Foresight Autonomous Holdings Ltd. (FRSX): Business Model Canvas [Dec-2025 Updated]

You're digging into Foresight Autonomous Holdings Ltd.'s business model right now, and let's be real: as of late 2025, you are looking at a classic pre-commercialization story where the value is in the intellectual property, not the current sales. With Trailing Twelve Months revenue only at $0.46 Million USD, the near-term focus must be on execution, specifically turning those key partnerships-like the one with Zhejiang StreamRail-into actual cash flow. I've mapped out their entire nine-block strategy, from their proprietary 3D perception algorithms to their cost structure showing a H1 2025 non-GAAP net loss of $5,636,000, so you can clearly see the foundation they are building for future scale. Keep reading to understand the tangible assets backing those big partnership announcements.

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Key Partnerships

You're looking at the essential alliances Foresight Autonomous Holdings Ltd. (FRSX) has locked in as of late 2025 to drive its technology into commercial reality. These aren't just handshake deals; several have concrete financial targets attached, which is what we need to focus on.

The partnerships are segmented across rail, drone inspection, and V2X (Vehicle-to-Everything) mobility, showing a diversified approach to deploying their 3D perception systems.

Here's a breakdown of the most financially significant and recently announced collaborations:

• Tier-One automotive suppliers for bus safety POCs: Foresight Autonomous Holdings announced a collaboration on May 14, 2025, with a global Tier-One automotive supplier specifically to deploy the 3D perception technology aimed at improving bus safety.
• Zhejiang StreamRail for rail transit commercialization: This agreement targets urban trams and metro trains in China.
• Big Bang Boom Solutions for Indian drone project: A joint development project under the India-Israel Industrial R&D Fund (I4F) to create autonomous industrial inspection drones.
• Chinese AI stereo-vision manufacturer for low-cost product integration: A strategic cooperation signed on November 10, 2025, establishing a profit-sharing model with initial sales anticipated in 2026.
• Renault Group and Orange for Eye-Net V2X public trials: A live trial launched in Bordeaux, France, on November 20, 2025, testing collision-prevention technology.

The financial commitments and revenue potentials tied to these alliances give you a clearer picture of near-term and long-term revenue visibility. For instance, the rail deal has a defined revenue ceiling, while the drone project has a specific funding structure.

The drone partnership is structured with significant external validation, as the $5 million budget is 50% covered by the I4F grant, meaning Foresight Autonomous Holdings and Big Bang Boom Solutions jointly cover the other half. This effort is aimed squarely at the industrial inspection market, which is projected to hit $21.3 billion by 2027.

For the Eye-Net subsidiary, the V2X trial with Renault Group and Orange is a technical validation milestone, following a successful prior phase that showed a 99% detection rate in urban settings. Separately, Eye-Net secured a $3 million investment based on a $55 million pre-money valuation on December 4, 2025. That's a concrete financial data point showing investor confidence in that specific business line.

Finance: draft 13-week cash view by Friday.

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Key Activities

You're looking at the core actions Foresight Autonomous Holdings Ltd. (FRSX) is taking to drive its business forward as of late 2025. It's a mix of heavy engineering, customer validation, and corporate housekeeping to stay listed.

Research and development (R&D) of 3D perception systems

The R&D engine is still running, though spending was slightly trimmed in the first half of 2025 compared to the prior year. This work supports their core 3D perception systems used across automotive, defense, and industrial sectors.

Here are the net R&D expense figures for the second quarter:

The decrease in R&D expenses for the three months ended June 30, 2025, is mainly tied to lower subcontracted work, consultants, and reduced rent/office maintenance costs. Anyway, the technology foundation is being supported by integrating platforms like NVIDIA Jetson Orin Nano and AGX in early 2025 to boost AI processing.

Execution of paid Proof-of-Concept (POC) projects

Execution of paid POCs is a major activity, directly translating R&D into potential revenue streams across multiple verticals. These projects serve as critical validation steps before full commercial deals.

