Smart Eye (SEYE) Q3 2025 earnings summary

Executive summary

• Achieved strong growth and improved profitability in Q3 2025, with net sales reaching SEK 99.1 million, up 25% year-over-year and organic growth at 33% despite FX headwinds.

• EBITDA improved to SEK 11.5 million from SEK -17.4 million, 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%.

• Completed a savings program in Q2, resulting in a 15% reduction in operating expenses in Q3.

• Continued market leadership with 366 automotive design wins and 105 models in production.

Financial highlights

• Net sales reached SEK 99.1 million in Q3, up 25% year-over-year; organic growth was 33% excluding FX effects.

• Gross profit increased to SEK 86.4 million; gross margin at 87.1% (Q3 2024: 89.1%).

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

• Rolling 12-month net sales at SEK 381.5 million, up 10% year-over-year (14% excluding FX).

• Free cash flow for Q3 was positive at SEK 12.9 million.

Outlook and guidance

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

• 70-80 additional design wins expected to reach production in 2025.

• DMS market take rate in Europe projected to reach 100% by 2027, with global market share expected at least 40%.

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

• Positioned as the first in its industry to reach a solid financial foundation for future growth.