Foresight Autonomous Holdings Ltd. - American Depositary Shares (FRSX)

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision solutions, announced Friday that it had signed a multi-phase collaboration agreement with BuilderX Inc. BuilderX is a Chinese developer of artificial intelligence (“AI”) tele-operations equipment for heavy machinery, designed primarily for operation in hazardous industrial and mining environments.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, has inked a multiphase strategic cooperation agreement with China Design Group Co. Ltd. (“CDG”). According to the agreement, CDG, a $1-billion annual revenue Chinese tech company, will leverage its expertise to lead the marketing and sales efforts of the intelligent traffic systems in mainland China and Foresight will oversee these efforts in international territories, including Japan, South Korea, Europe and the United States. Foresight anticipates that this agreement will leverage its 3D-perception technology as well as its Internet of Things (“IoT”), cloud computing and edge computing platforms.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, has received notice from the NASDAQ Stock Market LLC that its closing bid price for its American Depositary Shares (“ADSs”) was below $1 per share for the last 30 consecutive business days, meaning the company is not in compliance with a NASDAQ listing rule. As a result, Foresight has a 180-calendar day compliance period (until March 3, 2025) to regain compliance. Regaining compliance would mean FRSX’s closing ADSs bid price must meet or exceed $1 per share for at least 10 consecutive business days during the 180-calendar day compliance period; a second 180-day calendar compliance period may be granted if that price per share standard is not met under certain circumstances.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting its financial results and company update for the second quarter of 2024. Highlights of the report include a collaboration agreement with Korean Tier-One KONEC, a contract to supply advanced systems for SUNWAY-AI autonomous logistics vehicles, and a follow-up order from a leading Japanese manufacturer, to name a few.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, has signed an agreement for a paid proof of concept (“POC”) project with Xi’an Jiaotong-Liverpool University (“XJTLU”), China’s largest Sino-foreign cooperative university. According to the announcement, the two entities will be collaborating on a project to install and integrate Foresight’s QuadSight(R) technology into Higer Bus Company Limited autonomous buses; QuadSight is a multisensor 3D-perception fusion technology. Higer Bus Company, commonly known as Suzhou Jinlong, operates in more than 130 countries and regions worldwide. “Our collaboration with XJTLU and Higer represents a unique opportunity to accelerate the development of autonomous bus technology for both European and Asian markets, addressing critical safety and performance challenges in public transportation,” said Foresight Asia CEO Oren Bar-On in the press release. “By combining Foresight’s advanced perception technology with their respective strengths in academia and automotive manufacturing, we aim to develop safe and reliable autonomous bus solutions that can adapt to the unique challenges of both European and Asian urban environments.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, and its wholly owned subsidiary Eye-Net Mobile Ltd., have entered into a multiphase agreement for a paid proof of concept (“POC”) project with SoftBank Corp. and a Japanese vehicle manufacturer. According to the agreement, the companies are working together to assess Eye-Net’s technology as a potential advanced driver assistance systems (“ADAS”) option for the manufacturer’s vehicles with SoftBank providing the required cellular network infrastructure and support for the project. The multiphase project will begin later this year, with the initial phase involving an evaluation of Eye-Net(TM) Sense demonstration kit in a standalone mode; subsequent phases may follow, depending on successful results. “This agreement marks a significant advancement for Eye-Net and an additional initiative in Japan’s automotive sector aimed at significantly improving road safety,” said Eye-Net Mobile CEO Dror Elbaz in the press release. “By combining SoftBank’s extensive network of partners and large user base with the vehicle manufacturer’s widespread driver and vehicle presence, Eye-Net holds the potential to protect millions of road users across the country from non-line-of-sight collisions.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, has entered an agreement with a leading Japanese vehicle manufacturer for a follow-up paid software proof of concept (“POC”) project. According to the announcement, the car maker plans to do a comprehensive evaluation of the ability of ScaleCam(TM) to detect objects accurately; the agreement also noted the company will determine the feasibility of rapid software integration. ScaleCam is Foresight’s 3D perception modular stereoscopic vision solution, which uses two separate cameras. “Successful completion of the project may pave the way for a deeper collaboration with the vehicle manufacturer, potentially leading to the integration of Foresight’s technology into the vehicle manufacturer’s current and future mass-produced passenger vehicles,” the press release stated.