Smart Eye (SEYE) Q1 2026 earnings summary

Executive summary

• Net sales reached 126.5 MSEK in Q1 2026, up 40% year-over-year, with organic growth of 51%.

• EBITDA improved to 26.9 MSEK from -17.9 MSEK, driven by higher gross profit and reduced OPEX.

• Automotive segment saw organic growth of 122% and record royalty income, while Behavioral Research experienced a softer quarter due to FX headwinds.

• Acquisition of Sightic Analytics completed, increasing intangible assets by 95.5 MSEK and enhancing impairment detection capabilities.

• Several new design wins secured, including alcohol impairment detection contracts and a major post-period police authority order.

Financial highlights

• Gross profit increased to 115.5 MSEK from 79.9 MSEK year-over-year; gross margin rose to 91.2%.

• Free cash flow improved to -32.3 MSEK, an improvement of 16 MSEK year-over-year.

• OPEX (excluding amortization/depreciation) was -89 MSEK, a 9 MSEK improvement.

• EBITDA margin reached 21% for the group.

• EBIT improved to -16.0 MSEK from -61.4 MSEK year-over-year.

Outlook and guidance

• Automotive roll-out expected to accelerate with GSR regulation in July 2026.

• Strong order book and increasing production volumes support confidence for the remainder of 2026.

• Automotive software license revenues are becoming a larger, more predictable part of the business.

• Estimated order value on future deliveries stands at SEK 7.5 billion.