Welcome to our dedicated page for Foresight Autonomous Hldgs news (Ticker: FRSX), a resource for investors and traders seeking the latest updates and insights on Foresight Autonomous Hldgs stock.
News and updates for Foresight Autonomous Holdings Ltd. (FRSX) focus on its activities as a technology company developing advanced three-dimensional (3D) perception and cellular-based safety applications. Company press releases highlight developments across its subsidiaries, including Foresight Automotive, Foresight Changzhou Automotive and Eye-Net Mobile, and describe progress in in-line-of-sight vision systems and beyond-line-of-sight accident-prevention solutions.
Readers of this news feed can follow announcements about collaborations and proof-of-concept projects involving Foresight’s 3D perception modules, multi-spectral stereoscopic cameras and AI-based analytics. Recent items have described agreements with manufacturers of road safety and infrastructure maintenance vehicles, cooperation with a Chinese stereo vision solutions provider, and joint development efforts with infrared imaging specialists to create cost-effective stereoscopic thermal cameras for advanced driver assistance systems and autonomous vehicles.
The news stream also covers Eye-Net Mobile’s vehicle-to-everything (V2X) collision prevention platform, including large-scale public transportation safety trials, participation in smart mobility initiatives and demonstrations of its cellular-based collision alert system for vulnerable road users such as pedestrians and cyclists. These updates provide insight into how Eye-Net’s technology is being evaluated for integration into mobile applications, telematics units and public transit networks.
In addition, Foresight’s releases report on capital markets and regulatory matters, such as investments in Eye-Net, warrant issuances, reverse share split plans and communications regarding Nasdaq listing compliance. Investors and observers can use this page to review the company’s official announcements on technology demonstrations, strategic cooperation agreements, mobility trials and corporate actions related to the FRSX stock.
Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) has signed a strategic cooperation agreement with China Design Group Co. (CDG), a $1 billion annual revenue Chinese technology company. The collaboration aims to develop and commercialize advanced smart transportation and smart city solutions, leveraging Foresight's 3D perception technology and CDG's expertise in IoT, 5G, and AI.
Key points of the agreement include:
- CDG will lead marketing and sales efforts in mainland China
- Foresight will drive initiatives in Japan, South Korea, Europe, and the United States
- The scope includes planning, design, R&D integration, and implementation of innovative systems for traffic management, public transportation, and urban mobility
- Foresight's 3D perception solutions are expected to enhance CDG's monovision-based perception systems
This partnership aims to create comprehensive advanced technology solutions for accurate traffic sensing, efficient travel services, and intelligent traffic management.
Foresight Autonomous Holdings (FRSX) has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company's closing bid price for its American Depositary Shares (ADSs) has been below $1.00 for 30 consecutive business days. Foresight has been granted a 180-day compliance period until March 3, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive business days.
If unsuccessful, the company may be eligible for an additional 180-day period, provided it meets other listing requirements. Failure to comply could result in delisting from Nasdaq. Foresight intends to monitor the situation and consider options to regain compliance. The company's ADSs will continue to trade on the Nasdaq Capital Market during this period.
Foresight Autonomous Holdings (FRSX) reported its Q2 2024 financial results, highlighting key achievements and partnerships. The company enhanced its global commercial network, signing agreements with Korean Tier-One KONEC, SUNWAY-AI, and BuilderX Robotics. Foresight's subsidiary, Eye-Net Mobile, expanded collaboration with SoftBank Corp. and entered an agreement with a leading Japanese vehicle manufacturer.
Financial highlights include:
- Revenues of $123,000 for Q2 2024, compared to no revenues in Q2 2023
- GAAP operating loss decreased by 25.6% to $3,200,000
- GAAP net loss decreased by 47.5% to $3,200,000
- Non-GAAP net loss of $3,000,000, compared to $5,700,000 in Q2 2023
The company's cash position stood at $12,064,000 as of June 30, 2024, with total equity at $11,500,000.
Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) has announced a paid proof of concept (POC) project with Xi'an Jiaotong-Liverpool University (XJTLU) and Higer Bus Company The collaboration aims to develop multi-sensor 3D perception fusion technology for Higer's autonomous electric buses.
