Smart Eye (SEYE) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached SEK 99.1 million, up 25% year-over-year, with organic growth at 33% despite FX headwinds.

• EBITDA improved to SEK 11.5 million from SEK -17.4 million in Q3 2024, marking the first positive EBITDA quarter in a decade.

• Both Automotive and Behavioral Research segments contributed to growth, with Automotive organic growth at 61% and Behavioral Research at 18%.

• Cash and available credit facilities at quarter-end totaled SEK 106.5 million, supporting near-term financing needs.

• The company secured a milestone AIS order and was nominated as Software Tier-1 for a North American OEM.

Financial highlights

• Q3 net sales: SEK 99.1 million (Q3 2024: SEK 79.1 million); YTD net sales: SEK 281.3 million (YTD 2024: SEK 254.8 million).

• Q3 gross profit: SEK 86.4 million; gross margin: 87% (Q3 2024: 89%).

• Q3 EBITDA: SEK 11.5 million (Q3 2024: SEK -17.4 million); YTD EBITDA: SEK -5.4 million (YTD 2024: SEK -63.7 million).

• Q3 operating loss: SEK -29.9 million; YTD operating loss: SEK -131.9 million.

• Q3 net loss after tax: SEK -30.7 million; YTD net loss after tax: SEK -123.2 million.

• Cash and cash equivalents at quarter-end: SEK 24.7 million.

Outlook and guidance

• Q4 is expected to be even stronger, driven by increased license revenue and Behavioral Research growth.

• Tight cost control will be maintained, and cash flow is projected to improve as license revenue grows.

• The company is positioned as the first in its industry to reach a solid financial foundation for future growth.