QUEBEC CITY, Canada, May 15, 2024 (GLOBE NEWSWIRE) --
LeddarTech Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology,
LeddarVision™, for ADAS, AD and parking applications, is pleased today to announce financial results for its fiscal second quarter 2024, which ended on March 31, 2024.
“I am pleased to report our meaningful progress with several automotive OEM and Tier 1 customers, reaching several significant milestones, including responding to requests for information and quotes (RFI/RFQs), proof of concepts (POCs) and joint customer demonstrations. The strides we are making to establish LeddarTech’s LeddarVision software as the benchmark for automotive fusion and perception, in partnership with industry giants like Arm (Nasdaq: ARM), Black Sesame and Texas Instruments (Nasdaq: TXN), underscore our relentless commitment to innovation. Together, we eagerly anticipate achieving new milestones and driving the widespread adoption of our groundbreaking technology,” said Frantz Saintellemy, President and CEO of LeddarTech.
Recent Business and Technology Highlights
Customer Traction:
- Responded to RFI/RFQs equivalent to approximately $650M in software sales value.
- Delivered successful POC (proof-of-concept) results to a large mainstream OEM (original equipment manufacturer).
- Launched a new POC project with a mainstream Tier-1 supplier.
- Joint customer demonstrations and presentations with Texas Instruments (TI) for LVF (LeddarVision Front); joint demonstration board availability with TI.
Product Development:
- New software releases for LVF (LeddarVision Front) and LVS (LeddarVision Surround) feature improvements such as vehicle detections at long distance, increased detection stability and a reduction of collision-relevant false alarms.
- Other features include traffic speed sign recall, improved false alarms, ego-lane stability and false lane merge detection in highway scenarios.
Product and Industry Collaboration Announcements:
- January 9, 2024: LeddarTech supports accelerated L2/L2+ ADAS development by releasing the LeddarVision Surround-View premium highway assist software stack on an embedded platform.
- March 13, 2024: LeddarTech collaborates with Arm on future-ready software-defined vehicles.
Fiscal Second Quarter 2024 Financial Highlights 1
Revenue: Revenue for the fiscal second quarter of 2024 ending March 31, 2024 was $1.9 million, compared to $0.5 million in the fiscal quarter ending March 31, 2023. The increase in revenue was attributable to higher legacy LiDAR revenue resulting from the fulfillment of last-time buy orders.
Gross profit: Gross profit for the fiscal second quarter of 2024 ending March 31, 2024 was $0.2 million, compared to a loss of $0.8 million in the fiscal quarter ending March 31, 2023. The increase in gross profit was attributable to the higher revenue and comparison against a one-time write-off related to the legacy LiDAR business recognized in the fiscal second quarter of 2023.
Operating expenses: Operating expenses for the quarter ending March 31, 2024 were $12.9 million, compared to $11.7 million in the fiscal quarter ending March 31, 2023. The increase is primarily attributable to higher stock-based compensation expenses.
Adjusted EBITDA 2 : Adjusted EBITDA loss for the fiscal second quarter of 2024 ending March 31, 2024 was $8.8 million, compared to an adjusted EBITDA loss of $10.0 million in the fiscal quarter ending March 31, 2023. The improvement is primarily attributable to higher revenue and gross profit.
Net loss: Net loss for the fiscal second quarter of 2024 ending March 31, 2024 was $17.4 million, compared to a net loss of $13.6 million in the fiscal quarter ending March 31, 2023.
| Q2-2024 | Q2-2023 | |||
| Revenues | 1,857,071 | 475,044 | ||
| Gross profit | 163,211 | (824,719) | ||
| Loss from operations | (12,751,351) | (12,506,076) | ||
| Finance costs, net | 4,741,237 | 1,170,870 | ||
| Loss before income taxes | (17,402,523) | (13,557,666) | ||
| Net loss and comprehensive loss | (17,419,534) | (13,557,666) | ||
| Net loss and comprehensive loss attributable to Shareholders of the Company | (17,419,534) | (12,578,888) | ||
| Loss per share | ||||
| Net loss per common share (basic and diluted) (in dollars) | (0.61) | (75.05) | ||
| Weighted average common shares outstanding | 28,770,930 | 167,610 | ||
| EBITDA (loss) | (14,082,841) | (12,061,016) | ||
| Adjusted EBITDA (loss) | (8,801,060) | (9,958,678) | ||
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