Smart Eye (SEYE) Q4 2024 earnings summary

Executive summary

• Net sales for Q4 2024 increased by 10% year-over-year to 100.3 MSEK, with adjusted organic growth at 18% and record sales in both Automotive and Behavioral Research segments.

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

• EBITDA improved to -18.7 MSEK in Q4, with underlying EBITDA at -2.7 MSEK, a substantial improvement from the previous year.

• Cost savings program underway, targeting 10 MSEK in quarterly savings from Q2 2025.

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

Financial highlights

• Q4 gross profit was 90.2 MSEK, with gross margin rising to 90% from 88% year-over-year.

• Underlying EBITDA improved by 16.8 MSEK year-over-year, reaching -2.7 MSEK.

• Earnings before tax were -65.2 MSEK, compared to -67.9 MSEK last year.

• Earnings per share after tax for Q4 were -1.78 SEK; full-year EPS was -6.23 SEK.

• Equity ratio at year-end was 83.1%.

Outlook and guidance

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

• 70–80 additional automotive design wins are expected to reach production in 2025, with European OEMs leading new model introductions.

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

• EU regulations on Advanced Driver Distraction Warning and Driver Drowsiness and Attention Warning will drive further DMS market growth.