Terranet (TERRNT) Q3 2024 earnings summary

Executive summary

• Achieved a major milestone with a successful real-world demonstration of autonomous emergency braking using BlincVision, validating the system's full operational capability and readiness for future vehicle integration.

• Progressed with proof-of-concept projects, including MobilityXlab and VERDAS, integrating prototypes on customer vehicles for test track evaluation and planning further testing in Q4.

• Announced a leadership transition, with CEO Magnus Andersson set to depart in early 2025, ensuring a smooth handover and continued support for the company's mission.

Outlook and guidance

• 2025 plans target moving from prototype to minimum viable product (MVP) in H1, with standardized MVP release in Q2 and volume production discussions by year-end.

• Focus remains on achieving key agreements in Q4 2024 to finalize product development and set the stage for commercialization.

• Q4 will focus on integrating Blinc Vision into partner vehicles and evaluating system performance.

Significant events and developments

• Selected for MobilityXlab, enabling collaboration with major automotive industry players such as AB Volvo, Zenseact, Magna, Ericsson, and ZEEKR.

• Published a detailed roadmap for 2025, outlining steps toward market launch and volume production.

• SEK 12.6 million raised from TO7B warrant exercise; partial loan repayment and refinancing completed.

• CEO transition announced, with Magnus Andersson assisting until a successor is appointed.