NESS ZIONA, Israel, May 28, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) ("Foresight" or the "Company"), an innovator in automotive vision systems, today reported financial results for the first quarter of 2024. :Key highlights Initial revenues from collaborations with Elbit Systems Ltd. ("Elbit") and SoftBank Corp. (TYO:9434) ("SoftBank") Focus on defense, industrial vehicles and Eye-Net Mobile ("Eye-Net"), the Company's wholly owned subsidiary, initiatives resulted i ...

Core Viewpoint - Foresight Autonomous Holdings Ltd. has developed advanced stereoscopic thermal imaging technology that enhances automatic emergency braking (AEB) systems, particularly for pedestrian safety in low-light conditions, in response to new U.S. regulations [1][2][3] Group 1: Regulatory Impact - The U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) has finalized a new federal motor vehicle safety standard requiring AEB systems in all new passenger cars and light trucks by September 2029 [1][2] - This regulation is projected to save at least 360 lives and prevent 24,000 injuries annually [2] Group 2: Technology Advantages - Foresight's thermal imaging technology utilizes heat signatures to detect objects in challenging conditions such as darkness and adverse weather, providing superior pedestrian detection compared to traditional AEB systems [2][3] - The company believes its innovative technology positions it favorably in the market for safer AEB solutions, as demand for thermal cameras is expected to rise while costs decrease significantly in the coming years [3] Group 3: Company Overview - Foresight Autonomous Holdings Ltd. specializes in developing smart multi-spectral vision software solutions and cellular-based applications through its subsidiaries [4][5] - The company's vision solutions include automatic calibration modules and dense 3D point cloud applications across various sectors, including automotive and defense [5]

Core Points - The U.S. Department of Transportation's NHTSA has finalized a new federal motor vehicle safety standard requiring automatic emergency braking (AEB) systems in all new passenger cars and light trucks by September 2029, emphasizing the importance of thermal imaging for pedestrian safety in low light conditions [1][2] - The NHTSA estimates that this regulation will save at least 360 lives and prevent 24,000 injuries annually, highlighting the limitations of AEB systems in certain lighting and weather conditions, which thermal imaging can address [2] - The company believes its pioneering stereoscopic thermal imaging technology provides a significant advantage in enhancing AEB solutions and anticipates increased demand for thermal cameras, leading to a decrease in associated costs [3] Company Overview - Foresight Autonomous Holdings Ltd. is a technology company focused on developing smart multi-spectral vision software solutions and cellular-based applications through its subsidiaries [4] - The company's vision solutions include automatic calibration modules and dense 3D point cloud applications across various markets, including automotive and defense [5]

NVIDIA Jetson AGX Orin system-on-module is used to accelerate autonomous agriculture and heavy machinery projects Ness Ziona, Israel, May 08, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) ("Foresight" or the "Company"), an innovator in automotive vision solutions, has announced a major breakthrough with the development of Dragonfly Vision™, its cutting-edge 360-degrees 3D perception solution, based on the NVIDIA Jetson AGX Orin platform, designed for power-optimized aut ...

The patented technology is highly beneficial to Foresight's key markets, particularly the heavy equipment industry, as the integration of thermal cameras ensures precise obstacle detection in challenging weather and dust-filled environments Ness Ziona, Israel, April 17, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that it has received a notice of allowance from the Japan Patent Office for its patent applicatio ...

