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Foresight Announces Plan for Reverse Share Split
Globenewswire· 2025-08-15 20:45
Core Viewpoint - Foresight Autonomous Holdings Ltd. plans to conduct a reverse share split at a ratio of 1-for-7, effective on August 24, 2025, on the Tel-Aviv Stock Exchange and August 25, 2025, on the Nasdaq Capital Market [1][2]. Company Overview - Foresight Autonomous Holdings Ltd. is a technology company focused on developing advanced 3D perception systems and cellular-based applications [5]. - The company operates through subsidiaries including Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd., and Eye-Net Mobile Ltd., which develop both "in-line-of-sight" vision systems and "beyond-line-of-sight" accident-prevention solutions [5]. Reverse Share Split Details - The reverse share split will not change the existing ratio of ordinary shares represented by the Company's American Depositary Shares (ADSs) [2]. - Following the reverse share split, the ADS price is expected to increase proportionally, although there is no assurance that the post-split price will match the expected proportionate increase [2]. - The reverse share split aims to help the company maintain compliance with Nasdaq listing requirements, though success in this goal is not guaranteed [2]. Shareholder Impact - The reverse share split will not affect any shareholder's percentage ownership or voting power [4]. - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [4]. Product and Market Applications - Foresight's 3D perception systems include automatic calibration modules and dense 3D point clouds applicable in various markets such as automotive, defense, autonomous driving, agriculture, heavy industrial equipment, and unmanned aerial vehicles (UAVs) [6]. - Eye-Net Mobile focuses on developing next-generation vehicle-to-everything (V2X) collision prevention solutions, enhancing road safety and situational awareness through AI technology and existing cellular networks [7].
Foresight Reports Second Quarter 2025 and First Half 2025 Financial Results
Globenewswire· 2025-08-15 20:05
Core Insights - Foresight Autonomous Holdings Ltd. reported financial results for Q2 and the first half of 2025, highlighting progress in commercial agreements and technological advancements in 3D perception systems [1][4][6]. Second Quarter Corporate Highlights - Revenues for Q2 2025 were $128,000, a slight increase from $123,000 in Q2 2024, primarily driven by agreements with Elbit Systems and successful testing with Software République [6]. - The company signed a $12 million commercialization agreement with Zhejiang StreamRail for urban rail transit integration, with expected deployment in 2026 [7]. - A collaboration with a Tier-One automotive supplier aims to enhance bus safety using Foresight's technology, with proof-of-concept testing ongoing in H2 2025 [7]. First Half 2025 Corporate Highlights - Total revenues for the first half of 2025 reached $240,000, compared to $224,000 in the same period of 2024 [9]. - Research and development expenses decreased by 2.2% to $4,426,000, while sales and marketing expenses increased by 9.2% to $629,000 [9]. - General and administrative expenses rose by 11.6% to $1,296,000, mainly due to increased share-based compensation [9]. Financial Performance - GAAP net loss for Q2 2025 was $2,815,000, improving from a loss of $3,172,000 in Q2 2024 [9]. - Non-GAAP net loss for Q2 2025 was $2,598,000, compared to $3,030,000 in Q2 2024 [10]. - For the first half of 2025, GAAP net loss was $6,095,000, compared to $4,708,000 in the first half of 2024 [10]. Balance Sheet Highlights - As of June 30, 2025, cash and cash equivalents totaled $6,392,000, down from $7,182,000 at the end of 2024 [18]. - Total equity decreased by 16.4% to $5,625,000, primarily due to the net loss for the period [18]. Technological Developments - Foresight enhanced its perception systems by integrating NVIDIA Jetson Orin platforms, significantly improving AI processing capabilities for automotive and drone applications [7]. - Eye-Net Mobile made significant strides in V2X safety, completing a paid proof-of-concept with a major European OEM and achieving successful trial results in France [5].
