Foresight autonomous6/27/2023 (“Eye-Net Mobile”), announced in May that it intends to pursue a potential listing on the Nasdaq Stock Market. The filing of a final prospectus is subject to a permit from the Israeli Securities Authority and the approval of the Tel Aviv Stock Exchange.Įye-Net Mobile to Pursue Potential Nasdaq Listing: Foresight’s wholly owned subsidiary, Eye-Net Mobile Ltd. Rail Vision intends to simultaneously test the prevailing conditions on the Israeli capital markets towards a potential public offering. Rail Vision Files Draft Prospectus for Initial Public Offering: In May, Rail Vision, an affiliate of Foresight, filed a public draft prospectus for an initial public offering and registration for trade of its securities on the Tel Aviv Stock Exchange. Foresight’s advanced thermal stereoscopic capabilities are designed to offer added value to precision agriculture and automated navigation. The manufacturer will evaluate the QuadSight system for use in agricultural machinery, marking the Company’s first sale to the agricultural equipment market. Following successful completion of the project, the European passenger car manufacturer may consider integrating Foresight’s solutions into its vehicle safety applications.įoresight Receives Prototype Order of QuadSight Vision System from Leading Agricultural Equipment Manufacturer: In June, Foresight announced the sale of a prototype of its QuadSight four-camera vision system to a leading global manufacturer of agricultural and construction equipment. A reconciliation between GAAP net loss and non-GAAP net loss is provided in the financial statements that are part of this release.įoresight Chosen for Joint POC Project by a Leading European Auto Manufacturer: Foresight was chosen by the American subsidiary of a leading European passenger car manufacturer to provide a proof-of-concept (POC) to test Foresight’s stereoscopic technology. Non-GAAP net loss for the three months ended Jwas $2,661,000, or $0.01 per ordinary share, compared to a non-GAAP net loss of $3,136,000, or $0.02 per ordinary share, in the same quarter last year. The decrease in the net loss is attributed mainly to the increase in financing income, net, offset mainly by an increase in payroll and related expenses. GAAP net loss for the three months ended Jwas $3,163,000, or $0.01 per ordinary share, compared to a GAAP net loss of $3,331,000, or $0.02 per ordinary share, in the three months ended June 30, 2020. The increase is attributed primarily to an increase in share-based compensation expenses to employees and service providers. General and administrative (G&A) expenses for the three months ended Jwere $812,000, compared to $634,000 in the three months ended June 30, 2020. The increase is attributed mainly to an increase in payroll and related expenses and an increase in subcontracted services. Research and development (R&D) expenses, net for the three months ended Jwere $2,436,000, compared to $1,876,000 in the three months ended June 30, 2020. Eye-Net Mobile pilot projects expansion in Japan and Europe, and the announcements that Rail Vision has filed a draft prospectus for an initial public offering on the Tel Aviv Stock Exchange, reflect the ambitious goals and long-term growth anticipated by both companies.” “The second quarter also saw important milestones for our wholly-owned subsidiary, Eye-Net Mobile, as well as our affiliate, Rail Vision Ltd. “We believe that our prototype sale to a leading agriculture and construction machinery manufacturer demonstrates the potential of our QuadSight ® vision system in the agricultural equipment market, while our coming proof of concept with the American subsidiary of a leading European passenger car manufacturer shows the continued appeal of our technology to the automotive industry.” “Foresight continues to achieve remarkable progress as it expands into new markets and geographic areas,” said Haim Siboni, Foresight’s Chief Executive Officer. generally accepted accounting principles (GAAP) net loss of $3.2 million and non-GAAP net loss of $2.7 million for the second quarter of 2021, compared to GAAP net loss of $4.4 million and non-GAAP net loss of $3.2 million for the first quarter of 2021, reflecting a decrease of $1.2 million and $0.5 million, respectively, resulting primarily from financial income accrued during the second quarter of 2021. Foresight ended the second quarter of 2021 with $52.3 million in cash, cash equivalent and short-term deposits. Ness Ziona, Israel -News Direct- Foresight Autonomous Holdings Ltd.įoresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX), today reported financial results for the second quarter of 2021.
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