Terranet AB – Year end report 2023
February 22 2024 - 2:00AM
UK Regulatory
Terranet AB – Year end report 2023
Significant events during the fourth
quarter
- The company was awarded a grant from
Skyltfonden (an initiative of the Swedish Transport Administration)
for the development of new testing methods in collaboration with
AstaZero (RISE).
- Dan Wahrenberg took over as the new
CFO.
- The company and Nihat Kücük reached
an agreement on the termination of Nihat’s employment as CTO.
- Pierre Ekwall took over as the new
CTO.
- The subscription of warrants in
series T06 was carried out, with a subscription rate of 63% (the
company raised approximately MSEK 6.3).
Significant events after the close of the
period
- The company’s board decided to crry
out a directed issue of units amounting to MSEK 10 before issue
costs and an issue of TO8 to the Company for transfer free of
charge to the Company's shareholders.
- The company held an extraordinary
general meeting on January 31 where it was resolved to elect Mats
Fägerhag as a new ordinary board member and further resolved on a
directed issue of units to Maida Vale Capital AB of SEK 2.25
million.
- CEO Magnus Andersson and CTO Pierre
Ekwall participated in CES in Las Vegas.
Q4, 1 October – 31 December 2023
- Revenue amounted to TSEK 205
(310).
- Operating profit/loss amounted to
TSEK -9,219 (-7,431).
- Diluted and undiluted earnings per
share amounted to SEK -0.02 (-0.03).
Full year, 1 January–31 December 2023
- Revenue amounted to TSEK 834
(748).
- Operating profit/loss amounted to
TSEK -35,926 (-29,371).
- Diluted and undiluted earnings per
share amounted to SEK -0.08 (-0.10).
- Cash and cash equivalents for the
Group amounted to TSEK 29,006 (26,715) at the close of the
period.
- The Board proposes that no dividend
be paid for the 2023 financial year.
Comments from the CEO
Today's safety solutions in the automotive industry do not
work well enough, and what we at Terranet offer will help save more
lives and enable new mobility innovations for a safer and more
efficient traffic environment.
We have seen an exciting close to an eventful 2023, with a
fourth quarter marked by a number of significant steps forward.
After years of hard work, BlincVision, our anti-collision project,
is beginning to show its full potential as a comprehensive
solution. We are seeing increased interest from potential customers
and partners and can confidently state that the sector is looking
for a product with the kind of speed and precision that BlincVision
can offer.
Product development is progressing according to plan, and we are
following our previously communicated product development plan; in
2024, we will demonstrate our prototype in a laboratory environment
in the first quarter, and then in the second quarter we will
demonstrate our prototype on vehicles in a test environment
outdoors. The initial testing of a prototype showed promising
results, offering good opportunities for product development before
presentation to external parties. Our goal is to create formal
partnerships with Tier 1 suppliers and automakers in 2024. We are
moving closer and closer to a finished product that will be
attractive on the market.
Continuous dialogues with Tier 1 suppliers and vehicle
manufacturers have confirmed that there continues to be a great
deal of interest in what we do across a number of different
sectors, both in the area of driver assistance and autonomous
vehicles. We continue to increase our commercial capability and
have just elected Mats Fägerhag to the board. As a operational
advisor, Mats brings many years of experience in the automotive
industry and vast knowledge in the area of product development and
commercialization. We are also engaged in an ongoing recruitment
effort within business development.
At this year's CES, one of the world’s premier trade shows for
the automotive industry and tech sector, advanced driver assistance
systems (ADAS) continued to be one of the hottest topics. Car
manufacturers and suppliers acknowledge that existing
anti-collision solutions are in need of improvement.
Despite the fact that many car models are currently equipped
with advanced driver assistance systems, a high number of accidents
still occur. And the continued high rate of accidents is especially
concerning in cities, where accidents occur between cars and
vulnerable road users. Solving this problem will require faster and
more precise sensor technology. “Terranet offers technology that
will help solve these problems, save lives and enable new mobility
innovations for a safer and more efficient traffic environment”. In
light of the above, the collaboration that we initiated in the
autumn of last year with AstaZero's test track and the interest
from EuroNCAP are quite relevant.
We are now entering an incredibly intense period where years of
development shall materialize. These are without a doubt the most
exciting months we have ahead of us since Terranet was founded. We
plan to update you shareholders in the coming months as we step by
step in 2024 work towards our goal – to sign agreements and enter
into partnerships with Tier 1 suppliers and leading car
manufacturers.
We look forward to keeping you updated on what is sure to be a
very eventful 2024!
Magnus Andersson
CEO
Lund, 22 February 2024
This information is such that Terranet AB is required to
make public in accordance with the EU’s Market Abuse Regulation
(MAR). The information was made public by the Company’s contact
person below on 22 February 2024, at 08.00 CET.
For more information, please
contact
Magnus Andersson CEO
Email: magnus.andersson@terranet.se
About Terranet AB (publ)
Terranet is on a mission to save lives in urban
traffic.
We develop breakthrough tech solutions for Advanced Driver
Assistance Systems (ADAS) and Autonomous Vehicles (AV) that protect
vulnerable road users.
With a unique and patented vision technology, Terranet’s
anti-collision system BlincVision scans and detects road objects
multiple times faster and with higher accuracy than any other ADAS
technology available today.
Terranet is based in Lund, Sweden, and in the heart of the
European automotive industry in Stuttgart, Germany. The company is
listed on Nasdaq First North Premier Growth Market since
2017(Nasdaq: TERRNT-B).
Follow our journey at www.terranet.se
Certified Adviser to Terranet is Mangold Fondkommission AB,
08-503 015 50, ca@mangold.se.
- PM_Year-end report 2023
- Terranet Q4 Rapport 2023_ENG
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