Terranet AB – Interim report 1 January – 31 March 2023
17 Mai 2023 - 8:01AM
Terranet AB – Interim report 1 January – 31 March 2023
Significant events during the first quarter
- Prevas Development
delivered the first prototype of the laser scanner module to
Terranet. Testing and evaluation continues.
- Warrant programme
T05 B was concluded. Over 70% of the warrants were exercised for
the subscription of B shares. The company raised a total of MSEK
3.8 before issue costs. The funds were used for the repayment of
loans.
- The company
expanded its global sales and business development network by
bringing on Martin Wöhrle as senior advisor. Martin has a strong
background in the industry, including time with BMW and
Hyundai.
- Mangold Insight
released an updated analysis of Terranet, reaffirming the previous
buy recommendation.
- Terranet’s CEO
Magnus Andersson and CTO Nihat Küçük presented the year-end report
and product development update during a well-received webcast
followed by a Q&A session.
- Magnus Andersson
presented Terranet at Aktiespararna’s popular aktiedag in
Lund.
- Holoride GmbH
launched a retrofit version of its unique XR/VR product, which can
be used in vehicles from any manufacturer.
Significant events after the close of the
period
- Terranet updated
the market through a Letter from the CEO, where Magnus Andersson
reported on the progress made in the company's product development
and the steps taken to accelerate the commercialization of
BlincVision.
- The annual report,
which included the corporate governance report and audit report,
was published.
- Annual General
Meeting held on May 10, 2023. The meeting resolved to re-elect the
board members Göran Janson, Anders Blom, Magnus Edman, Tarek Shoeb
and Nils Wollny, and to elect Torgny Hellström as an ordinary
member. Furthermore, it was resolved to elect Torgny Hellström as
chairman of the board.
- The associated
company holoride GmbH received a convertible loan from one of its
shareholders (not Terranet) to expand its market rollout.
First quarter, 1 January — 31 March 2023
- Revenue amounted
to TSEK 208 (177).
- Operating
profit/loss amounted to TSEK -8,242 (-8,350).
- Diluted and
undiluted earnings per share amounted to SEK -0.03 (-0.03).
- The group’s cash
and cash equivalents at the close of the period amounted to TSEK
17,754 (26,715 at the start of the financial year).
Comments from the CEO
Dear Shareholders,
At this moment in time, there is an ongoing and exciting
discussion in society about the interplay between humans,
technology, and automation. We know that Terranet can contribute
with insights and knowledge about how advanced technology can
benefit humanity and save lives in urban traffic. We will continue
to be part of this conversation. We are putting an important
quarter behind us. My primary focus has been to transition
BlincVision from development project to commercial product.
Our business development network has been expanded with the
recruitment of a senior consultant from the automotive industry,
who primarily will focus on the Asian markets. Additionally, our
newly appointed Chairman of the Board, Torgny Hellström, brings
valuable experience to Terranet from managing listed companies in
the IT- and tech sector as well as expertise in business
development and sales. More time and effort are also put into
marketing and strengthening the company brand.
At the same time, work is ongoing to ensure more and faster
progress in the product development of BlincVision. We are making
good progress in the recruitment process. We recently hired a
Senior Engineering Lead who will manage the intensive day to day
development of BlincVision and an AI engineer who will focus on
computer vision, object perception, and the training of neural
networks. Additional recruitments will come.
The first prototype of our laser scanner was delivered to our
Lund office at the end of March, and testing is currently ongoing
at the Lund lab. The first results indicate that the scanner meets
our high standards. The scanner will be integrated into a prototype
that will be presented to prospective customers. Our ambition is
still to have this prototype ready to be tested on a vehicle during
2023.
The events that Terranet has participated in at the beginning of
the year have provided me with many interesting insights and
reflections. Changing urban environments will force the automotive
industry to push the boundaries of what vehicle safety systems are
capable of to save lives of vulnerable road users. Initiatives have
been launched, but further action is necessary. No single system
can perform every task. There is no perfect sensor that can do
everything, which is why a fusion of different sensors and systems
is necessary to achieve the EU's goal of zero road fatalities by
2050.
In Sweden, we have extensive experience of groundbreaking
innovations within road safety. BlincVision, which is being
developed for the rapidly growing ADAS and autonomous vehicle
market, builds on that experience and offers the fastest and most
accurate safety system for vehicles in urban traffic. I am
convinced that BlincVision, built with modern and unique
technology, will change the future of road safety.
Magnus AnderssonCEOLund, 17 May 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 17 May 2023, at 08.00 CET.
For more information, please contactMagnus
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 patented vision technology, Terranet’s
anti-collision system BlincVision laser scans and detects road
objects up to ten 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_Terranet 2023Q1 (ENG)
- Q1-rapport 2023 English
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