Significant events during the third quarter
- Terranet announced that it will perform demonstrations of BlincVision in a laboratory environment during the first quarter 2024 and on vehicles in a test environment during the second quarter of 2024 and released the company’s product development plan for 2024.
- The funds raised after completion of the preferential rights issue in June 2023 have been transferred to Terranet in the beginning of July.
Significant events after the close of the period
- Dan Wahrenberg took over as the new CFO.
- The company and Nihat Kücük agreed on the termination of Nihat’s employment as CTO. At the same time, the company announced that the previously established timetable for the development of BlincVision is unchanged.
- Terranet initiated a collaboration with RISE test track and test facility AstaZero outside of Gothenburg in order to develop new ADAS testing methods. The goal is for the methods to be included in or contribute to Euro NCAP's rating methods.
Third quarter, 1 July – 30 September 2023
- Revenue amounted to TSEK 216 (252).
- Operating profit/loss amounted to TSEK -7,925 (-7,119).
- Diluted and undiluted earnings per share amounted to SEK -0.01 (-0.02).
Interim period, 1 January – 30 September 2023
- Revenue amounted to TSEK 629 (438).
- Operating profit/loss amounted to TSEK -26,707 (-21,940).
- Diluted and undiluted earnings per share amounted to SEK -0.07 (-0.07).
- The group’s cash and cash equivalents at the close of the period amounted to TSEK 34,179 (26,715 at the start of the financial year).
Comments from the CEO
"When the demonstration in the lab is completed, the prototype will be tested outside the house in the second quarter of 2024.”
Our industry is currently in a very exciting stage. Companies like Terranet are well positioned, as major automotive manufacturers and their subcontractors drive the development and demand for advanced sensor systems. The advantage of BlincVision is its speed. In addition to its lightning-fast reaction to events in the vehicle’s surroundings, BlincVision is also able to distinguish between objects and people in dense urban environments.
As I mentioned in the last interim report, we believe that government requirements for reaction and response times need to be updated. And now Terranet is taking the first step towards moving this process forward. In order to help increase requirements, we started a collaboration with RISE test track and test facility AstaZero in October. The project will develop new test methods for advanced driver assistance systems (ADAS). Our ultimate goal is for these methods to be included in Euro NCAP's rating methods.
It is also encouraging that we can see clear signs that what we in the industry call ADAS, that is, advanced driver assistance systems, are also appreciated by the end consumer and that they are willing to pay a premium to access these functions. If you consider the steps the industry is taking towards higher standards together with consumer perception, we are seeing some very positive signs for Terranet.
A strong team is a prerequisite for success. We continue to strengthen our organisation by both broadening and deepening our in-house expert competence. This October, we welcomed Dan Wahrenberg as our new, permanent CFO. Dan has a proven track record from several listed companies. As we previously announced, we are recruiting a new CTO from the automotive industry in order to gear up our product development. The company management team will also be strengthened. We will add a business development manager to help us respond to the rapid pace of change and development in today's automotive industry.
Magnus Andersson
CEO
Lund, 16 November 2023
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 16 November 2023, 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.
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