Terranet AB – Interim report Q2 2024
Significant events during the second quarter
MobilityXLab
Terranet has been selected from over 100 applicants to participate in the MobilityXlabs accelerator program, collaborating with leading car manufacturers and major suppliers in the automotive industry. The program aims to introduce new innovations and offers Terranet a unique opportunity to conduct Proof of Concept and projects together with one or more potential customers.
Prototype demo in vehicle
Initial system integration in the car has been completed, and the first prototype tests of BlincVision in the car outdoors have been successfully conducted. The integration work included sensor placements, adaptation of vehicle communication, and optimization of the system for use in a mobile environment.
Warrant TO7B was exercised to approximately 95%
A total of 173,029,725 warrants of series TO7, corresponding to approximately 95 percent of the outstanding warrants of series TO7B, were exercised for subscription of 173,029,725 Class B shares at a subscription price of SEK 0.073 per Class B share. Through the exercise of the warrants of series TO7, Terranet will receive approximately SEK 12.6 million before issue costs.
Significant events after the close of the period
No significant events have occurred after the end of the period.
Financial overview
| Apr – Jun 2024 | Apr – Jun 2023 | Jan – June 2024 | Jan – June 2023 | Jan – Dec 2023 | |
| Revenue (TSEK) | 0 | 205 | 380 | 413 | 834 |
| Operating result (TSEK) | -9,985 | -10,540 | -18,266 | -18,782 | -35,926 |
| Financial items (TSEK) | -1,176 | -1,790 | -2,063 | -2,767 | -37,190 |
| Earnings per share (SEK) | -0,01 | -0,04 | -0,02 | -0,06 | -0,15 |
| Closing cash (TSEK) | 20,863 | 22,388 | 20,863 | 22,388 | 29,006 |
Comments from the CEO
” An eventful second quarter where we successfully tested BlincVision outdoors and were selected to conduct projects with potential customers"
The second quarter has been eventful, and we have delivered according to plan. This means we are taking significant steps toward developing BlincVision to meet market demands and needs. In the first quarter, the product was tested as a functioning prototype in a lab environment, and now, in the second quarter, we have successfully tested the system in a car outdoors.
Selected by MobilityXlab and potential customers
Starting in August, we will participate in MobilityXlab’s prestigious accelerator program. MobilityXlab matches the needs of industry companies with the expertise of smaller firms. The extensive selection process, with over 100 applicants from 14 countries, confirms the relevance and interest in our product. The program provides Terranet with a unique opportunity to conduct a Proof of Concept and projects with one or more of MobilityXlab’s partners, such as Ericsson, Magna Electronics, Volvo Group, Polestar, Zenseact, and Zeekr Technology Europe.
Deepening dialogues with potential customers and partners
Our tests and demonstrations during the second quarter now enable us to deepen our dialogues with potential customers and partners, which was crucial for winning the MobilityXlab project, for example. We can now initiate projects with potential customers and partners to integrate BlincVision into their vehicles. Through upcoming collaborations, the value of BlincVision, such as its speed leading to fewer accidents and more lives saved, will be confirmed. By integrating BlincVision into car manufacturers' vehicles, our ambition is to add further value. Through a sensor fusion model, BlincVision is integrated with an existing driver assistance system, and it can then contribute to improving the performance of existing sensors as well. The company's focus this fall is to begin the integration of BlincVision into car manufacturers' vehicles, while we continue to develop and optimize our solution and its performance.
To manage the increasing interest from the automotive industry, we have recently strengthened our organization by hiring Jonas Renander as a strategic business developer. His extensive industry knowledge and broad network will be an invaluable asset to us
Set goals achieved
BlincVision has progressed from the concept stage to being successfully demonstrated both in a lab environment and in a moving vehicle outdoors. The initial test results show that we have achieved the set goals. The evaluation will be completed shortly.
New Vinnova-funded project
In May, the collaborative project 'Verdas' (Verification Methods for Robust Driver Assist System Performance) was launched, led by AstaZero (RISE) together with leading car manufacturers and suppliers. The project will run for a year, with the goal of significantly improving traffic safety for automated vehicles. This is an important collaboration and an opportunity for us to both evaluate existing anti-collision solutions and demonstrate the value of BlincVision.
Continued strong confidence from our shareholders
We would like to take this opportunity to thank our shareholders for their continued confidence. A total of 95% of the warrants in the T07 program were exercised by our shareholders, including the board and management.
Exciting phase ahead
We have finally reached the moment we have long been waiting for – to showcase, together with potential customers and partners, the difference BlincVision can make for the automotive industry. An incredibly exciting phase in the company’s history has begun.
Magnus Andersson
CEO
Lund, 15 August 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 15 August 2024, at 08.00 CET.
For more information, please contact:
Magnus Andersson CEO
Email:
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
Certified Adviser to Terranet is Mangold Fondkommission AB,
08-503 015 50, .
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