New Risk • 7h
New major risk - Revenue and earnings growth Earnings have declined by 4.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.8% per year over the past 5 years. Minor Risk Less than 1 year of cash runway based on current free cash flow (-kr156m). Reported Earnings • Apr 24
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: kr4.55 loss per share (improved from kr6.23 loss in FY 2024). Revenue: kr403.7m (up 14% from FY 2024). Net loss: kr172.8m (loss narrowed 25% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 16
Smart Eye AB (publ), Annual General Meeting, May 19, 2026 Smart Eye AB (publ), Annual General Meeting, May 19, 2026, at 16:30 W. Europe Standard Time. Location: masthamnsgatan 3, floor 3, se-413 27 gothenburg, gothenburg Sweden Announcement • Feb 25
Smart Eye AB (publ) (OM:SEYE) completed the acquisition of Sightic Analytics Ab. Smart Eye AB (publ) (OM:SEYE) entered into an agreement to acquire Sightic Analytics Ab for approximately SEK 110 million on February 4, 2026. The consideration consists of 724,544 newly issued shares in Smart Eye and SEK 567 in cash. Smart Eye AB (publ) will pay an earnout/contingent payment of SEK 50 million cash. As part of consideration, SEK 110.5 million is paid towards common equity of Sightic Analytics Ab.
The transaction is subject to approval by Swedish Inspectorate of Strategic Products (ISP). The expected completion of the transaction is March 31, 2026.
Smart Eye AB (publ) (OM:SEYE) completed the acquisition of Sightic Analytics Ab on February 24, 2026. Breakeven Date Change • Feb 19
Forecast breakeven date moved forward to 2026 The 2 analysts covering Smart Eye previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of kr57.6m in 2026. Earnings growth of 84% is required to achieve expected profit on schedule. Reported Earnings • Feb 18
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: kr4.59 loss per share (improved from kr6.23 loss in FY 2024). Revenue: kr403.7m (up 14% from FY 2024). Net loss: kr172.8m (loss narrowed 25% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
Smart Eye AB (publ) to Report Q4, 2025 Results on Feb 17, 2026 Smart Eye AB (publ) announced that they will report Q4, 2025 results on Feb 17, 2026 Announcement • Feb 04
Smart Eye AB (publ) (OM:SEYE) entered into an agreement to acquire Sightic Analytics Ab for approximately SEK 110 million. Smart Eye AB (publ) (OM:SEYE) entered into an agreement to acquire Sightic Analytics Ab for approximately SEK 110 million on February 4, 2026. The consideration consists of common equity of Smart Eye AB (publ) having a value of SEK 56.7 million to be issued for common equity of Sightic Analytics Ab. Smart Eye AB (publ) will pay an earnout/contingent payment of SEK 50 million cash. As part of consideration, SEK 110.5 million is paid towards common equity of Sightic Analytics Ab.
The transaction is subject to approval by Swedish Inspectorate of Strategic Products (ISP). The expected completion of the transaction is March 31, 2026. Announcement • Jan 09
Smart Eye and Airy3D Announces a Joint In-Cabin Monitoring Demonstration Smart Eye and Airy3D announced a joint in-cabin monitoring demonstration that will be showcased at CES 2026, at the Smart Eye booth. The live demo highlights how next-generation driver and occupant monitoring can be achieved using a single passive 3D sensor, simplifying system design while maintaining performance under real-world conditions. The demonstration combines Smart Eye's eye tracking and 3D body-posture monitoring software with a single automotive image sensor enhanced by DepthIQ, Airy3D's flagship technology. By reducing the need for multiple sensors or complex active illumination, the joint solution addresses key automotive constraints around cost, size, power consumption, and system complexity. Announcement • Jan 05
Smart Eye and Green Hills Software Demonstrate Integrated Driver Monitoring and Mixed-Criticality Platform for Modern Vehicle Architectures At Ces 2026 Smart Eye and Green Hills Software announced a joint demonstration at CES 2026 highlighting how safety-critical driver monitoring can be seamlessly integrated into modern, consolidated automotive software-defined vehicle architectures. Together, Smart Eye and Green Hills are demonstrating a production-ready foundation for OEMs and Tier 1s seeking to accelerate the development and deployment of safe and secure driver monitoring on modern, software-defined vehicle architectures. The combined solution helps automakers reduce integration complexity, shorten validation cycles, and meet the growing safety and regulatory requirements for driver monitoring, including the EU General Safety Regulation (GSR) and the European New Car Assessment Programme (Euro NCAP). Built on production-grade software, the demo showcases Smart Eye's driver monitoring software running alongside a digital instrument cluster on a single automotive engine control unit (ECU) powered by Green Hills Software's ASIL-certified INTEGRITY®? real-time operating system (RTOS). The solution demonstrates how mixed-critical applications - like Smart Eye's safety-critical DMS - can run safely and securely on the same compute platform while maintaining proven isolation and freedom-from-interference from other areas of the platform. To illustrate this