Terranet AB – Interim report 1 January – 30 June 2023
17 Agosto 2023 - 8:00AM
Terranet AB – Interim report 1 January – 30 June 2023
Significant events during the quarter
- Terranet's board
decided on a directed issue of units to underwriters who chose to
receive compensation in the form of new units in connection with
the conclusion of the preferential rights issue.
- Preferential
rights issue completed. A total of 70 percent was subscribed
through support of unit rights, applications for subscriptions from
Board and Management and underwriting commitments. The company
raised TSEK 52,754 before issue costs.
- Successful Testing
of Laser Scanner was performed in laboratory environment. The
scanner module demonstrated excellent performance, and together
with other BlincVision components it could effectively detect and
visualize objects within a range of 5 to 30 meters.
- Terranet announced
that the company had accelerated the development of its advanced AI
software by simulating traffic accidents with autonomous vehicles
in a virtual test environment, which is based on traffic situations
developed by Euro NCAP.
- Terranet's board
decided on a preferential rights issue of maximum TSEK 75,400 and
the refinancing of outstanding loan.
- Associate company
holoride GmbH received a convertible loan from one of its
shareholders (not Terranet) in order to expand its market
rollout.
- The Annual General
Meeting was held on 10 May 2023. The AGM decided to re-elect board
members Anders Blom, Göran Janson, Magnus Edman, Nils Wollny and
Tarek Shoeb and to elect Torgny Hellström. Torgny Hellström was
elected as the new Board Chair.
- 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, and the addition of Martin Wöhrle as senior automotive
advisor.
Significant events after the close of the
period
- Transfer of final
proceeds from the rights issue.
Second quarter, 1 April – 30 June 2023
- Revenue amounted
to TSEK 205 (11).
- Operating
profit/loss amounted to TSEK -10,540 (-6,471).
- Diluted and
undiluted earnings per share amounted to SEK -0.04 (-0.02).
Interim period, 1 January – 30 June 2023
- Revenue amounted
to TSEK 413 (188).
- Operating
profit/loss amounted to TSEK -18,782 (-14,821).
- Diluted and
undiluted earnings per share amounted to SEK -0.06 (-0.05).
- The Group’s cash
and cash equivalents at the close of the period amounted to TSEK
22,388 (26,715 at the start of the financial year). Cash and cash
equivalents only include the first of two transfers of chash from
the preferential rights issue. The second transfer was recorded to
Terranet's bank account on 3 July and is not included in the
reporting for the second quarter. Including the second transfer,
after issue costs, the Company's cash position would have been TSEK
35,164.
Comments from the CEODuring the last days of
June, I had the opportunity to participate in the Vision Zero
Conference in Stockholm. International researchers, decision makers
and the industry gathered to discuss how we can achieve the global
road safety goals set by the EU and UN. It was again confirmed to
me that innovative road safety solutions such as BlincVision are
required to achieve the vision of zero fatalities in the
future.
Over the past quarter myself and others from the Terranet team
have attended several key events and conferences. The ICA Summit in
Frankfurt and the VECS conference in Gothenburg resulted in
excellent discussions with car manufacturers and other decision
makers. Our participation in panels with key actors in the
automotive industry provided us with additional opportunities to
show what Terranet does and how we do it.
One of the great joys in working at Terranet is developing our
product and seeing the results of our progress. During the spring
we successfully tested our laser scanner prototype in a controlled
laboratory environment. The scanner demonstrated excellent
performance and together with other BlincVision components it could
detect and visualize objects within a range of 5 to 30 meters.
BlincVision is being developed for real time detection, multiple
times faster than existing solutions on the market. It is being
built up by the system’s three main components: laser scanner,
vision sensor, and compute unit with AI-based object identification
capabilities. We are continuing our feasibility studies regarding
the selection of an optimal vision sensor for BlincVision. The
feasibility studies are useful, and we are continuously receiving
promising results that show how we have several interesting
alternatives going forward.
We believe that existing regulatory frameworks and standards for
new road safety technology are not ambitious enough. To expedite
the development of ADAS technologies, the demands for reaction
times and responsiveness must be updated. To make their road safety
technologies safer and more efficient, more and more companies are
using virtual traffic simulations in their development processes.
Terranet is also working with virtual systems for simulating
traffic scenarios and for testing BlincVision, leading to better
optimization and a product that can go to market quicker. Though
not completely equivalent to real road conditions, virtual
environments also enable Terranet to analyze different driving
situations and validate the performance of BlincVision components
before conducting live tests. The simulation includes various urban
scenarios, traffic situations, weather conditions, and vehicle
types based on safety targets set by Euro NCAP. Also, while not
new, there has been a shift in the industry where regional test
beds for road safety are becoming a more prioritized topic. These
test beds are where early developmental technology can be tested on
actual roads which will be an advantage for companies like
Terranet.
One of the most exciting things happening in the automotive
industry right now is the advancement of AI. All implications of
this are not yet known, but it is crucial for us and other
automotive tech companies to keep up with these new technologies
and tools. As an example, we believe that AI can be used to train
software for object identification, based on large amounts of
situations in different traffic conditions. Those at the forefront
of AI will be better prepared for the exciting future of road
safety.
The past quarter was particularly important as we successfully
completed our rights issue. It enables us to achieve more
milestones in the development of BlincVision in the near future. We
look forward to keeping you updated in our development of
BlincVision – the fastest and most accurate ADAS solution for urban
traffic.
Magnus AnderssonCEOLund, 17 August 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 August 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.
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