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Foresight: Eye-Net Signs First Commercial Agreement with SaverOne to Integrate and Commercialize Eye-Net(TM) Protect
Today 8:00 AM ET (Business Wire)Print
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd., has signed a commercial cooperation agreement with SaverOne 2014 Ltd. (TASE: SAVR), a leader in providing an effective solution for cell phone distracted driving.
Subject to certain tests and criteria to be determined by the parties, Eye-Net will integrate its Eye-Net(TM) Protect solution in SaverOne's product designed to prevent the use of texting applications by the driver while the vehicle is in motion.
Cell phone distracted driving is a leading cause of road accidents. According to research by the National Safety Council, 1.6 million car accidents in the United States are caused every year by texting while driving and 25% of all car crashes in the United States involve the use of a cell phone.
According to the agreement, the Eye-Net Protect solution will be integrated in the SaverOne solution in order to offer an additional protection layer and enhance its ability to prevent accidents by alerting drivers about potential collisions. Eye-Net's integration in the SaverOne solution presents shared revenue stream potential that could be derived from offering optional features for an annual license fee.
The agreement also contemplates that SaverOne will introduce Eye-Net to certain companies with which it has business relationships, in consideration for 10% of the revenues received by Eye-Net under a commercial transaction with a third party introduced by SaverOne. In turn, Eye-Net will introduce SaverOne to Japanese vehicle manufacturers and business entities with which Eye-Net has business relationships.
"We are pleased to announce our joint venture with Eye-Net, SaverOne's first partnership with a technology company, whose activities are also based on saving lives and reducing road accidents. The joint venture with Eye-Net will allow SaverOne to offer its customers a comprehensive safety suite that includes additional safety-related and accident prevention services," said Ori Gilboa, CEO of SaverOne.
"Eye-Net is expanding its presence in the automotive world with this new commercial partnership with SaverOne, offering the integrated solution to various vehicle fleets. The synergy between the two companies and their products enhances driver protection, on top of existing Advanced Driver Assistance Systems (ADAS), potentially reducing the rate of road accidents and saving lives," said Dror Elbaz, COO & Deputy CEO of Eye-Net Mobile. "Furthermore, I believe this Israeli collaboration will establish a new standard in tackling the number one distraction for drivers by reducing the use of mobile phones while driving."
Eye-Net(TM) Protect is an intuitive and easy-to-use mobile application that provides real-time pre-collision alerts to drivers and vulnerable road users. The Eye-Net(TM) solution suite enhances 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 Eye-Net Mobile, please visit www.eyenet-mobile.com, or follow the Company's LinkedIn page, Eye-Net Mobile; Twitter, @EyeNetMobile1; and Instagram channel, Eyenetmobile1, the contents of which are not incorporated into this press release.
About SaverOne
SaverOne Ltd. (TASE: SAVR) is a technology company that offers a driver distraction prevention system, limiting the use of any mobile phone in the driver's vicinity.
SaverOne's patented breakthrough solution creates a safer driving environment by preventing access to distracting applications while enabling access to other applications, as defined by each organization's safety policy. Such policy is being enforced seamlessly on any mobile phone in the driver's vicinity, without the need for the driver's cooperation, while leaving other mobiles phones in the vehicle unaffected.
For more information about SaverOne, visit www.saver.one, or join SaverOne on LinkedIn.
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. 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, sensor fusion and dense 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 agreement and collaboration with SaverOne, the integration of Eye-Net(TM) Protect solution in the SaverOne solution, and introductions to be made my SaverOne between Eye-Net and other companies. 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 31, 2020, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005474/en/
SOURCE: Foresight Autonomous Holdings"><Property FormalName="PrimaryTwitterHandle" Value="@ForesightAuto1
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Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
The trick is to sell within 10 minutes after the initial reaction to news. Never holds the gains for long.
You can post it again. It reads just as well the second time around.
You beat me to it.