architecture in action, the demo is part of a network of multiple in-vehicle ECUs, a cloud-connected gateway, and a driving simulation environment. Real-world driving events generated by the CARLA simulation are fed into the vehicle network, triggering visual alerts on the instrument cluster. When Smart Eye's software detects driver distraction, the system broadcasts a DMS event across the network, prompting the cluster to display a " driver break needed" or "attention" warning on the cluster panel. These events are simultaneously logged by the gateway ECU and transmitted to the cloud by the gateway ECU for analytics and diagnostics. The demonstration also highlights Green Hills Software's ASIL -certified next-generation development environment, giving developers a unified view across all applications and ECUs. In an intuitive graphical timeline display, engineers can trace events, monitor network messaging, and debug interactions across the cluster, gateway, zonal controller, and driver monitoring applications - significantly increasing developer productivity while reducing development and integration time. Smart Eye and Green Hills Software will showcase their integrated automotive platform at CES 2026, January 6-9, in the Green Hills Software booth #6227 in the West Hall of the Las Vegas Convention Center. For OEMs and partners interested in a demonstration, meeting requests can be submitted at the demonstration. Announcement • Jan 03
Smart Eye Brings Breakthrough Impairment Detection and Advanced In-Cabin Intelligence to CES 2026 Smart Eye returns to CES 2026 with a lineup that shows how in-cabin intelligence is progressing from isolated features to a more connected approach to understanding what happens inside the vehicle. The demonstrations combine new breakthroughs in understanding driver and occupant behavior with integration approaches designed to fit naturally into modern cockpit and electronic architectures. At the center of the showcase is Smart Eye's real-time alcohol impairment detection, named a CES 2026 Innovation Awards®? Honoree. Built on real-world driving data, the feature identifies behavioral indicators of impaired driving without requiring new hardware or intrusive sensors. Already shipping to customers through Smart Eye's AIS system, it offers a practical path for OEMs preparing for evolving global safety requirements, while keeping the sensing footprint small and unobtrusive. Beyond impairment detection, Smart Eye will present demonstrations that bring deeper behavioral understanding and clean integration together in the cabin. Visitors will experience: Sheila, the Empathetic In-Cabin Co-Driver. A context-aware AI assistant that adjusts tone, behavior, and responses based on driver state, interaction cues, and in-cabin context. Bank-level Iris Authentication. Camera-based identification that enables secure access, personalization, and protected digital services. Under-Display Camera Integrations. Fully hidden DMS integrations behind the instrument cluster display, offering ideal imaging geometry with no visible hardware. AIS Driver Support System. A compact, compliance-ready system for small-volume OEMs and fleets. AI ONE. A compact, all-in-one DMS unit engineered for low compute load, fast integration, and seamless fit within the cabin, including placement inside the rear-view mirror. Concept Development Kits (CDKs) Evaluation kits that help OEMs and Tier 1s test DMS and Interior Sensing capabilities early in development and on existing platforms. Together, these demonstrations show how more precise understanding of driver and occupant behavior can be built into solutions that are practical to package, scale, and bring into production. Smart Eye technologies will also be featured in demonstrations across several partner booths at CES 2026, including Green Hills Software, Renesas, and Alps Alpine. New Risk • Nov 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr171m). Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • Nov 15
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr99.1m (up 25% from 3Q 2024). Net loss: kr30.7m (loss narrowed 43% from 3Q 2024). Revenue is forecast to grow 48% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 27
Second quarter 2025 earnings released: kr1.00 loss per share (vs kr1.46 loss in 2Q 2024) Second quarter 2025 results: kr1.00 loss per share (improved from kr1.46 loss in 2Q 2024). Revenue: kr92.1m (up 2.8% from 2Q 2024). Net loss: kr37.4m (loss narrowed 31% from 2Q 2024). Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Jun 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Cecilia Wachtmeister was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 14
Smart Eye Aktiebolag (publ) Approves the Election of New Board Directors Smart Eye Aktiebolag (publ) at its AGM held on 13 May 2025, approved the election of Maria Hedengren and Andreas Anyuru as new members of the Board of Directors. New Risk • May 13
New major risk - Revenue and earnings growth Earnings have declined by 9.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr221m free cash flow). Earnings have declined by 9.7% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (kr26m net loss next year). Share price has been volatile over the past 3 months (11% average weekly change). Major Estimate Revision • May 08
