Quarterly Results Announced by LeddarTech for the Second Quarter of 2024

LeddarTech, the Quebec City-based automotive software company, has announced its financial results for the second quarter of 2024. The company reported a net loss of (17,419,534) for Q2-2024, an increase from (13,557,666) in the same period last year. Despite the increased net loss, LeddarTech reported revenues of $1.9 million for Q2-2024, a significant jump from $0.5 million in Q2-2023.

LeddarTech's financial results for Q2-2024 also showed a decrease in consolidated cash balance, with the balance dropping to $14.3 million from $29.2 million on December 31, 2023. This decrease was due to operating expenses of $12.9 million for Q2-2024, compared to $11.7 million in Q2-2023.

One of the key factors contributing to the increased expenses was the loss on revaluation of financial instruments carried at fair value, which amounted to 1,884,686 in Q2-2024, compared to no such gain in Q2-2023. Other notable expenses included stock-based compensation, which increased to 2,803,357 in Q2-2024, compared to 540,920 in Q2-2023. Transaction costs also increased slightly, from 788,776 in Q2-2023 to 646,230 in Q2-2024.

However, LeddarTech also reported some positive developments. The company successfully conducted a Proof of Concept (POC) with an unnamed automotive OEM or Tier-1 supplier in Q2-2024. LeddarTech also delivered successful POC results to a large mainstream OEM and launched a new POC project with a mainstream Tier-1 supplier.

LeddarTech's collaboration with industry partners also continued to grow. The company collaborates with Arm, Black Sesame, and Texas Instruments on future-ready software-defined vehicles. LeddarTech also had joint customer demonstrations and presentations with Texas Instruments for LVF (LeddarVision Front).

In addition to the traditional financial measures, LeddarTech has introduced two new non-IFRS financial measures: EBITDA (loss) and Adjusted EBITDA (loss). The Adjusted EBITDA (loss) for Q2-2024 was (8,801,060), compared to (9,958,678) in Q2-2023. The company did not incur any restructuring costs in Q2-2024, but incurred 587,973 in Q2-2023.

Overall, LeddarTech's Q2 2024 financial results show a company continuing to invest in its growth and development, with a focus on delivering innovative solutions to the automotive industry.

In the second quarter of 2024, LeddarTech, an automotive software company based in Quebec City, Canada, reported its financial results. The company's net loss increased to (17,419,534) from (13,557,666) in Q2-2023, while revenues rose to $1.9 million from $0.5 million in the same period last year.

LeddarTech's financial results were marked by a decrease in consolidated cash balance, which dropped to $14.3 million from $29.2 million on December 31, 2023. This was due to increased operating expenses, which amounted to $12.9 million for Q2-2024, compared to $11.7 million in Q2-2023.

Despite the increased expenses, LeddarTech reported some positive developments. The company successfully conducted a Proof of Concept (POC) with an unnamed automotive OEM or Tier-1 supplier in Q2-2024. LeddarTech also delivered successful POC results to a large mainstream OEM and launched a new POC project with a mainstream Tier-1 supplier.

Overall, LeddarTech's Q2 2024 financial results show a company continuing to invest in its growth and development, with a focus on delivering innovative solutions to the automotive industry.