Financial Performance - Foresight reported revenues of $497,000 for the full year 2023, a decrease of 9.6% compared to $550,000 in 2022[7] - The company achieved a 39.4% increase in revenues for Q4 2023, totaling $138,000, compared to $99,000 in Q4 2022[6] - GAAP net loss for the full year 2023 was $18.4 million, or $0.056 per ordinary share, a decrease of 15.1% from a net loss of $21.7 million in 2022[7] - Non-GAAP net loss for the full year 2023 was $17.0 million, or $0.051 per ordinary share, compared to a non-GAAP net loss of $19.9 million in 2022[7] - Total revenues for the year ended December 31, 2023, were $497 million, a decrease of 9.64% compared to $550 million in 2022[20] - Gross profit for the year increased to $354 million, up 18.78% from $298 million in 2022[20] - Operating loss for the year narrowed to $16,291 million from $17,455 million in 2022, reflecting a 6.7% improvement[20] - Net loss for the year was $18,410 million, down from $21,676 million in 2022, indicating a 15.5% reduction in losses[20] - Non-GAAP net loss for the year was $16,969 million, down from $19,850 million in 2022, reflecting a 14.5% improvement[27] Expenses - Research and development expenses for the full year 2023 were $11.6 million, slightly up from $11.5 million in 2022[7] - Sales and marketing expenses for the full year 2023 decreased by 13% to $1.9 million compared to $2.2 million in 2022[7] - General and administrative expenses for the full year 2023 were $3.1 million, a decrease of 21.8% from $4.0 million in 2022[7] - Research and development expenses for the year were $11,587 million, slightly up from $11,534 million in 2022[20] Cash and Assets - Cash and restricted cash totaled $15.7 million as of December 31, 2023, down from $26.5 million in 2022[13] - Cash and cash equivalents decreased to $15,635 million as of December 31, 2023, from $19,173 million a year earlier, a decline of 18.4%[18] - Total assets decreased to $19,310 million from $32,893 million, a significant drop of 41.5% year-over-year[18] - Total liabilities decreased to $3,315 million from $4,110 million, a reduction of 19.4%[18] - Cash flows from investing activities provided $7,092 million in 2023, compared to $8,983 million in 2022, a decrease of 21%[22] Business Developments - Foresight completed two paid proof of concept projects with a leading Japanese vehicle manufacturer, demonstrating the commercial viability of its 3D depth perception solutions[4] - Eye-Net Mobile, a subsidiary of Foresight, successfully completed the technology validation phase of a collaboration project with SoftBank, paving the way for commercial validation efforts in Japan[5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR (Name, Tel ...

As a result of the successful completion of the POC, the parties will initiate sales efforts with SoftBank's key business partners for commercial validation Ness Ziona, Israel, March 22, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision solution, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd. ("Eye-Net"), announced today that SoftBank Corp. (TYO:9434) ("SoftBank") will collaborate with its business partners to initia ...

Eye-Net targets integration into the vehicle manufacturer's existing ADAS systems Ness Ziona, Israel, March 19, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that its wholly-owned subsidiary, Eye-Net Mobile Ltd. ("Eye-Net"), has received an additional order for a paid development project from a leading global Japanese vehicle manufacturer, following the successful completion of the first two phases of a paid pr ...

Financial Performance - The operating loss for the year ended December 31, 2022, was approximately $17,455,000, an increase of $1,510,000 or 9.5% from the operating loss of $15,945,000 in 2021[360] - The net loss for the year ended December 31, 2022, was approximately $21,676,000, compared to a net loss of $15,036,000 in 2021, marking an increase of $6,640,000[363] Expenses - Research and development expenses for the year ended December 31, 2022, amounted to $11,534,000, an increase of $1,364,000 or 13.4% compared to $10,170,000 in 2021[349] - Sales and marketing expenses for the year ended December 31, 2022, were approximately $2,230,000, representing an increase of $382,000 or 20.7% compared to $1,848,000 in 2021[358] - General and administrative expenses for the year ended December 31, 2022, were approximately $3,989,000, slightly up from $3,980,000 in 2021[359] Cash Flow - Cash and cash equivalents, including restricted cash and short-term bank deposits, were approximately $26.5 million as of December 31, 2022[366] - Net cash used in operating activities for the year ended December 31, 2022, was approximately $17,057,000, compared to $12,125,000 in 2021[368] - Net cash provided by investing activities for the year ended December 31, 2022, was approximately $8,983,000, primarily from changes in short-term deposits[370] - The company expects existing cash and equivalents to fund operations through the second quarter of 2024[376] Losses and Revenue - The company has incurred losses and generated negative cash flows from operations since January 2011, with no significant revenue from product sales expected in the near term[375] Share Options - The company granted options to purchase 13,075,000 Ordinary Shares during 2022, subject to specific terms and conditions[387] - The fair value of share options is estimated using a Black-Scholes Merton options pricing model, which relies on several key assumptions[387] - The expected volatility for share options is calculated based on historical Ordinary Shares price movements[387] Currency and Market Risks - Changes of 5% and 10% in the U.S. dollar/NIS exchange rate would increase/decrease operating expenses for 2022 by 0.65% and 1.3%, respectively[607] - The majority of the company's liquid assets are held in NIS, with a portion of expenses denominated in U.S. dollars[607] - The company does not currently hedge its foreign currency exchange risk but may consider formal currency hedging transactions in the future[608] - The company is exposed to market risks primarily due to changes in foreign currency exchange rates and interest rates[606] - The percentage of NIS denominated expenses is expected to materially decrease in the near future, reducing exposure to exchange rate fluctuations[607] Investment Policy - The company's investment policy involves holding cash in bank deposits with banks rated at least A-minus, with most cash and cash equivalents bearing interest[606] Dividends - The company has historically not paid dividends and has no foreseeable plans to issue dividends[387]