Terranet

Launch of MVP
During the quarter, Terranet launched an MVP (Minimum Viable Product) of BlincVision. The system includes integrated hardware and software, an improved laser scanner, and a further developed AI model. As the system is designed to be installed and used without support from Terranet, selected customers will be able to start evaluating it this fall.

Participation at Auto.AI, Safety.AD, and SDV USA
From June 30 to July 1, the company participated in the connected conferences Auto.AI, Safety.AD,
and SDV USA in San Francisco – key meeting points for stakeholders in ADAS, AI, and traffic safety.
The participation strengthens Terranet’s presence in the North American market and enables important industry dialogue.

Rights issue oversubscribed
The subscription period ended on June 11. The rights issue of approximately MSEK 15 was subscribed to around 108.5%, meaning that no underwriting commitments needed to be utilized. Together with the two directed issues, the company has raised MSEK 40.0.

Significant events after the end of the period

Patent approval
Terranet has been informed that the company will be granted a Swedish patent for a method of analyzing movements using data from event cameras. The patent is valid in Sweden, and patent applications have also been filed in Europe, the USA, and China.

Financial overview

Comment from the CEO

”Launch of BlincVision MVP – from development to real-world testing”

The major achievement of the second quarter was the launch of BlincVision MVP
(Minimum Viable Product), marking the start of the next phase. Beginning in the third quarter, BlincVision will be evaluated in real-world applications together with partners. This launch is fully in line with our 2025 plan and brings us closer to our goal of commercial use.

Strengthening BlincVision’s patent portfolio
After the quarter’s end, Terranet received an intention to grant for its first own patent within BlincVision – “Processing of data from event-based sensors” – from the Swedish Patent and Registration Office. We have previously communicated our ambition to build our own patent portfolio within event-based camera technology, and this will now be the first patent to be granted.

Today, the company licenses patents related to the technology we develop from third parties, while continuously reinforcing our own protection for BlincVision as an integral part of the development process. This has resulted in several patent applications, as well as a patent that will soon be granted. Unlike the licensed patents, the own patent is not limited to a specific application area, and can be applied broadly across different industries. The work to build a strong, in-house portfolio in event-based camera technology continues.

The new patent covers a method of analyzing movements using data from event cameras.

Development and commercialization on track
During the quarter, our development work focused on evolving the prototype into an MVP through
both indoor and outdoor testing, as well as improvements to both software and hardware. Following a successful test at AstaZero in June, which confirmed BlincVision’s readiness for launch, we began informing partners and customers that test systems will be available this autumn for evaluation in their own environments.

At the end of June, Terranet attended three industry events in San Francisco – Auto.AI, Safety.AD USA 2025 and Software-Defined Vehicle USA. The aim was to meet potential partners and gain a clearer understanding of the challenges the industry is facing and the types of solutions expected to improve today’s ADAS systems. A key topic at these events was how to improve the quality of the data collected and used by the perception stack to initiate a braking decision.
As part of our commercialization efforts, we also announced that Terranet will exhibit at the ADAS & Autonomous Vehicle Technology Expo USA 2025 in August – another step to further increase BlincVision’s visibility.

Successful financing round – proof of the market’s confidence
During the quarter, we carried out and closed a successful financing round. A total of MSEK 40 was secured, consisting of a directed issue of units in two tranches totaling MSEK 25 and a fully guaranteed rights issue of units of MSEK 15, which was oversubscribed.

The unit issues include warrants of series TO9 B, with a subscription period during the first half of December this year. If fully exercised, TO9 B will provide the company with an additional MSEK 15.

One step closer to the customer
We have a clear goal ahead of us and an organization with the right competence and drive. Since I took on the role as CEO in March, I have had the opportunity to get to know the business, the team, and our priorities. With a stronger financial position, important partnerships, and rapidly advancing technology, we are well positioned to take the next step toward the market. We also see great potential for our unique technology in other areas where rapid motion detection is critical. I look forward to continuing the journey together with the team, our partners, and our shareholders.

Lars Lindell
CEO
Lund Aug 21, 2025