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Here is why Foresight Autonomous Holdings (FRSX) stock railed on Wednesday

Foresight Autonomous Holdings (FRSX) stock gained 12.20% in the normal trading session on Wednesday, April 21, 2021, and closed at $4.60 per share. FRSX further jumped 8.70% in the after-hours session. FRSX shares have surged 607.47% over the last 12 months, and they have lost12.38% in the past week. Over the past three months, the stock has declined 50.11%, while over the past six months, it has added 364.65%.


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Let’s discuss its recent news.

Partnership with WebSIA

On April 21, 2021, Eye-Net Mobile which is a wholly-owned subsidiary of Foresight Autonomous Holdings Ltd. announced that it has signed a distribution agreement with WebSIASoluçõesDisruptivas, InteligênciasAssociadas, Tecnologia e Serviços Ltda.

WebSIA will become the exclusive dealer of Eye-Net™ Protect cellular-based accident prevention solutions in the city of Sao Paulo. Both parties may expand the agreement to additional territories subject to the good performance in Sao Paulo.

First QuadSight prototype sale

On March 19, 2021, Foresight Autonomous Holdings announced that its QuadSight system prototype has been purchased by a Japanese manufacturer.

The manufacturer bought the prototype to evaluateQuadSight thermal stereo capabilities for possible enhancement of its current visible-light stereo capabilities.

Eye-Net Signs First Commercial Agreement

On March 19, 2021, Foresight Autonomous Holdingssubsidiary, Eye-Net Mobile Ltd signed a commercial cooperation agreement with SaverOne 2014 Ltd.

Eye-NetProtect solution will be integrated intoSaverOne’s product designed to prevent the use of texting applications by the driver while the vehicle is in motion. It will provide an additional protection layer and enhance SaverOne’s product ability to prevent accidents by alerting drivers about potential collisions.

Recent financial results

On February 26, 2021, Foresight Autonomous Holdings announced financial results for the fourth quarter and full-year 2020.

Q4 2020 financial highlights

  • Foresight suffered a GAAP net loss of $3,964,000 in Q4 2020 compared to a GAAP net loss of $4,370,000 in the fourth quarter of 2019.
  • For Q4 2020, Non-GAAP net loss was $3,712,000 compared to a non-GAAP net loss of $4,018,000 in the prior-year quarter.
  • For the fourth quarter of 2020, research and development expenses were $2,189,000 compared to $3,203,000 in the fourth quarter of 2019.
  • General and administrative expenses were $793,000 compared to $803,000 in the fourth quarter of 2019.

FY-2020 financial highlights

  • For FY 2020, research and development expenseswere $8,563,000, compared to $10,210,000 in 2019.
  • General and administrative expenses were$3,005,000 in FY 2020 compared to $3,469,000 in the full year ended December 31, 2019.
  • Foresight suffered a GAAP net loss of$15,324,000 in FY 2020 compared to a GAAP net loss of $15,439,000 in the full year ended December 31, 2019.
  • Non-GAAP net loss was $14,162,000 for FY 2020 compared to a non-GAAP net loss of $13,476,000 FY 2019.

Conclusion

The recent partnership news could be the reason behind its gains on Wednesday. Foresight performance in the stock market over the last 12 months is exceptional as more and more companies and people are taking interest in the technologies Foresight provides.

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