Foresight(FRSX) - 2023 Q4 - Annual Report

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]