Terranet AB – Interim report Q1 2024

Significant events during the first quarter

- Successful prototype demo in lab conducted at the end of March

During the first quarter of the year, product development focused on the prototype demonstration in a lab environment, which was carried out with successful results.

- Organizational reinforcements

During the quarter, we continued to develop our organization. Mats Fägerhag's involvement as a consultant and board member means a considerable strengthening of both competence and networking. We have expanded our management team with a business developer who will join us during the second quarter. We pursue the development of the organization by adding additional talent to our development team.

- Additional funding secured

In January, a directed share issue of approximately SEK 10 million was carried out. Through the issue, the company's cash position has been strengthened, which means that liquidity, given a favorable outcome from TO7 & TO8, is expected to be secured over the coming year-end.

Significant events after the close of the period

- holoride – focus on BlincVision

On April 22, the market was informed that Terranet will not continue to invest in holoride. Terranet will focus all resources on preparing our product BlincVision for a future commercial launch. As a consequence of a lengthy financing process, holoride has ended up in an insolvency situation, which is why Terranet as of December 31, 2023, has written down the value of the holding to SEK 0.

Financial overview

	Jan – Mar 2024	Jan – Mar 2023	Jan – Dec 2023
Revenue (TSEK)	380	208	834
Operating result (TSEK)	-8 281	-8 242	-35 926
Financial items (TSEK)	-1 065	-987	-37 190
Earnings per share (SEK)	-0,01	-0,03	-0,15
Closing cash (TSEK)	29 918	17 754	29 006

Comments from the CEO