Foresight: Eye-Net, in Collaboration with Orange’s Mobile Application, Achieves 99% Detection Rate in French Urban Mobility Trials
Globenewswire· 2025-07-09 12:09
Core Insights - Eye-Net Mobile Ltd., a subsidiary of Foresight Autonomous Holdings Ltd., has completed the first phase of a significant mobility trial in Bordeaux, France, focusing on enhancing urban road safety through its V2X collision prevention technology [1][2][3] - The second phase of the trial is scheduled for the fourth quarter of 2025, involving up to 10,000 participants and testing the alert system in live urban environments [4][5] Company Overview - Foresight Autonomous Holdings Ltd. specializes in advanced 3D perception systems and has developed a V2X platform that integrates with mobile applications to provide real-time collision alerts [1][7] - Eye-Net's technology achieved a detection rate of over 99% for interactions between road users, demonstrating its effectiveness in urban settings [5][6] Collaboration and Ecosystem - The Bordeaux trial is conducted in collaboration with several partners, including Renault Group and Orange S.A., as part of the Software République initiative aimed at intelligent and sustainable mobility solutions [2][9] - The Software République is an open innovation ecosystem that combines expertise from various sectors to address challenges in connected vehicles and smart cities [10][11] Future Developments - The trial's success is seen as a testament to the scalability and reliability of Eye-Net's platform, with plans for further advancements to meet the complex demands of modern urban environments [6][12]
Foresight: Eye-Net and Leading European Vehicle Manufacturer Successfully Advance Vehicle Safety with First-Phase Testing
Globenewswire· 2025-07-07 12:07
Core Insights - The POC project aims to integrate Eye-Net's V2X technology into the safety systems of a leading European vehicle manufacturer, enhancing situational awareness for vehicles and vulnerable road users [1][2] - The first phase of the POC successfully validated the performance and compatibility of Eye-Net's technology, demonstrating seamless communication between the vehicle and nearby road users [2][3] - Future phases will focus on customizing Eye-Net's technology for specific needs of the vehicle manufacturer and integrating it into the vehicle's display system [3] Company Overview - Foresight Autonomous Holdings Ltd. is a technology company specializing in advanced 3D perception systems and cellular-based applications, with a focus on automotive safety and situational awareness [6][7] - Eye-Net Mobile Ltd., a wholly-owned subsidiary of Foresight, develops next-generation V2X collision prevention solutions leveraging AI technology and existing cellular networks [4][6] - Foresight's 3D perception systems are applicable across various markets, including automotive, defense, and autonomous driving [7]
Foresight Announces Fourth Quarter and Full Year 2024 Financial Results
Globenewswire· 2025-03-24 20:10
Core Viewpoint - Foresight Autonomous Holdings Ltd. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting a significant reduction in net losses and strategic advancements in 3D perception technology across various industries [1][3][5]. Financial Performance - For the year ended December 31, 2024, Foresight generated revenues of $436,000, a decrease of 12.3% from $497,000 in 2023 [2][10]. - The company reported a GAAP net loss of $11.1 million for 2024, a 39.5% decrease from a net loss of $18.4 million in 2023 [3][10]. - In the fourth quarter of 2024, revenues decreased by 26.8% to $101,000 compared to $138,000 in the same quarter of 2023 [7][10]. - The GAAP net loss for the fourth quarter of 2024 was $3.1 million, down from $3.6 million in the fourth quarter of 2023 [4][14]. Strategic Developments - Foresight launched six advanced stereoscopic sensor kits aimed at enhancing 3D perception in various sectors, including industrial automation and autonomous mobility [8]. - The company secured a commercial cooperation agreement with KONEC Co. Ltd. in South Korea, projecting sales of $1.5 million by 2027 and potential revenues of $7 million by 2029 [6]. - Foresight entered a multi-phase collaboration with Tata Elxsi Limited to develop advanced driver assistance systems (ADAS) and autonomous vehicle solutions, initially targeting the Indian market [6]. Market Position and Future Outlook - The company anticipates substantial revenue opportunities from its collaboration with KONEC and other strategic partnerships, reinforcing its leadership in 3D perception technology [5][6]. - Foresight's alignment with expected U.S. regulatory support for autonomous vehicles is seen as a significant factor in its long-term growth potential [5][8]. - Eye-Net Mobile, a subsidiary of Foresight, is advancing its vehicle-to-everything (V2X) collision prevention solution in Europe, enhancing urban mobility and road safety [5][8].