Key POC and collaboration milestones achieved in 2025 include:

• Completion of the first phase of a paid POC with a European vehicle manufacturer for V2X technology, announced July 7, 2025.
• A POC agreement signed August 26, 2025, with co-pace GmbH (Continental AG subsidiary) to evaluate Eye-Net's V2X technology integration.
• A Tier-One Automotive Collaboration POC for bus safety undergoing during the second half of 2025, announced May 14, 2025.
• A joint development and commercialization project with Big Bang Boom Solutions Pvt. Ltd. (Indian drone manufacturer) approved for funding on August 4, 2025, with a budget of $5 million over a 24-month period starting September 2025.

The revenues for the six months ended June 30, 2025, totaled $240,000, up from $224,000 for the same period in 2024. For the second quarter alone, revenues were $128,000, compared to $123,000 in Q2 2024.

Commercialization and integration of Eye-Net V2X software

The Eye-Net Mobile subsidiary is actively pushing its V2X collision prevention solutions through validation and partnership agreements. This activity is directly tied to generating revenue and securing future deployment contracts.

Specific commercialization and validation data points are:

• Eye-Net's cellular V2X technology achieved a perfect 100% success rate in field tests conducted by UTAC under Euro NCAP regulations, validated January 17, 2025.
• Eye-Net's revenue contribution came from successful integration and live field testing with Software République in H1 2025.
• Eye-Net is engaged in a multi-phase agreement with SoftBank and a leading Japanese vehicle manufacturer.

The company's GAAP total equity stood at $5,625,000 as of June 30, 2025, while the GAAP net loss for the first half of 2025 was $6,095,000.

Strategic IP licensing and technology transfer

While specific IP licensing fees aren't itemized separately from general revenues, the structure of major deals implies technology transfer and licensing components. The commercialization agreement with Elbit Systems Ltd. ("Elbit") contributed to H1 2025 revenues.

Future revenue potential from technology deployment includes:

Maintaining Nasdaq compliance after the August 2025 reverse split

A key activity was the corporate action taken to ensure continued listing on the Nasdaq Capital Market. Foresight Autonomous Holdings Ltd. executed a reverse stock split to address minimum bid price requirements.

The specifics of the corporate action are:

• The reverse split ratio was 1-for-7 of American Depositary Shares (ADSs).
• The effective date on the Nasdaq Capital Market was August 25, 2025.
• The old ADS CUSIP was 345523203; the new CUSIP is 345523302.
• The ratio of 1 ADS representing 30 ordinary shares remained unchanged.

The stock had declined 73.7% year-to-date in 2025 prior to the split announcement. As of December 4, 2025, the stock closed at $1.872.

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Key Resources

You're looking at the core assets Foresight Autonomous Holdings Ltd. (FRSX) relies on to execute its strategy in late 2025. These aren't just ideas; they are tangible and intellectual properties that drive the business.

The company's technological foundation is built upon its perception algorithms, which combine data from different sensors. Foresight's 3D perception systems utilize both visible light and thermal long-wave infrared cameras, enabling environmental perception in challenging conditions like low-light, heavy fog, and extreme weather. This multi-spectrum capability is a key differentiator for their in-line-of-sight vision systems.

The Eye-Net subsidiary's V2X platform is actively being validated in the field. This software is central to their beyond-line-of-sight accident-prevention solutions. Here's a look at the core resources, including the human capital and recent capital injections.

The integration of high-performance computing hardware is a direct resource supporting the algorithms. Foresight Autonomous Holdings Ltd. specifically enhanced its perception systems by integrating these platforms in early 2025.

• Integration of NVIDIA Jetson Orin Nano platform
• Integration of NVIDIA Jetson AGX Orin platform

The Eye-Net V2X platform is currently being tested in a large-scale live trial environment. This real-world validation is a critical near-term asset for securing future commercial adoption.

