Significant events during the first quarter

First agreements within defense
During the quarter, the company signed its first two evaluation agreements within the defense industry.
Interest is driven by the technology’s low latency and rapid detection capabilities, characteristics that are particularly relevant in environments with high demands on response time. The agreements are part of the company’s strategy for 2026 to have BlincVision evaluated by external partners across different verticals and mark the start of a new vertical.

Progress in evaluations
Evaluation activities continued during the quarter, with deliveries of BlincVision in MVP format to external partners. The feedback has been positive, both in terms of usability and system performance in the evaluations. The evaluations are ongoing.

Networks and programs
During the quarter, Terranet strengthened its presence in relevant networks through participation in Neuromorphic Sweden and the Amyna Accelerate accelerator program. This participation enables dialogue
and exchange of experience with stakeholders across industry, research, defense, and public authorities,
and supports the identification of new use cases for the technology. These efforts also contribute to
identifying new business opportunities.

Significant events after the end of the period

Agreement within advanced electronics
After the end of the period, Terranet signed a new evaluation agreement with an international player in advanced electronics. The purpose is to evaluate how the company’s sensor data can be used in the partner’s platform, with a focus on methods based on Spiking Neural Networks (SNNs)*. The agreement is in line with
the company’s strategy to broaden the use of the technology.

Trade fair participation with Jakob Mining Vehicles
Terranet participates in the Jakob Mining Vehicles stand at The Electric Mine 2026 in Lisbon, May 5–7, where BlincVision is showcased on their newly launched vehicle TerraCharge.

Financial overview

* Spiking Neural Networks (SNN) is an AI method inspired by how neurons in the brain communicate through rapid signals.

Comment from the CEO

”Bringing the technology to market and into real-world use.”

2026 is about bringing BlincVision to market. This is done by demonstrating the technology’s potential in practical applications, establishing a presence across multiple verticals, and generating broad interest that leads to deeper discussions, with the aim of establishing commercial partnerships.

Increased visibility and new connections
As part of this work, we have taken several steps during the quarter to increase the visibility of BlincVision and create new points of contact. We have joined Amyna, a national accelerator program focused on the defense industry. Through the program, we connect with stakeholders who have clear needs within the defense sector and discuss how our technology can contribute to their applications.

In April, we participated in Defense Day in Lund, where we presented our BlincVision MVP (Minimum Viable Product). The event has resulted in new relationships and ongoing discussions around evaluations.

In parallel, we have taken part in workshops on neuromorphic technology together with Neuromorphic Sweden. For Terranet, this is particularly relevant, as BlincVision is built on neuromorphic sensors that are inspired by how the human eye works.
In both contexts, we meet stakeholders working with both technical challenges and future applications, which allows us to both challenge and further develop our own solution. This gives us a clearer picture of how the technology can be used in practice and how it needs to evolve to meet future demands for speed, energy efficiency, and robustness.

Dialogues that drive development
What makes these interactions particularly valuable is the range of questions we encounter. BlincVision is developed for the automotive industry as a fast anti-collision system in complex urban environments, but in meeting the market, we see how the technology generates interest far beyond this area.

This interest is driven by several parallel dialogues, where relationships built over time form an important foundation. Questions we receive, from both the automotive industry and other application areas, concern how the technology can be used for positioning in environments where GPS is unavailable, how it can contribute to detecting drones and other moving objects, and how the system performs in demanding environments such as mining operations. Other questions relate to performance, for example how quickly the system responds and how reliable it is under extreme weather conditions.

This range of questions shows that the technology is relevant in several different contexts. It also gives us a clearer understanding of the problems different markets are trying to solve and how our technology can play a role in their operations.
At the same time, it requires focus. Our first step has been to work locally with our MVP. Together with both larger and smaller stakeholders, we test and develop the solution in practice. In the next step, this work has also expanded internationally.

First joint exposure with partner
BlincVision is now featured in the Jakob Mining Vehicles stand at The Electric Mine 2026 in Lisbon. Our MVP is mounted on their newly launched vehicle TerraCharge. This is an important step for us, to be visible together with a partner. The collaboration builds on an earlier signed evaluation agreement between the companies. By helping to prevent accidents, we can contribute to increased uptime and lower operating costs.

Nomination by the Nomination Committee
To further strengthen our strategic development, it is encouraging that the Nomination Committee has nominated Torsten Bernström to the Board of Directors ahead of the Annual General Meeting on May 20. With his background in defense, IT, and international operations, he brings experience and perspectives that will be important in our continued development.

Direction going forward
Our direction is clear. We will take BlincVision from MVP to practical applications where the sensor solution meets concrete needs and is further developed in close collaboration with the market. During 2026, we continue to drive business development within automotive applications, while expanding into new use cases and strengthening our IP and patent portfolio as the technology evolves. We are now putting the technology into practice. The objective remains to reach commercial agreements generating revenue in 2026.

Lars Lindell
CEO
Lund May 7, 2026