FRSX
NEWSForesight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), an innovator in automotive vision, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd., successfully completed the first phase of a pilot project with the intelligent transport system division of a multi-billion-dollar global Japanese vehicle manufacturer. The vehicle manufacturer reviewed the performance of the Eye-Net(TM) Protect accident prevention solution and subsequently concluded it is a valid option for the safety traffic system of its smart city project. Following the results of the first phase, the vehicle manufacturer will initiate technical discussions between Eye-Net and the smart city constructor, progressing towards possible integration into its smart city project.
This announcement follows the Company's March 1st, 2021 announcement about Eye-Net's successful completion of a controlled-environment trial, which was part of the same pilot project.
"We are excited to announce the completion of the first phase of our pilot project with the Japanese vehicle manufacturer after successfully meeting the vehicle manufacturer's key performance indicators. We look forward to completing the next steps defined by the vehicle manufacturer and possibly integrating the Eye-Net technology into the Japanese smart city project. This project has the potential to become a critical catalyst for integrating our solution into similar smart city projects around the world," said Dror Elbaz, COO & Deputy CEO of Eye-Net Mobile.
For more information about Eye-Net Mobile, please visit www.eyenet-mobile.com, or follow the Company's LinkedIn page, Eye-Net Mobile; Twitter, @EyeNetMobile1; and Instagram channel, Eyenetmobile1, the contents of which are not incorporated into this press release.
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. 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, sensor fusion and dense 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 that the vehicle manufacturer will initiate technical discussions between Eye-Net Mobile and the smart city constructor, progressing towards possible integration into its smart city project, completing the next steps defined by the vehicle manufacturer, possibly integrating the Eye-Net technology into the Japanese smart city project, and that the project has the potential to become a critical catalyst for integrating the Company's solution into similar smart city projects around the world. 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 31, 2020, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210312005222/en/
SOURCE: Foresight Autonomous Holdings"><Property FormalName="PrimaryTwitterHandle" Value="@ForesightAuto1
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Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
Negative article on Seeking Alpha
Foresight: Larger Competitive Moat Needed To Justify Valuation
Mar. 08, 2021 3:16 PM ETForesight Autonomous Holdings Ltd. (FRSX)FLIR2 Comments
Summary
Last year's boom in technology stocks (particularly EV and microcaps) may be becoming a bust.
Small companies without revenue such as Foresight Autonomous have skyrocketed in value without material fundamental improvement.
Foresight's ADAS technology is certainly innovative, but it is not clearly superior to the R&D projects of larger more vertically-integrated firms.
Without a strong technological moat and proven sales, Foresight's nearly half-billion dollar valuation is difficult to justify.
FRSX may be a short opportunity, as short-term speculators take profits on microcaps.
Technology stocks skyrocketed in value from late last year through the first two months of this year. In general, larger "Big Tech" companies only saw minor gains while smaller microcaps had an extreme upward performance. This momentum has slowed recently and many of these microcaps are now in reversal. Investors are beginning to become concerned that negative momentum will build and cause a significant dump.
This is a reasonable concern. As detailed in "VGT: There Have Never Been These Many Bearish Catalysts", individual investor cash levels are now back at historical minimums while total margin debt is nearly twice as high as peak 2000 and 2007 levels. Put simply, many retail investors have overextended such that their portfolios are now illiquid and nearly insolvent. As long as stocks are rising, this is not an issue; but if the drop continues, then it may create cascading losses across the stock market.
While this risk exists for virtually all stocks (and even other asset classes), it is highest for microcap stocks that have risen dramatically over the past few months. One such company is Foresight Autonomous Holdings which trades under the ticker (FRSX). In November of last year, the stock was trading at around $1 per share. By February, it had risen to over $10 per share and how now reversed to around $6 in a matter of weeks. Its stock was steadily on the decline since it was brought onto the U.S exchange in 2017; declining from $10 to $1 and then rising back to $10.
Clearly, the stock has seen a dramatic volatility spike and, while it has seen reversals in the past, this is the largest reversal it has seen yet. It also has a spike in short selling as it rose which peaked before the stock, indicating that the stock may have risen partly due to a technical squeeze and not fundamentals. With this in mind, we'll need to take a closer look at the company's fundamentals to estimate its true value.
