SMART EYE AKTIEBOLAG AK - SMTEF STOCK NEWS

Smart Eye has partnered with ams OSRAM to enhance driver monitoring systems (DMS) and occupant monitoring systems (OMS) through the ICARUS proof-of-concept project. This collaboration leverages structured light technology for more accurate detection of driver and passenger positions, aiming to improve road safety. The system, which is easy to install and cost-effective, utilizes existing vehicle architecture and integrates AO's illumination technology with Smart Eye's AI software. The ICARUS kit will be showcased at the InCabin Event in Brussels on September 15, 2022.

Smart Eye announced the expansion of its leadership team as part of its strategy to enhance its Automotive Interior Sensing Technology amid rising market demand. The company appointed three industry veterans: Kenji Nakamura as Country Manager of Japan, Dr. Halina Niemiec as Senior Director of Product Management, and Christian Schnell as Vice President of Quality. These hires aim to strengthen Smart Eye's ability to develop innovative technologies focused on improving road safety and mobility experiences while meeting evolving regulatory requirements.

Smart Eye has achieved a significant milestone with over one million cars globally equipped with its Driver Monitoring System (DMS). Six out of 14 automotive OEM customers have initiated series production, with major manufacturers like BMW leading the charge. The DMS is becoming a crucial safety feature, driven by legislation and safety requirements, indicating a future increase in production volumes. CEO Martin Krantz highlighted the potential for up to five million cars to be equipped annually as more models adopt mandatory DMS.

Smart Eye and OMNIVISION have announced a new automotive interior sensing solution, showcased at AutoSens Brussels (Sept 12-14, 2022). This combined system utilizes Smart Eye's advanced algorithms and OMNIVISION's cutting-edge RGB-IR BSI global shutter sensor. The solution, compliant with General Safety Regulations and Euro NCAP requirements, enhances occupant monitoring while minimizing power consumption and cost. The collaboration aims to meet increasing demands for high-performance interior sensing technologies in the automotive sector as vehicles become more autonomous.

Smart Eye reported strong growth in its Q2 2022 results, with net sales reaching SEK 59.8 million, a 254% increase from the same period last year. The EBITDA was SEK -41.6 million, impacted by the Affectiva acquisition and increased staff. Despite operating losses of SEK -76.3 million, the company received new orders for its Driver Monitoring System from both Korean and North American automakers, projected to generate SEK 60 million in revenue. The financial outlook remains cautious due to ongoing supply chain challenges.

Smart Eye will publish its Q2 2022 interim report before market opening on August 26, 2022, at 8:30 CET. CEO Martin Krantz and CFO Anders Lyrheden will host a livestream presentation at 10:00 CET, followed by a Q&A session for investors, analysts, and journalists. Smart Eye is a leader in Human Insight AI, focusing on automotive safety and behavioral research. They provide advanced solutions through their technologies, supporting organizations such as NASA and Volvo.

Smart Eye has been awarded a new contract to deliver its Driver Monitoring System (DMS) software for an additional luxury sports car model by a North American manufacturer. The order is projected to generate SEK 10 million in revenue based on lifecycle estimates. This comes as Smart Eye has received a total of 94 design wins from 14 OEMs, with a combined estimated lifetime value exceeding SEK 2,385 million. The new model is expected to be in production by 2024, cementing DMS as a standard safety feature even in high-end vehicles.

Smart Eye held an Extraordinary General Meeting (EGM) on June 29, 2022, where a long-term incentive program, the Share Option Programme 2022, was adopted. This program targets approximately 188 employees, including senior executives and key individuals, aimed at enhancing motivation and commitment. A total of 440,000 performance shares will be allocated, with 378,500 shares directly to participants and 61,500 to cover social security costs. The program necessitates issuing 440,000 warrants, potentially increasing the company's share capital by SEK 44,000.