Terranet Reports Fiscal 2020 Financial Results and Corporate Highlights, Outlines New Milestones for the Year Ahead in 2021
Lund, Sweden, February 26, 2021 – Terranet AB (Terranet/the Company), (Nasdaq: TERRNT-B.ST), developers of advanced driver-assist systems and the creators of breakthrough 3D motion awareness technology VoxelFlow™, today reported financial results for the conclusion of its fiscal year 2020, ended December 31, 2020.
Corporate highlights from the fiscal year January 1, 2020 – December 31, 2020, and recent weeks:
- Terranet announced on January 15, 2020 the convertible loan signed in January of 2019 was paid in full.
- Göran Jansonan, engineer from KTH Royal Institute of Technology and Executive Board Member at The International Bateson Institute, was named Terranet’s Chairman of the Board of Directors.
- Terranet received a 31,000 EUR purchase order from Mercedes-Benz after its continuation of an Memorandum of Understanding (MoU) signed by both Terranet and Mercedes-Benz to prototype demonstration, product development and industrialization of advanced driver assistance systems (ADAS and anti-collision solutions).
- Mangold Fondkommission published a new analysis of Terranet and set a buy recommendation and a 12-month forward target price of SEK 2.50
- Terranet secured a partnership with a leading Swedish-Finnish consulting and engineering firm, AFRY (previously ÅF).The signed LOI cements Terranet’s and AFRY’s long-standing partnership, with the specific mandate of promoting advanced engineering services within 3D motion perception, advanced driver assistance systems (ADAS) and autonomous driving.
- Johan Wångblad joined Terranet as CFO after spending over two decades at Volvo Car Group, which included positions in Research and Development and leading finance and accounting positions.
- On February 25, 2021, Terranet successfully presented alongside Mercedes-Benz at Startup Autobahn, an annual tech event powered by Plug & Play, Mercedes-Benz, Porsche and Bosch to provide an interface between innovative tech companies and industry-leading corporations.
Fiscal results from the fiscal year January 1, 2020 – December 31, 2020
Revenue amounted to SEK 847 thousand (824) Operating profit/loss amounted to SEK -31,662 thousand (-42,194) Profit/loss for the year amounted to SEK -34,893 thousand (-46,676) Cash flow from operating activities amounted to SEK -30,387 thousand (-35,171) Diluted and undiluted earnings per share amounted to SEK -0.27 thousand (-1.67) The preferential rights issue and offset issues were registered in July. The preferential rights issue raised MSEK 35.1 in liquid assets for the company after issue cost The Board proposes that no dividend be paid for the 2020 financial year.
Terranet continues to expect to achieve the following milestones during fiscal year 2021:
Further develop VoxelFlow to process over a million voxels per second by the end of 2021, a significant increase from the current 250,000 voxels per second.
Continue to showcase VoxelFlow’s safety capabilities within a demo vehicle.
Commentary from the CEO:
Commenting on the 2020 fiscal year, Pär-Olof Johannesson, Terranet’s Chief Executive Officer, said,
“The Startup Autobahn Expo hosted by Mercedes-Benz on February 25, 2021, was a tremendous success for Terranet. The Expo was an opportunity for the company to showcase our first prototype, with our key customers and strategic partners in attendance. This marks the first, largest and single most important achievement in the development of VoxelFlow™.
We are now closing the door on an eventful and successful year, where our development efforts have been focused on our unique, patented VoxelFlow™ technology.
The interest and continued commitment from Mercedes-Benz demonstrate how important this solution will be to achieving Terranet’s vision – to contribute to the reduction in the number of road traffic fatalities. Following the successful demo at Startup Autobahn, the company’s strategic vision is for its VoxelFlow™ technology to be implemented in one of the Group’s future programs.
VoxelFlow™ is an innovative, patented technology built on a unique algorithm and software that is suitable for a broad range of applications, including advanced driver-assistance systems (ADAS). This one-of-a-kind technology is designed to enable object detection and collision warning in vehicles. The technology relies on three-dimensional laser triangulation and a specialized camera sensor with real-time resolution. VoxelFlow™’s blue lasers create a 3D point cloud. Used together with sensors integrated into a vehicle’s windshield and headlights, an advanced system is created that can determine position, movement pattern and direction of travel relative to a vehicle with extreme precision. VoxelFlow™ generates data that is used by the vehicle’s automated steering and braking systems to avoid collisions with pedestrians.
VoxelFlow™ is the culmination of a paradigm shift in image analysis, but it is much more than that: it is redundancy technology that simultaneously challenges the existing radar and LIDAR systems available on the market today. The ongoing development of VoxelFlow™ is being carried out in close collaboration with a number of industry partners and academic institutions.
During the financial year, development efforts yielded further improvements to our VoxelFlow™ technology, going from processing about one hundred voxels per second to processing almost 250,000 voxels per second. By the end of the next financial year, the goal is for VoxelFlow™ to be able to process over one million voxels per second. We have our sights on a number of application areas for VoxelFlow™ beyond ADAS, including vehicle infotainment systems.
The pandemic continues to put a couple of other business opportunities on hold, including the Imagineering project with Walt Disney. We are confident that this project will come to fruition and will ultimately be completed in its entirety.
Terranet’s in-depth collaboration with the management consulting firm AFRY puts us in a strong position to take on broader assignments and expand our operations further in the service business segment.
Terranet is excited to welcome a new management team with Michaela Berglund stepping in as CMO, Johan Wångblad as CFO, Simon Morris as VP Sales and new Chairman of the Board Göran Janson. The 2020 financial year also saw the company welcome two new major long-term owners.
The company’s operations are now being scaled up on several levels. This primarily involves the recruitment of top talent to ensure that our established development plan can be achieved.
We are extremely pleased with the trust our investors placed in us this year. Through the issue carried out last spring with the redemption of warrants in the autumn, the company raised approximately MSEK 70 in 2020, which will ensure the company has the capital it needs to scale up its operations. Going forward, we are very optimistic that we will sign additional agreements with some of the leading actors in the industry. We would like to thank all of our partners and employees for being part of what has proven to be yet another eventful year for Terranet.”
To Report: http://bit.ly/3aVukHT
To video about VoxelFlow™: https://bit.ly/2ZUWah7
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 VoxelFlow™ for the ADAS and AV industries at its headquarters in Lund, Sweden and its development sites in Kyiv, Ukraine and Stuttgart, Germany. Terranet Holding AB (publ) is listed on the Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B.ST).
For more information please contact:
Pär-Olof Johannesson, CEO
+46 70 332 32 62
Michaela Berglund, CMO
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