Operational Overview and Sales Outlook
Many investors today seem to believe a company with good technology automatically means it's a great stock. While innovation is certainly a driving force in both the market and the real economy today, a stock's long-term performance depends on both its qualitative and quantitative fundamentals. Put simply, the price must be right.
No doubt, Foresight is an innovative firm. The company was founded in 2015 to develop and commercialize a 3D multi-camera-based Advanced Driver Assistance System. Such a system can detect and provide real-time information on a vehicle's surroundings. In a recent investor presentation, the company also showed that it submitted a U.S. patent for automated COVID symptom detections.
The company owns Eye-Net Mobile which is an accident prevention technology company that recently signed a commercialization agreement. It is also a partial owner (~a quarter) of Rail Vision which develops automated train risk detection systems. Importantly, Rail Vision recently secured its first two commercial orders which were worth around 0.5M - 3M Euro in revenue each.
Foresight currently has a market capitalization of around $420M and ~70 employees and six patents. It has strategic agreements and projects with firms such as FLIR Systems (FLIR) and Elbit Systems (ESLT). The company has not yet posted any revenue and generally uses around $11-12M in cash per year. Though very few analysts have estimates out, the long-term analyst forecast for the company is for losses this year and potentially no profits until 2023. It is expected to see tremendous revenue growth next year to $4M and then $34M in 2023, however, even this implies a very high long-term price-to-sales ratio of 12.5X.
Valuation and Competitive Concerns
There is no doubt that Foresight's technology is both innovative and has strong demand. With many firms working on automated driving technology, it is reasonable to expect 3D detection systems like Foresight's will take root. That said, the technology Foresight is developing is well-known and largely public which means Foresight faces immense competitive risks. Tesla (TSLA) has been working on this sort-of technology in-house for years. There is interest in Foresight's QuadSight thermal ADAS system, however, Foresight may have to compete with the likes of Google (GOOGL), Ford (F), General Motors (GM), and others who are working on automated detection sensors.
The simple fact is that Foresight is not yet generating revenue on its products while its larger competitors are already integrating ADAS technology (and have been for years). FLIR System's distribution deal with Foresight is a step in the right direction, but the fact is that Foresight truly is in the "Kickstarter phase" and will likely remain there for some time. At the end of the day, larger vertically integrated firms have a distinct advantage since they can develop a new ADAS technology and integrate it into vehicles in a much shorter timeframe than Foresight. Foresight could be acquired by such a company to quickly attain patents, but at ~$420M the price is very steep.
The Bottom Line
Overall, I see no reason to be bullish on FRSX at its current price. While the company's research and development line are interesting, Foresight does not appear to have a strong enough moat which is necessary to place it above the competition. At the end of the day, the best ADAS technology will thrive and I believe that, since Foresight lacks vertical integration, it will have a more difficult time bringing any product to a large market.
Even if Foresight becomes a revenue generator over the coming three years, analysts only see sales rising to around $30-$40M. Of course, if Foresight can achieve this growth then it may achieve even more, but the simple fact is that FRSX's nearly half-billion valuation is difficult to justify. As mentioned earlier, good technology does not mean a good investment.
Additionally, Foresight may have risen too far too fast for the wrong reasons. This includes an (over)abundance of short-term oriented speculators, who will likely continue to take profits, as well as squeezed short-sellers who may re-enter. Most technology stocks seeing significant reversals and I do believe these reversals will extend much further. This risk is particularly high for companies in the electric vehicle space as recently described in "DRIV: The Electric Vehicle Bubble Is Bursting".
FRSX is a risky short bet today since it could see a bounce back to old highs as often occurs before large crashes. Still, I firmly believe the stock is likely headed back to November levels of $1-$2 per share which was far more reasonable considering its long-term sales outlook. If I were to short FRSX, I would wait for a bounce (even if it drops further before it bounces again) and use a tight stop-loss below $9 in order to reduce risk. FRSX's borrowing cost is a bit steep at ~23%, but I believe it will likely drop much more than that over the coming months. With such volatility, this should only be done in a small position, but the setup is strong considering its fundamentals and the broader sell-off in EV stocks.
