Foresight Takes Major Step Toward Commercialization With Elbit Systems Securing Revenues up to $4 Million

The parties signed a five-year mutual exclusivity agreement commercializing Foresight’s proprietary software for semi- and fully-autonomous defense platforms

Ness Ziona, Israel, July 17, 2023 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight”), an innovator in automotive vision systems, announced today the signing of an exclusive commercialization agreement with Elbit Systems Land Ltd. (“Elbit”), a subsidiary of Elbit Systems Ltd. (Nasdaq and TASE: ESLT), for the integration, marketing and licensing of Foresight’s image processing software solution. Foresight expects revenues of up to $4 million, over a contractual period of five years, with minimum guaranteed revenues of $1 million over that time period. The Company expects that it will start recognizing initial revenues from its agreement with Elbit during the second half of 2023.

According to the agreement, Elbit will commercialize Foresight’s software solution, exclusively and globally, in the form of a software license. Foresight’s solution will be offered to Elbit’s end customers as a component of advanced driver assistance systems (ADAS) for driving safety, as well as a solution for semi- and fully-autonomous platforms, used in unmanned combat and security ground vehicles in the defense, paramilitary and homeland security markets (the “ESL Field”). The software license for each platform will be sold for several thousand U.S. dollars per license. Furthermore, Foresight will provide support, maintenance, and customization services for its software to both Elbit and Elbit’s customers.

Elbit will have the exclusive rights to market and sell Foresight’s image processing software in the ESL Field in Israel, for a period of five years. Elbit will also have exclusive rights to market and sell Foresight’s image processing software in the ESL Field globally, for a period of five years, depending on sales targets as determined in the agreement.

“We are excited to strengthen our ongoing collaboration with Elbit and significantly advance our commercialization efforts. Elbit has chosen to exclusively offer our unique software-based vision solutions to customers in the defense and paramilitary sectors who are seeking 3D perception solutions for ADAS and autonomous vehicles. This agreement further reinforces Foresight’s position as a pioneering technology leader in advanced automotive vision systems, and we believe that it will help to strengthen our balance sheet and revenues in the coming years,” said Haim Siboni, CEO of Foresight.