• Large-scale live Collision Prevention trial launched in Bordeaux, France
• Partners include Renault Group and Orange S.A.
• Trial integrates the V2X system into a beta version of the TBM Mobility App

The company's R&D personnel, while lean, are the engine behind developing and maintaining these proprietary assets. As of the end of 2024, the total employee count was 87, with 81 designated as full-time employees. Finance: draft 13-week cash view by Friday.

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Foresight Autonomous Holdings Ltd. is pushing into the market as of late 2025. These aren't just concepts; they are backed by recent commercial traction and technology upgrades.

Beyond-line-of-sight (BLOS) collision prevention via Eye-Net

The value here is enabling communication beyond what direct line-of-sight sensors can see, using vehicle-to-everything (V2X) technology. This is being validated through direct customer investment. Eye-Net Mobile Ltd. completed the first phase of a paid proof-of-concept (POC) project with a top European vehicle manufacturer, where its software development kit (SDK) integrated smoothly into an Android system without crashes or data loss. You should note the financial backing: Eye-Net secured a $3 million investment on December 1, 2025, reflecting a $55 million pre-money valuation, up from an approximate $45 million pre-money valuation after a $2.75 million raise in March 2025.

High-reliability 3D perception in all weather/lighting conditions

The promise is consistent performance regardless of the environment, which is crucial for safety systems. Foresight Autonomous Holdings Ltd. has actively upgraded its processing backbone to support this reliability. In early 2025, the company enhanced its perception systems by integrating NVIDIA Jetson Orin Nano and AGX platforms, which significantly boosted AI processing capabilities for both automotive and drone uses. The company's Market Cap as of late November 2025 stood at $1545M, suggesting market recognition of this technological foundation, even with a high P/B Ratio of 260.58x.

Multi-sensor fusion for automotive and industrial applications

Foresight Autonomous Holdings Ltd. is not putting all its eggs in the passenger car basket; they are fusing their 3D perception for diverse, high-value industrial use cases. For instance, a proof-of-concept phase with a global Tier-One automotive supplier to improve bus safety is undergoing during the second half of 2025. On the industrial side, a joint development project with Big Bang Boom Solutions Pvt. Ltd. in India, funded by the I4F program with a budget of $5 million over a 24-month period starting September 2025, targets rugged autonomous industrial drones.

Cost-efficient stereo vision solutions for developing markets

This value proposition directly addresses adoption barriers in markets sensitive to price. Foresight Autonomous Holdings Ltd. entered a strategic commercial cooperation agreement in November 2025 with a leading Chinese manufacturer of AI-based stereo vision solutions. This partnership allows Foresight to incorporate complementary systems into its portfolio, specifically tailoring them for exclusive commercialization in India and South Korea. These systems integrate the manufacturer's proprietary integrated circuit and stereo cameras, offering short- to medium-range baseline configurations designed to provide reliable perception capabilities at a competitive price. Initial sales from this specific collaboration are anticipated to be realized in 2026.

Scalable technology for integration by Tier-1s and OEMs

The technology is designed to be integrated by large partners, as evidenced by the pipeline of commercial agreements. You can see the scale of potential through these contracts:

• Secured a commercialization agreement with Zhejiang StreamRail Intelligent Control Technology Co., Ltd. with a $12 million revenue potential, targeting commercial deployment in 2026.
• The strategic collaboration for industrial drones in India targets a projected $32 million revenue by 2031.
• A collaboration with South Korean Tier-One supplier KONEC forecasts sales of $1.5 million by 2027, with potential revenues reaching $7 million by 2029.

The Bumhan Motors Ltd. collaboration in South Korea targets the 200 electric buses projected for sale in 2025 by the manufacturer. Here's a quick look at the recent revenue context for these commercial efforts:

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Customer Relationships

Foresight Autonomous Holdings Ltd. (FRSX) structures its customer relationships around deep, project-based collaboration, moving partners from initial testing to long-term commercial deployment.

Intensive, collaborative Proof-of-Concept (POC) engagements form the initial gateway with potential high-volume clients. These engagements are critical for validating the 3D perception system's performance in specific, real-world use cases.

