Foresight Autonomous Holdings Ltd. (FRSX) stock has skyrocketed in the premarket – What’s driving it higher?

Foresight Autonomous Holdings Ltd. (FRSX) inclines to 7.32% in the premarket. However, the last trading session concluded at $3.28 with an incline of 12.33%.

Pilot Project With V-tron for European Fleets

On 1st July 2021, FRSX announced that Eye-Net Mobile Ltd., a wholly-owned subsidiary of V-Tron B.V., will work on a pilot project with V-Tron. V-Tron will assess the Eye-NetTM Protect solution for prospective incorporation into its aboard units and services and applications in order to improve the value of its innovations and avoid accidents. This will be done by linking road users and notifying them about potential conflicts in real-time.

Eye-NetTM Protect is a simple and easy-to-use smartphone application that offers drivers and pedestrians real-time pre-collision notifications. By merging cutting-edge AI technology and advanced analytics, the Eye-NetTM solution suite improves road safety and situational awareness for all road users in the urban mobility context.

Presence in the Autonomous Agricultural Equipment Market

FRSX reported on 9th June 2021 that a prominent worldwide producer of agriculture and construction equipment has purchased a prototype of its QuadSight four-camera vision system. Foresight’s stereo capabilities will be evaluated by the company for usage in agricultural machines. This is the first prototype to be sold to the agricultural equipment sector, which is already using stereo technology for autonomous driving and automated operations to boost productivity and yields.

Foresight’s superior thermal stereoscopic skills are meant to give value to crop monitoring and autonomous navigation, including planting, harvesting, and loading crops for shipping, notably in poor weather and limited visibility when other sensors are limited. The company thinks that extending efforts in this new market area and incorporating the QuadSight technology into autonomous agricultural machinery would strengthen their present product abilities and open new doors. While working in conjunction with clients in the automotive, industrial, and defense areas, FRSX continues to achieve commercial progress. Lastly, the customers have so far given positive feedback to the company.

First Quarter 2021 Results

FRSX reported first-quarter 2021 results on 21st May 2021. The company had $56.5 million in cash and short-term deposits at the end of the first quarter of 2021. For the first quarter of 2021, the Company had a GAAP net loss of $4.4 million and a non-GAAP net loss of $3.2 million. Trials, pilot projects, and system sales in different areas helped Foresight achieve great progress in the first quarter of 2021. FRSX has achieved essential market exposure, resulting in robust deal-making and strategic collaborations.

Moreover, while COVID-19 continues to have a modest influence on the Company’s operations and the broader business climate, Foresight’s steady forward progress has positioned the Company in an excellent position to prosper as the globe recovers from the pandemic. Following repeated successful capital offerings in 2020, the Company is in a good financial position, and these additional resources will enable the company to enhance its commercialization activities in the future year.