![]() Marketing and sales (S&M) expenses, net for the three months ended Jwere $605,000, compared to $489,000 for the three months ended June 30, 2021.R&D expenses in the second quarter of 2022 were offset by participation from the European Horizon 2020 program in the amount of $89,000. The increase is attributed mainly to an increase in payroll and related expenses in the amount of $439,000. Research and development (R&D) expenses, net for the three months ended Jwere $2,806,000, compared to $2,436,000 for the three months ended June 30, 2021.(Nasdaq: ELBT) in the amount of $188,000, and from a completion of the first milestone of a POC project with a leading tier one supplier in the amount of $25,000. The revenues were generated from a successful completion of several milestones in of the customization project with Elbit Systems Ltd. We did not generate revenues in the three months ended June 30, 2021. Revenues for the three months ended Jamounted to $213,000.We believe that this diversity is a solid indication of the breadth and depth of Foresight’s total addressable market, and we expect to see continued interest in the second half of 2022 from industries including defense, transportation and agriculture.” During the second quarter, Foresight signed agreements with multiple Tier One suppliers for passenger vehicles, commercial vehicles, industrial technology, unmanned vehicles and vehicle-control systems. “Our key business achievements reveal significant interest across markets, industries and geographies. ![]() mark a significant milestone in our sales cycle, as we move forward from proof of concept (POC) projects to a co-development stage, getting us closer to the design win stage in which we aim to win a contract for mass production,” said Haim Siboni, Foresight’s CEO. and Hitachi Astemo Americas Inc., as well as the progress made with Elbit Systems Ltd. We believe that the agreements we signed with leading Tier One suppliers, ZF North America Inc. “Foresight’s performance in the second quarter of 2022 was focused on demonstrating the broad viability of our stereoscopic vision technology for autonomous and semi-autonomous vehicle applications. generally accepted accounting principles (“GAAP”) net loss of $10.1 million and a non-GAAP net loss of $9.7 million for the second quarter of 2022, compared to a GAAP net loss of $3.2 million and a non-GAAP net loss of $2.7 million for the second quarter of 2021, reflecting an increase of 216% and 259%, respectively, resulting mainly from revaluation of the Company’s investment in Rail Vision Ltd (Nasdaq: RVSN) (“Rail Vision”) to its fair value, after Rail Vision’s initial public offering in April 2022. Foresight ended the first half of 2022 with revenues of $248,000 and with $35.6 million in cash, cash equivalent, restricted cash and short-term deposits. Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX) (“Foresight”), today reported financial results for the second quarter of 2022.
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