• A POC project with a global Tier-One automotive supplier began in the second half of 2025 to evaluate the system for bus safety ADAS.
• The first phase of a multi-phase cooperation agreement with a leading global EV original equipment manufacturer in China involved evaluating 3D perception capabilities.
• The Company announced the funding approval from the India-Israel Industrial research and development and Technological Innovation Fund (I4F) on August 4, 2025, for a joint project.

The progression from POC to commercialization is formalized through long-term joint development and commercialization agreements, which lock in future revenue potential.

For instance, Foresight Autonomous Holdings Ltd. (FRSX) signed a commercialization agreement with Zhejiang StreamRail Intelligent Control Technology Co., Ltd. on May 19, 2025, which carries up to $12 million in potential revenue.

The relationship with the Indian drone manufacturer under the I4F program targets a projected revenue of $32 million by 2031.

The nature of these relationships is further detailed in the table below, mapping key partners to their associated agreements and timelines as of late 2025.

Dedicated technical support for system integration is evident through the activities of its subsidiaries. Revenues in the second quarter of 2025 were generated in part by Eye-Net Mobile from the successful completion of integration and live field testing with Software République.

The focus on Strategic, high-touch relationships with Tier-1 and OEM partners is a core driver for Foresight Autonomous Holdings Ltd. (FRSX). The Company reported that Sales and marketing (S&M) expenses for the three months ended June 30, 2025, were $295,000, a decrease of 5.1% compared to the same period in 2024, suggesting efficiency in managing these high-value, focused relationships.

Furthermore, the Company's subsidiary, Eye-Net Mobile, is a key component of these relationships, securing an investment that reflected a $55 million valuation as of December 4, 2025.

The Company's General and administrative (G&A) expenses for the three months ended June 30, 2025, were $586,000, a decrease of 3.6% year-over-year, which helps manage overhead while pursuing these complex, high-touch deals.

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Channels

You're looking at how Foresight Autonomous Holdings Ltd. gets its advanced 3D perception technology and V2X solutions into the hands of customers. It's not a single path; Foresight Autonomous Holdings Ltd. uses a mix of direct engagement, specialized partners, and subsidiary-led efforts to cover different market segments. This multi-pronged approach is key to scaling their technology across automotive, rail, and industrial drone sectors.

Direct sales and technical teams engaging Tier-1 automotive suppliers

Foresight Autonomous Holdings Ltd. relies on direct engagement, often following successful co-development projects, to secure commercial agreements with major automotive players. This channel involves direct technical teams working alongside suppliers to integrate their 3D perception technology into vehicle platforms. For instance, a collaboration with Bumhan Motors Ltd., a leading South Korean bus manufacturer, was aimed at finalizing a commercial agreement in the first half of 2025, following their joint development work.

A significant example of this channel is the commercial cooperation agreement signed with KONEC Co. Ltd., a South Korean Tier-One automotive supplier, in late 2024, which granted KONEC exclusive distribution rights in South Korea for 2025. This agreement covers passenger vehicles, commercial vehicles, and heavy machinery. The projected revenue from this specific channel partner is substantial, estimated to grow up to $7 million by 2029, with a minimum forecast of $1.5 million by 2027. Furthermore, Foresight Autonomous Holdings Ltd. announced a collaboration in May 2025 with another global Tier-One automotive supplier, focusing on improving bus safety, with a proof-of-concept phase undergoing during the second half of 2025.

Commercialization partners (e.g., Zhejiang StreamRail) for specific verticals

For vertical markets outside of standard passenger vehicles, Foresight Autonomous Holdings Ltd. uses commercialization partners to gain rapid access and local expertise. The rail sector is being addressed through a development and commercialization agreement with Zhejiang StreamRail Intelligent Control Technology Co., Ltd., a Chinese rail technology company, signed in May 2025. This partnership targets the integration of Foresight Autonomous Holdings Ltd.'s 3D perception systems into urban trams and metro trains for obstacle detection.

