FORESIGHT AUTONOMOUS NEWS PROFESSIONAL
The decrease is attributed primarily to a decrease in payroll and related expenses and public company expenses, offset by increase in professional services and share based payments to service providers. General and administrative (G&A) expenses for the first quarter of 2022 were $1,188,000, compared to $1,206,000 in the first quarter of 2021.R&D expenses in the first quarter of 2022 are offset by participation from the European Horizon 2020 program in the amount of $172,000. Research and development (R&D) expenses, net for the first quarter of 2022 were $2,692,000, compared to $2,659,000 in the first quarter of 2021.The revenues were generated primarily from the successful completion of the first milestone of a proof-of-concept (POC) project with a leading Japanese Tier One supplier for the automotive industry. Revenues for the three months ended Maamounted to $35,000.As Foresight demonstrates the ability to tailor its technology to the needs of specific applications and industries, we expect to see growing interest from customers with specialized requirements,” concluded Mr. This technology is expected to replace LiDAR in the defense integrator’s 3D perception products. Additionally, Foresight is now developing a custom 3D sensor solution for a leading Israeli defense integrator, for which the Israeli Defense Force (IDF) is the end customer. We believe that working seamlessly with local partners, manufacturers and suppliers in China will allow more collaborations and joint undertakings. “The establishment of Foresight Changzhou Automotive Ltd., (“Foresight Changzhou”), our fully owned subsidiary in Jiangsu Province, China, demonstrates our belief in the potential of the Chinese market. (“Eye-Net Mobile”), our wholly owned subsidiary, continue to expand into new regions and addressable industries, demonstrating the breadth of our potential markets,” said Haim Siboni, CEO of Foresight.
Following successful demonstrations to customers of our wide range of solutions, we are now engaging in new partnerships to deploy our technology on a larger scale.
“The milestones achieved during the first quarter of 2022 demonstrate that our long-term product roadmap and business strategy are beginning to enter a significant new phase. The Company reported a GAAP net loss of $2.02 million for the first quarter of 2022 and a non-GAAP net loss for the same period of $1.53 million. Foresight ended the first quarter of 2022 with $40.4 million in cash, cash equivalent, restricted cash and short-term deposits. The project consists of technological evaluation and testing of predefined simulated and real-life scenarios.Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX) (“Foresight or the “Company”), today reported financial results for the first quarter of 2022. The project comes after a successful evaluation of the QuadSight vision system prototype reported on March 19, 2021. (“Eye-Net” or “Eye-Net M.įoresight collaborates with Japanese Tier One supplier for automotive industryįoresight Autonomous (FRSX) trades 4% higher premarket after it signed a joint proof of concept project with the American division of a leading Japanese Tier One supplier for theįoresight Partners With Japanese Supplier On ADAS Vision Systemsįoresight Autonomous Holdings Ltd (NASDAQ: FRSX) has signed a joint proof of concept (POC) project with the American division of a Japanese tier-one supplier for the automotive industry. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd. In exchange for $250,000, Foresight will customize the integrator's solutions to meet the requirements of its end-customerįoresight: Eye-Net Selected by Paris2Connect Consortium to Participate in an Urban Mobility Experiment, Consortium Members Include Nokia, ATC France, Aximum, RATP Group and Signifyįoresight Autonomous Holdings Ltd. Foresight’s Technology to Replace Use of LiDAR by a Leading Israeli Defense Integrator for the Israeli Defense Forces Below are the latest news stories about Foresight Autonomous Holdings Ltd that investors may wish to consider to help them evaluate FRSX as an investment opportunity.
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