Significant events during the fourth quarter
Evaluations across multiple verticals
Several evaluation agreements were signed, broadening the application areas for BlincVision. Agreements with an international industrial group, a U.S.-based AI company, as well as players within autonomous vehicles and the mining industry, demonstrate demand for the technology in environments where rapid detection is critical.
The VERDAS 3 research project
During 2026–2027, the company will participate in VERDAS 3, a Vinnova-funded initiative building on previous VERDAS projects. The project brings together several strong partners with a shared objective to develop more reliable driver assistance systems. The work is intended to contribute to Euro NCAP’s updated protocols in 2029.
Strengthened financial position
A directed share issue and a rights issue were carried out and raised approximately SEK 40 million after costs, which strengthens the company’s financial foundation and secures financing throughout the 2026 financial year.
Significant events after the end of the period
Participation in accelerator and network programs
Terranet participates in Amyna Accelerate and Neuromorphic Sweden with a focus on business development and new application areas.
Evaluation agreement within the defense industry
Terranet has entered into its first evaluation agreement within the defense industry. The agreement covers the evaluation of the company’s sensor-based technology in a military application area and marks Terranet’s entry into a new vertical.
Financial overview
| Oct –Dec 2025 |
Oct –Dec 2024 |
Jan – Dec 2025 |
Jan – Dec 2024 |
|
| Revenue (TSEK) | 0 | 1 | 0 | 283 |
| Operating result (TSEK) | -11,214 | -9,555 | -40,885 | -35,808 |
| Financial items (TSEK) | -282 | -482 | -5,485 | -3,292 |
| Earnings per share (SEK) | -0.01 | -0.01 | -0.02 | -0.04 |
| Closing cash (TSEK) | 37,681 | 18,541 | 37,681 | 18,541 |
Comment from the CEO
”We enter 2026 with an MVP ready for evaluations and collaborations that are now taking shape.”
The fourth quarter closed a year where the focus gradually shifted from development to a clearer commercial context for BlincVision. During the quarter, agreements for external evaluations were signed, patent protection was strengthened, funding was secured, and the company’s visibility in the industry increased.
External evaluations in new environments
During 2025, the main focus was to deliver an MVP and take the first steps toward external evaluations in new environments. Interest in BlincVision has grown during the year, also beyond the traditional automotive industry. Dialogues have been initiated with players within autonomous vehicles, industry, AI, and mining – environments where the need for fast detection is high.
During the fourth quarter, several evaluation agreements were signed. To me, this is a clear sign that the challenges we address are relevant across multiple industries.
What these environments have in common is the need for systems that can detect and act when time margins are very small. This is exactly where BlincVision is designed to make a real difference.
In parallel with the external evaluations, we continue internal testing and explore new application areas for BlincVision. This work provides valuable insights and strengthens our priorities going forward.
Developing the future of road safety
In the coming year, Terranet will participate in the research project VERDAS 3, a Vinnova-funded initiative that builds on earlier VERDAS projects. The project covers both vehicle-to-vehicle scenarios and situations involving vulnerable road users. Through this participation, Terranet contributes technical expertise and is an active part of a collaboration where future road-safety solutions are shaped together with leading players in the field. The work will support Euro NCAP’s updated protocols planned for 2029.
Increased industry visibility
During the year, we have taken part in several industry events, both in Sweden and internationally. Meetings with stakeholders across the ecosystem have increased interest in BlincVision and opened new dialogues around future evaluations. With an MVP in place, these discussions have become more concrete and forward-looking.
During the fourth quarter, Terranet participated in Drive Sweden Forum, Auto.AI, and Sweden’s Road Safety Days 2025. At AstaZero, we also had the opportunity to present our MVP to visitors from different parts of the industry.
Technical maturity
During the fourth quarter, BlincVision was certified as a Class 1 Laser Product according to IEC 60825-1. This confirms that the system meets eye-safety requirements and enables upcoming evaluations in real-world environments.At the same time, Terranet was granted a new patent related to BlincVision’s 3D technology and AI model. This strengthens the company’s intellectual property and contributes to a more coherent patent portfolio. Together, this creates a solid technical foundation.
Secured funding
During the quarter, both a directed share issue and a rights issue were completed. Funding is now secured into the first quarter of 2027. This gives us room to continue according to plan and take BlincVision further toward commercial use and long-term shareholder value.
Looking ahead to 2026
With the year now concluded, during 2025 BlincVision moved from a prototype to an MVP that is now being evaluated by external partners. With signed evaluation agreements, increased industry visibility, and secured funding, we have a strong starting point.
During 2026, Terranet is expected to move into a more commercial phase through strategic collaborations and partnerships. The ambition is to begin generating revenue, while continuing to strengthen the technical platform and the patent portfolio.
Lars Lindell
CEO
Lund January 6, 2026
