Terranet Holding AB – Interim report 1st of January 2021 – 31st March 2021
First quarter
1 January — 31 March 2021
• Revenue amounted to 409 thousand (481).
• Revenue amounted to SEK -9 426 thousand (-9,440).
• Net profit/loss for the period amounted to SEK -9,996 thousand (-10,195).
• Cash flow from operating activities amounted to SEK -10,314 thousand (-10,029). • Cash and cash equivalents amounted to SEK 60,311 thousand (44,495).
• Diluted and undiluted earnings per share amounted to SEK -0.05 (-0.20).
• Warrants of series TO2 B were exercised to subscribe to shares at approximately 95% and raised MSEK 36.4 after issue costs.
Comments from the CEO
To our valued shareholders!
With the company’s VoxelFlow technology taking centre stage and driving the company’s activities, things are moving faster than ever in a growing development team at Terranet. With a level of speed and precision that surpasses any sensor technology system currently available on the market, VoxelFlow can identify an object, and determine its position and direction in the vicinity of the car – at the blink of an eye. The main area of application for VoxelFlow is Advanced Driver Assistance Systems (ADAS) and collision warning systems in urban traffic environments. The company’s VoxelFlow sensor will be a safety-critical component in the navigation and automatic braking systems of cars in the near future.
I am also excited to announce that we now have access to a test vehicle. VoxelFlow will soon step outside the laboratory environment to undergo calibration and functional testing in its intended habitat on a certified test track.
Since the turn of the year, the company has recruited a significant number of new developers and project managers in C ++ programming, image analysis, mathematical algorithm development and test validation to expand its unit in Lund and build up the operation in Stuttgart..
The company kicked off the year by participating in Startup Autobahn, which is an incubator and accelerator event – a joint initiative run by Mercedes-Benz, Porsche, and Bosch to identify and hand-pick innovative new technology at an early stage and bring it to market. Since Startup Autobahn, Terranet’s level of activity has only accelerated further, and we are currently working to complete our first delivery to Mercedes Benz.
We are also focused on building an ecosystem in collaboration with car manufacturers and subcontractors. We engage in these efforts while adhering to a well-defined roadmap, partnership strategy and outsourcing model. All with the aim of optimising our development efforts in a cost-effective manner, by bringing in hired experts in areas such as 3D visualisation, the software customisation of laser scanners, camera hardware and system-on-chip integration.
Some important partners include Sensor Cortek, Summer Robotics and Prophesee.
Terranet’s new cutting-edge technology has the potential to make the company a global market leader that completely transforms the playing field and challenges the status quo within the automotive industry. But to realise this vision, we need to continuously evaluate, identify and secure a number of commercial specialisations at the earliest stage possible. We are therefore extremely excited about our strategic collaboration with Holoride. Our inclusion in Holorides’ global network, which includes some of the world’s leading car manufacturers, puts Terranet in a unique position and provides a competitive advantage. Using the VoxelFlow platform as a foundation, we can then adapt the technology to the car manufacturers’ specific needs at an early stage, and at the same time shorten lead times to market
The VoxelFlow sensor functions primarily based on object detection and collision warning. The company’s collaboration with Holoride also fills a gap in a new area of application. In addition to advanced driver assistance (ADAS – which is the priority business area for Terranet), the company’s collaboration with Holoride will enable VoxelFlow to be used as a component in a vehicle’s infotainment and multimedia system. The data the VoxelFlow sensor generates in the point cloud to enable active safety will also be able to be repurposed to enhance the user experience in Holorides’ VR console. Our partnership with Holoride is certainly a major step in the company’s history, and we always have our sights set on potential new partners.
The new investment in Holoride was only possible thanks to the company’s stable financial position. It represents both an industrial and strategic commitment for Terranet, both in terms of marketing and product development. It is also represents a significant breakthrough for the company and a step into the value chain that opens the door to profiling opportunities, with the company’s name alongside the likes of established brands like Audi, which is the main owner of Holoride. This strategically important transaction also ensures access to a long-term platform with a broader area of application for Voxelflow – in active safety and advanced driver assistance as well as infotainment and comfort features.
I can conclude by saying it is very gratifying to be able to report that we have attracted so many new shareholders. I would like to take this opportunity to thank all our new shareholders and established shareholders, partners, and employees for your continued trust and confidence in Terranet! I am looking forward to yet another eventful year for the company.
CEO Pär-Olof Johannesson
For more information:
Michaela Berglund CMO
michaela.berglund@terranet.se
+46 723 388 288
Pär-Olof Johannesson, CEO
parolof.johannesson@terranet.se
+46 70 332 32 62
This information is such that Terranet Holding 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 above on May 12th, 2021 at 8.00 am CET.
Certified Adviser: Mangold Fondkommission AB, 08-503 015 50, ca@mangold.se
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About Terranet:
Terranet develops software for radio-based solutions and three-dimensional image analysis for advanced driver-assistance systems and autonomous vehicles (ADAS and AV). In-line with Scandinavia’s rich history of bringing innovative safety measures to the automobile industry, Terranet is pioneering breakthrough safety technology for the ADAS and AV industries at its headquarters in Lund, Sweden and its development sites in Kyiv, Ukraine and in Stuttgart, Germany. Terranet Holding AB (publ) is listed on the Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B.ST). https://terranet.se/en/
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