QUEBEC CITY, Canada, Aug. 14, 2024 (GLOBE NEWSWIRE) --
LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (
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 to announce financial results for its fiscal third quarter 2024, which ended on June 30, 2024.
“This quarter, we continued to make excellent progress with OEM and Tier 1 automotive customers, improved software maturity and extended feature performance with our key technology partners, including Arm and Texas Instruments,” stated LeddarTech’s President and CEO, Frantz Saintellemy. “We believe that the automotive industry increasingly recognizes the maturity of our LeddarVision software for fusion and perception and the value it delivers by enabling automakers to meet and surpass the customer and regulatory demands for automated driver assistance systems (ADAS) and autonomous driving (AD).”
Recent Business and Technology Highlights
Customer and Partner Traction:
- Signed strategic collaboration agreement with a major European automotive engineering service provider, expanding our global customer coverage.
- Responded to three customer RFQ/RFIs with decisions by the end of 2024 and 1H2025.
- Commenced documenting a commercial agreement with a leading technology partner.
- Signed a proof-of-concept (POC) agreement with a major truck OEM.
- Continued to progress collaborations and product roadmap alignment with Texas Instruments (TI) for LeddarVision with multiple joint customer meetings and demonstrations.
- Began defining the second collaboration stage with Arm following the successful conclusion of stage one.
Product Development:
- New software releases for LeddarVision Front (LVF) and LeddarVision Surround (LVS), which feature improvements such as vehicle detection at long distances, increased detection stability and a reduction of collision-relevant false alarms with a concentration on LVF differentiators. Other features include traffic speed sign recall and a reduction in false alarms, leading to improved performance in all sales regions.
- Launched demonstration vehicles in China and Italy to complement existing vehicles in Canada and Israel.
- Demonstrating LeddarVision, the industry’s first real-time AI-based low-level fusion and perception software on an embedded SoC in an automobile.
- Demonstrating the industry’s first 5V5R/5V6R surround-view AI-based low-level fusion and perception software for premium applications.
Industry Highlights and Events
- On May 9, 2024, the National Highway Traffic Safety Administration (NHTSA) published a final rule adopting a Federal Motor Vehicle Safety Standard (FMVSS) that requires automatic emergency braking (AEB) systems in U.S. light vehicles and trucks by September 2029.
- LeddarTech will be demonstrating its automotive software technology at the following notable events:
- Autosens Europe, October 8-10, 2024, in collaboration with Ficosa
- CES 2025, Las Vegas, U.S.A., January 7-10, 2025
Fiscal Third Quarter 2024 Financial Highlights 1
Revenue: Revenue for the fiscal third quarter of 2024, ending June 30, 2024, was $1.4 million, compared to $1.4 million in the fiscal quarter ending June 30, 2023. Revenue from legacy LiDAR products declined to $1.1 million from $1.35 million a year ago due in part to a delay in acquiring components to fulfill orders of discontinued products. Services revenue related to our ADAS software increased to $370,691 from $67,570 a year ago, as development efforts with strategic external collaborators have increased.
Gross profit: Gross profit for the fiscal third quarter of 2024, ending June 30, 2024, was $537,435, compared to a gross profit loss of $66,127 in the fiscal quarter ending June 30, 2023. The increase in gross profit was due to a comparison against an inventory write-down in the previous year’s corresponding quarter.
Operating expenses: Operating expenses for the fiscal third quarter of 2024, ending June 30, 2024, were $10.9 million, compared to operating expenses of $8.4 million in the fiscal quarter ending June 30, 2023. The increase is due largely to higher stock-based compensation expenses and higher selling costs, partially offset by reduced transaction and restructuring costs.
Net loss: Net loss for the fiscal third quarter of 2024, ending June 30, 2024, was $7.5 million, compared to a net loss of $4.2 million in the fiscal quarter ending June 30, 2023.
Adjusted EBITDA 2 : Adjusted EBITDA loss for the fiscal third quarter of 2024, ending June 30, 2024, was $7.8 million, compared to adjusted EBITDA loss of $5.3 million in the fiscal quarter ending June 30, 2023. The higher loss was due to increased operating expenses, partially offset by higher gross profit.
| Q3-2024 | Q3-2023 | |||
| Revenues | 1,423,416 | 1,417,584 | ||
| Gross profit (loss) | 537,435 | (66,127 | ) | |
| Loss from operations | (10,331,234 | ) | (8,480,090 | ) |
| Finance costs, net | (2,876,593 | ) | (4,147,267 | ) |
| Loss before income taxes | (7,454,641 | ) | (4,156,400 | ) |
| Net loss and comprehensive loss | (7,454,641 | ) | (4,156,400 | ) |
| Net loss and comprehensive loss attributable to Shareholders of the Company | (7,454,641 | ) | (3,875,384 | ) |
| Loss per share | ||||
| Net loss per common share (basic and diluted) | (0.25 | ) | (23.12 | ) |
| Weighted average common shares outstanding (basic and diluted) | 29,453,615 | 167,610 | ||
| EBITDA (loss) | (5,695,313 | ) | (6,948,353 | ) |
| Adjusted EBITDA (loss) | (7,823,870 | ) | (5,312,622 | ) |
