LeddarTech Reports FY24 Results
QUEBEC CITY, Canada, Dec. 18, 2024 (GLOBE NEWSWIRE) -- LeddarTech$(R)$ Holdings Inc. ("LeddarTech") (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision$(TM)$, for ADAS, AD and parking applications, is pleased to announce financial results for its fiscal year 2024, which ended on September 30, 2024.
"I am pleased to report our year-end fiscal 2024 results, completing our first year as a public company. We made tremendous progress during 2024, culminating with the groundbreaking agreement with Texas Instruments that we announced on December 9, 2024. We reached several other significant milestones in 2024 and look forward to 2025, which we see as a year in which our substantial technical innovations will translate into customer wins," said Frantz Saintellemy, President and CEO of LeddarTech.
Recent Business and Technology Highlights
-- LeddarNavigator -- Introduction of European and China LeddarVision
Demonstration Vehicles: The company introduced LeddarNavigator
demonstration vehicles in Europe and China and conducted simultaneous
roadshows in September and October. This allowed the company to engage
directly with key OEMs in one of the largest automotive markets,
emphasizing the product's global applicability and impact. The company
also participated in AutoSens Europe 2024 and Reuters Automotive, where
they showcased the LeddarVision next-generation sensor fusion and
perception software for ADAS and AD.
-- LeddarTech Fortified Its Cybersecurity Framework with ISO/IEC 27001
Certification -- Press Release.
Product and Industry Collaboration Announcements
-- Texas Instruments Collaboration: On December 9, 2024, LeddarTech
announced a strategic collaboration agreement and a software license
agreement with Texas Instruments ("TI") to enable a comprehensive,
integrated platform solution for advanced driver assistance systems
(ADAS) and autonomous driving (AD) markets. Under the license agreement,
TI has agreed to make advanced royalty payments in three tranches
totaling approximately US$10 million. The first tranche of US$5 million
was received in early December and the second and third tranches are
subject to achievement of certain milestones included in the licensing
and collaboration agreements with TI. The collaboration and license
agreements will enable TI to market a bundled solution that features
LeddarTech's LeddarVision AI-based fusion and perception software stack
pre-integrated and validated on TI's TDA scalable portfolio of Arm-based
processors. LeddarTech and TI have worked closely for nearly two years to
integrate LeddarTech's software with TI's hardware to create an open,
comprehensive, high-performance and cost-efficient solution for ADAS and
AD systems that can serve the entire automotive OEM landscape and their
Tier 1 suppliers. Feedback LeddarTech has received from OEMs and Tier 1
suppliers has been overwhelmingly positive, solidifying its market
potential.
Customer Traction (FYQ4)
-- Responded to RFI/RFQs equivalent to approximately $700 million in
software sales value.
-- Delivered successful POC (proof-of-concepts) results to Forvia.
-- Launched a new POC project with Arm.
-- Over 50 joint customer demonstrations.
Fiscal 2024 Financial Highlights(1)
As of the fiscal year end on September 30, 2024, we shipped the final last-time buy orders for LiDAR components and module products. Therefore, LiDAR results have been presented as discontinued operations for all periods reported in our financial statements and MD&A.
-- Revenue: Revenue from continuing operations for the fiscal year ending
September 30, 2024 was $0.5 million, compared to revenue of $0.2 million
in the fiscal year ending September 30, 2023. Note that reported revenue
from continuing operations excludes $7.5 million in revenue from LiDAR
components and module products that are now considered discontinued
operations.
-- Net Loss: Net loss from continuing operations for the fiscal year ending
September 30, 2024 was $167.3 million, compared to net loss of
$43.8 million in the fiscal year ending September 30, 2023. Net loss
includes a non-cash impairment charge of $69.3 million to goodwill and
intangibles in F4Q24, and a non-cash charge of $59.1 million for listing
expenses of common stock and warrants related to the company's December
2023 business combination. Note that reported net loss from continuing
operations excludes $1.1 million in net income from discontinued
operations.
-- EBITDA and Adjusted EBITDA2: EBITDA loss for the fiscal year ending
September 30, 2024 was $157.2 million, compared to a $42.7 million loss
in fiscal year 2023. Adjusted EBITDA loss for the fiscal year ending
September 30, 2024 was $30.4 million, compared to adjusted EBITDA loss of
$34.8 million in the fiscal year ending September 30, 2023. The decrease
in adjusted EBITDA loss is primarily attributable to a decrease in
operating expenses.
FY2024 FY2023 Q4-2024 Q4-2023
Continuing operations
Revenues $477,812 $197,556 $50,562 $52,002
Gross profit (loss) 477,812 197,556 50,562 52,002
Loss from operations (164,329,669) (44,948,815) (77,534,655) (8,191,997)
Finance costs, net 3,063,252 (729,958) 3,621,167 1,020,041
Loss before income
taxes (167,302,856) (43,841,777) (81,155,822) (9,130,661)
Net loss and
comprehensive loss (167,318,738) (43,841,777) (81,154,693) (9,130,661)
Net loss and
comprehensive loss
attributable to
Shareholders of the
Company (167,016,426) (40,409,465) (81,154,693) (8,187,045)
Loss per share
Net loss per share
(basic and diluted)
(in dollars) (7.33) (241.09) (2.72) (48.85)
Weighted average
shares outstanding
(basic and diluted) 22,774,782 167,610 29,865,648 167,610
EBITDA (loss) (157,229,931) (42,738,031) (78,200,618) (8,176,144)
Adjusted EBITDA (loss) (30,395,262) (34,815,026) (6,237,581) (9,989,733)
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Balance Sheet and Liquidity(1)
As of September 30, 2024, LeddarTech's consolidated cash balance totaled $5.3 million, compared to $5.1 million on September 30, 2023. Subsequent to the end of the quarter, the company raised approximately C$23.9 million, using a recent exchange rate of 1.43 Canadian dollars per US dollar. This included a US$5 million advance royalty payment from Texas Instruments, US$2.8 million from additional bridge financing and US$9 million from the sale of stock issuance under our standby equity purchase agreement or SEPA. LeddarTech's cash balance as of Tuesday, December 17, 2024 was approximately $20.8 million. The company believes it is well positioned to collect the second milestone payment in the amount of a US$3 million payment from Texas Instruments in early January 2025.
About LeddarTech
A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech's automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.
LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.
Additional information about LeddarTech is accessible at www.LeddarTech.com and on LinkedIn, Twitter $(X)$, Facebook and YouTube.
Non-IFRS Financial Measures
A non-IFRS financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in Company's consolidated primary financial statements.
In Q2-2024, the Company started to use two new non-IFRS financial measures because we believe these non-IFRS financial measures are reflective of our ongoing operating results and provide readers with an understanding of management's perspective on and analysis of our performance.
Below are descriptions of the non-IFRS financial measures that we use to explain our results and reconciliations to the most directly comparable IFRS financial measures.
EBITDA (loss) is calculated as net earnings (loss) before interest expenses (income), deferred income taxes, depreciation of property and equipment, depreciation of right-of-use assets and amortization of intangible assets.
EBITDA (loss) should not be considered an alternative to net loss in measuring performance or used as a measure of cash flow.
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