Foresight enters exclusive commercialization agreement with Elbit Systems

Foresight Autonomous Holdings (FRSX) announced the signing of an exclusive commercialization agreement with Elbit Systems Land (ESLT) for the integration, marketing and licensing of Foresight’s image processing software solution. Foresight expects revenues of up to $4M, over a contractual period of five years, with minimum guaranteed revenues of $1M 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 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 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.