This specific channel carries a projected revenue potential of up to $12 million by 2029, with initial commercial deployment anticipated in 2026. A key term here is that Zhejiang StreamRail secured exclusive distribution rights in China, contingent on achieving sales of at least $1.5 million across the 2026 and 2027 period. This shows how Foresight Autonomous Holdings Ltd. structures deals to incentivize partner performance in specific geographies and verticals.

Subsidiary-led sales (Eye-Net Mobile) for V2X solutions

The Vehicle-to-Everything (V2X) solutions are primarily driven through the wholly-owned subsidiary, Eye-Net Mobile Ltd. This subsidiary focuses on cellular-based, beyond-line-of-sight accident-prevention solutions using smartphones and smart devices. The channel here involves direct engagement with telecom operators and vehicle manufacturers for technology validation and integration.

Momentum in this channel is supported by recent financing rounds. In March 2025, Eye-Net Mobile Ltd. raised approximately $2.75 million based on a pre-money valuation of $45 million. More recently, in December 2025, a new investment round valued Eye-Net Mobile Ltd. at a $55 million pre-money valuation, securing gross proceeds of $3 million. A major step toward commercialization was the launch of a large-scale live Collision Prevention trial in Bordeaux, France, on November 20, 2025, involving Renault Group and Orange S.A.. This trial followed a successful prior phase that reported a 99% detection rate in urban interactions on July 9, 2025. Furthermore, a strategic collaboration with a Chinese manufacturer suggests initial sales for Eye-Net Mobile Ltd. are expected in 2026 through a profit-sharing model.

Government-backed R&D programs (e.g., India-Israel I4F)

Government-backed R&D programs serve as a crucial channel for de-risking development and accessing new, high-potential markets, particularly in defense and industrial applications. The India-Israel Industrial R&D Fund (I4F) is a key example here. Foresight Autonomous Holdings Ltd. secured approval in August 2025 for a joint development and commercialization project with Indian drone manufacturer Big Bang Boom Solutions Pvt. Ltd. under the I4F.

This specific R&D channel has the following financial and structural details:

This $5 million joint project, which is scheduled to run for 24 months starting in September 2025, is funded 50% by the I4F grant. The technology developed-rugged autonomous industrial inspection drones-is projected to generate up to $32 million in revenue by 2031 based on partner projections. This channel effectively shares the development cost burden while targeting the global drone inspection market, projected to reach $21.3 billion by 2027.

Foresight Autonomous Holdings Ltd. also has a collaboration with Tata Elxsi Limited targeting the Indian market, which leverages this government-backed R&D ecosystem.

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Customer Segments

You're looking at the specific groups Foresight Autonomous Holdings Ltd. (FRSX) targets for its 3D perception systems as of late 2025. This isn't just about who buys the tech; it's about the potential dollar value attached to each relationship.

Global Tier-1 automotive suppliers and OEMs (primary target)

Foresight Autonomous Holdings Ltd. has secured specific commercial traction in the automotive space, particularly in South Korea, focusing on commercial vehicles like buses. The company is actively working to convert development phases into firm sales.

• Collaboration with a global Tier-One automotive supplier for bus safety, with a proof-of-concept phase running during the second half of 2025.
• Agreement with South Korean Tier-One supplier KONEC, which has exclusivity for 2025.
• KONEC forecasts commercial sales of $1.5 million by 2027, potentially reaching up to $7 million by 2029.
• Collaboration with Bumhan Motors Ltd., a South Korean bus manufacturer, projects sales of 200 electric buses in 2025, scaling to 3,000 units annually by 2029.
• Historical pilot agreement with one of China's top three largest car manufacturers to test the Eyes-OnTM system.

Urban rail transit and public transportation operators (e.g., China, France)

The rail segment shows clear, near-term revenue potential tied to specific geographic partners. Deployment timelines are set for 2026.

