Smart Eye (SEYE) Q2 2024 earnings summary

Executive summary

• Net sales grew 30% year-over-year in Q2 2024 to SEK 89.6 million, driven by strong Automotive (66% growth) and Behavioral Research (16% growth) segments.

• Gross margin remained high at 90%, with gross profit up 31% to SEK 81.0 million in Q2.

• Operating loss narrowed to SEK -64.2 million in Q2 and SEK -125.7 million for H1 2024, reflecting improved sales and cost control.

• Major post-quarter order intake: SEK 700 million deal with Volvo, Audi, Porsche, GM, and a new European OEM for 35 car models.

• Cash and credit facilities totaled SEK 192.3 million at June-end, supporting ongoing investments and operations.

Financial highlights

• Q2 2024 net sales: SEK 89.6 million (Q2 2023: SEK 68.8 million); H1 2024: SEK 175.7 million (H1 2023: SEK 133.2 million).

• Q2 2024 EBITDA: SEK -23.2 million (Q2 2023: SEK -33.0 million); H1 2024: SEK -46.2 million (H1 2023: SEK -77.2 million).

• Q2 2024 operating loss: SEK -64.2 million (Q2 2023: SEK -70.7 million); H1 2024: SEK -125.7 million (H1 2023: SEK -152.6 million).

• Earnings per share after tax: Q2 2024: -1.46 (Q2 2023: -1.94); H1 2024: -2.99 (H1 2023: -4.26).

• Cash flow from operations in Q2: SEK -23.8 million; closing cash and equivalents: SEK 110.1 million.

Outlook and guidance

• Management expects continued revenue growth as automotive customers ramp up production and new nominations are secured.

• Profitability targeted for next year, supported by strong order backlog and cash position.

• Anticipates further consolidation in the Tier 2 Interior Sensing market and continued leadership in innovation.