Smart Eye (SEYE) Q4 2024 earnings summary

Executive summary

• Net sales for Q4 2024 increased by 10% year-over-year to SEK 100.3 million, with adjusted organic growth at 18%. Automotive and Behavioral Research segments both achieved record sales, with Behavioral Research reaching an all-time high.

• Full-year 2024 net sales rose 17% to SEK 355.0 million, with adjusted organic growth at 18%.

• EBITDA improved to SEK -18.7 million in Q4, with underlying operational EBITDA at SEK -2.7 million excluding restructuring and NRE adjustments.

• Operating loss for Q4 was SEK -63.1 million; full-year operating loss was SEK -250.3 million, both improving from prior year.

• Cash and cash equivalents at year-end were SEK 22.4 million, with total available liquidity including credit facilities at SEK 229.7 million.

Financial highlights

• Q4 gross profit was SEK 90.2 million, gross margin 90% (up from 88% year-over-year).

• Full-year gross profit reached SEK 319.0 million, gross margin improved to 90%.

• Q4 EBITDA excluding restructuring and NRE adjustments improved to SEK -2.7 million from SEK -19.5 million year-over-year.

• Earnings per share after tax for Q4 were -1.78 SEK (3.87 SEK prior year); full-year EPS was -6.23 SEK (-2.14 SEK prior year).

• Equity ratio at year-end was 83.1%.

Outlook and guidance

• Targeting positive EBITDA and cash flow as soon as possible in 2025.

• Automotive license revenue growth expected to accelerate further, with 70–80 new car models entering production in 2025.

• Behavioral Research expected to continue profitable growth, though Q1 2025 may be challenging due to strong Q4 seasonality.