Consensus EPS estimates fall by 45% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr532.5m to kr501.2m. Losses expected to increase from kr2.46 per share to kr3.56. Electronic industry in Sweden expected to see average net income growth of 42% next year. Consensus price target down from kr124 to kr114. Share price fell 6.7% to kr53.65 over the past week. Price Target Changed • May 08
Price target decreased by 8.5% to kr114 Down from kr124, the current price target is an average from 2 analysts. New target price is 112% above last closing price of kr53.65. Stock is down 33% over the past year. The company is forecast to post a net loss per share of kr3.56 next year compared to a net loss per share of kr6.23 last year. Reported Earnings • Apr 16
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: kr6.23 loss per share (further deteriorated from kr2.14 loss in FY 2023). Revenue: kr355.0m (up 18% from FY 2023). Net loss: kr230.4m (loss widened 205% from FY 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 7.4%. Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Announcement • Apr 11
Smart Eye AB (publ), Annual General Meeting, May 13, 2025 Smart Eye AB (publ), Annual General Meeting, May 13, 2025, at 16:00 W. Europe Standard Time. Location: masthamnsgatan 3, floor 3, se-413 27, gothenburg Sweden Reported Earnings • Feb 19
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: kr6.29 loss per share (further deteriorated from kr2.15 loss in FY 2023). Revenue: kr355.0m (up 18% from FY 2023). Net loss: kr230.4m (loss widened 205% from FY 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 7.4%. Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • Feb 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr222m free cash flow). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Significant insider selling over the past 3 months (kr5.5m sold). Recent Insider Transactions • Jan 22
Founder & CEO recently sold kr3.1m worth of stock On the 17th of January, Martin Krantz sold around 53k shares on-market at roughly kr57.74 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Martin has been a net seller over the last 12 months, reducing personal holdings by kr5.5m. Announcement • Jan 07
Smart Eye Launches New AIS+ System at CES 2025: Introducing Key Functionality to Its Fleet Driver Safety System Smart Eye unveiled AIS+, the latest evolution of its award-winning safety system for small-volume OEMs and aftermarket installation in vehicle fleets. Designed to improve driver safety, AIS+ introduces two game-changing features: real-time vibration alerts and secure video recording. AIS+, like its predecessor, leverages Smart Eye’s proven AI technology to detect and address driver drowsiness and distraction. Now, with haptic seat alerts and optional video recording, AIS+ strengthens its position as an essential solution for fleet operators and vehicle manufacturers in preventing accidents and improving safety outcomes. The new haptic alert system uses seat vibrations to help drivers refocus their attention on the road. This feature adds to the existing auditory and visual alerts, giving users flexibility in how they customize the system to meet their needs. Haptic alerts are particularly beneficial in commercial vehicles, such as buses, where sound or light might disturb passengers. AIS+ also introduces optional video recording, enabling the system to store up to 100 hours of footage on an SD card. This capability provides fleet operators with valuable insights into both driver behavior and system performance. Users can also choose to disable video recording altogether, ensuring that no footage is stored without explicit user consent. This new product builds on Smart Eye’s 25 years of experience in automotive safety and AI innovation. With over 2 million vehicles on the road equipped with Smart Eye’s driver monitoring software, AIS+ continues to deliver cutting-edge safety features while ensuring seamless integration into fleet management systems like Geotab. Recent Insider Transactions • Dec 01
Founder & CEO recently sold kr2.4m worth of stock On the 27th of November, Martin Krantz sold around 41k shares on-market at roughly kr59.73 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Martin's only on-market trade for the last 12 months. Price Target Changed • Nov 19
Price target decreased by 11% to kr120 Down from kr135, the current price target is an average from 2 analysts. New target price is 104% above last closing price of kr58.70. Stock is down 6.5% over the past year. The company is forecast to post a net loss per share of kr5.80 next year compared to a net loss per share of kr2.15 last year. Breakeven Date Change • Nov 17
Forecast to breakeven in 2026 The 2 analysts covering Smart Eye expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr345.4m in 2026. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Reported Earnings • Nov 15
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr79.1m (up 1.7% from 3Q 2023). Net loss: kr53.9m (loss narrowed 13% from 3Q 2023). Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Announcement • Oct 11
