In This Article:
Significant events during the fourth quarter
Agreement with an actor in the mining industry
Terranet entered into a partnership agreement with a vehicle actor in the mining industry. The collaboration is part of the company's strategy to enable the expansion of the technology into new application areas and strengthen BlincVision's commercial potential.
Product development plan for 2025
Terranet presented an updated product development plan focusing on further developing the BlincVision prototype into an MVP (Minimum Viable Product). With an MVP that customers can test in their own vehicles, the path toward volume production can begin.
TO8 exercised at 88 percent
The company raised approximately SEK 17.2 million before issuance costs through the exercise of series TO8B warrants. The strong outcome reflects shareholders' confidence in the company and its future development.
Significant events after the end of the period
New CEO appointed
Terranet's board has appointed Lars Lindell as the new CEO. Lars has over 30 years of international experience leading technology companies in the automotive and telecom industries. He will assume the role starting March 10, 2025. Until then, CFO Dan Wahrenberg will serve as interim CEO.
Financial overview
|
| Oct – Dec | Oct – Dec 2023 | Jan – Dec 2024 | Jan – Dec 2023 |
| Revenue (TSEK) | 1 | 205 | 283 | 834 |
| Operating result (TSEK) | -9,555 | -9,219 | -35,808 | -35,926 |
| Financial items (TSEK) | -482 | -33.608 | -3,292 | -37,190 |
| Earnings per share (SEK) | -0,01 | -0,06 | -0,04 | -0,15 |
| Closing cash (TSEK) | 18,541 | 29 006 | 18,541 | 29 006 |
Comment from the CEO
” With new partnerships and progress in product development, we are laying the foundation for 2025.”
The fourth quarter has brought several important advancements for Terranet. BlincVision was integrated into a partner’s vehicle and tested in a new environment. We initiated a collaboration with a player in the mining industry and secured funding for continued development. At the same time, we are preparing for 2025 with a new CEO and expanded resources within product development.
BlincVision expands its application area
In December, we took a step beyond the traditional automotive industry by entering into a collaboration agreement with a player in the mining industry. This partnership highlights BlincVision’s flexibility and its potential to create value across multiple sectors. By broadening the use of our technology, we strengthen our strategy and open up new opportunities for the future.
Progress in development and innovation
Over the past year, BlincVision has progressed from concept to prototype, successfully tested both in a lab environment and in moving vehicles. The autonomous braking at AstaZero marked a significant milestone, confirming the potential of our technology in real-world traffic scenarios. During the fourth quarter, BlincVision was integrated into a partner’s vehicle via MobilityXlab. Testing in new environments is evaluating the system’s robustness and adaptability. This collaboration provides valuable insights that help us meet our partner’s requirements and move closer to commercial application.