Smart Eye Interim Report January - March 2023

GÖTEBORG, SE / ACCESSWIRE / May 16, 2023 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) High Organic Growth and Improved Cash Flow

January-March 2023

• Net sales amounted to SEK 64.3 (53.5) million, an increase of 20% compared to the corresponding period the previous year. Underlying invoicing was approximately SEK 6 million higher during the quarter, but as iMotions started periodization of recurring revenue as from Q3 2022, this revenue will instead be recognized over the contract period. With the above effect in consideration, the organic growth for the total group was 31%.
• EBITDA amounted to SEK -44.2 (-36.1) million. The lower result is largely due to an addition of resources to deliver more advanced content on Driver Monitoring Systems (DMS) and Interior Sensing. The quarter was burdened by one-time costs due to the funding process amounting to SEK 2.8 million.
• Operating loss amounted to SEK -81.9 (-71.5) million. Depreciation of the surplus value created in conjunction with the Affectiva and iMotions acquisitions amounts to SEK 28.2 million.
• Earnings after tax per share is -2.34 (-2.75), and after full dilution -2.34 (-2.75).
• Cash and cash equivalents totaled SEK 239.1 million at the end of March.
• The funding process of a fully covered rights issue was finalized in late February 2023, with total proceeds of approximately SEK 324 million before deduction of transaction costs.
• Late January Smart Eye was nominated to deliver its DMS software to 3 additional car models with an existing Japanese OEM customer. The estimated revenue of the order is SEK 30 million based on estimated product life cycle projections.
• Late February the company was awarded its first design win for heavy trucks by a global commercial vehicle customer. The company was chosen to deliver its technology to eight new heavy vehicle models. The estimated revenue of the order is SEK 150 million based on product life cycle projections.
• Early March Smart Eye was nominated to deliver its DMS software to 12 additional car models with an existing Korean OEM customer. The estimated revenue of the order is SEK 350 million based on estimated product life cycle projections.

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