CORRECTION BY SOURCE: Smart Eye expands its Credit Facility
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 ha espanso la sua linea di credito a 150 milioni di SEK, aumentando il suo limite di credito non utilizzato da 82 milioni di SEK a 232 milioni di SEK. La linea di credito ha un termine di 12 mesi dalla data di prelievo, fino a ottobre 2026. I costi includono una fee di 7,5 milioni di SEK, un addebito dell'1,5% sul credito utilizzato e un tasso di interesse mensile dell'1%.
Questa espansione mira a creare margini finanziari contro potenziali impatti negativi sulle vendite di nuove auto e a supportare i piani di espansione di Smart Eye, inclusi lo sviluppo del prodotto e potenziali acquisizioni. Il CEO Martin Krantz ha espresso preoccupazioni riguardo al fatto che le vendite globali di nuove auto non stanno raggiungendo i livelli attesi, il che potrebbe influenzare la crescita dei ricavi da licenze. Tuttavia, rimane ottimista riguardo ai ricavi da licenze di Smart Eye, sottolineando l'impatto della legislazione ADDW che richiede l'adattamento di tutti i modelli di auto europei entro il 2026.
Smart Eye ha ampliado su línea de crédito a 150 millones de SEK, aumentando su límite de crédito no utilizado de 82 millones de SEK a 232 millones de SEK. La línea de crédito tiene un plazo de 12 meses a partir de la fecha de retiro, hasta octubre de 2026. El costo incluye una tarifa de 7.5 millones de SEK, un cargo del 1.5% sobre el crédito utilizado y una tasa de interés mensual del 1%.
Esta expansión tiene como objetivo crear colchones financieros contra posibles impactos negativos en las ventas de automóviles nuevos y apoyar los planes de expansión de Smart Eye, incluyendo el desarrollo de productos y potenciales adquisiciones. El CEO Martin Krantz expresó su preocupación por las ventas globales de automóviles nuevos que no están cumpliendo con los niveles esperados, lo que podría afectar el crecimiento de los ingresos por licencias. Sin embargo, sigue siendo optimista acerca de los ingresos por licencias de Smart Eye, señalando el impacto de la legislación ADDW que requiere la adaptación de todos los modelos de automóviles europeos para 2026.
스마트 아이(Smart Eye)는 신용 한도를 1억 5천만 SEK로 확장하였습니다, 미사용 신용 한도가 8천2백만 SEK에서 2억 3천2백만 SEK로 증가하였습니다. 신용 한도의 12개월 조건은 인출일로부터 시작되어 2026년 10월까지입니다. 비용에는 7.5백만 SEK의 수수료, 사용된 신용에 대한 1.5%의 수수료 및 매달 1%의 이자율이 포함됩니다.
이번 확장은 새로운 자동차 판매에 대한 잠재적인 부정적인 영향을 방지하기 위한 재정적 완충 장치를 마련하고 스마트 아이의 제품 개발 및 잠재적 인수 등 확장 계획을 지원하는 것을 목표로 합니다. CEO 마틴 크란츠(Martin Krantz)는 전 세계적으로 새로운 자동차 판매가 예상 수준에 미치지 못할 것이라는 우려를 언급하며, 이는 라이센스 수익 성장에 영향을 미칠 수 있다고 밝혔습니다. 그러나 그는 2026년까지 모든 유럽 자동차 모델의 적응을 요구하는 ADDW 법안의 영향력을 언급하며 스마트 아이의 라이센스 수익에 대한 긍정적인 전망을 유지하고 있습니다.
Smart Eye a élargi sa ligne de crédit à 150 millions de SEK, augmentant son plafond de crédit inutilisé de 82 millions de SEK à 232 millions de SEK. La ligne de crédit a un terme de 12 mois à compter de la date de tirage, jusqu'en octobre 2026. Les coûts comprennent des frais de 7,5 millions de SEK, un prélèvement de 1,5 % sur le crédit utilisé et un taux d'intérêt mensuel de 1 %.
Cette expansion vise à créer des marges financières contre des impacts négatifs potentiels sur les ventes de nouvelles voitures et à soutenir les plans d'expansion de Smart Eye, y compris le développement de produits et des acquisitions potentielles. Le PDG Martin Krantz a exprimé des préoccupations quant à la vente mondiale de nouvelles voitures qui ne répondent pas aux niveaux attendus, ce qui pourrait affecter la croissance des revenus de licence. Cependant, il reste optimiste quant aux revenus de licence de Smart Eye, soulignant l'impact de la législation ADDW qui exige l'adaptation de tous les modèles de voitures européens d'ici 2026.
