Smart Eye Interim Report Q1 January - March 2024

GÖTEBORG, SWEDEN / ACCESSWIRE / May 14, 2024 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) The Foreseen Acceleration of Automotive Sales has Started

January- March 2024

• Net sales amounted to SEK 86.1 (64.3) million, an increase of 34% compared to the corresponding period the previous year. Business area Automotive continuing to drive the growth in the quarter.
• Gross Profit amounted to SEK 77.3 million, an increase of 41% compared to the corresponding period the previous year. Gross Margin amounts to 90% (85%) which is due to a higher share of software sales in the quarter.
• EBITDA amounted to SEK -23.0 (-44.2) million. The improved result is driven by higher sales and lower OPEX. One-time expenses due to restructuring costs impacted the result negatively with -11.6 million.
• Operating loss amounted to SEK -61.5 (-81.9) million. Depreciation of the surplus value created in conjunction with the Affectiva and iMotions acquisitions amounts to SEK -28.4 million.
• Earnings after tax per share are -1.53 (-2.33), and after full dilution -1.53 (-2.33).
• Cash and cash equivalents totaled SEK 161.2 million at the end of March. The cash ending balance including credit facilities amounts to SEK 243.6 million.
• Strong order intake during the quarter included 19 design wins for DMS, 5 design wins for Interior Sensing and 2 design wins for a commercial vehicle manufacturer (AIS). The total estimated order value for these design wins amounts to SEK 785 million based on estimated product life cycle projections.

Comments from the CEO

The most significant development in the first quarter is that our software license revenue from the automotive sector is gearing up as planned. The company is growing 34% year on year, with the majority of the growth coming from Automotive. The costs are kept firmly in control, and we are eagerly anticipating that the revenues ramp-up, driven by higher car production volumes. In the period we chose to increase our cash position by 150 MSEK with a directed share issue. After our last earnings call it became clear to us that we had the option to raise cash that way on favorable terms, as an alternative to a debt facility. We concluded this was the best alternative, in terms of risk minimization, and executed the deal in a short time frame with low discount.