Foresight Autonomous Holdings Ltd. (FRSX) announced on Tuesday its entry into a commercial cooperation agreement with an Indian drone manufacturer, an important supplier for the Indian Ministry of Defense. This partnership will see the integration of Foresight's cutting-edge 3D perception technology into autonomous drone platforms. The deal projects revenue potentials of $2.5 million by 2026, expanding to $16 million by 2029.
The collaboration intends to improve drone performance under challenging conditions, including dense smoke, low-light environments, and extreme temperatures. It will facilitate real-time spatial positioning and enhance the capability to detect individuals in difficult settings.
While the initial focus of this agreement is on the Indian defense sector, there are also plans to explore future manufacturing, marketing, and distribution possibilities within India and potential international markets. This venture underscores Foresight's dedication to transforming autonomous drone technology and meeting critical defense demands.
On Tuesday, FRSX shares closed at $1.28 on the Nasdaq, reflecting a decline of 5.88%, or $0.08.
