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Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) shares lost a good deal of ground Monday. The company, an innovator in 3D perception systems, announced the signing of a commercial cooperation agreement with KONEC Co. Ltd., a leading South Korean Tier-One automotive supplier, to bring to market advanced 3D perception solutions to be integrated into the vehicles and machinery of KONEC’s customers and business partners in the Republic of Korea. These solutions are designed for a wide range of sectors, including passenger vehicles, commercial vehicles such as trucks and buses, autonomous logistics vehicles, geofenced autonomous vehicles, as well as agriculture and heavy machinery.
Pursuant to the terms of the agreement, originally announced on December 9, 2024, KONEC forecasts commercial sales of $1.5 million by 2027, with anticipated revenues from various advanced solutions, including supply of products, software license fees, non-recurring engineering services, and development fees, projected to grow up to $7 million by 2029. KONEC has already placed orders to achieve its sales target for 2024 and has exclusivity for 2025.
Furthermore, Foresight’s cutting-edge 3D perception solutions will be exclusively distributed in South Korea by KONEC. This distribution agreement covers KONEC’s existing customer base, with a focus on original equipment manufacturers, as well as its business partners and potential new clients.
FRSX shares began Monday down 19 cents, or 10.1%, to $1.66.
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