2024 Q1 report: major milestones and customer connections
05 April 2024
We’ve made a fast start to 2024, with exciting progress in projects and customers, valuable learning and iteration in engineering, and high-profile advisory appointments, writes our CEO, Sam Poirier.
As the snow makes way for Spring sunshine here in Canada, there’s a real sense of momentum at Potential headquarters. We’ve made significant strides forward in all key areas of the business in the first three months of 2024. As we head into commercialization of our technology, it feels like we’ve suddenly activated warp drive!
Here’s a short overview of our achievements over Q1 2024.
Our technology
We’ve always seen real-world data collection and vehicle testing as central to the accuracy and flexibility of our technology and our AI models.
Today, I can report that we’ve now exceeded 3,000 hours of real-world vehicle testing and validation, using 12 different vehicles. These include side-by-sides, motorcycles, SUVs, and even an armored vehicle, and represent both electric and ICE powertrains.
We’ve collected on-vehicle data from five countries across three continents to train our AI models and verify accuracy. We’re now drilling down into new levels of detail.
“3,000+ hours of real-world testing, using 12 different vehicles across five countries.”
This quarter, we also hit a major milestone in our innovation program with CFMOTO Powersports Inc, successfully completing proof of concept and first phase customer evaluations.
We’re working on a suite of solutions for this global manufacturer of recreational off-road vehicles and side-by-sides, including applications of Terrain Intelligence and Off-Road OS, as well as a new use of computer vision that we can’t yet disclose. Each of these elements represents a first in the powersports sector; added together, they mark out CFMOTO as a true trailblazer.
Our customers
As we continue towards commercialization, we’ve been setting in place the right foundations to define, attract, and interact with our customers. I’m pleased to report that we’re now working through scoping conversations with six major automotive brands, alongside two proof of concept projects already completed (one in automotive, one in powersports) and another that will kick off in Q2.
“We’re working through scoping conversations with six major automotive brands.”
Over a series of meetings with manufacturers across North America and Europe, I’ve been excited to discover just how much progress many of these companies have already made in their journey towards building software-defined vehicles.
While the levels of advancement differ from company to company, global brands in the automotive sector - our biggest target area - are now looking at how they can integrate Terrain Intelligence into both existing and emerging software stacks and operating systems. This means companies are looking for immediate and longer-term applications of our technology.
To help us communicate with customers as we scale, we rolled out a new website over this quarter that better explains who we are, what we stand for, and what we offer. We also embarked on a series of personal visits to customer facilities in three different countries, and we were delighted to have been invited to feature at the Connected Vehicle Systems Alliance showcase at CES in Las Vegas (along with a show-stopping machine from our innovation partner CFMOTO).
Our people
We continued to strengthen our team of superstars with key appointments in Q1.
Scott Kunselman joined us as a strategic advisor in January. Scott is someone who really speaks our language. He’s an engineer who has spent a lifetime involved at the leading edge of off-road vehicles, including as chief engineer for Ram Trucks and, later, overseeing all procurement and safety at FCA (at the time, the eighth-largest automaker in the world and parent company of Jeep and Ram Trucks). Scott’s input has already proved critical as we develop our go-to-market strategies for the automotive sector.
“Potential is all about exploring the great outdoors. It’s a philosophy that we all live.”
Under the leadership of Bill, our CTO, we’ve reconfigured our technical team structure to enhance collaboration and efficiency. We are actively hiring into key roles, and we’ve attracted another industry-recognised expert in computer vision and AI, who will join us in Q2.
We’ve also brought together product, business development, marketing and communications functions under one roof in a new commercial unit, which is headed up by Jay, our VP of Business Development. All of these changes are designed to ensure that what we learn from our customers is applied directly to our products, helping us to solve challenges for all customers faster, more efficiently and at scale.
For its online series of short films called Driven by Simulation, global simulation provider Ansys sent presenter Emma Walsh to take a behind-the-scenes look at our test track and our high-performance, quad-motor test vehicle, P0. We were honored to have been featured alongside Polaris. Watch the full episode on YouTube.
Along with Jessica, our VP People and Ops, I’m determined to make sure we continue to build space for our brilliant people to enjoy everyday adventures. After all, Potential is all about exploring the great outdoors. Our customers know this isn’t just a marketing slogan: it’s a philosophy that we all live.
A sneak peek at Q2
I won’t spoil the surprises, but there’s a lot more to come for Potential in Q2 in all three areas above. Keep up to date with everything Potential by using the sign-up form at our website and following our LinkedIn page. We’ve got our foot on the accelerator and 2024 is only speeding up.
Sam