Lund, Sweden, February 26, 2021 – Terranet AB (Terranet/the Business), (Nasdaq: TERRNT-B.ST), developers of sophisticated driver-assist methods and the creators of breakthrough 3D motion awareness technology VoxelFlow™, now reported fiscal benefits for the summary of its fiscal yr 2020, ended December 31, 2020.
Corporate highlights from the fiscal calendar year January 1, 2020 – December 31, 2020, and current months:
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Terranet announced on January 15, 2020 the convertible financial loan signed in January of 2019 was paid in total.
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Göran Jansonan, engineer from KTH Royal Institute of Technological know-how and Executive Board Member at The International Bateson Institute, was named Terranet’s Chairman of the Board of Directors.
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Terranet been given a 31,000 EUR obtain order from Mercedes-Benz following its continuation of an Memorandum of Being familiar with (MoU) signed by each Terranet and Mercedes-Benz to prototype demonstration, products improvement and industrialization of highly developed driver assistance systems (ADAS and anti-collision options).
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Mangold Fondkommission published a new evaluation of Terranet and set a get recommendation and a 12-thirty day period forward concentrate on rate of SEK 2.50
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Terranet secured a partnership with a foremost Swedish-Finnish consulting and engineering agency, AFRY (beforehand ÅF).The signed LOI cements Terranet’s and AFRY’s lengthy-standing partnership, with the unique mandate of promoting innovative engineering providers inside 3D movement perception, state-of-the-art driver help programs (ADAS) and autonomous driving.
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Johan Wångblad joined Terranet as CFO soon after investing more than two many years at Volvo Motor vehicle Team, which integrated positions in Exploration and Advancement and major finance and accounting positions.
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On February 25, 2021, Terranet effectively offered together with Mercedes-Benz at Startup Autobahn, an yearly tech event powered by Plug & Perform, Mercedes-Benz, Porsche and Bosch to offer an interface involving progressive tech providers and market-major businesses.
Fiscal final results from the fiscal yr January 1, 2020 – December 31, 2020
Earnings amounted to SEK 847 thousand (824) Working revenue/decline amounted to SEK -31,662 thousand (-42,194) Profit/reduction for the 12 months amounted to SEK -34,893 thousand (-46,676) Hard cash stream from functioning functions amounted to SEK -30,387 thousand (-35,171) Diluted and undiluted earnings for each share amounted to SEK -.27 thousand (-1.67) The preferential legal rights situation and offset difficulties were registered in July. The preferential legal rights challenge elevated MSEK 35.1 in liquid belongings for the company just after situation price tag The Board proposes that no dividend be compensated for the 2020 monetary calendar year.
Terranet carries on to hope to attain the next milestones through fiscal calendar year 2021:
Further more establish VoxelFlow to approach above a million voxels per 2nd by the end of 2021, a substantial increase from the recent 250,000 voxels for each 2nd.
Continue on to showcase VoxelFlow’s security capabilities in a demo automobile.
Commentary from the CEO:
Commenting on the 2020 fiscal calendar year, Pär-Olof Johannesson, Terranet’s Main Govt Officer, mentioned,
“The Startup Autobahn Expo hosted by Mercedes-Benz on February 25, 2021, was a great results for Terranet. The Expo was an opportunity for the business to showcase our first prototype, with our essential customers and strategic companions in attendance. This marks the very first, largest and solitary most significant accomplishment in the enhancement of VoxelFlow™.
We are now closing the door on an eventful and thriving yr, the place our growth endeavours have been concentrated on our exclusive, patented VoxelFlow™ technological innovation.
The fascination and continued determination from Mercedes-Benz show how essential this answer will be to acquiring Terranet’s eyesight – to add to the reduction in the variety of street traffic fatalities. Following the productive demo at Startup Autobahn, the company’s strategic vision is for its VoxelFlow™ technologies to be carried out in one of the Group’s future programs.
VoxelFlow™ is an modern, patented technology created on a exceptional algorithm and software that is suited for a broad assortment of apps, like superior driver-support systems (ADAS). This a single-of-a-form technological innovation is intended to enable object detection and collision warning in vehicles. The technological know-how relies on a few-dimensional laser triangulation and a specialized digicam sensor with authentic-time resolution. VoxelFlow™’s blue lasers build a 3D place cloud. Used collectively with sensors integrated into a vehicle’s windshield and headlights, an state-of-the-art method is established that can establish place, motion pattern and direction of journey relative to a car with excessive precision. VoxelFlow™ generates knowledge that is utilised by the vehicle’s automatic steering and braking systems to avoid collisions with pedestrians.
VoxelFlow™ is the fruits of a paradigm shift in picture analysis, but it is substantially extra than that: it is redundancy technological innovation that at the same time troubles the current radar and LIDAR systems offered on the market today. The ongoing enhancement of VoxelFlow™ is staying carried out in close collaboration with a selection of industry companions and educational establishments.
For the duration of the fiscal yr, progress efforts yielded even further improvements to our VoxelFlow™ technology, likely from processing about 1 hundred voxels per next to processing almost 250,000 voxels per next. By the finish of the next money yr, the aim is for VoxelFlow™ to be ready to method in excess of just one million voxels for every second. We have our sights on a quantity of application locations for VoxelFlow™ outside of ADAS, together with car or truck infotainment units.
The pandemic carries on to place a pair of other small business alternatives on hold, including the Imagineering job with Walt Disney. We are self-confident that this project will appear to fruition and will finally be completed in its entirety.
Terranet’s in-depth collaboration with the management consulting company AFRY puts us in a solid place to acquire on broader assignments and develop our functions further more in the company business enterprise segment.
Terranet is enthusiastic to welcome a new administration team with Michaela Berglund stepping in as CMO, Johan Wångblad as CFO, Simon Morris as VP Product sales and new Chairman of the Board Göran Janson. The 2020 economical calendar year also saw the firm welcome two new important extended-expression owners.
The company’s functions are now being scaled up on quite a few stages. This principally involves the recruitment of prime expertise to ensure that our founded progress program can be accomplished.
We are incredibly pleased with the have confidence in our buyers placed in us this 12 months. Via the issue carried out last spring with the redemption of warrants in the autumn, the enterprise elevated around MSEK 70 in 2020, which will make sure the organization has the money it wants to scale up its operations. Heading forward, we are extremely optimistic that we will sign further agreements with some of the foremost actors in the sector. We would like to thank all of our associates and employees for staying element of what has confirmed to be yet an additional eventful 12 months for Terranet.”
To Report: http://little bit.ly/3aVukHT
To video about VoxelFlow™: https://bit.ly/2ZUWah7
About Terranet
Terranet develops computer software for radio-primarily based options and three-dimensional graphic analysis for highly developed driver-assistance systems and autonomous motor vehicles (ADAS and AV). In-line with Scandinavia’s loaded historical past of bringing revolutionary protection actions to the vehicle market, Terranet is pioneering breakthrough protection engineering VoxelFlow™ for the ADAS and AV industries at its headquarters in Lund, Sweden and its advancement internet sites in Kyiv, Ukraine and Stuttgart, Germany. Terranet Keeping AB (publ) is outlined on the Nasdaq To start with North Leading Development Market place (Nasdaq: TERRNT-B.ST).
For far more information you should contact:
Pär-Olof Johannesson, CEO
+46 70 332 32 62
Michaela Berglund, CMO
Media get in touch with:
Sam Aurilla
[email protected] FischTank PR
