Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, on Thursday announced financial results for the fourth quarter and full year 2019. According to the update, Foresight ended the fourth quarter of 2019 with $10.1 million in cash and short-term deposits. The company reported GAAP net loss of $4.37 million and non-GAAP net loss of $4 million for the fourth quarter of 2019. “Foresight completed 2019 with a series of positive developments, as our QuadSight(R) vision system continued to gain commercial interest as well as award recognition,” Foresight’s CEO Haim Siboni said in the news release. “Through our continued use of technological demonstrations and prototype system sales, we have introduced new capabilities to the QuadSight(R) system in accordance with the needs and requests of our potential customers. We believe that a closer evaluation our unique technology by potential customers may lead to future collaborations in integration and production, as well as additional orders and proof of concept projects. Our successful performance is also demonstrated in the accomplishments of our subsidiary, Eye-Net Mobile Ltd., and our affiliate, Rail Vision Ltd., as we continue to develop technological advancements across multiple markets. Both Eye-Net Mobile and Rail Vision achieved significant technological progress in the fourth quarter of 2019, and we believe that both companies can expect commercial agreements in 2020.”
To view the full press release, visit http://nnw.fm/3Dxub
About Foresight
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), 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://nnw.fm/FRSX
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
[email protected]
NetworkNewsWire is part of the InvestorBrandNetwork.