periods in 2023 Condensed Consolidated Statements of Comprehensive Loss (U.S. dollars in thousands) | | Year ended Dec 31, | | Three months ended Dec 31, | | | :--- | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | Revenues | 436 | 497 | 101 | 138 | | Gross profit | 264 | 354 | 77 | 99 | | 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)** | [Condensed Consolidated Statements of Cash Flow](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOW) This section details the company's cash flows from operating, investing, and financing activities for the fourth quarter and full year ended December 31, 2024, compared to the same periods in 2023. It shows a year-end cash and restricted cash balance of $7.2 million Condensed Consolidated Statements of Cash Flow (U.S. dollars in thousands) | | Year ended Dec 31, | | Three months ended Dec 31, | | | :--- | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | Net cash used in operating activities | (11,055) | (14,926) | (2,620) | (3,596) | | Net cash provided by (used in) investing activities | 1,785 | 7,092 | (7) | (10) | | Net cash provided by financing activities | 903 | 4,181 | 857 | 4,048 | | Increase (decrease) in cash and restricted cash | (8,552) | (3,541) | (1,756) | 1,536 | | **Cash and restricted cash at end of period** | **7,182** | **15,734** | **7,182** | **15,734** | [Reconciliation of GAAP to Non-GAAP Results](index=12&type=section&id=SUPPLEMENTAL%20RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20RESULTS) This section provides a reconciliation of GAAP to non-GAAP financial measures for the fourth quarter and full year of 2024 and 2023. The primary adjustment is the exclusion of non-cash share-based compensation expenses to offer investors a different perspective on the company's ongoing operational performance GAAP to Non-GAAP Net Loss Reconciliation (U.S. dollars in thousands) | | Year ended Dec 31, | | Three months ended Dec 31, | | | :--- | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | **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)** | - The company's management uses non-GAAP financial measures, which exclude stock-based compensation, to evaluate and operate the business internally and believes this information is useful for investors[17](index=17&type=chunk)

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 $436,000 for the year ended December 31, 2024 and ended the year 2024 with $7.2 million in cash, cash equivalent and restricted cash. Since the beginning of 2025, the Company has secured an additional $4.7 ...