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Sure is. Looking forward to it.
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Awesome news today.. Time to sign a contract in regards to this trial..
Foresight: Eye-Net Successfully Completes Trial with a Top Global Vehicle Manufacturer
March 01 2021 - 08:00AM
Business Wire
The trial is part of a pilot project with the intelligent transport system division of a Japanese vehicle manufacturer for possible integration into a smart city project
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), an innovator in automotive vision, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd., successfully completed a controlled trial of its Eye-Net™ Protect cellular-based accident prevention solution for the intelligent transport system division of a multi-billion-dollar global Japanese vehicle manufacturer. The trial, supervised by Blue and White Robotics (BWR), was designed to demonstrate Eye-Net’s advanced capabilities of protecting vehicles from oncoming collisions. The trial was streamed in real time from the test ground in Israel to the Japanese vehicle manufacturer. The trial is part of a pilot project with the vehicle manufacturer for possible integration into the vehicle manufacturer’s smart city project, as reported by the Company in January 2021.
The Eye-Net Protect system was tested in several predefined accident-simulated scenarios at various speeds to test the system for repeatability, detection accuracy and alert timing. The scenarios included vehicles that had no direct line of sight. In all cases, the participants in the trial used the Eye-Net Protect application installed on their smartphones and in-vehicle infotainment system.
The Eye-Net Protect system demonstrated a 95.54% success rate in all tested scenarios. All users were alerted on time, approximately 2.4 seconds before reaching the intersection, at around 3 feet or one meter away from the required alert location. A high level of accuracy and consistency was shown as all participating vehicles consistently stopped approximately 10 feet or 3 meters away from the required location in order to prevent oncoming collisions. The Eye-Net Protect system proved its robustness and reliability by operating 100% of the time with zero crashes or errors during the entire trial day.
“The trial day was successful and Eye-Net’s system showed impressive capabilities. The system operated without interruption, delivered alerts in real time, and allowed all participants to brake safely before entering the intersection. The system demonstrated repeatability, accuracy and stability. BWR has extensive experience in safety systems for the automotive industry, and we believe that Eye-Net’s technology has the ability to save lives and could be integrated as a product in the field of road accident prevention,” said Amir Peleg, VP Mobility Solutions at Blue White Robotics.
“Eye-Net successfully completed another controlled trial and met all predefined objectives and key performance indicators, demonstrating Eye-Net Protect’s system capabilities. The system configuration used in the trial was almost identical to the production configuration, mimicking real-life situations with almost no safety margins,” said Dror Elbaz, COO & Deputy CEO of Eye-Net Mobile. ”The test results confirm that the Eye-Net technology and product are ready for commercial deployment and may bring outstanding added value to all road users in general and to the automotive industry in particular.”
For more information about Eye-Net Mobile, please visit www.eyenet-mobile.com, or follow the Company’s LinkedIn page, Eye-Net Mobile; Twitter, @EyeNetMobile1; and Instagram channel, Eyenetmobile1, the contents of which are not incorporated into this press release.
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. 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, sensor fusion and dense 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 that Eye-Net’s technology has the ability to save lives and could be integrated as a product in the field of road accident prevention, and that the Eye-Net technology and product are ready for commercial deployment and may bring outstanding added value to all road users in general and to the automotive industry in particular. 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 31, 2020, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210301005460/en/
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
Glad I bought 1000 shares on friday paid $6.80
FRSX...$7.57...in the P/M...https://www.otcmarkets.com/stock/FRSX/news/story?e&id=1824829 ...NESS ZIONA, Israel--(BUSINESS WIRE)-- Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), an innovator in automotive vision, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd., successfully completed a controlled trial of its Eye-Net™ Protect cellular-based accident prevention solution for the intelligent transport system division of a multi-billion-dollar global Japanese vehicle manufacturer. The trial, supervised by Blue and White Robotics (BWR), was designed to demonstrate Eye-Net’s advanced capabilities of protecting vehicles from oncoming collisions. The trial was streamed in real time from the test ground in Israel to the Japanese vehicle manufacturer. The trial is part of a pilot project with the vehicle manufacturer for possible integration into the vehicle manufacturer’s smart city project, as reported by the Company in January 2021...