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, has signed an agreement for a proof of concept (“POC”) project with BuilderX Robotics. According to the announcement, the project is designed to address key challenges that exist in diverse industrial settings, such as the presence of hazardous gases, severe dust conditions that create health risks to human operators, and poor visibility conditions. The project outlines plans for BuilderX to use Foresight’s high-resolution point cloud technology and automatic calibration features to enhance the accuracy of its perception systems. Based in China, BuilderX develops of remote-controlled devices for heavy machinery operation in hazardous industrial environments. “This integration could potentially improve the safety of remote operations and increase efficiency by enabling continuous operation in hazardous environments,” said the company in the press release. “A successful project completion could possibly lead to the integration of Foresight’s technology into BuilderX’s existing heavy machinery fleet.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, today announced the signing of an amendment to an existing agreement with SUNWAY-AI Technology (Changzhou) Co. Ltd. (“SUNWAY”), a Chinese manufacturer of autonomous and unmanned intelligent vehicle solutions. According to the amendment, Foresight’s ScaleCam(TM), a cutting-edge stereoscopic vision system, will be incorporated into SUNWAY’s innovative line of autonomous logistics and robotic vehicles. The amendment to the joint development and supply agreement signed with SUNWAY, as announced by the company on Nov. 16, 2022, states that Foresight will initially equip SUNWAY’S unmanned warehouse and materials handling vehicles, autonomous coffee machine carts and wireless charging robotic vehicles with its advanced 3D perception systems to enable autonomous capabilities for both indoor and outdoor operations. The integration will enable SUNAWAY’s unmanned logistics and robotic vehicles to navigate complex environments seamlessly, enhancing the efficiency and safety of logistical operations across a wide range of industries and applications. If SUNWAY approves Foresight’s ScaleCam solution, customized to specific requirements, Foresight expects to supply the first batch of ScaleCam systems by the end of 2024.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, today announced its entry into a co-development collaboration agreement with leading Korean tier one automotive supplier KONEC Co. Ltd., sponsored by the Foundation of Korea Automotive Parts Industry Promotion (“KAP”), founded by Hyundai Motor Group. The collaboration leverages KONEC’S expertise in developing advanced automotive systems with KAP’s mission to foster innovation within the automobile parts industry and intends to integrate Foresight’s ScaleCam(TM) 3D perception technology into a conceptual autonomous driving vehicle. “We believe that the collaboration with KONEC represents a significant step forward in the development of next-generation autonomous driving solutions,” said Haim Siboni, CEO at Foresight. “By combining our resources, image processing expertise and innovative technologies, we aim to accelerate the development and deployment of autonomous vehicles, ultimately contributing to safer transportation solutions in the Republic of Korea.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting its financial results for first quarter 2024. Highlights of the report include initial revenues from collaborations with Elbit Systems Ltd. and SoftBank Corp.; a significant reduction in net loss as a result of a focus on defense, industrial vehicles and Eye-Net Mobile, the company’s wholly owned subsidiary, initiatives; and cash, cash equivalents and restricted cash totaling $14.8 million at the end of the quarter. In addition, Foresight continues to work on increasing its market awareness with multiple engagements, mainly in Europe, Japan, and China, while Eye-Net is focused on collaborations with new global leading partners. “Foresight continues to impress key customers in proof-of-concept (‘POC’) projects, leading to promising commercial opportunities, mainly in Europe, Japan and China,” said Foresight Autonomous Holdings CEO Haim Siboni in the press release. “During the first quarter of 2024, Foresight successfully completed two POC projects with a leading Japanese vehicle manufacturer. This collaboration could eventually lead to the integration of Foresight’s solutions into the manufacturer’s passenger vehicles. More recently, we announced that Elbit will deploy Foresight’s cutting-edge software solution with a leading defense customer, demonstrating the significant commercial opportunities for Foresight’s innovative 3D perception software-based solutions. The first quarter also saw significant business milestones for Eye-Net, Foresight’s wholly owned subsidiary. Eye-Net continues to build on its relationship with SoftBank in Japan, moving from technology validation to initiate commercial efforts of Eye-Net’s technology in Japan. These achievements should pave the way for new commercial opportunities in the months to come.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision solutions, is welcoming the finalization of a new federal motor vehicle safety standard. Finalized by the U.S. Department of Transportation’s National Highway Traffic Safety Administration (“NHTSA”), the regulation requires automatic emergency braking (“AEB”) systems in all new passenger cars and light trucks manufactured by September 2029. According to the company, the regulation highlights the critical role thermal imaging plays in enhancing vehicle safety through superior object and pedestrian detection in challenging lighting conditions. Foresight Autonomous Holdings believes that its thermal imaging technology offers superior pedestrian detection, perfectly complementing existing AEB systems and addressing the requirements of the new U.S. regulation. “The company believes that being a pioneering innovator of automotive vision solutions using groundbreaking stereoscopic thermal imaging technology, gives it a significant advantage in offering safer AEB solutions,” the announcement reads. In addition, Foresight Autonomous Holdings believes it can help its customers comply with NHTSA standards and can offer vehicle manufacturers a readily available sophisticated and affordable thermal imaging solution engineered to save lives on roads.