Welcome to our dedicated page for Smart Eye Aktieb news (Ticker: SMTEF), a resource for investors and traders seeking the latest updates and insights on Smart Eye Aktieb stock.
Smart Eye Aktieb (SMTEF) specializes in AI-powered Driver Monitoring Systems that enhance road safety through real-time driver behavior analysis. This dedicated news hub provides investors and industry professionals with essential updates on the company's technological advancements and market positioning.
Access official press releases covering product launches, strategic OEM partnerships, and regulatory compliance developments. Our curated collection ensures you stay informed about SMTEF's role in shaping automotive safety standards under evolving EU regulations.
Key updates include earnings reports, technology innovations in Human Insight AI, and commercial vehicle safety mandates. All content is verified through primary sources to maintain accuracy and relevance for decision-makers.
Bookmark this page for streamlined access to Smart Eye's latest developments in driver monitoring technology and its expanding partnerships with global automotive manufacturers.
Smart Eye Aktiebolag has announced its Annual General Meeting (AGM) set for May 2, 2023, in Gothenburg. Shareholders must be recorded by April 21, 2023, to participate, providing notice by April 25, 2023. Key agenda items include the election of board members, including re-elections for Anders Jöfelt and others, and the introduction of a long-term incentive Share Option Programme 2023 for employees. The Board of Directors proposes no dividend, opting to carry forward profits of SEK 1,130,048,185. The company will also seek authorization for new share issues. Further details and documentation can be found on their website.
Smart Eye Reports Strong Growth in Q4 2022
Smart Eye (OTC PINK: SMTEF) achieved net sales of SEK 55.3 million in Q4 2022, a 27% increase from last year. Despite an operating loss of SEK -100.1 million, the company secured a record 194 design wins, with an estimated value of SEK 1.45 billion. The funding process concluded with approximately SEK 324 million raised to support long-term development. Total annual sales reached SEK 219.5 million, representing a remarkable 100% growth. The company projects a cash flow positive state by 2024, targeting a 40% market share in Driver Monitoring Systems. CEO Martin Krantz highlights significant contracts and momentum in automotive growth.
Smart Eye has partnered with Texas Instruments to enhance automotive interior sensing technologies. This collaboration aims to improve driver and passenger safety while enriching the in-cabin experience. Smart Eye's Automotive Interior Sensing AI software, compliant with new safety regulations, will run on TI's AM62A7-Q1 processor, allowing for real-time monitoring of driver distraction and passenger behavior. The solution is built for scalability and efficiency, ensuring cost-effective deployments across vehicle models. Both companies will showcase this innovation at the embedded world Exhibition in Germany from March 14-16, 2023, promising advancements in road safety and user experience.
Smart Eye has secured an order to deliver its advanced Driver Monitoring System (DMS) software to 12 new car models from a leading Korean OEM. This order is projected to generate approximately SEK 350 million in revenue based on the product lifecycle. The first three models are set to begin production in Q4 2023, while the remainder will launch throughout 2024 and early 2025. With this latest achievement, Smart Eye has accumulated 217 design wins from 19 OEMs, bringing the total estimated lifetime value from these contracts to over SEK 4.365 billion.
Smart Eye has secured an order to supply its Driver Monitoring System (DMS) technology for eight new heavy vehicle models from a global commercial vehicle manufacturer, expected to generate SEK 150 million in revenue. This breakthrough marks Smart Eye's entry into the heavy commercial vehicle market, with production slated for 2025 and a significant ramp-up in 2026, coinciding with new EU legislation mandating DMS in all vehicles. Total design wins have increased to 205 from 19 OEMs, with a combined lifetime value over SEK 4.015 billion. CEO Martin Krantz emphasized the importance of this order amid changing regulatory requirements.
Smart Eye has successfully completed a rights issue, raising approximately SEK 324 million. The subscription period ended on February 16, 2023, with 11,277,356 shares (89% of offered shares) subscribed for using subscription rights. Additionally, 9,029,125 shares (71% of offered shares) were requested without rights, leading to about 160% total subscription of the offered shares. Consequently, Smart Eye's share capital will rise to SEK 3,493,749.10, and the share count will increase to 34,937,491. Allotted shares will be registered around February 22, 2023, and trading is anticipated to begin by February 28, 2023.
Smart Eye has been selected to provide its Driver Monitoring System (DMS) software for three additional car models by a leading Japanese car manufacturer, with an estimated revenue of SEK 30 million anticipated over the product lifecycle. The new models are set to begin production in Europe by 2026. Smart Eye has achieved a total of 197 design wins from 18 OEMs, with a combined lifetime value exceeding SEK 3.865 billion. Additionally, potential further design wins may increase this value to SEK 4.045 billion. A prospectus supplement regarding a rights issue will be published following approval from the Swedish Financial Supervisory Authority.
Smart Eye has announced a fully secured rights issue aiming to raise approximately SEK 324 million. Shareholders will have preferential rights to subscribe for four new shares at a price of SEK 25.50 per share. The subscription period is from February 2 to February 16, 2023. Notably, existing shareholders and board members have expressed intentions to subscribe for around SEK 38 million and SEK 79 million respectively. The company plans to utilize the proceeds for research and development, ensuring long-term competitiveness, and general operational funding. The record date for subscription rights is January 31, 2023.
Smart Eye (OTC PINK: SMTEF) has announced preliminary results for Q4 2022, revealing net sales of SEK 56 million, a 29% increase compared to the previous year. The Automotive sector contributed SEK 15 million, while Behavioral Research generated SEK 41 million. Despite this growth, EBITDA was negative at SEK -61 million, worsened by one-off costs and workforce reductions aimed at cutting annual personnel expenses by SEK 30 million. Cash flow also fell to SEK -20 million. However, the company secured 100 design wins valued at approximately SEK 1,450 million, pushing total design wins to 194 and an estimated lifetime value of SEK 3,835 million. A rights issue of SEK 325 million is planned to bolster finances.
Smart Eye (STO:SEYE)(OTC PINK:SMTEF) held an Extraordinary General Meeting (EGM) on December 30, 2022, where shareholders authorized the Board of Directors to issue new shares without deviating from shareholders' preferential rights. This authorization aims to facilitate a rights issue previously announced on December 5, 2022. The share price for the new issuance will be determined based on market conditions with standard discounts. The meeting underscores Smart Eye's strategy to enhance its capital structure.