"Earnings" out. Down in AH trading. This will be toast until there is actual sale of product.
No one will get excited with another prototype, evaluation etc.
More content below
FRSX
-11.97%
Thu, February 25, 2021, 4:05 PM
More content below
FRSX
-11.97%
Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX), today reported financial results for the fourth quarter and full year 2020. Foresight ended the fourth quarter of 2020 with $43.9 million in cash and short-term deposits.
Foresight reported a GAAP operating loss of $12.84 million for the full year 2020 which is an approximately 15% less than the GAAP operating loss of $15.03 million reported for the full year 2019. Foresight reported a GAAP net loss of $3.96 million and $15.32 million for the fourth quarter 2020 and the full year, respectively, and a non-GAAP net loss of $3.71 million for the fourth quarter and $14.16 million for the full year 2020.
"We achieved important key milestones during the fourth quarter of 2020 and maintained solid progress throughout the year in spite of the COVID-19 pandemic," said Haim Siboni, Foresight’s CEO. "We are entering 2021 with a strong balance sheet, following successful capital raises including $26 million raised in our registered direct offering announced on December 28, 2020. We will continue to build on our innovative product portfolio, which has been validated through key prototype orders and partnerships in Europe, Asia and North America."
"The successful year also extends to our subsidiary, Eye-Net Mobile, and our affiliate, Rail Vision. Both companies achieved major business milestones during the fourth quarter of 2020, as Rail Vision received a second investment of $10 million from a leading Tier One European-based group, Knorr-Bremse, in October 2020, and Eye-Net Mobile signed a distribution agreement with Cornes Technologies, a leading Japanese trading house. We believe that Rail Vision and Eye-Net Mobile are poised for further growth in 2021," concluded Mr. Siboni.
Fourth Quarter 2020 Financial Results
Research and development (R&D) expenses, net for the fourth quarter of 2020 were $2,189,000 compared to $3,203,000 in the fourth quarter of 2019. The decrease is attributed mainly to a decrease in subcontracted and consulting services, decreases in payroll and related expenses (attributed to the reorganization of the field application engineering, sales & marketing, and R&D departments made in the fourth quarter of 2019) and decreases in travel expenses.
General and administrative (G&A) expenses for the fourth quarter 2020 were $793,000 compared to $803,000 in the fourth quarter of 2019.
GAAP net loss for the fourth quarter of 2020 was $3,964,000 compared to a GAAP net loss of $4,370,000 in the fourth quarter of 2019. The decrease is attributed mainly to the decrease in R&D expenses, offset by the increase in marketing and sales expenses.
Non-GAAP net loss for the fourth quarter of 2020 was $3,712,000 compared to a non-GAAP net loss of $4,018,000 in the fourth quarter of 2019. A reconciliation between GAAP net loss and non-GAAP net loss is provided following the financial statements that are part of this release. Non-GAAP results exclude the effect of share-based compensation expenses.
Full Year 2020 Financial Results
R&D expenses, net for the full year ended December 31, 2020 were $8,563,000, compared to $10,210,000, in the full year ended December 31, 2019. The decrease is attributed mainly to a decrease in subcontracted and consulting services and travel expenses, offset by an increase in payroll and related expenses. The decrease in R&D expenses is a result of the reduction in the monthly operating expenses made by the Company during the second quarter of 2020 due to the COVID-19 outbreak.
G&A expenses for the full year ended December 31, 2020 were $3,005,000, compared to $3,469,000 in the full year ended December 31, 2019. The decrease is attributed mainly to a decrease in payroll and related expenses and a decrease in professional services.
GAAP net loss for the full year ended December 31, 2020 was $15,324,000 compared to a GAAP net loss of $15,439,000 in the full year ended December 31, 2019.
