Terranet AB – Interim report 1 January – 30 September 2023
16 Novembre 2023 - 8:00AM
Terranet AB – Interim report 1 January – 30 September 2023
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 AnderssonCEOLund, 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 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 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_Terranet 2023Q3 (ENG)
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