Smart Eye (SEYE) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 reached SEK 122.3 million, up 22% year-over-year, with organic growth at 26%.

• Full-year net sales were SEK 403.7 million, a 14% increase, with organic growth of 21%.

• Automotive segment drove growth, with license revenues and AIS hardware sales rising sharply.

• EBITDA turned positive for both Q4 (SEK 10.2 million) and full year (SEK 4.9 million), reflecting improved cost control and sales mix.

• Two new design wins in Q4 and two more with alcohol impairment detection after year-end, plus acquisition agreement for Sightic Analytics.

Financial highlights

• Q4 gross profit was SEK 101.5 million (83% margin), down from 90% margin last year due to product mix.

• Full-year gross profit reached SEK 350.6 million (87% margin).

• Q4 operating loss improved to SEK -31.6 million from SEK -63.1 million; full-year operating loss improved to SEK -163.5 million from SEK -250.3 million.

• Result after tax for Q4 was SEK -49.5 million; full year SEK -172.8 million.

• Cash and cash equivalents at year-end were SEK 134.8 million; total available cash including credit facilities was SEK 166.4 million.

Outlook and guidance

• Strong sales momentum expected in 2026, driven by EU DMS regulation and robust design win pipeline.

• EBITDA and free cash flow expected to improve further, with positive free cash flow targeted.

• Market volatility and geopolitical risks anticipated to persist in 2026.