Smart Eye hat seine Kreditlinie erweitert auf 150 Millionen SEK und den ungenutzten Kreditrahmen von 82 Millionen SEK auf 232 Millionen SEK erhöht. Die Kreditlinie hat eine Laufzeit von 12 Monaten ab dem Auszahlungsdatum, bis Oktober 2026. Die Kosten umfassen eine Gebühr von 7,5 Millionen SEK, eine Gebühr von 1,5% auf den in Anspruch genommenen Kredit und einen monatlichen Zinssatz von 1%.
Diese Erweiterung zielt darauf ab, finanzielle Puffer gegen potenzielle negative Auswirkungen auf die Neuwagenverkäufe zu schaffen und Smart Eyes Expansionspläne zu unterstützen, einschließlich Produktentwicklung und potenzieller Übernahmen. CEO Martin Krantz äußerte Bedenken, dass die globalen Neuwagenverkäufe die erwarteten Niveaus nicht erreichen, was das Wachstum der Lizenzierungseinnahmen beeinträchtigen könnte. Dennoch bleibt er optimistisch hinsichtlich der Lizenzierungseinnahmen von Smart Eye und hebt die Auswirkungen der ADDW-Gesetzgebung hervor, die eine Anpassung aller europäischen Automodelle bis 2026 erfordert.
- Increased credit facility to SEK 150 million, providing greater financial flexibility
- Unused credit limit expanded from SEK 82 million to SEK 232 million
- Credit facility supports expansion plans, product development, and potential acquisitions
- ADDW legislation requiring adaptation of European car models by 2026 could benefit Smart Eye
- Global new car sales not meeting expected levels, potentially affecting licensing revenue growth
- Additional costs associated with the credit facility (SEK 7.5 million fee, 1.5% charge on utilized credit, 1% monthly interest)
Smart Eye issues a correction regarding the press release "Smart Eye Expands Its Credit Facility," published earlier today. The correction pertains to missing information in the press release, specifically that the credit term extends for 12 months from the date of drawdown, up to a maximum of October 2026, and that the cost of the credit facility amounts to SEK 7.5 million, with an additional maximum charge of
GÖTEBORG, SE / ACCESSWIRE / October 7, 2024 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) Smart Eye has entered into an agreement on market terms with an independent credit market actor group, enabling the company to secure a total credit facility of SEK 150 million.
The credit facility has a term of 12 months from the date of drawdown, up to a maximum of October 2026. The cost of the credit facility amounts to SEK 7.5 million. The cost of the utilized credit is 1.5 percent, in addition to an interest rate of 1 percent per month.
With this credit facility, Smart Eye increases its unused credit limit from SEK 82 million to SEK 232 million.
The credit facility has been arranged with the purpose of creating financial buffers, should the economic climate continue to negatively impact new car sales. Additionally, it ensures that Smart Eye can proceed with its expansion plans, including further development of new products and potential acquisitions.
Martin Krantz, CEO, states: "We have proactively decided to increase our credit limits as global new car sales are currently not meeting the expected levels. We must acknowledge the risk that this may continue to affect the growth rate of our licensing revenues. We remain optimistic about the development of Smart Eye's licensing revenues in both the short and long term, benefiting from multiple car models and several manufacturers. The legislation (ADDW) that came into effect in mid-2024 requires customers to adapt all European car models by 2026. Increasing the credit limits also provides additional security, complementing our previously communicated focus on cost control."
For more information:
Mats Benjaminsson, CFO Smart Eye AB
Phone: +46 70-146 49 25
Email: mats.benjaminsson@smarteye.se
About Smart Eye
Smart Eye is the leading provider of Human Insight AI, technology that understands, supports and predicts human behavior in complex environments. The company is on a mission to bridge the gap between humans and machines for a safe and sustainable future. Supported by Affectiva and iMotions - companies it acquired in 2021 - Smart Eye's multimodal software and hardware solutions provide unparalleled insight into human behavior.
In automotive, Smart Eye's driver monitoring systems and interior sensing solutions improve road safety and the mobility experience. The company's eye tracking technology and iMotions biosensor software platform are also used in behavioral research to enable advanced research in academic and commercial sectors. In media analytics, Affectiva's Emotion AI provides the world's largest brands and market researchers with a deeper understanding of how consumers engage with content, products, and services.
Founded in 1999, Smart Eye is a global company headquartered in Sweden, with customers including NASA, Nissan, Boeing, Honeywell, Volvo, GM, BMW, Polestar, Geely, Harvard University, 26 percent of the Fortune Global 500 companies, and over 1,300 research organizations around the world.
Visit www.smarteye.ai for more information.
Visit our investor web for more financial information: https://smarteye.se/investors/
Smart Eye is listed on the Nasdaq First North Growth Market. The Company's Certified Adviser is Carnegie Investment Bank AB (publ).
This information is information that Smart Eye is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-07 17:50 CEST.
Attachments
Smart Eye expands its credit facility
SOURCE: Smart Eye
View the original press release on accesswire.com
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