Foresight
Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX), an innovator in
automotive vision systems, on Monday reported its financial results for the
third quarter ended September 30, 2019. According to the update, Foresight
ended the third quarter of 2019 with $13.1 million in cash, cash equivalents
and short-term deposits, GAAP net loss of $11.07 million and non-GAAP net loss
for the same period of $9.46 million. “The third quarter was highlighted by our
significant progress in penetrating the autonomous vehicle markets in Asia and
the United States,” Foresight CEO Haim Siboni said in the news release. “Our
compelling technological demonstrations in Japan and the United States both led
to prototype purchases from Tier One suppliers and we expect our demonstrations
in France and Germany to lead to additional cooperation and prototype
purchases. Additionally, we expect that our recently announced partnership with
Guide Infrared will significantly expand our footprint in greater China. Going
forward, we will continue to pursue our successful strategy of increasing our
customer base through technological demonstrations.”
To view the full press release, visit http://ibn.fm/PL6ns
About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd., founded in 2015, is a
technology company engaged in the design, development and commercialization of
sensors systems for the automotive industry. Through the company’s wholly owned
subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight
develops both “in-line-of-sight” vision systems and “beyond-line-of-sight”
cellular-based applications. Foresight’s vision sensor is a four-camera system
based on 3D video analysis, advanced algorithms for image processing, and
sensor fusion. Eye-Net Mobile’s cellular-based application is a V2X
(vehicle-to-everything) accident prevention solution based on real-time spatial
analysis of clients’ movement. The company’s systems are designed to improve
driving safety by enabling highly accurate and reliable threat detection while
ensuring the lowest rates of false alerts. Foresight is targeting the
semi-autonomous and autonomous vehicle markets and predicts that its systems
will revolutionize automotive safety by providing an automotive-grade,
cost-effective platform and advanced technology. For more information, visit
the company’s website at www.ForesightAuto.com
NOTE TO INVESTORS: The latest news and updates
relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
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