NetworkNewsBreaks – Foresight Autonomous Holding
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Posted On: 05/16/2019 5:17:39 PM
NetworkNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Reports Q1 2019 Financial Results
Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an automotive technology innovator, on Wednesday reported financial results for the first quarter 2019. Among other highlights, the company ended the quarter with $19.3 million in cash and short-term deposits, GAAP net loss of $3.3 million, and non-GAAP net loss of $2.9 million. In addition, the update also provided an overview of corporate accomplishments and balance sheet highlights for the quarter. “The year has started off on a very positive note as we demonstrated progress across all business activities, including an additional sale of our QuadSight(TM) prototype. Our unique technology continues to gain recognition in the autonomous vehicle industry illustrated by increased demand,” Foresight CEO Haim Siboni stated in the news release. “In addition, our wholly owned subsidiary, Eye-Net Mobile Ltd., completed another trial of its accident prevention solution with one of Israel’s largest cities as well as initial installation with a leading Israeli cellular provider. We expect this progress to continue as our recently announced capital raise of $6.2 million will support our development efforts and marketing initiatives throughout the year.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an automotive technology innovator, on Wednesday reported financial results for the first quarter 2019. Among other highlights, the company ended the quarter with $19.3 million in cash and short-term deposits, GAAP net loss of $3.3 million, and non-GAAP net loss of $2.9 million. In addition, the update also provided an overview of corporate accomplishments and balance sheet highlights for the quarter. “The year has started off on a very positive note as we demonstrated progress across all business activities, including an additional sale of our QuadSight(TM) prototype. Our unique technology continues to gain recognition in the autonomous vehicle industry illustrated by increased demand,” Foresight CEO Haim Siboni stated in the news release. “In addition, our wholly owned subsidiary, Eye-Net Mobile Ltd., completed another trial of its accident prevention solution with one of Israel’s largest cities as well as initial installation with a leading Israeli cellular provider. We expect this progress to continue as our recently announced capital raise of $6.2 million will support our development efforts and marketing initiatives throughout the year.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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