Curated News
By: NewsRamp Editorial Staff
March 27, 2024
Foresight Autonomous Holdings Ltd. Announces Fourth Quarter and Full Year 2023 Financial Results
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- Foresight recorded a U.S. GAAP operating loss of $16.3 million in 2023, a 7% decrease from 2022, indicating potential for long-term growth.
- Foresight's 2023 full year revenues were $497,000, primarily from a commercialization agreement with Elbit in the amount of $250,000.
- Foresight's AI-based technologies and innovative solutions have the potential to revolutionize the mobility and transportation industries, paving the way for improved collision prevention in Japan.
- Foresight recently completed two paid proof of concept projects with a leading Japanese vehicle manufacturer, demonstrating the widespread commercial viability of their solutions for 3D depth perception.
Impact - Why it Matters
The financial results and corporate highlights showcase Foresight's successful collaborations, technological advancements, and financial performance. The company's ability to secure collaborations with leading manufacturers and technology consortiums, as well as its focus on innovation and growth, indicates its potential to make significant advancements in the automotive and mobility industries. Investors, stakeholders, and industry professionals should take note of Foresight's strategic positioning and financial trajectory in the rapidly evolving automotive technology landscape.
Summary
Foresight Autonomous Holdings Ltd. reported financial results for the fourth quarter and full year ended December 31, 2023. The company ended the year with revenues of $497,000 and with $15.7 million in cash, cash equivalent and restricted cash. CEO Haim Siboni highlighted successful collaborations with leading Japanese vehicle manufacturers and SoftBank Corp., indicating expansive potential for long-term growth. Other corporate highlights include a registered direct offering, Eye-Net's selection by the European Software République Consortium, and the receipt of a U.S. patent allowance for 3D image analysis system and calibration technology. Financially, revenues for the fourth quarter of 2023 increased by 39.4% to $138,000, and the GAAP net loss for the same period decreased to $3.6 million.
For the full year 2023, revenues decreased by 9.6% to $497,000. R&D, sales and marketing, and general and administrative expenses also decreased compared to the previous year. Cash and restricted cash totaled $15.7 million as of December 31, 2023, compared to $26.5 million in the previous year. The company provided a supplemental reconciliation of GAAP to non-GAAP results, showing a non-GAAP net loss of $16,969,000 for the full year 2023.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Foresight Autonomous Holdings Ltd. Announces Fourth Quarter and Full Year 2023 Financial Results