• Development and commercialization agreement signed with Zhejiang StreamRail (China) on May 19, 2025.
• This StreamRail deal carries a potential revenue of up to $12 million by 2029.
• Commercial deployment for urban trams and metro trains is expected to start in 2026.
• A large-scale live public transportation safety trial in France involving Eye-Net, Renault Group, and Orange was announced for November 20, 2025.

Industrial drone and commercial vehicle manufacturers (e.g., India)

The industrial drone sector, particularly in India, represents a significant long-term revenue target, backed by government funding mechanisms.

• Memorandum of Understanding signed April 10, 2025, with a leading Indian drone manufacturer under the I4F program.
• Funding approval received August 4, 2025, for a joint project with Big Bang Boom Solutions Pvt. Ltd.
• The joint development project has a budget of $5 million over a 24-month period, starting September 2025.
• This collaboration targets a projected revenue of $32 million by 2031.
• A November 10, 2025, collaboration with a Chinese manufacturer targets exclusive commercialization in India and South Korea for the ADAS aftermarket, with initial sales in 2026.

Defense and security contractors (historical segment via Elbit)

While the focus has shifted, the technology's roots and potential applications in defense remain a structural part of the company's background.

The following table summarizes key financial context against the customer segments that have reported specific revenue projections as of late 2025.

For context on the company's financial standing supporting these segments, you should note the following figures from the first half of 2025 reporting:

• GAAP net loss for the second quarter ended June 30, 2025: $2.815 million.
• Non-GAAP net loss for the three months ended June 30, 2025: $2,598,000.
• Total Shares Outstanding as of late 2025: 101.74M.
• Market capitalization as of late 2025: $9.24 million.
• Insider ownership percentage: 10.59%.

Finance: draft 13-week cash view by Friday.

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Foresight Autonomous Holdings Ltd.'s operations, which are heavily weighted toward future technology development. For a company in this space, the cost structure is dominated by the need to innovate and protect that innovation.

High Fixed Costs in R&D Personnel and Engineering Salaries

The core of Foresight Autonomous Holdings Ltd.'s spending is in Research and Development (R&D). This represents a significant, relatively fixed cost base tied to engineering talent. For the first half of 2025, R&D expenses, net, totaled $4,426,000. This was actually a slight decrease of 2.2% compared to the $4,525,000 reported for the first half of 2024, mainly due to lower payroll and reduced rent and office maintenance costs. Still, this figure shows that engineering and development remain the primary cash burn area.

Significant Investment in Technology Development and Patent Protection

Beyond direct salaries, significant capital is channeled into the actual development and securing of the intellectual property that forms the value proposition. While specific patent filing and maintenance costs aren't broken out, they are embedded within the R&D and General and Administrative (G&A) lines. The company is actively pursuing large-scale development projects, such as the joint project with Big Bang Boom Solutions Pvt. Ltd. under the I4F program, which has a budget of $5 million over a 24-month period starting in September 2025.

General and Administrative Costs, Including Legal and Professional Fees

General and administrative (G&A) expenses cover the overhead required to run the business, including executive functions, finance, and, critically, legal and professional services. For the first six months of 2025, G&A expenses reached $1,296,000, marking an increase of 11.6% over the $1,161,000 recorded in the first half of 2024. This increase was primarily driven by higher share-based compensation. To be fair, the Q2 2025 G&A of $586,000 did show a decrease of 3.6% from Q2 2024, which was attributed to lower professional services costs in that quarter.

Operating Expenses Leading to a H1 2025 Non-GAAP Net Loss

The combination of R&D and operating expenses results in a net loss as the company scales its technology toward mass commercialization. Foresight Autonomous Holdings Ltd. reported a non-GAAP net loss for the first half of 2025 of $5,636,000. This non-GAAP measure excludes the effect of stock-based compensation expenses. For context on the quarterly burn, the non-GAAP net loss for the second quarter ended June 30, 2025, was $2,598,000.

