Automotive technology innovator Foresight Autonomous
Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning reported financial results
for the third quarter ended September 30, 2018. Among other highlights, the
report noted that the company ended the quarter with $19.3 million in cash and
short-term deposits. Foresight also reported GAAP net loss of $3.75 million and
non-GAAP net loss of $3.76 million. “During the third quarter, we continued
early sales of our QuadSight prototype and expanded our geographic footprint
into Asia,” Foresight Autonomous Holdings CEO Haim Siboni stated in the news
release. “We are pleased that a leading Chinese electric and autonomous vehicle
manufacturer has recently purchased our QuadSight prototype. China is a market
leader in electric vehicle sales, so the opportunity to test and potentially
integrate our system opens the door to substantial future possibilities for
revenue growth. Furthermore, additional customer relationships enable us to
modify and improve our system based on market needs, improving our competitive
edge.”
To view the full press release, visit http://ibn.fm/6x7oe
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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