Foresight Leverages on Success to Focus on Defense, Industrial Vehicles and Eye-Net Mobile Initiatives in the Short Term
November 01 2023 - 8:20AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, provides an update on its current position on its
operations and presents an updated business roadmap.
Following the terrorist attacks in Israel on
October 7th and the subsequent conflict, Foresight has experienced
no immediate material impact on its operations. The Company is
committed to maintaining its business continuity while ensuring the
safety and well-being of its employees.
As we get closer to the end of 2023, management
would like to share its strategic outlook. Leveraging our success
in the defense and industrial vehicles sectors, as well as through
Eye-Net Mobile Ltd. (“Eye-Net”) (our wholly owned subsidiary), we
made a strategic decision to refocus on strengthening client-facing
initiatives in these fields and reallocate resources
accordingly.
Defense and Industrial
Vehicles Sectors
- Short-Term Outlook:
Our solutions offer a significant competitive
advantage in the defense and industrial vehicles sectors, known for
shorter sale cycles and fast results. Foresight has achieved
several important milestones that should support its short-term
revenue generation plans:
- In July 2023, signed an exclusive
agreement with Elbit Systems Ltd. (“Elbit”) for the
commercialization of its image processing software solution,
securing potential revenues of up to $4 million over five years,
starting in the second half of 2023.
- In February 2023, Foresight’s
QuadSight® stereovision solution was recognized as a significant
technological breakthrough by Israel’s Ministry of Defense.
- In November 2022, signed a
commercial agreement with SUNWAY-AI Technology (Changzhou) Co.,
Ltd. (“SUNWAY-AI”) for up to $51 million for the development of
obstacle detection systems for driverless vehicles and airport
ground support vehicles in geo-fenced areas. This solution is
currently in its final development and customer evaluation phase,
with initial sales anticipated to begin in mid 2024.
- In August 2023, announced the
signing of a proof-of-concept (POC) project with one of the world’s
largest industrial equipment manufacturers to add autonomous
capabilities to the manufacturer's mining and construction trucks.
As the project nears completion, the Company believes that it will
continue on to the next stage of the agreement within the first
half of 2024.
- In June 2023, signed a
collaboration agreement with KONEC, a Republic of Korea Tier One
supplier in agriculture. A joint development project, aiming to
introduce autonomous capabilities to tractors, is in the planning
stages. Upon signing a final agreement, the project is expected to
begin in 2024.
Automotive
Industry Sector
-
Long-Term
Outlook:
In the long term, the automotive industry is the
largest target market for the Company. Foresight has been engaged
in POC projects with Hitachi Astemo Ltd. (“Hitachi Astemo”) and ZF
Friedrichschafen AG (”ZF”). Currently, negotiations are in progress
for the next phases of these projects, which may materialize in
both the medium and long term. Current projects costs are covered
by the partners engaged in the process.
In addition, over the past year, Foresight has
formed meaningful connections and partnerships with leading vehicle
manufacturers and Tier One suppliers:
- In September 2023, announced that
the Company partnered with one of the world’s largest Chinese
electric vehicles manufacturers to enhance the original equipment
manufacturer’s (OEM’s) automotive vision solutions. The project is
set to start in China in the upcoming weeks.
- In August 2023, signed a POC
agreement with a leading global Japanese vehicle manufacturer to
improve safety measures.
Eye-Net Mobile –
Foresight’s wholly owned
subsidiary:
Eye-Net offers cellular-based next-gen smart
collision prevention and road safety solutions. Eye-Net’s software
development kit targets third-party location-based applications as
well as micro-mobility and the automotive markets.
In a relatively short timeframe, Eye-Net has
formed successful partnerships with global industry leaders and
thanks to its innovative and seamless solutions, implementation and
commercialization are achievable. Eye-Net has recorded several
important milestones that demonstrated its progress and
potential:
- In August 2023, Eye-Net announced a
collaboration with SoftBank Corp. (“SoftBank”) to introduce
cross-collision prevention V2X solution, utilizing SoftBank’s
multi-access edge computing infrastructure.
- In February 2023, Eye-Net announced
that it received an order for its Eye-Zone automotive system from a
leading global Japanese vehicle manufacturer.
- Engaged in multiple POC projects
with leading OEMs and Tier One suppliers in Japan.
- The implementation of Eye-Net’s
solution into the Pango Pay & Go Ltd. (Pango)’s application has
been postponed to mid 2024, at Pango’s request. This delay enables
Eye-Net to prioritize several ongoing large-scale projects with a
more immediate commercial potential.
Corporate
Update:
In conjunction with the business focus,
Foresight’s management also decided to reallocate resources and
reduce expenses while extending the Company’s cash runway.
Nonetheless, Foresight’s core activities and research and
development efforts remain unimpacted. We believe that the strategy
mentioned above will ensure that management is laser-focused on
short-term cash generating projects.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and
TASE: FRSX) is a technology company developing smart multi-spectral
vision software solutions and cellular-based applications. Through
the Company’s wholly owned subsidiaries, Foresight Automotive Ltd.,
Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd.,
Foresight develops both “in-line-of-sight” vision systems and
“beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of
automatic calibration and dense three-dimensional (3D) point cloud
that can be applied to different markets such as automotive,
defense, autonomous vehicles and heavy industrial equipment.
Eye-Net Mobile’s cellular-based solution suite provides real-time
pre-collision alerts to enhance road safety and situational
awareness for all road users in the urban mobility environment by
incorporating cutting-edge AI technology and advanced
analytics.
For more information about Foresight and its
wholly owned subsidiary, Foresight Automotive, visit
www.foresightauto.com, follow @ForesightAuto1 on Twitter, or join
Foresight Automotive on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, Foresight is using
forward-looking statements in this press release when it discusses
its focus on short-term cash generating projects and its plans to
refocus and strengthen client-facing initiatives through
re-allocating resources, the potential revenues, and the timing of,
certain of its agreements, its belief that its strategy will ensure
that management is focused on short-term cash generating projects.
Because such statements deal with future events and are based on
Foresight’s current expectations, they are subject to various risks
and uncertainties, and actual results, performance or achievements
of Foresight could differ materially from those described in or
implied by the statements in this press release.
The forward-looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed under the heading "Risk
Factors" in Foresight's annual report on Form 20-F filed with the
Securities and Exchange Commission ("SEC") on March 30, 2023, and
in any subsequent filings with the SEC. Except as otherwise
required by law, Foresight undertakes no obligation to publicly
release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. References and links to
websites have been provided as a convenience, and the information
contained on such websites is not incorporated by reference into
this press release. Foresight is not responsible for the contents
of third-party websites.
Investor Relations Contact:
Miri Segal-Scharia CEOMS-IR LLC
msegal@ms-ir.com917-607-8654
Foresight Autonomous (NASDAQ:FRSX)
Historical Stock Chart
From Apr 2024 to May 2024
Foresight Autonomous (NASDAQ:FRSX)
Historical Stock Chart
From May 2023 to May 2024