Smart Eye AB (Publ) Announces Nomination Committee Appointments At Smart Eye AB's Annual General Meeting 2024, it was decided that the nomination committee for the 2025 Annual General Meeting will consist of one representative from each of the four largest shareholders as of the last banking day in August of the current year. The Chair of the Board may also be co-opted to the meetings but does not have voting rights. In accordance with this decision, the four largest shareholders based on ownership as of August 31, 2024, have been offered a position on Smart Eye's nomination committee, and the following committee has now been formed: Anna Magnusson (appointed by Första AP-fonden), Chair of the Nomination Committee, Malin Björkmo (appointed by Handelsbanken Fonder), Mary Irwin (appointed by the Krantz family), Linda Jöfelt (appointed by the Jöfelt family). The appointed nomination committee represents approximately 28% of the voting rights of the outstanding shares in Smart Eye. The nomination committee's tasks ahead of the 2025 Annual General Meeting include preparing proposals for the meeting chair, the number of board members, remuneration for each of the board members, the election of board members and the Chair of the Board, remuneration for the auditor, and the selection of an auditor. Additionally, if deemed necessary, the committee may propose amendments to its own instructions. Announcement • Oct 08
Smart Eye’S Ais Driver Support System Confirms for Regulatory Approval Homologation with Leading Bus Manufacturer Solaris Smart Eye announced that its AIS Commercial Vehicle Alert driver support system has successfully passed homologation with Polish bus manufacturer Solaris . This certification ensures compliance with the EU's General Safety Regulation, which mandates the use of advanced drowsiness detection technology in all new trucks, buses, and cars. Solaris, a leading manufacturer of city and intercity buses in Europe, is one of the first to achieve homologation with Smart Eye's AIS CV Alert system, closely following another European bus manufacturer's successful certification. First launched in October 2023, AIS CV Alert was designed to provide bus and truck manufacturers with an in-cabin solution that offers precise drowsiness detection and guarantees immediate GSR compliance. Using sophisticated computer vision and AI, the system detects early signs of drowsiness, helping to prevent accidents. To deploy the AIS CV Alert system at Solaris, Smart Eye partnered with Skymatik, a company specializing in advanced automation and integration solutions. Together, they supported Solaris in successfully implementing the system, achieving full compliance with EU GSR regulations. Smart Eye's AIS driver support system line not only meets today's regulatory requirements but also provides the flexibility to adapt to future safety demands, including the GSR's mandate on camera-based driver distraction detection. This new mandate came into force for all new type-registered vehicles in July 2024 and will encompass all new vehicles from July 2026. To address this, Smart Eye also recently launched AIS Focus, a system specifically designed to detect driver distraction in real-time, ensuring compliance with evolving GSR standards. Major Estimate Revision • Sep 12
Consensus EPS estimates fall by 42%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr389.5m to kr395.1m. Forecast EPS reduced from -kr3.62 to -kr5.13 per share. Electronic industry in Sweden expected to see average net income growth of 57% next year. Consensus price target broadly unchanged at kr133. Share price fell 2.8% to kr76.40 over the past week. Price Target Changed • Sep 11
Price target decreased by 7.0% to kr133 Down from kr143, the current price target is an average from 2 analysts. New target price is 67% above last closing price of kr79.30. Stock is up 53% over the past year. The company is forecast to post a net loss per share of kr5.13 next year compared to a net loss per share of kr2.15 last year. Major Estimate Revision • Aug 28
Consensus revenue estimates decrease by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr433.7m to kr389.5m. EPS estimate unchanged from -kr3.62 per share at last update. Electronic industry in Sweden expected to see average net income growth of 48% next year. Consensus price target down from kr143 to kr135. Share price fell 6.9% to kr83.40 over the past week. Reported Earnings • Aug 22
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr89.6m (up 30% from 2Q 2023). Net loss: kr54.2m (loss narrowed 21% from 2Q 2023). Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Jun 09
Independent Vice Chairman of the Board recently bought kr2.3m worth of stock On the 4th of June, Lars Olofsson bought around 21k shares on-market at roughly kr108 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Lars has been a buyer over the last 12 months, purchasing a net total of kr2.0m worth in shares. Reported Earnings • May 15
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr86.1m (up 34% from 1Q 2023). Net loss: kr56.5m (loss narrowed 31% from 1Q 2023). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 28% per year. New Risk • May 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr51m net loss in 2 years). Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Reported Earnings • Apr 21
