Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) on Wednesday announced financial results for the fourth quarter and full year 2018. Per the update, Foresight ended Q4 of 2018 with $15.7 million in cash and short-term deposits. This amount does not include approximately $6.2 million in gross proceeds raised through a March 19, 2019 public offering. The company reported GAAP net loss of $9.4 million for the fourth quarter 2018, and non-GAAP net loss of $4.1 million for the same period. “Multiple positive developments in 2018 served to validate the strength of our QuadSight(TM) vision system,” Foresight CEO Haim Siboni said in the news release. “We are particularly proud to be named a CES Innovation Awards honoree, recognizing QuadSight(TM) in the Vehicle Intelligence and Self-Driving category. This award from one of the industry’s most prestigious events acknowledges the groundbreaking technology at work in our QuadSight(TM) system.”
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About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd., founded in 2015, is a technology company engaged in the design, development and commercialization of stereo/quad-camera vision systems and V2X cellular based solutions for the automotive industry. Foresight’s vision systems are based on 3D video analysis, advanced algorithms for image processing and sensor fusion. The company, through its wholly owned subsidiary Foresight Automotive Ltd., develops advanced systems for accident prevention, which are designed to provide real-time information about the vehicle’s surroundings while in motion. The systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company’s systems are targeting the Advanced Driver Assistance Systems (ADAS), semi-autonomous and autonomous vehicle markets. The company predicts that its systems will revolutionize automotive safety by providing an automotive grade, cost-effective platform, and advanced technology. For more information, visit the company’s website at www.ForesightAuto.com.
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