StradVision announced on the 12th that it has signed a contract with Aptiv (Aptiv Global Operations Limited) for the development and supply of front camera vision recognition software.

The contract value is 3,214,080,000 won ($2.4 million). The won amount was converted using the Seoul foreign exchange brokerage's base rate as of the 8th (1,339.2 won per dollar), representing 17.7% of StradVision's recent revenue of 18,109,229,713 won.

The contract partner, Aptiv, is a company engaged in the sale of automotive software solutions and is an affiliate of StradVision's largest shareholder. The sales and supply region is global, and the contract period runs from October 8, 2026 to April 30, 2028. The contract end date is based on the final fifth milestone, and StradVision will bear follow-up warranty obligations, such as bug fixes, until September 2028.

Payment After Milestone Acceptance... A Conditional Contract

This contract is a conditional contract in which payments are confirmed after the client's acceptance of deliverables at each milestone during the software development process. The total contract value will be paid in five installments of $480,000 each, with payments made within 90 days of invoicing following each milestone acceptance.

The payment conditions for each milestone are: completion of project initiation, release of sample software integrated with the client's hardware, achievement of initial KPI performance, satisfaction of target KPI and computing resource requirements, and completion of final software integration. Client acceptance is required at each stage, and milestone deadlines may be adjusted by separate agreement between the two parties.

Existing Joint Development and Master License Contracts Apply

This contract is subject to a joint development agreement signed by the two companies in December 2022 and a master software license agreement signed in July 2024. If the terms of the two contracts conflict, the master software license agreement takes precedence.

StradVision stated that after the final signing of the contract, Aptiv issued a purchase order related to this contract. The software will be supplied through in-house production, and there is no contract deposit or advance payment.