Foresight Autonomous Holdings (FRSX) stock had a positive Monday, April 26, 2021. FRSX gained 4.88% in the normal trading session and further in the after-hours session, it has risen 3.10% to close at $5.32 per share.
FRSX shares have soared 597.30% over the last 12 months, and they have moved up by 18.35% in the past week. Over the past three months, the stock has lost -41.30%, while over the past six months, it has added 396.15%.
Let’s see what’s happening with FRSX.
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 WebSIA Soluções Disruptivas, Inteligências Associadas, 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 evaluate QuadSight 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-Net Protect solution will be integrated into SaverOne’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 expenses were $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.
There is no recent news to justify its rally on Monday. The company has performed exceptionally well and we can see it rising further in the coming days because investors are taking more interest in the technologies Foresight provides.