LeddarTech (LDTCF) Q4 2024 earnings summary

Executive summary

• Completed first full fiscal year as a public company, highlighted by a strategic agreement with Texas Instruments to integrate LeddarVision software with TI hardware for ADAS and AD markets, including nearly $10 million in advanced royalty payments.

• Expanded partnerships with Arm, Black Sesame, NVIDIA, and engineering firms like AVL, FEV, and TTTech to broaden market reach.

• Launched Leddar Navigator and LeddarVision Surround, receiving strong customer feedback and breaking industry benchmarks, with demonstration vehicles introduced in Europe and China.

• Achieved ISO/IEC 27001 certification, strengthening cybersecurity framework.

Financial highlights

• Fiscal Q4 2024 revenue from continuing operations was CAD 51,000, nearly flat year-over-year; full year 2024 revenue from continuing operations reached $0.5 million, up from $0.2 million in 2023.

• Q4 2024 EBITDA loss was $78 million, including a $69.3 million non-cash impairment charge; adjusted EBITDA loss was $6.3 million, improved from $9.9 million loss in Q4 2023.

• Full year 2024 EBITDA loss was $157.2 million, with adjusted EBITDA loss of $30.4 million, an improvement from $34.8 million loss in 2023.

• Net loss from continuing operations in Q4 2024 was $80.9 million, primarily due to the impairment charge; full year net loss was $167.3 million, including $69.3 million in non-cash impairment and $59.1 million in listing expenses.

• Cash balance as of September 30, 2024 was $5.3 million, rising to $20.8 million by December 17, 2024 after new financing and royalty payments.

Outlook and guidance

• Focused on winning one or more OEM opportunities, securing additional capital, and maintaining flat spending until customer wins.

• Expects to announce further partnerships and product launches in 2025, including cloud-to-edge solutions.

• Anticipates one to two business wins generating significant future revenue in 2025 and expects to collect a $3 million milestone payment from Texas Instruments in early January 2025.