Smart Eye (SEYE) Q4 2025 earnings summary

Executive summary

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

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

• Automotive segment drove strong sales growth, with organic growth of 69% year-over-year and rising license and hardware revenues.

• EBITDA improved to SEK 10.2 million in Q4 and SEK 4.9 million for the full year, reflecting higher gross profit and reduced OPEX.

• Acquisition agreement for Sightic Analytics enhances AI-based impairment detection capabilities.

Financial highlights

• Q4 gross profit was SEK 101.5 million (82.9% margin), up by SEK 11.3 million year-over-year, though margin declined from 89.9%.

• OPEX reduced by 16% in Q4, following a completed savings program.

• Free cash flow improved, with Q4 cash flow at SEK 110.1 million and available cash at SEK 166.4 million.

• Senior unsecured bond of SEK 300 million issued for refinancing and general corporate purposes.

• Q4 operating loss improved to SEK -31.6 million from SEK -63.1 million; result after tax for Q4 was SEK -49.5 million.

Outlook and guidance

• DMS roll-out expected to accelerate ahead of EU regulatory requirements in July 2026.

• Market share in DMS projected to reach at least 40% by 2027.

• 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.