LeddarTech Reports FY24 Results
LeddarTech Holdings (NASDAQ: LDTC) announced its fiscal year 2024 results ended September 30, 2024. Key highlights include a strategic collaboration with Texas Instruments, involving royalty payments totaling US$10 million, with the first US$5 million tranche received in December. Revenue from continuing operations was $0.5 million, up from $0.2 million in FY2023. The company reported a net loss of $167.3 million, which includes a $69.3 million non-cash impairment charge and $59.1 million in listing expenses.
The company's cash balance as of December 17, 2024, was $20.8 million, bolstered by approximately C$23.9 million raised through various sources. LeddarTech responded to RFI/RFQs worth approximately $700 million in software sales value and conducted over 50 joint customer demonstrations during Q4.
LeddarTech Holdings (NASDAQ: LDTC) ha annunciato i risultati dell'anno fiscale 2024, conclusosi il 30 settembre 2024. Tra i punti salienti si evidenzia una collaborazione strategica con Texas Instruments, con pagamenti di royalty totali pari a 10 milioni di dollari, di cui il primo tranche di 5 milioni di dollari ricevuto a dicembre. I ricavi delle operazioni continuative sono stati di 0,5 milioni di dollari, in aumento rispetto ai 0,2 milioni di dollari dell'anno fiscale 2023. L'azienda ha registrato una perdita netta di 167,3 milioni di dollari, che include un addebito per riduzione di valore non monetario di 69,3 milioni di dollari e 59,1 milioni di dollari in spese di quotazione.
Il saldo di cassa dell'azienda al 17 dicembre 2024 era di 20,8 milioni di dollari, rinforzato da circa 23,9 milioni di dollari canadesi raccolti attraverso varie fonti. LeddarTech ha risposto a RFI/RFQ dal valore di circa 700 milioni di dollari in vendite di software e ha condotto oltre 50 dimostrazioni congiunte ai clienti durante il quarto trimestre.
LeddarTech Holdings (NASDAQ: LDTC) anunció los resultados de su año fiscal 2024, que finalizó el 30 de septiembre de 2024. Los aspectos más destacados incluyen una colaboración estratégica con Texas Instruments, que involucra pagos de regalías por un total de 10 millones de dólares, siendo el primer tramo de 5 millones de dólares recibido en diciembre. Los ingresos de las operaciones continuas fueron de 0,5 millones de dólares, un aumento respecto a los 0,2 millones de dólares en el año fiscal 2023. La empresa reportó una pérdida neta de 167,3 millones de dólares, que incluye un cargo por deterioro no monetario de 69,3 millones de dólares y 59,1 millones de dólares en gastos de cotización.
El saldo de efectivo de la empresa al 17 de diciembre de 2024 era de 20,8 millones de dólares, reforzado por aproximadamente 23,9 millones de dólares canadienses recaudados a través de diversas fuentes. LeddarTech respondió a RFI/RFQs por un valor aproximado de 700 millones de dólares en ventas de software y realizó más de 50 demostraciones conjuntas a clientes durante el cuarto trimestre.
레다테크 홀딩스 (NASDAQ: LDTC)는 2024년 9월 30일에 종료된 회계연도 2024의 결과를 발표했습니다. 주요 하이라이트로는 텍사스 인스트루먼트와의 전략적 협력이 포함되며, 총 1천만 달러의 로열티가 지급되며, 첫 번째 500만 달러 분이 12월에 수령되었습니다. 지속적인 운영에서의 수익은 50만 달러로, 2023 회계연도의 20만 달러에서 증가했습니다. 회사는 비현금 손상 차감액 6,930만 달러와 상장 비용 5,910만 달러를 포함하여 1억 6,730만 달러의 순손실을 보고했습니다.
2024년 12월 17일 기준 회사의 현금 잔고는 2,080만 달러였으며, 약 2,390만 캐나다 달러가 다양한 출처를 통해 모금되었습니다. 레다테크는 약 7억 달러의 소프트웨어 판매 가치에 해당하는 RFI/RFQ에 응답했으며, 4분기 동안 50건 이상의 공동 고객 시연을 진행했습니다.
LeddarTech Holdings (NASDAQ: LDTC) a annoncé ses résultats pour l'exercice 2024, se terminant le 30 septembre 2024. Les principaux faits saillants comprennent une collaboration stratégique avec Texas Instruments, impliquant des paiements de redevances totalisant 10 millions de dollars, dont la première tranche de 5 millions de dollars a été reçue en décembre. Les revenus des opérations continues se sont élevés à 0,5 million de dollars, en hausse par rapport à 0,2 million de dollars en 2023. La société a déclaré une perte nette de 167,3 millions de dollars, qui comprend une charge de réduction de valeur non monétaire de 69,3 millions de dollars et 59,1 millions de dollars en frais d'inscription.
Le solde de trésorerie de l'entreprise au 17 décembre 2024 était de 20,8 millions de dollars, renforcé par environ 23,9 millions de dollars canadiens levés par diverses sources. LeddarTech a répondu à des RFI/RFQ d'une valeur d'environ 700 millions de dollars en ventes de logiciels et a réalisé plus de 50 démonstrations conjointes de clients au cours du quatrième trimestre.
