Terranet AB – Interim report 1 January – 31 March 2023
Significant events during the first quarter
- Prevas Development delivered the first prototype of the laser scanner module to Terranet. Testing and evaluation continues.
- Warrant programme T05 B was concluded. Over 70% of the warrants were exercised for the subscription of B shares. The company raised a total of MSEK 3.8 before issue costs. The funds were used for the repayment of loans.
- The company expanded its global sales and business development network by bringing on Martin Wöhrle as senior advisor. Martin has a strong background in the industry, including time with BMW and Hyundai.
- Mangold Insight released an updated analysis of Terranet, reaffirming the previous buy recommendation.
- Terranet’s CEO Magnus Andersson and CTO Nihat Küçük presented the year-end report and product development update during a well-received webcast followed by a Q&A session.
- Magnus Andersson presented Terranet at Aktiespararna’s popular aktiedag in Lund.
- Holoride GmbH launched a retrofit version of its unique XR/VR product, which can be used in vehicles from any manufacturer.
Significant events after the close of the period
- Terranet updated the market through a Letter from the CEO, where Magnus Andersson reported on the progress made in the company's product development and the steps taken to accelerate the commercialization of BlincVision.
- The annual report, which included the corporate governance report and audit report, was published.
- Annual General Meeting held on May 10, 2023. The meeting resolved to re-elect the board members Göran Janson, Anders Blom, Magnus Edman, Tarek Shoeb and Nils Wollny, and to elect Torgny Hellström as an ordinary member. Furthermore, it was resolved to elect Torgny Hellström as chairman of the board.
- The associated company holoride GmbH received a convertible loan from one of its shareholders (not Terranet) to expand its market rollout.
First quarter, 1 January — 31 March 2023
- Revenue amounted to TSEK 208 (177).
- Operating profit/loss amounted to TSEK -8,242 (-8,350).
- Diluted and undiluted earnings per share amounted to SEK -0.03 (-0.03).
- The group’s cash and cash equivalents at the close of the period amounted to TSEK 17,754 (26,715 at the start of the financial year).
Comments from the CEO
At this moment in time, there is an ongoing and exciting discussion in society about the interplay between humans, technology, and automation. We know that Terranet can contribute with insights and knowledge about how advanced technology can benefit humanity and save lives in urban traffic. We will continue to be part of this conversation. We are putting an important quarter behind us. My primary focus has been to transition BlincVision from development project to commercial product.
Our business development network has been expanded with the recruitment of a senior consultant from the automotive industry, who primarily will focus on the Asian markets. Additionally, our newly appointed Chairman of the Board, Torgny Hellström, brings valuable experience to Terranet from managing listed companies in the IT- and tech sector as well as expertise in business development and sales. More time and effort are also put into marketing and strengthening the company brand.
At the same time, work is ongoing to ensure more and faster progress in the product development of BlincVision. We are making good progress in the recruitment process. We recently hired a Senior Engineering Lead who will manage the intensive day to day development of BlincVision and an AI engineer who will focus on computer vision, object perception, and the training of neural networks. Additional recruitments will come.
The first prototype of our laser scanner was delivered to our Lund office at the end of March, and testing is currently ongoing at the Lund lab. The first results indicate that the scanner meets our high standards. The scanner will be integrated into a prototype that will be presented to prospective customers. Our ambition is still to have this prototype ready to be tested on a vehicle during 2023.
The events that Terranet has participated in at the beginning of the year have provided me with many interesting insights and reflections. Changing urban environments will force the automotive industry to push the boundaries of what vehicle safety systems are capable of to save lives of vulnerable road users. Initiatives have been launched, but further action is necessary. No single system can perform every task. There is no perfect sensor that can do everything, which is why a fusion of different sensors and systems is necessary to achieve the EU's goal of zero road fatalities by 2050.
In Sweden, we have extensive experience of groundbreaking innovations within road safety. BlincVision, which is being developed for the rapidly growing ADAS and autonomous vehicle market, builds on that experience and offers the fastest and most accurate safety system for vehicles in urban traffic. I am convinced that BlincVision, built with modern and unique technology, will change the future of road safety.
Lund, 17 May 2023
This information is such that Terranet AB is required to make public in accordance with the EU’s Market Abuse Regulation (MAR). The information was made public by the Company’s contact person below on 17May2023, at 08.00 CET.
For more information, please contact
Magnus Andersson CEO
About Terranet AB (publ)
Terranet is on a mission to save lives in urban traffic.
We develop breakthrough tech solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV) that protect vulnerable road users.
With a unique patented vision technology, Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster and with higher accuracy than any other ADAS technology available today.
Terranet is based in Lund, Sweden, and in the heart of the European automotive industry in Stuttgart, Germany. The company is listed on Nasdaq First North Premier Growth Market since 2017(Nasdaq: TERRNT-B).
