Foresight Shares Rise 14% on Deal With Elbit Systems
By Ben Glickman
Shares of Foresight Autonomous Holdings rose Monday after the company said it had inked an exclusive commercialization deal with Elbit Systems.
The stock was up 14% to $3.05 in mid-morning trading. Shares are up 20% year to date.
The Israeli autonomous vision systems company said it had signed a five-year deal for Elbit to sell the company's image processing software, with expected revenues of $4 million over the length of the deal.
Foresight said it was guaranteed revenue of $1 million as part of the deal, and it expects to begin seeing cash flow from the agreement in the second half of this year.
Elbit agreed to exclusively sell Foresight's software, which can be used in autonomous and semi-autonomous vehicles, for "several thousand U.S. dollars per license."
Foresight will provide customer support and customization for its software.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
July 17, 2023 11:01 ET (15:01 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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