QUEBEC CITY, Canada, Dec. 18, 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 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 Leddar Navigator 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 EBITDA ² : 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.