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision solutions, today announced a major breakthrough with the development of Dragonfly Vision(TM), its cutting-edge 360-degree 3D perception solution, based on the NVIDIA Jetson AGX Orin platform, designed for power-optimized autonomous machines. By leveraging the significant artificial intelligence (“AI”) computing power of the NVIDIA Jetson AGX Orin platform, Foresight can create an all-around obstacle detection solution, including the detection of non-classified objects. According to the update, the NVIDIA Jetson AGX Orin module supports up to six stereo channels to achieve complete coverage around any type of vehicle. Through advanced algorithms and AI, Dragonfly Vision enables unprecedented road surface coverage and accuracy, offering groundbreaking, cost-effective solutions compared to traditional LiDAR systems. The innovative solution has the potential to revolutionize safety and efficiency across a wide range of industries, from automotive to heavy machinery and agricultural equipment.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision solutions, today announced its receipt of a notice of allowance from the Japan Patent Office for its patent application, number 2020-557022, for the company’s “multi-spectral vehicular system for providing pre-collision alerts.” The patented technology combines data from pairs of stereoscopic infrared sensors and stereoscopic visible-light sensors through an advanced fusion module that enables precise obstacle detection and distance estimation. “We believe that the patent approval in Japan is a significant advancement for Foresight, paving the way for safer and more efficient autonomous vehicles in a country known for its automotive innovation,” the company stated in the press release. “Moreover, the approval of the patent emphasizes the enhanced value of technology for reliable obstacle detection under adverse weather conditions. This gives it a competitive edge over other sensors that struggle to perform in challenging environmental conditions.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, is partnering with Elbit Systems Ltd. to commercially deploy FRSX’s cutting-edge software solution to a key customer in the defense industry; plans call for the technology to be installed in fully autonomous defense vehicles. According to the announcement, this agreement is the first time Foresight’s 3D image processing software will be commercially licensed to one of Elbit’s end customers. The Israeli Ministry of Defense has recognized Foresight’s proprietary software as a breakthrough technology. The company noted that its solution will be available to Elbit’s end customers as part of advanced driver assistance systems (“ADAS”) and autonomous platforms of unmanned combat and security ground vehicles for the defense, paramilitary and homeland security sectors. “We are proud to deploy our groundbreaking software to an important defense industry player,” said Foresight CEO Haim Siboni in the press release. “We believe that this first commercial delivery of our software license validates the importance of our technology and its valuable applications for the defense sector. It is a testament to our continuous drive to develop advanced solutions that have operational value and strategic advantages on the battlefield. This successful deployment may open the door to further adoption and additional orders from similar customers.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, is exploring the application of its proprietary stereo-vision technology and traditional Light Detection and Ranging (“LiDAR”) systems, especially in defense applications. The company published a blog post titled “Revolutionizing Vision: The Evolution from LiDAR to Foresight’s Advanced Technology in Defense Applications.” The blog notes that Foresight’s technology has been recognized as a significant breakthrough by Israel’s Ministry of Defense. The blog also provides key information regarding the performance of LiDAR and Foresight’s stereo vision technology across various operational scenarios, including its “superior ability to adapt to diverse and adverse environmental conditions without compromising on reliability or accuracy,” the company said in the press release. “This adaptability, combined with the potential for significant cost savings, positions Foresight’s solution as a highly attractive option for modern defense platforms seeking to enhance their operational capabilities while maintaining budgetary discipline. . . . Foresight’s technology is designed to perform flawlessly in the most challenging conditions, including off-road driving and zero-visibility scenarios, without emitting detectable energy signatures, thus ensuring covert operations remain undetected.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting on its fourth-quarter and full-year 2023 financial results, for the period ending Dec. 31, 2023. According to the report, the company ended 2023 with revenues of $497,000 and with $15.7 million in cash, cash equivalent and restricted cash. In addition, the report noted that Foresight had a U.S. generally accepted accounting principles (“GAAP”) operating loss of $16.3 million, which is down 7% from the full-year 2022 GAAP operating loss, which was $17.5 million. The company also reported that its Q4 2023 GAAP net loss was $3.6 million compared to a GAAP net loss of $3.8 million for Q4 2022, with a Q4 2023 non-GAAP net loss of $3.3 million, which is slightly down from the Q4 2022 non-GAAP loss of $3.4 million. “In 2023, the world was captivated by the potential of artificial intelligence (‘AI’) to revolutionize the ways in which we live, work and travel,” said Foresight Autonomous Holdings CEO Haim Siboni in the press release. “This excitement extended to the mobility and transportation industries, as Foresight and its subsidiaries and affiliates gained