Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) has disclosed its financial achievements for the fourth quarter and the entirety of 2023, showcasing a year marked by strategic advancements and collaborations in the automotive vision systems sector. The company concluded the year with $497,000 in revenues and maintained a solid financial position with $15.7 million in cash, cash equivalents, and restricted cash. Despite a GAAP operating loss of $16.3 million for the full year, this figure represents a 7% improvement from the previous year, indicating a narrowing gap towards profitability.
Haim Siboni, CEO of Foresight, emphasized the transformative potential of artificial intelligence across industries, particularly in mobility and transportation. The company's progress was underscored by the completion of paid proof of concept projects with prominent Japanese vehicle manufacturers, validating the commercial applicability of Foresight's 3D depth perception solutions. A significant milestone was achieved by Eye-Net Mobile, which successfully passed the technology validation phase with SoftBank Corp, setting the stage for collaborative sales initiatives in Japan aimed at enhancing collision prevention technologies.
Further bolstering its position in the global market, Foresight was chosen by the European Software République consortium to contribute to the evolution of road safety. The fourth quarter of 2023 saw the company generating $138,000 in revenues, a 39.4% increase from the same period in the previous year, alongside a GAAP net loss of $3.6 million and a non-GAAP net loss of $3.3 million.
Looking forward, Siboni is optimistic about Foresight and Eye-Net's prospects for commercial success in 2024, driven by their innovative solutions and partnerships. The company's involvement in cutting-edge projects and its focus on AI-driven technologies underscore its commitment to shaping the future of automotive safety and efficiency.