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: kr2.15 loss per share (improved from kr12.98 loss in FY 2022). Revenue: kr302.2m (up 38% from FY 2022). Net loss: kr75.5m (loss narrowed 78% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 71%. Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Apr 17
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr461.3m to kr454.7m. Losses expected to increase from kr2.73 per share to kr3.54. Electronic industry in Sweden expected to see average net income growth of 47% next year. Consensus price target broadly unchanged at kr139. Share price fell 2.6% to kr77.60 over the past week. New Risk • Mar 25
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr76m Forecast net loss in 2 years: kr33m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr33m net loss in 2 years). Shareholders have been diluted in the past year (5.5% increase in shares outstanding). Announcement • Mar 23
Smart Eye AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 150.15 million. Smart Eye AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 150.15 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,650,000
Price\Range: SEK 91
Transaction Features: Subsequent Direct Listing New Risk • Mar 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr217m). Shareholders have been diluted in the past year (5.5% increase in shares outstanding). Breakeven Date Change • Feb 27
Forecast to breakeven in 2026 The 2 analysts covering Smart Eye expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 38% per year to 2025. The company is expected to make a profit of kr425.3m in 2026. Average annual earnings growth of 73% is required to achieve expected profit on schedule. Reported Earnings • Feb 22
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: kr2.15 loss per share (improved from kr15.31 loss in FY 2022). Revenue: kr302.2m (up 38% from FY 2022). Net loss: kr75.5m (loss narrowed 78% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 71%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 30% per year. Announcement • Jan 05
Smart Eye to Showcase Existing Automotive Technologies Along with Recent Innovations at CES 2024 in Las Vegas Smart Eye announced that it will showcase its leading existing automotive technologies along with recent ground-breaking innovations at CES 2024 in Las Vegas. From January 9-12, Smart Eye will hold meetings and showcase their demos in Booth #6741 in the West Hall. Recent advances in generative AI are going to dramatically impact how humans engage with vehicle human machine interfaces (HMI) and each other. Smart Eye's newest demo will offer a unique demonstration of how generative AI can elevate road safety and the user experience in next generation vehicles. Through Smart Eye's Emotion AI Prompt Engine, the demo merges advanced automotive sensing with the capabilities of large language models to make an in-car assistant recognize emotions and allow for dynamic human-vehicle interactions. At CES 2024, Smart Eye will also showcase the latest advancements in its road-ready automotive solutions, such as a vehicle buck featuring its Interior Sensing AI and Driver Monitoring System (DMS) software. The booth will also feature a demo of Smart Eye's AIS driver support system for small-volume vehicle manufacturers and aftermarket installation for fleets. Additionally, visitors will be offered a look at Smart Eye's novel Synthetic Data Generation Tool-using virtual avatars in varied vehicle environments to aid the development and validation of AI systems. There will also be a Multimodality Station, demoing iMotions' platform with Smart Eye Pro. It fuses data from multiple sensors, enabling automotive researchers and OEMs to gain deep insight into the user experience and UX design of a vehicle. These insights can then drive OTA updates or be used for development of next generation platforms. In addition to the demos in the Smart Eye booth, Smart Eye technology is also featured in eight demos of key automotive technology partners at CES, including Aptiv, Cerence, Forvia, Green Hills Software, Onsemi and Texas Instruments. Recent Insider Transactions • Dec 22
Independent Vice Chairman of the Board recently bought kr1.8m worth of stock On the 13th of December, Lars Olofsson bought around 29k shares on-market at roughly kr62.18 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Lars has been a net seller over the last 12 months, reducing personal holdings by kr285k. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr77.7m (up 53% from 3Q 2022). Net loss: kr61.8m (loss narrowed 33% from 3Q 2022). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Announcement • Sep 07
Smart Eye AB (Publ) Announces 12 Driver Monitoring System Design Wins with New Japanese Customer Smart Eye will deliver its technology to twelve new car models by a new Japanese OEM customer. The customer is a large Japanese car manufacturer with a global manufacturing footprint, and the new design wins are the result of a long and thorough evaluation process. The new car models, including Smart Eye's technology, will go into production in mid-2025. The estimated revenue for the order is SEK 500 million, based on product life cycle volume projections. Smart Eye has now received a total of up to 229 design wins from 20 OEMs. The combined estimated lifetime value from current design wins is now larger than SEK 4.865 billion. The estimated value over the product lifecycle from possible additional design wins with the car manufacturers on existing platforms is SEK 4.095 billion. Recent Insider Transactions • Sep 04