momentum and drew global interest in their AI-based technologies and other innovative solutions. Foresight recently completed two paid proof of concept projects with a leading Japanese vehicle manufacturer, demonstrating the widespread commercial viability of our solutions for 3D depth perception. These successful projects follow similar collaborations with leading manufacturers in China, Israel and South Korea. Foresight continues to execute on its strategy of collaborating with some of the world’s largest tier one automotive suppliers, indicating expansive and diverse potential for long-term growth. Foresight recently announced several milestones together with its wholly owned subsidiary, Eye-Net Mobile Ltd. Eye-Net has successfully completed the technology validation phase of a multiphase collaboration project with SoftBank Corp. Moving forward, SoftBank will collaborate with its business partners to initiate sales efforts for Eye-Net’s products in Japan. Together, we believe that Foresight and Eye-Net are poised to achieve commercial breakthroughs in 2024.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, will be spotlighted in next month’s LD Micro Invitational XIV. The event is scheduled for April 9, 2024, in New York City. According to the announcement, Foresight management, including Eli Yoresh and Oren Bar-On, will present at the one-day event. Their presentation is slated to begin at 11 a.m. ET. In addition, the leaders will be available on-site for one-on-one meetings. LD Micro conferences are an ideal platform for presenting the emerging stars in the small- and micro-cap worlds to a global audience of highly engaged investors.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, and its wholly owned subsidiary Eye-Net Mobile Ltd., have successfully completed a technology validation phase with SoftBank Corp. As a result, the entities will partner to initiate sales efforts with SoftBank’s key business partners and move forward with the commercial validation of Eye-Net’s solutions for improved collision prevention in the Japanese market. Eye-Net and SoftBank have been working together on a paid technological proof of concept (“POC”) project since last year. The technological POC was deemed successful after the Eye-Net Protect product met all of Softbank’s predefined key performance indicators. According to the announcement, testing confirmed the system performance and full compatibility with both long-term evolution (“LTE”) and 5G cellular networks. “We are thrilled that SoftBank has confirmed the successful completion of the technology validation phase and the compatibility of Eye-Net’s technology for both LTE and 5G cellular networks,” said Eye-Net Mobile CEO Dror Elbaz in the press release. “This milestone marks the beginning of collaborative efforts with SoftBank for commercial validation of Eye-Net’s products in Japan. Eye-Net is grateful to collaborate with SoftBank on the visionary path towards introducing a new social road safety approach. Our collaboration aims to offer an accident prediction and prevention solution that could protect millions of users from non-line-of-sight collisions and contribute to a safer Japanese mobile society.”

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, and its wholly owned subsidiary Eye-Net Mobile Ltd., has received an order from a leading global Japanese vehicle manufacturer. The order comes after two phases of a paid proof-of-concept (“POC”) were successfully completed. The POC was designed to evaluate the added value and capabilities of Eye-Zone(TM) as a software vehicle-to-everything (“V2X”) communication layer. Foresight called the successful completion a “significant milestone,” observing that it demonstrated the feasibility and possible benefits of using Eye-Net technology in the automotive industry. Eye-Zone is Eye-Net’s Linux-based solution, which offers Eye-Net’s unique V2X technology to the automotive industry. The technology sends alerts and indications to the driver, and provides real-time location and movement characteristic streaming indicating road users in the vicinity of the vehicle. Eye-Zone is designed for easy integration into various automotive systems, including advanced driver assistance systems (“ADAS”), navigation systems and infotainment systems.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision solutions, today announced the successful completion of two proof of concept (“POC”) projects with a leading Japanese vehicle manufacturer. Foresight reported the initiation of these projects on Aug. 14, 2023. According to the update, the vehicle manufacturer, currently employing stereo cameras in its advanced driver assistance systems (“ADAS”), evaluated the accuracy of Foresight’s unique automatic calibration capabilities to enhance 3D depth perception. Following satisfactory results, the parties are exploring co-development initiatives to further evaluate the solution’s capabilities.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, is reporting on a recent announcement from affiliate Rail Vision Ltd. NASDAQ: RVSNNASDAQRVSN)

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, will be participating in the upcoming Alliance Global Partners (“A.G.P.”) Virtual Technology Conference; the event is slated for Feb. 7, 2024. According to the announcement, members of the FRSX management team, including Oren Bar-On, CEO of Foresight Automotive Asia and Global Operations, and Eli Yoresh, CFO, will be available for one-on-one virtual meetings throughout the conference. A member of FINRA since 1980, Alliance Global Partners is a regional investment and advisory firm that specializes in wealth management and the middle-market institutional arena.

Foresight Autonomous Holdings (NASDAQFRSX) (TASE: FRSX), an innovator in automotive vision systems, today announced that its affiliate for which it owns 10.2% of outstanding share capital, Rail Vision Ltd. NASDAQ: RVSNNASDAQRVSN)