LeddarTech Holdings (NASDAQ: LDTC) hat die Ergebnisse des Geschäftsjahres 2024 veröffentlicht, das am 30. September 2024 endete. Zu den wichtigsten Highlights gehört eine strategische Zusammenarbeit mit Texas Instruments, die Lizenzzahlungen in Höhe von insgesamt 10 Millionen US-Dollar umfasst, von denen der erste Tranche von 5 Millionen US-Dollar im Dezember eingegangen ist. Die Erlöse aus fortgeführten Geschäften betrugen 0,5 Millionen US-Dollar, ein Anstieg im Vergleich zu 0,2 Millionen US-Dollar im Geschäftsjahr 2023. Das Unternehmen meldete einen Nettoverlust von 167,3 Millionen US-Dollar, einschließlich einer nicht monetären Wertminderungsgebühr von 69,3 Millionen US-Dollar und 59,1 Millionen US-Dollar an Börsennotierungskosten.
Der Bargeldbestand des Unternehmens betrug zum 17. Dezember 2024 20,8 Millionen US-Dollar, unterstützt durch etwa 23,9 Millionen kanadische Dollar, die aus verschiedenen Quellen gesammelt wurden. LeddarTech reagierte auf RFI/RFQs im Wert von etwa 700 Millionen US-Dollar im Softwarerechtswert und führte im vierten Quartal über 50 gemeinsame Produktdemonstrationen bei Kunden durch.
- Strategic collaboration with Texas Instruments including US$10 million in royalty payments
- Revenue increased from $0.2M to $0.5M year-over-year
- Secured RFI/RFQs worth approximately $700M in potential software sales
- Cash position strengthened to $20.8M through various funding sources
- Reduced adjusted EBITDA loss from $34.8M to $30.4M
- Net loss increased significantly to $167.3M from $43.8M year-over-year
- $69.3M non-cash impairment charge to goodwill and intangibles
- $59.1M non-cash charge for listing expenses
- Low revenue figures despite being in operation
Insights
LeddarTech's FY2024 results reveal significant challenges and opportunities. The
The strategic pivot from hardware to pure-play automotive software is materializing through the Texas Instruments partnership, which validates LeddarTech's AI-based sensor fusion technology. The pre-integration of LeddarVision with TI's Arm-based processors creates a compelling market-ready solution for ADAS and autonomous driving applications. The expansion of demonstration vehicles into Europe and China, coupled with successful POCs with major players like Forvia and Arm, suggests growing industry acceptance. However, the
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 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 Highlights1
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 | ||||
| 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) |
Balance Sheet and Liquidity1
As of September 30, 2024, LeddarTech’s consolidated cash balance totaled
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.
Adjusted EBITDA (loss) is calculated as EBITDA (loss), adjusted for foreign exchange gain (loss), loss (gain) on revaluation of financial instruments carried at fair value, gain or loss on lease modification, share‐based compensation, listing expense, transaction costs, restructuring costs and impairment loss on intangible assets.
Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to timely access sufficient capital and financing on favorable terms or at all; (ii) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (iii) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (iv) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (v) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, projects, prospects and plans; (vi) changes in general economic and/or industry-specific conditions; (vii) our ability to retain, attract and hire key personnel; (viii) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (ix) legislative, regulatory and economic developments; (x) the outcome of any known and unknown litigation and regulatory proceedings; (xi) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xii) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
| FY2024 | FY2023 | Q4-2024 | Q4-2023 | |
| Net loss from continued operations | ( | ( | ( | ( |
| Deferred income taxes | 15,882 | - | (1,129) | - |
| Depreciation of property and equipment | 738,081 | 1,274,597 | 122,967 | 45,087 |
| Depreciation of right-of-use assets | 515,558 | 581,936 | 28,764 | 121,707 |
| Amortization of intangible assets | 257,932 | 286,494 | (35,249) | (27,464) |
| Interest expenses (income) | 8,516,354 | (1,039,281) | 2,838,721 | 815,186 |
| EBITDA (loss) from continuing operations | (157,229,931) | (42,738,031) | (78,200,618) | (8,176,144) |
| Foreign exchange loss (gain) | (399,827) | 224,057 | (715,237) | 152,381 |
| Loss (gain) on revaluation of financial instruments carried at fair value | (5,553,010) | 21,100 | 934,095 | 35,654 |
| Gain on lease modification | (204,146) | - | - | - |
| Loss on exercise of conversion options | 366,957 | - | 366,957 | - |
| Stock-based compensation | 1,715,512 | 2,436,974 | 2,015,588 | 777,957 |
| Listing expense | 59,139,572 | - | - | - |
| Transaction costs | 2,407,977 | 3,506,630 | - | 1,916,927 |
| Restructuring costs | 46,387 | 1,734,244 | 46,387 | (329,265) |
| Impairment loss related to intangible assets | 69,315,247 | - | 69,315,247 | (4,367,243) |
| Adjusted EBITDA (loss) from continuing operations | (30,395,262) | (34,815,026) | (6,237,581) | (9,989,733) |
Contact:
Daniel Aitken, Vice-President, Global Marketing, Communications and Investor Relations, LeddarTech Holdings Inc. Tel.: + 1-418-653-9000 ext. 232 daniel.aitken@LeddarTech.com
- Investor relations website: investors.LeddarTech.com
- Investor relations contact: Kevin Hunt, ICR Inc. kevin.hunt@icrinc.com
- Financial media contact: Dan Brennan, ICR Inc. dan.brennan@icrinc.com
Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”
1 All amounts in Canadian dollars except where otherwise noted.
2 See Adjusted EBITDA definition under “Non-IFRS Financial Measures” below.
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