Independent Vice Chairman of the Board recently sold kr2.1m worth of stock On the 30th of August, Lars Olofsson sold around 45k shares on-market at roughly kr46.38 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Lars' only on-market trade for the last 12 months. Reported Earnings • Aug 31
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr68.8m (up 15% from 2Q 2022). Net loss: kr68.6m (loss narrowed 11% from 2Q 2022). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Announcement • Jun 21
Smart Eye Unveils New Driver Monitoring System Metric to Enhance Road Safety and Driver Health At Incabin Brussels 2023 Smart Eye announced it will showcase its new DMS metric at InCabin Brussels, set to take place on June 20-22, 2023. The inclusion of vital signs detection within Smart Eye's leading DMS software empowers fully remote monitoring of heart and respiration rates, fostering improved road safety while ensuring the well-being of drivers. Responding to the demands of automotive OEMs, Smart Eye has developed this innovative metric to address critical aspects of driver health and safety. By tracking the driver's physiological indicators, this new feature enables the early detection of sudden illnesses or unresponsive behavior while operating a vehicle. This capability can prove life-saving in situations where a driver experiences unforeseen health conditions, such as heart attacks or seizures. Additionally, the technology facilitates the transmission of post-crash data, including heart and respiration rates, to emergency responders, ultimately leading to more efficient healthcare interventions. Using AI methods, the new feature analyzes multiple physiological signals to accurately determine the driver's heart and respiration rates. Notably, Smart Eye utilizes remote photoplethysmography (rPPG), a non-contact, camera-based method that measures variations in light reflection from the skin, enabling the estimation of heart rate. Another method employed is micro movement analysis, allowing the software to identify subtle changes in movements associated with breathing or pulse, undetectable to the human eye. Smart Eye's technology uses 940 nanometer wavelength infrared light to detect reflections on the skin, ensuring an unobtrusive user experience. This infrared light also enables detection in the challenging lighting conditions in a moving vehicle, such as darkness or intense sunlight. Smart Eye will showcase this new feature onsite at InCabin Brussels, June 20-22, 20 23. Reported Earnings • May 17
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr64.3m (up 20% from 1Q 2022). Net loss: kr81.6m (loss widened 14% from 1Q 2022). Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Electronic industry in Sweden. Major Estimate Revision • Mar 30
Consensus revenue estimates decrease by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr373.5m to kr325.0m. EPS estimate unchanged from -kr6.07 per share at last update. Electronic industry in Sweden expected to see average net income growth of 47% next year. Consensus price target down from kr168 to kr152. Share price rose 6.8% to kr48.98 over the past week. Reported Earnings • Mar 24
Full year 2022 earnings released: kr15.31 loss per share (vs kr5.99 loss in FY 2021) Full year 2022 results: kr15.31 loss per share (further deteriorated from kr5.99 loss in FY 2021). Revenue: kr219.5m (up 100% from FY 2021). Net loss: kr340.3m (loss widened 156% from FY 2021). Revenue is forecast to grow 48% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Jan 20
Smart Eye AB (publ) to Report Fiscal Year 2022 Results on Mar 23, 2023 Smart Eye AB (publ) announced that they will report fiscal year 2022 results at 9:00 AM, Central European Standard Time on Mar 23, 2023 Major Estimate Revision • Dec 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from kr246.0m to kr220.0m. EPS estimate increased from -kr10.00 to -kr8.10 per share. Electronic industry in Sweden expected to see average net income growth of 50% next year. Consensus price target down from kr220 to kr155. Share price rose 11% to kr42.14 over the past week. Breakeven Date Change • Dec 13
No longer forecast to breakeven The analyst covering Smart Eye no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr99.0m in 2024. New forecast suggests the company will make a loss of kr36.0m in 2024. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Eva Elmstedt was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
Third quarter 2022 earnings: Revenues miss analyst expectations Third quarter 2022 results: Revenue: kr50.9m (up 65% from 3Q 2021). Net loss: kr92.7m (loss widened 98% from 3Q 2021). Revenue missed analyst estimates by 20%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electronic industry in Sweden. Major Estimate Revision • Sep 02
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr250.0m to kr246.0m. Losses expected to increase from kr8.90 per share to kr10.00. Electronic industry in Sweden expected to see average net income growth of 33% next year. Consensus price target down from kr235 to kr220. Share price rose 14% to kr75.45 over the past week.