BlincVision (TERRNTB) Earnings Call Transcript
February 19, 2025
Earnings Call Speaker Segments
Hello, everyone, and welcome to Terranet's Q4 webcast. My name is Gustav, and joining me today is Dan Wahrenberg, acting CEO of Terranet; and Pierre Ekwall, CTO of Terranet. We will start off by showing a highlight video, then we will move on to the interview section, which I will be leading. And then we'll move on to the live Q&A with questions from the audience. [Operator Instructions] But without further ado, let's go into the highlight video. [Presentation]
All right. So let's move on to the interview section.
And we'll start off with a question to Dan. You're the company's CFO, and you've now taken on the role of acting CEO. When is your new CEO, Lars Lindell, expected to start? And could you share a brief background on him and what he will bring to the company?
Very good, Gustav. And again, welcome, everybody. We're happy to welcome Lars soon. He will join on March 10. Lars will bring a lot of extensive industrial as well as international experience to the company, especially his last 10 years at Acconeer, where he was industrial in bringing a good desktop idea to a product that is now implemented in cars, and this will prove very beneficial to Terranet going forward.
Exciting times. And just a bit of background here. Throughout 2024, you've developed BlincVision from the concept stage to a prototype, which has been tested both in the lab environment and in a moving vehicle outdoors. During the fourth quarter, the system was also tested in a partner's vehicle via MobilityXlab. So here's a question for you, Pierre. What has your experience been with testing BlincVision in a different type of vehicle and environment?
I think BlincVision in a partner's vehicle ensures it meets their specific requirements. Each vehicle and environment is unique and the partner usually has integration and [ syncing ] requirements as well as performance requirements for the different scenarios they may want to evaluate. This all helps us to fine tune BlincVision to align with their needs and ensures robust operation. The project through MobilityXlab has started as planned and is still ongoing. This is iterative work with many feedback loops bringing us closer and closer to the perfect product by each new test drive.
Amazing. And you've also outlined a clear product development plan for 2025. Can you briefly summarize your top priorities for the year?
Yes. Our main goal is to finalize the MVP or minimum viable product. It's an initial version of the final product focusing on core functionalities, being able to showcase the product and create partnerships will help improve the product and increase its maturity. This is a necessary step for further development of our technology. And to follow our ambitious road map, we will also be expanding the team. So in 2025, we will see both increased development resources, the MVP itself and partnership agreements that enable future commercialization.
Great. And in December, you signed a collaboration agreement with a vehicle operator in the mining industry. So how can testing this solution outside of urban traffic benefit the company?
Yes, correct. Yes, the mining industry provides a valuable testing environment for us. It has less -- it's a bit less complex than urban settings, making it easier to test the system and gather feedback. And testing in environments like mining also helps evaluate BlincVision and how it performs under conditions such as dust environments, low visibility and rough terrain, challenges that are less pronounced in urban traffic. And the more we test, the better we can refine and adapt the technology for real-world use.
And then just a follow-up question here for you, Pierre, again. In what other areas do you see that BlincVision has potential?
Yes. Our technology can be applied in several areas, such as agriculture, defense, industry and logistics, pretty much anywhere where reliable object detection enhances safety, efficiency and automation in challenging environments.
Great. And let's move on to some financial questions here. During the fourth quarter, 88% of the warrants were exercised, which was a very strong outcome. Dan, could you describe the financing situation going forward?
Sure. First of all, we're very happy with the commitment shown for TO8. Thank you for that. As we point out in the report that we released this morning, we will need additional financing during Q2. In the light of the progress that we've made so far within product development, business development, we believe it's very much doable to continue financing the company.
Exciting. And thank you for that answer, Dan. So just looking ahead to 2025, what do you see as the biggest opportunities and challenges for Terranet? And you can feel free to answer, both of you.
Sure. So on the opportunity side, we do see an increasing interest in BlincVision. We're engaging in multiple discussions with potential customers from different industries and very eager to start testing the upcoming MVP. The possibility to test the MVP in our own vehicle will prove very important for future development, both of customer relationships as well as our own development. On the challenges side, we're now looking for more talented people. It can sometimes present a challenge to find the right people, but we're confident that this work will be successful, so yes.
Perfect. And Pierre, do you have anything to add?
Yes. I'd say on the challenges side, our main technical challenge is bringing BlincVision from a control environment to the real world's complex conditions. When you test in different settings and for various uses to make sure it works well in any situation. Another challenge will, of course, be supporting international evaluation of the BlincVision MVP, a necessary step, but that, of course, comes with some challenges on their own in terms of physical distance to our partners and that distance does increase when we go international.
Great. And just before we move on to the Q&A, what key message would you like to share with stakeholders and potential partners?
Yes. I mean BlincVision has been in development for years now. Now things are really accelerating. So together with our partners, we are now ready to take the technology into real-world integration. So if you want to be part of future road traffic safety, now is the time to engage.
Great. Exciting times ahead. So that concludes the interview section. And now we'll move on to the live Q&A. [Operator Instructions] But here's a general question for you. What role do partnerships play in your go-to-market strategy?
Yes. Partnership plays a very significant role. Supply partnerships are key in securing the right, often state-of-the-art technology and customer partnerships provide both relevant products to that as well as providing opportunities for accelerated commercialization.
Great. Another question here. What organizational changes will take place to support the 2025 plan?
So yes, we're mainly looking at strengthening the development organization. So starting January up until midyear, we're looking at 8 new -- 10 new heads in the development department. And that's a job that is ongoing right now. We've already secured a few of these spots.
Perfect. So here's another question. How does BlincVision integrate with existing ADAS systems?
Yes. Enabling integration with EV and ADAS systems has been one of our clearly set targets already from start. BlincVision is designed for sensor fusion, allowing it to work together with existing ADAS solutions for improved detection and decision-making. Another important step to facilitate this can be seen in the computer platform we've chosen to be compatible with, the NVIDIA Orin, giving us the ability to work smoothly with other systems without the need for an additional computing hardware, which also reduces the cost of the overall system.
Perfect. Another question here from the audience. In the area of defense, have any company showed interest in Terranet?
Yes. Yes, the answer is yes. There is interest from the defense sector. I'm not able to go into details at the moment, but there are ongoing discussions on potential use cases within that area.
And here's a question similar to that one. Which markets do you see as the most promising for BlincVision?
Yes. Primarily, we focus on the AD and the ADAS markets. But as we've discussed during this session, there are our potential business cases as well. Yes.
That's a brief answer. Are there any NDAs that keeps Terranet telling the market, the different partners that you have signed agreements with or agreement with?
Yes. We have a few signed NDAs that do prevent us from telling who we're working with at the moment. It is very interesting, and we hope to get back to the market within the course of this year, but ASAP, of course.
Yes. Perfect. Let's see if there are any other questions that will come in here. Just a clarification here on -- generally on the financing going forward, Dan, if you want to reiterate what you said before.
Yes. I'm afraid I cannot rephrase it a lot. As I expressed, we will need additional financing, and we will need it during the second quarter this year. The work is obviously ongoing and the Board and the management are confident that this work will succeed.
Let's see here. There's another question that popped up, I think. Let's see. No, those were all the questions we've gotten so far unless any other question pops up. I think we might conclude the live Q&A section. Actually, I think that's all of it. So -- let's just see, yes, that's all of them. So let's go over to you, Dan, to close out the call.
All right. So thank you, everybody, for listening in and posting questions. We're looking forward to engage more with you in the future. Please drop us a mail or give us a call if you have additional questions. If not, please follow us on LinkedIn or website. So thank you very much.
Thank you.
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