Foresight's QuadSight® technology, which combines visible-light and thermal cameras, will be integrated into Higer's buses to enhance object detection in challenging environmental conditions. This project represents an opportunity to accelerate autonomous bus technology development for both European and Asian markets, addressing critical safety and performance challenges in public transportation.
Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) announced that its subsidiary, Eye-Net Mobile, has signed a three-way multi-phase agreement for a paid proof of concept project with SoftBank Corp. and a Japanese vehicle manufacturer. The project, set to begin in Q3 2024, aims to evaluate Eye-Net™ Sense technology for potential integration into the manufacturer's advanced driver assistance systems (ADAS).
The initial phase involves evaluating the Eye-Net™ Sense demonstration kit in standalone mode. Successful completion could lead to integration into the manufacturer's infotainment systems and eventually full commercial deployment in vehicles. This collaboration aims to significantly improve road safety by protecting millions of users from non-line-of-sight collisions.
Foresight Autonomous Holdings (FRSX) announced signing an agreement for a follow-up paid software proof of concept (POC) project with a leading Japanese vehicle manufacturer. This project aims to evaluate the integration of Foresight's ScaleCam™ software into the manufacturer’s vehicles equipped with level 2 and level 3 autonomous driving features. The project builds on two previously successful POCs reported in February 2024 and focuses on the software's ability to detect objects accurately using the manufacturer’s existing cameras and hardware. Successful completion could lead to deeper collaboration and potential integration of Foresight's technology into the manufacturer's mass-produced vehicles.
Foresight Autonomous Holdings (FRSX) has entered into a proof of concept (POC) agreement with BuilderX Robotics, a Chinese company specializing in remote-controlled heavy machinery. The project will assess Foresight's QuadSight® 3D perception technology, integrating visible-light and thermal cameras to enhance safety, vision accuracy, and operational efficiency under harsh conditions. BuilderX’s machinery operates in hazardous environments with toxic gases, severe dust, and poor visibility. Successful completion could lead to the integration of this technology into BuilderX’s equipment fleet.
Foresight Autonomous Holdings (NASDAQ: FRSX) announced an amendment to its agreement with SUNWAY-AI Technology (Changzhou) to integrate its ScaleCam™ 3D stereoscopic vision system into SUNWAY's autonomous logistics and robotic vehicles. The systems will be first deployed in unmanned warehouse vehicles, autonomous coffee carts, and wireless charging robotic vehicles, enhancing their navigation and efficiency. If approved, the first batch is expected by the end of 2024. China's logistics market, valued at USD 52.58 billion in 2024, is projected to reach USD 70.22 billion by 2029, growing at a 5.96% CAGR.
Foresight Autonomous Holdings (FRSX) has entered a co-development agreement with KONEC, a Korean Tier One automotive supplier, under the sponsorship of Hyundai-backed Korea Automotive Parts Industry Promotion (KAP). The collaboration aims to integrate Foresight’s ScaleCam™ 3D perception technology into a conceptual autonomous driving vehicle. This project leverages KONEC's expertise in advanced automotive systems and KAP's mission to foster innovation in the automobile parts industry. The integration of ScaleCam™, a stereoscopic technology-based solution, is expected to significantly enhance the safety and capabilities of autonomous vehicles. According to Foresight’s CEO, this partnership marks a significant advancement in the development of next-generation autonomous driving solutions, contributing to safer transportation in Korea.
Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) announced its Q1 2024 financial results on May 28, 2024.
The company reported initial revenues from collaborations with Elbit Systems and SoftBank, contributing to an 84% increase in quarterly revenues to $101,000.
Foresight’s net loss decreased to $1.5 million, a 67% improvement compared to Q1 2023. Operating loss also saw a 37% reduction, attributed to cost-cutting and strategic resource allocation.
Key milestones include successful proof-of-concept projects with a leading Japanese vehicle manufacturer and new commercial efforts in Japan. Cash reserves stood at $14.8 million at the quarter’s end, down slightly from $15.7 million at the end of 2023.