SMART EYE AKTIEBOLAG AK - SMTEF STOCK NEWS

Smart Eye announced that its AIS Commercial Vehicle (CV) Alert driver support system has successfully passed homologation with Polish bus manufacturer Solaris, ensuring compliance with the EU's General Safety Regulation (GSR). This marks the second of Smart Eye's commercial vehicle customers to achieve certification using their AIS system.

The AIS CV Alert system, launched in October 2023, uses computer vision and AI to detect early signs of drowsiness, helping prevent accidents. Smart Eye partnered with Skymatik to support Solaris in implementing the system and achieving full GSR compliance.

This certification highlights Smart Eye's ability to meet GSR requirements and positions them to expand their reach to more commercial vehicle manufacturers across Europe. The company also recently launched AIS Focus, a system designed to detect driver distraction in real-time, addressing future GSR mandates.

Smart Eye has expanded its credit facility to SEK 150 million, increasing its unused credit limit from SEK 82 million to SEK 232 million. The credit facility has a 12-month term from the date of drawdown, up to October 2026. The cost includes a SEK 7.5 million fee, a 1.5% charge on utilized credit, and a 1% monthly interest rate.

This expansion aims to create financial buffers against potential negative impacts on new car sales and support Smart Eye's expansion plans, including product development and potential acquisitions. CEO Martin Krantz cited concerns about global new car sales not meeting expected levels, which could affect licensing revenue growth. However, he remains optimistic about Smart Eye's licensing revenues, noting the impact of the ADDW legislation requiring adaptation of all European car models by 2026.

Smart Eye has secured a SEK 150 million credit facility through an agreement with an independent credit market actor group. This increases the company's unused credit limit from SEK 82 million to SEK 232 million. The facility aims to create financial buffers against potential negative impacts on new car sales and support Smart Eye's expansion plans, including product development and potential acquisitions.

CEO Martin Krantz explained that this proactive measure addresses the risk of continued lower-than-expected global new car sales affecting licensing revenue growth. Despite this, Smart Eye remains optimistic about its licensing revenues' development, supported by multiple car models and manufacturers. The ADDW legislation, effective mid-2024, requires adaptation of all European car models by 2026, which is expected to benefit the company. This increased credit limit complements Smart Eye's focus on cost control, providing additional financial security.

Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) has secured a new design win for its Driver Monitoring System (DMS) technology with a leading North American car manufacturer. The order, valued at SEK 10 million, is for a new car model to be produced in China starting in 2026. This extends the company's relationship with an existing customer who has previously implemented Smart Eye's software in several car models.

With this addition, Smart Eye now boasts 359 design wins from 22 OEMs. The combined estimated lifetime value from current design wins exceeds SEK 8.235 billion, with potential for an additional SEK 3.215 billion from possible future design wins with these manufacturers.

CEO Martin Krantz emphasized that this win reinforces Smart Eye's position as a provider of high-quality, reliable DMS solutions and underscores their commitment to advancing vehicle safety worldwide.

Smart Eye (STO:SEYE, OTC PINK:SMTEF, FRA:SE9) has secured a new Driver Monitoring System (DMS) design win with a major Japanese car manufacturer. The order, valued at SEK 25 million, is for an additional car model from an existing customer, set to go into production in 2026. This brings Smart Eye's total design wins to 358 from 22 OEMs, with a combined estimated lifetime value of over SEK 8.225 billion.

The Japanese OEM will expand the range of features provided by Smart Eye's DMS technology in this new model. Smart Eye, a leading developer of DMS software for the automotive industry, estimates an additional potential value of SEK 3.225 billion from possible future design wins with all 22 vehicle manufacturers.

Smart Eye, a leading provider of Driver Monitoring System (DMS) technology, has launched AIS Focus, a new driver support system designed for bus and truck manufacturers. This system aims to help manufacturers comply with the EU's General Safety Regulation (GSR), which mandates Advanced Driver Distraction Warning (ADDW) systems in all new type-approved vehicles from July 7, 2024, and all new vehicles from July 7, 2026.

AIS Focus streamlines the implementation process, ensuring regulatory compliance without excessive costs or lengthy development timelines. The system comes with a comprehensive dossier to support manufacturers in achieving GSR certification. Smart Eye will unveil AIS Focus at the Elmia Lastbil 2024 event in Jönköping, Sweden, from August 21-24.

Smart Eye reported strong growth in Q2 2024, with net sales increasing 30% to SEK 89.6 million. The company saw a 31% increase in gross profit to SEK 81.0 million, maintaining a 90% gross margin. While still operating at a loss, Smart Eye reduced its EBITDA loss to SEK -23.2 million from SEK -33.0 million in the same period last year.

The company secured a significant SEK 700 million deal with major automakers for 35 car models after the quarter's end. Smart Eye's Automotive segment grew 66% in Q2, while Behavioral Research increased by 16%. The company expects to reach profitability next year and maintains a strong financial position with SEK 192.3 million in cash and credit facilities.

Smart Eye has announced a significant order for its Driver Monitoring System (DMS) software, comprising 35 new design wins with an estimated value of SEK 700 million. The company will supply its technology to five automotive OEMs, including Volvo Cars, Audi, Porsche, General Motors, and a new European mass-market OEM. Most car models will enter production in 2025 and 2026, with peak volumes expected in 2028. This order brings Smart Eye's total design wins to 357 from 22 OEMs, with a combined estimated lifetime value exceeding SEK 8.200 billion. The company secured this order through a partnership with a global Tier 1 supplier, building on previous successful development programs.

At the Annual General Meeting (AGM) of Smart Eye held on May 17, 2024, in Gothenburg, Sweden, key resolutions were passed. The AGM approved the 2023 income statement and balance sheet, discharging the Board of Directors and CEO from liability. It was decided that no dividend would be paid, with earnings carried forward. The board, including Chairman Anders Jölfelt, and auditor Deloitte AB were re-elected. Board and committee remunerations were set. A long-term incentive program with performance-based share options was adopted, involving approximately 200 employees. Additionally, the Board was authorized to issue new shares up to 10% of registered capital, allowing flexibility for acquisitions and fundraising.