Significant events during the second quarter
MobilityXlab
Terranet has, among over 100 applicants, been selected by MobilityXlab’s accelerator program for collaboration with leading car manufacturers and major subcontractors in the automotive industry. The program aims to introduce new innovations and gives Terranet a unique opportunity to carry out Proof of Concept and projects together with one or more potential customers.
Prototype demo in car
Initial in-car system integration has been completed and the first prototype tests of BlincVision in-car outdoors have been successfully completed. The integration work included sensor placements, adaptation of vehicle communication and optimization of the system for use in a moving environment.
Warrant TO7B was used to approx. 95%
In total, the equivalent of approximately 95 percent of outstanding warrants of series TO7B were subscribed, for the subscription of 173,029,725 B shares at a subscription price of SEK 0.073 per B share. Through the use of the warrants of series TO7, approximately SEK 12.6 million is added to Terranet before issue costs.
Significant events after the end of the period
No significant events have occurred after the end of the period.
Financial overview
| Apr – Jun 2024 | Apr – Jun 2023 | Jan – Jun 2024 | Jan – Jun 2023 | Jan – Dec 2023 | |
| Revenue (SEK thousand) | 0 | 205 | 380 | 413 | 834 |
| Operating profit (SEK thousand) | -9,985 | -10,540 | -18,266 | -18,782 | -35,926 |
| Financial items (SEK thousand) | -1 176 | -1,790 | -2,063 | -2,767 | -37,190 |
| Earnings per share (SEK) | -0.01 | -0.04 | -0.02 | -0.06 | -0.15 |
| Outgoing cash (TSEK) | 20,863 | 22,388 | 20,863 | 22,388 | 29,006 |
CEO comment
“An eventful second quarter where we successfully tested BlincVision outdoors and were selected to implement projects with potential customers”
The second quarter has been eventful and we have delivered according to plan. This means that we are taking significant steps towards developing BlincVision so that it meets the demands and needs of the market. During the first quarter the product was tested as a working prototype in a lab environment and now during the second quarter we have successfully tested the system in a car outdoors.
Selected by MobilityXlab and potential customers
Starting in August, we participate in MobilityXlab’s prestigious accelerator program. MobilityXlab matches the needs of industrial companies with the competencies of smaller companies. The extensive selection process with over 100 applicants from 14 countries confirms how interesting and current our product is. The program gives Terranet a unique opportunity to carry out a Proof of Concept and project together with one or more of MobilityXlab’s partners, such as Ericsson, Magna Electronics, Volvo Group, Polestar, Zenseact and Zeekr Technology Europe.
Deepen dialogues with potential customers and partners
Our tests and demonstrations during the second quarter now make it possible to deepen our dialogues with potential customers and partners, which has been a prerequisite for, for example, winning the project with MobilityXlab. We can now start up projects with potential customers and partners and integrate BlincVision into their vehicles. Through future collaborations, we will have the value of BlincVision confirmed, for example speed, which leads to fewer accidents and more lives that can be saved. By integrating BlincVision into the car manufacturers’ cars, the ambition is to also be able to add additional value. Through a sensor fusion model, BlincVision is integrated with an existing driver support system and can then contribute to making even existing sensors work better. The company’s main focus during the fall is to begin the integration of BlincVision into car manufacturers’ vehicles, while we continue to develop and optimize our solution and its performance.
In order to handle the interest from the automotive industry, we have recently strengthened the organization with Jonas Renander as strategic business developer. His extensive industry knowledge and wide network of contacts will be an invaluable asset to us.
Set goals achieved
BlincVision has been developed 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-financed project
During the month of May, the collaboration project “Verdas” (Verification methods for Robust Driver Assist System Performance) started, led by AstaZero (RISE) together with leading car manufacturers and subcontractors. The project will last for one year and the aim is to greatly improve traffic safety for automated vehicles. An important collaboration and an opportunity for us to both evaluate existing anti-collision solutions and be able to demonstrate the value of BlincVision.
Continued strong confidence among our shareholders
We want to take the opportunity to thank our shareholders for their continued trust. In total, 95% of the warrants in the T07 program were exercised by our shareholders, including the board and management.
Exciting phase awaits
We have now finally reached the moment we have been waiting for for a long time – to show, together with potential customers and partners, what a difference BlincVision can make to the automotive industry. An extremely exciting phase in the company’s history has begun.
Magnus Andersson
CEO
Lund, 15 August 2024
This information is information that Terranet AB is obliged to make public according to the EU’s Market Abuse Regulation (MAR). The information was provided, through the contact person below, for publication on August 15, 2024 at 08:00 CET.
SOURCE: Terranet