Non-GAAP net loss for the full year ended December 31, 2020 was $14,162,000 compared to a non-GAAP net loss of $13,476,000 in the full year ended December 31, 2019. The increase is attributed to the increase in equity in the net loss of an affiliated company. A reconciliation between GAAP net loss and non-GAAP net loss is provided following the financial statements that are part of this release. Non-GAAP results exclude the effect of share-based compensation expenses, revaluation of other investments and revaluation of derivative warrant liability expenses.
Full year ended
December 31,
Three months ended
December 31,
(thousands of U.S. dollars)
2020
2019
2020
2019
GAAP Results
Net loss
$(15,324)
$(15,439)
$(3,964)
$(4,370)
Non-GAAP Results
Net loss
$(14,162)
$(13,476)
$(3,712)
$(4,018)
Balance Sheet Highlights
Cash and short-term deposits totaled $43.9 million as of December 31, 2020, compared to $10.1 million as of December 31, 2019.
Investments in Rail Vision Ltd. totaled $4.1 million as of December 31, 2020, compared to $6.7 million as of December 31, 2019. The decrease is attributed primarily to Foresight’s exposure to Rail Vision’s net loss in 2020. As of December 31, 2020, we no longer have a significant influence in Rail Vision Ltd., due to a decrease in our holdings and voting rights resulting from the dilution that occurred in October 2020 as a result of Knorr Bremse’s additional investment in Rail Vision Ltd. As a result, we stopped using the equity method for accounting purposes as of suchdate and started measuring the investment in Rail Vision based on its actual cost offset by impairment.
GAAP total equity totaled $47.1 million as of December 31, 2020, compared to $16.3 million as of December 31, 2019. The increase is attributed to the receipt of proceeds from the securities offerings completed in 2020 offset by the net loss accrued during the same period.
Non-GAAP total equity totaled $47.1 million as of December 31, 2020, compared to $16.6 million as of December 31, 2019.
A reconciliation between GAAP total equity results and non-GAAP total equity results is provided following the financial statements that are part of this release. Non-GAAP results exclude revaluation of other investments.
Fourth Quarter Corporate Highlights:
Foresight Prices $26 Million Registered Direct Offering: On December 28, 2020, Foresight announced that it entered into agreements with investors for the purchase and sale of 6,265,063 of American Depositary Shares (ADS) at a price of $4.15 per ADS. The gross proceeds of the offering were approximately $26 million, which will be used for working capital and other general corporate purposes.
Foresight Executed Sales Agreement: On October 2, 2020, Foresight entered into a sales agreement with A.G.P./Alliance Global Partners, pursuant to which it was able to offer and sell up to $8.1 million of its ADSs from time to time. The offering has been fully exhausted.
Foresight Completes Integration of NVIDIA Platforms for Use in Autonomous Machines and Vehicles: In November 2020, Foresight completed integration of its QuadSight® software on the NVIDIA® Jetson AGX Xavier™ platform, enabling shuttles, agriculture equipment and heavy equipment machines to operate Foresight’s stereoscopic obstacle detection software. Foresight also joined the NVIDIA Inception program, providing go-to-market support, technological assistance and expertise to AI startups using NVIDIA processing units.
Rail Vision Receives Order for Electrically Powered Light Rail Vehicle Systems from Knorr-Bremse: Rail Vision entered the multi-billion-dollar electrically powered light rail market with an order for two system samples from Knorr-Bremse in December 2020. Additionally, Knorr-Bremse ordered the customization of system features according to its requirements. Revenue from the sale is expected to total approximately 400,000 Euro.
Foresight to Take Part in Automation of Future Heavy-Duty Vehicles European Project: As part of the Horizon 2020 framework program, the European Commission awarded a grant of nearly 20 million Euro for the All-Weather Autonomous Real logistics operations and Demonstrations (AWARD) consortium. The project intends to develop and safely operate autonomous heavy-duty vehicles in harsh weather conditions. Foresight will provide its QuadSight® multispectral vision solution to the project and is expected to receive approximately $1 million, out of which approximately $0.5 million has been received.
