Smart Eye Interim Report Q3 January – September 2023

GÖTEBORG, SE / ACCESSWIRE / November 09, 2023 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) Strong organic growth generating improved result

July - September 2023

• Net sales amounted to SEK 77.7 (50.9) million, an increase of 53% compared to the corresponding period the previous year. Organic growth (adjusted for the new accounting principle implemented in iMotions 2022) sums up to 32%. High growth for business area Automotive and stable growth for Behavioral Research business area.
• EBITDA amounted to SEK -23.4 (-55.6) million. The improved result is driven by higher sales. OPEX is lower than last year which also contributes to the positive EBITDA development.
• Operating loss amounted to SEK -63.1 (-95.1) million. Depreciation of the surplus value created in conjunction with the Affectiva and iMotions acquisitions amounts to SEK 29.8 million.
• Earnings after tax per share is -1.76 (-3.54), and after full dilution -1.76 (-3.54).
• Cash and cash equivalents totaled SEK 128.5 million at the end of September.
• During September Smart Eye was selected to deliver its world-leading Driver Monitoring System (DMS) software to twelve additional car models with a major Japanese car manufacturer. The estimated revenue of the order is SEK 500 million based on estimated product life cycle projections.
• After the period ended, the Group procured a credit facility of SEK 50 million. This will further increase our safety margin until we are cash flow positive.

January - September 2023

• Net sales amounted to SEK 210.9 (164.2) million, which corresponds to an increase of 28%. Organic growth amounted to 23% (adjusted for the new accounting principle implemented in iMotions 2022) and is driven by Automotive business. Behavioral Research also shows stable growth.
• Operating loss amounted to SEK -215.8 (-242.9) million. The improved operating loss is driven by higher sales. Less operating grants and lower foreign exchange gains affect the result negative compared to last year. Depreciation of the surplus value created in conjunction with the Affectiva and iMotions acquisitions amounts to SEK 86.7 million. The period was burdened by one-time costs due to the funding process amounting to SEK 2.8 million.
• Profit after financial items amounted to SEK -215.4 (-243.4) million.
• Earnings after tax per share is -6.02 (-9.20), and after full dilution -6.02 (-9.20).

Comments from the CEO