Costs Associated with Maintaining Nasdaq Listing and Compliance

Maintaining a listing on the Nasdaq Capital Market carries specific, non-negotiable costs, including regulatory filings and, when necessary, corporate actions to satisfy listing rules. Foresight Autonomous Holdings Ltd. had to address the minimum bid price requirement, which it successfully did by maintaining a closing bid price of $1.00 or more for 10 consecutive trading days between August 25, 2025, and September 8, 2025. This action followed a notification of non-compliance on March 24, 2025. To help achieve this, the company implemented a 1-for-7 reverse stock split effective August 25, 2025. The process involved a cancellation fee of $0.050000 per old American Depositary Share (ADS).

Here's a quick look at the key expense components for the first half of 2025 compared to the prior year:

You can see the R&D spend is the largest component, which is typical for a deep-tech firm. The S&M increase is also notable, likely tied to supporting new commercial agreements.

• Non-GAAP Net Loss (H1 2025): $5,636,000 (as required)
• GAAP Net Loss (H1 2025): $6,095,000
• Q2 2025 Non-GAAP Net Loss: $2,598,000
• Q2 2025 G&A Expenses: $586,000

Finance: draft 13-week cash view by Friday.

Foresight Autonomous Holdings Ltd. (FRSX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Foresight Autonomous Holdings Ltd.'s (FRSX) business as of late 2025. It's a mix of very current, small-scale income streams and significant future potential tied to commercialization milestones and non-dilutive funding.

The immediate, current revenue base remains minimal, largely stemming from ongoing Proof-of-Concepts (POCs) and initial, smaller commercial engagements. For the trailing twelve months (TTM) ending around mid-2025, Foresight Autonomous Holdings Ltd.'s revenue was reported at approximately $0.46 Million USD. More specifically, revenues for the six months ended June 30, 2025, totaled $240,000. This revenue was generated primarily from two sources.

• Commercialization agreement with Elbit Systems Ltd. ("Elbit").
• Successful completion of integration and live field testing by Eye-Net Mobile Ltd. with Software République.

The company is actively progressing through evaluation phases that are expected to convert into larger revenue streams soon. For instance, a collaboration with a global Tier-One automotive supplier to enhance bus safety has a proof-of-concept phase undergoing during the second half of 2025. This type of activity is what feeds the current, smaller revenue figures.

Future revenue visibility is heavily weighted toward large-scale commercialization agreements. The most notable is the development and commercialization agreement signed in May 2025 with Zhejiang StreamRail Intelligent Control Technology Co., Ltd. This rail tech partnership carries a potential revenue stream estimated at up to $12 million by 2029, with initial commercial deployment targeted to start in 2026. If StreamRail achieves sales of at least $1.5 million during 2026 and 2027, they secure exclusive distribution rights in China.

Beyond direct product sales, capital infusion through equity financing in subsidiaries provides a non-operating revenue component that supports operations and valuation. In December 2025, Foresight Autonomous Holdings Ltd. announced that its majority-owned subsidiary, Eye-Net Mobile Ltd., secured a $3 million investment from institutional investors. This funding round was based on an Eye-Net pre-money valuation of $55 million, with the investment representing a direct purchase of approximately 5.17% of Eye-Net's ordinary shares.

Crucially, non-dilutive funding via government grants supports R&D expenses directly. Foresight Autonomous Holdings Ltd. secured approval in August 2025 for a joint development and commercialization project under the India-Israel Industrial R&D and Technological Innovation Fund (I4F). The total budget for this industrial drone project is $5 million, scheduled to begin in September 2025 and run for 24 months. The I4F grant covers 50% of the project's budget, with Foresight Autonomous Holdings Ltd. and Big Bang Boom Solutions Pvt. Ltd. jointly funding the remaining 50%.

Here's a quick look at the key non-TTM revenue and funding metrics we see:

The I4F grant is specifically earmarked for developing rugged, autonomous industrial inspection drones. Big Bang Boom Solutions projects that the jointly developed technology could generate up to $32 million in revenue by 2031. That's a big jump from the current run rate, but it depends entirely on successful development within that 24-month window.

Finance: draft 13-week cash view by Friday.