Eye-Net Mobile Signs Distribution Agreement with Leading Japanese Trading House: In October 2020, Eye-Net Mobile announced a distribution agreement with Cornes Technologies, a leading Japanese trading house. According to the agreement, Cornes Technologies will promote the Eye-Net™ cellular-based accident prevention suite in products and applications of third parties in Japan. The distribution agreement follows multiple successful pilot projects with Japanese multinational companies, as well as ongoing interest from additional Japanese companies.
Rail Vision Receives $10 Million Investment from Leading Tier One European Based Knorr-Bremse: Following an initial investment of $10 million in March 2019, Knorr-Bremse made an additional investment of $10 million in Rail Vision in October 2020. Following the additional investment, Knorr-Bremse owns 36.79% of Rail Vision’s outstanding capital. The investment reflected Rail Vision’s post-money valuation of approximately $50 million. As a result of the investment, Foresight’s holdings in Rail Vision amount to 19.34% (16.49% on a fully diluted basis).
Foresight Launches COVID-19 Mass Screening Solution in Japan; Showcases Solution in United Arab Emirates: Foresight launched its COVID-19 symptom detection mass screening solution at SEECAT 2020, a technology exhibition targeting the public defense and safety sectors. A leading Japanese trading house presented Foresight’s solution at the exhibition, which took place in October 2020 in Tokyo, Japan. In December 2020, Foresight exhibited the same solution at the GITEX Future Stars 2020 conference in the United Arab Emirates. The mass screening solution leverages Foresight’s expertise in thermal and visible light cameras to detect several symptoms of COVID-19.
Foresight Partners with University of Michigan TechLab at MCity: In December 2020, Foresight announced that it will join the 2021 startup cohort at the University of Michigan’s TechLab at MCity. During the one-year program, Foresight will work with students from the University of Michigan to further develop its automotive vision system designed for Advanced Driver Assistance Systems and autonomous vehicles. The team will be mentored by Foresight’s Head of Algorithm and other leading Foresight employees.
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the company's earnings release contains non-GAAP financial measures of net loss for the period that excludes the effect of share-based compensation expenses, the revaluation of other investments and revaluation of derivative warrant liability, and non-GAAP financial measures of shareholders’ equity that excludes the effect of derivative warrant liability and the revaluation of other investments. The company’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of the company's ongoing operations. Management also uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The non-GAAP financial measures disclosed by the company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Reconciliations between GAAP measures and non-GAAP measures are provided later in this press release.
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. 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, sensor fusion and dense 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 belief that it is entering 2021 with a strong balance sheet, that it will continue to build on its innovative product portfolio, which it believes has been validated through key prototype orders and partnerships in Europe, Asia and North America, that it believes that Rail Vision and Eye-Net Mobile are poised for further growth in 2021, Rail Vision’s expected revenue from Knorr-Bremse, and that Foresight will work with students from the University of Michigan to further develop its automotive vision system designed for Advanced Driver Assistance Systems and autonomous vehicles. 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 31, 2020, 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.
Let’s see $4
New all time highs.
$11.40
FRSX
News out this.a.m. No sales, just more product show
FRSX...$9.75...in the P/M...Break/Hold Double Top in the $11.50 range and we see $18 range...imo...we shall see...
come May they will steal yo profit , take profits
MarketBeat Alert
MarketBeat: Foresight Autonomous (FRSX)'s price target was raised by Aegis from $10.00 to $13.00. buy rating
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd., has signed an agreement with WunderCar Mobility Solutions, a German-based software, vehicles and service provider that enables companies and cities worldwide to launch and scale new mobility services.
As the urban use of micro-mobility vehicles such as electric bikes and electric scooters expands, safety solutions for all road users become increasingly important. According to the agreement, Eye-Net will be included in Wunder Mobility’s Marketplace online platform and will introduce its Eye-Net™ Protect accident prevention solution to potential global corporate customers seeking mobility tech-focused applications. Wunder Mobility has partners in more than 900 cities around the globe who use its platform to power carpooling, ride-hailing, fleet sharing and rental services, as well as to purchase sharing-ready vehicles, finance their fleets, and extend their software.
