Foresight CEO Letter to Shareholders
Letter to Shareholders
The past year was unprecedented in its impact on business operations, the economy, and our daily lives. As the world begins to turn the corner on the COVID-19 pandemic with active vaccination campaigns and ongoing economic support initiatives, I would like to issue an update on Foresight’s current position and long-term outlook. The company’s stable business development performance throughout 2020 was remarkable given the circumstances, and several key business milestones have set a course for what I believe will be a successful coming year.
Over the course of 2020, Foresight made inroads in important markets and verticals with prototype sales of its QuadSight vision system. In February 2020, the company received a prototype order from a multi-billion-dollar Japanese vehicle manufacturer. Three months later, the company sold a QuadSight prototype to a Tier One European supplier of commercial vehicles for the autonomous truck market. In July 2020, Foresight received two orders for product development and customization from leading Israeli defense company Elbit Systems Ltd, which signed a first commercial agreement with Foresight in July 2019 for exclusive marketing of its proprietary image processing software for the defense, paramilitary and homeland security markets. Finally, also in July 2020, Foresight received a prototype order from a multi-billion-dollar global Chinese technology company. I believe that these sales milestones demonstrate the diverse market recognition of our technology, as well as its myriad potential applications across geographies and industries.
Foresight achieved a noteworthy milestone in April 2020, signing an agreement with FLIR Systems, the world’s leading manufacturer of thermal imaging cameras and imaging sensors. We believe that the integration of FLIR’s thermal cameras into our QuadSight vision system increases the performance of our groundbreaking four-camera solution. Our collaboration with FLIR enables us to introduce our solutions to new audiences and sales regions, building off of FLIR’s sterling reputation.
Foresight’s prototype sales success took place in parallel to several noteworthy technological developments. The year began with the announcement of significant new features for the QuadSight vision system, including automatic calibration, multispectral sensor fusion, and 3D point cloud. These features provide noticeable improvements to the system’s ability to accurately measure the size, location and distance of objects, even in challenging weather and lighting conditions. In September 2020, the Company announced the development of a commercial version of its automatic calibration software, enabling it to be offered as a standalone product.
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