Smart Eye (SEYE) Q1 2025 earnings summary

Executive summary

• Net sales increased 5% year-over-year to SEK 90.1 million, with adjusted organic growth at 7%, driven by 27% growth in Automotive Solutions.

• Gross profit rose to SEK 79.9 million, but gross margin declined to 89% due to product mix changes.

• EBITDA improved to SEK -17.9 million from SEK -23.0 million, with cost savings initiatives expected to yield SEK 40 million in annual savings.

• Cash and cash equivalents at quarter-end were SEK 9.6 million, with total available liquidity including credit facilities at SEK 130.9 million.

• Major new design wins post-period, including a landmark deal with a leading Japanese OEM and several Korean and European contracts.

Financial highlights

• Net sales: SEK 90.1 million, up 5% year-over-year.

• Gross profit: SEK 79.9 million; gross margin: 88.8% (down from 89.8%).

• EBITDA: SEK -17.9 million; Adjusted EBITDA (excluding one-offs): SEK -14.4 million.

• Operating loss: SEK -61.4 million; net loss after tax: SEK -55.1 million.

• EPS: SEK -1.47 (basic and diluted), improved from SEK -1.53.

Outlook and guidance

• Positive EBITDA expected in Q2 and solidly positive in Q3, driven by increased automotive license revenue.

• No further cost-saving programs anticipated; sufficient liquidity for planned operations.