The Eye-Net™ Protect safe micro-mobility solution is an intuitive and easy-to-use mobile application that provides real-time pre-collision alerts to pedestrians and micro-mobility users. The Eye-Net™ solution suite enhances road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
"The Wunder Marketplace provides mobility providers with seamless access to services that fit their needs and that can be easily connected to their existing software ecosystem. We are delighted that Eye-Net is using our Wunder Marketplace to further drive its expansion into the European market. With their innovative solution, Eye-Net is hitting a nerve, especially with cities, as they place great importance on the safety of micro-mobility vehicles," said Gunnar Froh, CEO & Co-founder of Wunder Mobility.
"Eye-Net is now targeting the European market following a successful expansion of activities in Japan. The Wunder Marketplace is a great platform to expose Eye-Net™ Protect to mobility providers. Micro-mobility vehicles typically lack any kind of safety warning system, and the engagement with Wunder Mobility provides an out-of-the-box solution for micro-mobility operators looking to enhance their users’ safety," said Dror Elbaz, COO & Deputy CEO of Eye-Net Mobile.
For more information about Eye-Net Mobile, please visit www.eyenet-mobile.com, or follow the Company’s LinkedIn page, Eye-Net Mobile; Twitter, @EyeNetMobile1; and Instagram channel, Eyenetmobile1, the contents of which are not incorporated into this press release.
About Wunder Mobility
Wunder Mobility is a global leading Mobility-Tech company based in Germany and backed by investors from Europe and the United States. Wunder provides turn-key solutions that enable companies and cities worldwide to provide clean, convenient, and accessible mobility. Cities and companies in 900+ cities on six continents use the Wunder platform to launch and scale new mobility services, manage and finance fleets of shared vehicles, optimize daily operations and improve urban planning and traffic management.
Wunder technology is used by 100+ clients from across the world, including German, Japanese and American OEMs, VC-backed start-ups and progressive cities. The global Wunder team of 40 nationalities includes veterans from the tech and travel industry and 50% of the team are in Product & Engineering.
Wunder Mobility was founded by Gunnar Froh and Samuel Baker in 2014.
FRSX...$8.14...in the P/M...Bullish Harami Cross Reversal Pattern to the Upside formed on the Overbought Retrace...
Chart...https://schrts.co/rXEKSmcC ...
Looking strong today.
Perhaps the next leg is upon us.
FRSX
Let's get this puppy up where it deserves to be
Adding more $FRSX today
The patent approval with China is big - it opens doors to the EV market there - huge opportunity.
Mark Cuban evaluated the stock right at X100
Stock has earned my respect today. After looking like death warmed over this morning, came roaring back.
Continuing recent downtrend in pre-market
* * $FRSX Video Chart 01-19-2021 * *
Link to Video - click here to watch the technical chart video
I prefer 10s myself ...at least a 9.5 anyway LOL
No more 7 s body
Looks great.
New 52 wk high of $1.05 a bit ago.
FRSX
Looks like $7’s coming soon. I’ll be adding
FRSX...$9.48...in the P/M...:party:
[6:53 AM]
georgie1801/15/2021
FRSX...$7.46...Break/Hold $9.50 range and $18 is very possible...imo...we shall see...:party:
Frsx is up %18.25 on israi stock market today. So correct me if i am wrong, i did some logic calculations, looks like FRSX will open around $9.05 tomorrow
* * $FRSX Video Chart 01-15-2021 * *
Link to Video - click here to watch the technical chart video
any other new trading ideas, as this one I will be exiting soon
* * $FRSX Video Chart 01-14-2021 * *
Link to Video - click here to watch the technical chart video
Foresight Autonomous (FRSX)'s price target was raised by Aegis from $3.00 to $10.00. buy rating
Here is a very recent, nice article
https://investorplace.com/2021/01/this-tiny-av-company-that-could-be-the-self-driving-revolutions-biggest-winner/
* * $FRSX Video Chart 01-13-2021 * *
Link to Video - click here to watch the technical chart video
Who cares. Enjoy the ride.
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