Follow our journey atwww.terranet.se
Certified Adviser to Terranet is Mangold Fondkommission AB, 08-503 015 50, email@example.com.
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Darca’s Educational Leadership Accelerator Addresses Shortage of School Principals30.5.2023 15:57:45 CEST | Press release
Innovative Training Program Aims to Address Shortage of School Leaders in Israeli Schools HOLON, Israel, May 30, 2023 (GLOBE NEWSWIRE) -- Darca Schools, a leading school network providing equal educational opportunities for Israel’s most underserved communities, is today well underway into the second year of its innovative training program, the Education Leadership Accelerator (ELA). This groundbreaking program fully funded by the Azrieli Foundation is part of an ongoing effort to lift Israel’s entire high school education system. “The biggest drivers of positive change in our high schools are principals, and excellent leadership is a key tenet of our successful approach. It’s clear that schools in Israel are struggling to recruit and retain exceptional leaders for these under-resourced, underappreciated and overworked roles,” said Dr. Gil Pereg, founding CEO of Darca Schools. “To fill this critical vacuum of leadership that brings about positive change, the ELA program has shown it gr
Ress Life Investment A/S announces capital increase30.5.2023 15:54:15 CEST | Press release
Ress Life Investments A/S Nybrogade 12, 1203 Copenhagen K Denmark CVR nr. 33593163 www.resslifeinvestments.com To: Nasdaq Copenhagen Date: 30 May 2023 Corporate Announcement 19/2023 Ress Life Investments A/S announces capital increase. The Board of Directors in Ress Life Investments A/S has today resolved to utilise its authorisation in article 4.8 of the articles of association to increase the company's share capital with nominally EUR 625,000 by issuance of 1,250 new shares with a nominal value of EUR 500 each at a price of EUR 2184.16 per share of EUR 500 without pre-emption rights for the company's existing shareholders. After the capital increase, the registered share capital of the company is EUR 84,760,500 divided into 169,521 shares of EUR 500 nominal value each. Each share of nominal EUR 500 carries one vote at general meetings in Ress Life Investments A/S. The new shares will be admitted for trading and official listing on NASDAQ Copenhagen A/S under the same ISIN code as the
Mandatory Notification of Trade30.5.2023 15:43:14 CEST | Press release
Please refer to the attached forms of notification of transaction by primary insiders under the DNO ASA Employee Synthetic Share Program. This notification has been submitted pursuant to the Norwegian Securities Trading Act § 5-12 and MAR Article 19 no. 3. Attachments Form of Notification Cash Settlement Geir Arne Skau 26 05 2023Form of Notification Cash Settlement Haakon Sandborg 26 05 2023Form of Notification Automatic Settlement of Synthetic Shares for Tax Purposes Chris Spencer 26 05 2023Form of Notification Automatic Settlement of Synthetic Shares for Tax Purposes Geir Arne Skau 26 05 2023Form of Notification Automatic Settlement of Synthetic Shares for Tax Purposes Haakon Sandborg 26 05 2023Form of Notification Cash Settlement Chris Spencer 26 05 2023
Correction: Avance Gas Holding Ltd: Key information relating to the dividend for the first quarter 202330.5.2023 15:30:30 CEST | Press release
Bermuda, May 30 2023 Please note that the record date has been included to the below key information relating to dividend for the first quarter 2023. Key information relating to the dividend to be paid by Avance Gas Holding Ltd. for the first quarter 2023: Dividend amount: $0.50 Declared currency: USD Last day including right: June 6, 2023 Ex-date: June 7, 2023 Record date: June 8, 2023 Payment date: June 14, 2023 Date of Approval: May 29, 2023 This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Jonathan Milner calls Extraordinary General Meeting to restore focus to Abcam on governance, execution, and cost control30.5.2023 15:30:00 CEST | Press release
Jonathan Milner calls Extraordinary General Meeting to restore focus to Abcam on governance, execution, and cost control Proposal to appoint Jonathan Milner Executive Chairman of the Board Proposal to remove Peter Allen, Michael Baldock, and Sally Crawford as Directors of the Company ExecutiveChairman Milner intends torestore Abcam to the valuation it deserves CAMBRIDGE, England, 30May 2023 – Jonathan Milner, the founder and one of the largest investors in Abcam plc (“Abcam” or the “Company”) (NYSE: ABCM) with ownership of 6.3% of the Company, announced today that he has formally requisitioned the Board of Directors to convene an extraordinary general meeting of shareholders (“EGM”) to reverse a period of sustained financial and operational underperformance by providing more effective Board level leadership for the Company. The EGM will enable shareholders to vote on the following proposals: The removal of Peter Allen, Michael Baldock, and Sally Crawford from office as Directors of the