Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, recently reported its financial results for the fourth quarter and full year ended December 31, 2023. The company ended 2023 with revenues of $497,000 and $15.7 million in cash, cash equivalents, and restricted cash.
Foresight reported a GAAP operating loss of $16.3 million for the full year 2023, approximately a 7% decrease from the previous year. The company’s CEO, Haim Siboni, expressed excitement about the potential of artificial intelligence (AI) in revolutionizing various industries, including mobility and transportation. He highlighted Foresight’s successful completion of paid proof of concept (POC) projects with leading Japanese vehicle manufacturers, demonstrating the commercial viability of their 3D depth perception solutions.
One notable achievement was Eye-Net Mobile’s successful completion of the technology validation phase with SoftBank Corp. Moving forward, SoftBank will collaborate with its business partners to initiate sales efforts for Eye-Net’s products in Japan, paving the way for improved collision prevention. Additionally, Foresight’s website mentions the company’s selection by the European Software République consortium to take part in the road safety revolution.
For the fourth quarter of 2023, Foresight reported revenues of $138,000, a 39.4% increase compared to the same period in 2022. The company also reported a GAAP net loss of $3.6 million and a non-GAAP net loss of $3.3 million for the quarter.
Looking ahead, Siboni expressed confidence that Foresight and Eye-Net are poised to achieve commercial breakthroughs in 2024, driven by their collaborations and innovative solutions.
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