Terranet AB – Interim report Q1 2024
Significant events during the first
quarter
- Successful prototype demo in lab conducted at the end
of March
During the first quarter of the year, product development
focused on the prototype demonstration in a lab environment, which
was carried out with successful results.
- Organizational reinforcements
During the quarter, we continued to develop our organization.
Mats Fägerhag's involvement as a consultant and board member means
a considerable strengthening of both competence and networking. We
have expanded our management team with a business developer who
will join us during the second quarter. We pursue the development
of the organization by adding additional talent to our development
team.
- Additional funding secured
In January, a directed share issue of approximately SEK 10
million was carried out. Through the issue, the company's cash
position has been strengthened, which means that liquidity, given a
favorable outcome from TO7 & TO8, is expected to be secured
over the coming year-end.
Significant events after the close of the
period
- holoride – focus on BlincVision
On April 22, the market was informed that Terranet will not
continue to invest in holoride. Terranet will focus all resources
on preparing our product BlincVision for a future commercial
launch. As a consequence of a lengthy financing process, holoride
has ended up in an insolvency situation, which is why Terranet as
of December 31, 2023, has written down the value of the holding to
SEK 0.
Financial overview
|
Jan – Mar 2024 |
Jan – Mar 2023 |
Jan – Dec 2023 |
Revenue (TSEK) |
380 |
208 |
834 |
Operating result
(TSEK) |
-8 281 |
-8 242 |
-35 926 |
Financial items
(TSEK) |
-1 065 |
-987 |
-37 190 |
Earnings per share
(SEK) |
-0,01 |
-0,03 |
-0,15 |
Closing cash
(TSEK) |
29 918 |
17 754 |
29 006 |
Comments from the CEO
As the urban traffic environment becomes increasingly
complex, we contribute with a groundbreaking technology solution
that protects vulnerable road users. For us, speed and accuracy is
the way to get there.
It has been a satisfactory first quarter. The commercialization
of BlincVision is progressing at a rapid pace with positive results
from the prototype demonstration in a lab environment and now the
solution will be tested on cars during the second quarter. Our
dialogues with potential partners and customers have deepened.
The testing of the entire product as a lab prototype has been a
very important milestone. Testing our prototype on a car is the
next step on the way to the commercial launch of our product. All
major car manufacturers and major subcontractors we talk to sees
the potential in BlincVision and our technical solution. The fact
that we are using a completely different and new technology means
that we can bring road safety to new heights. It is one thing to
improve existing technologies, such as Lidar, radar and cameras but
developing brand new technology makes a real difference. A current
challenge in the industry is that too many sensors are used. This
drives costs and makes the solutions more complex as well as the
design of the car more complicated. Instead, new technologies
increase the efficiency of each sensor and hence help reducing the
number of sensors. Simultaneously, different sensors can be
constructed to work together more efficiently (sensor fusion).
Terranet's market potential is huge. Features such as automatic
braking and evasive maneuvering are already saving lives today, and
making traffic ever safer and vehicles more autonomous, are high up
on the agenda for the automotive industry.
In connection with developing test methods for the next
generation of ADAS systems together with AstaZero (RISE) and the
automotive safety organization, EuroNCAP, we see that there are
many traffic scenarios where today's safety solutions are not
sufficient. With the updated test methods that will be launched in
2026, the requirements for ADAS systems will be raised, which means
that new solutions such as BlincVision will come in demand.
The players we are talking to want to see our prototype work on
vehicles in outdoor environments and we are in dialogue about
carrying out these demonstrations shortly. Terranet will work
together with potential partners and customers to complete the
prototype into a final product. We aim for formal partnerships with
suppliers and car manufacturers to implement so-called PoC (Proof
of Concept) projects together with them as soon as possible.
During the ongoing commercialization, we continue to expand our
team with important competences, especially within technology and
business development. During the quarter, we also established an
office in Gothenburg. The proximity to the automotive industry with
potential customers and partners is a clear advantage of the
establishment, located in the automotive cluster Lindholmen in
Gothenburg.
We do not intend to further invest in holoride, being fully
focused on the development of our product and core business,
BlincVision. The write-down of the investment in holoride and
decision not to invest further in holoride does not affect our
liquidity or the funds we use to bring BlincVision to market.
The company's product roadmap continues to follow the plan:
- Q1:
Prototype tests in labs
- Q2:
Demonstration of prototype of vehicle in test
environment
- Quarters 3 and 4:
1) Continued vehicle integrations with
miniaturization and improved optomechanics for the laser scanner as
well as second-generation AI-based object identification
technology.
2) Sign agreements and enter into partnerships with
Tier 1 supplier and leading car manufacturers.
Many things will happen in 2024. We make sure to keep you
updated on our development!
Magnus Andersson
CEO
Lund, 7 May 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 7 May 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.
- PR_Interim report Q1 2024
- Terranet Interim report Q1 2024
Terranet Holding Ab (LSE:0GH9)
Historical Stock Chart
From Jun 2024 to Jul 2024
Terranet Holding Ab (LSE:0GH9)
Historical Stock Chart
From Jul 2023 to Jul 2024