Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, this morning reported financial results for the first quarter of 2018. The company ended the first quarter with $16.7 million in cash and short-term deposits, compared to $21.8 million on December 31, 2017. The decrease is primarily attributed to the exercise of $2.24 million of warrants in Rail Vision and to the net cash used in operating activities. Foresight increased its stake in Rail Vision, currently holding approximately 32% of its outstanding shares and approximately 35% on a fully-diluted basis. Additionally, for the three months ended March 31, 2018, GAAP net profit was $2,598,000 compared to a GAAP net loss of $5,455,000 in the same period of the prior year. “During the first quarter of 2018, we continued to experience wide interest in our advanced accident prevention systems,” Foresight CEO Haim Siboni stated in the news release. “We generated tremendous enthusiasm for our quad-camera vision system during the Consumer Electronics Show in Las Vegas in January, and we are currently fielding inquiries from interested parties in the United States, Europe and Asia.”
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About Foresight
Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX), founded in 2015 and headquartered in Israel, 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 estimates 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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