Terranet (TERRNT) Q4 2024 earnings summary

Executive summary

• Lars Lindell will join as CEO in March 2025, bringing significant industrial and international experience, with an interim CEO in place until then.

• BlincVision progressed from concept to prototype, with successful integration and testing in partner vehicles, including real-world and lab environments via MobilityXlab.

• Entered partnership with a mining industry vehicle operator, expanding BlincVision's application beyond automotive.

• The company is preparing for real-world integration and commercialization, focusing on expanding partnerships and team resources.

• Raised SEK 17.2 million via TO8B warrants, reflecting strong shareholder confidence.

Financial highlights

• Q4 2024 revenue was TSEK 1, down from TSEK 205 in Q4 2023; full-year revenue was TSEK 283, down from TSEK 834.

• Operating loss for Q4 was TSEK -9,555 (Q4 2023: -9,219); full-year operating loss was TSEK -35,808 (2023: -35,926).

• Net loss for Q4 was TSEK -10,060 (Q4 2023: -42,864); full-year net loss was TSEK -39,123 (2023: -73,153).

• Cash and cash equivalents at year-end were TSEK 18,541, down from TSEK 29,006 at end of 2023.

• Equity/assets ratio improved to 54.3% from 47.7% year-over-year.

Outlook and guidance

• Product roadmap targets MVP completion in Q2 2025, with customer vehicle integration and volume production discussions in H2 2025.

• The main goal for 2025 is to finalize the MVP and secure partnership agreements to enable future commercialization.

• Team expansion is planned, with 8–10 new hires in development to support the roadmap.

• Additional resources allocated to accelerate BlincVision development and commercialization.

• Financing secured to support operations into Q2 2025; further capital raising and commercialization required for long-term sustainability.