SMART EYE AKTIEBOLAG AK - SMTEF STOCK NEWS

Smart Eye held its Annual General Meeting on April 28, 2022, where key resolutions were passed. The income statement and balance sheet for the financial year 2021 were adopted, with no dividend declared for the year. The board members, including re-elected Chairman Anders Jöfelt, were confirmed, and Deloitte AB remains the auditor. The AGM authorized the board to issue new shares, limited to 10% of registered share capital. The Nomination Committee's structure was amended to include four members. The meeting underscores Smart Eye's commitment to governance and future capital flexibility.

Smart Eye reported significant growth in Q1 2022, with net sales reaching SEK 53.5 million, a 195% increase from the previous year, including 14% organic growth. However, the company recorded an EBITDA loss of SEK -36.1 million, attributed to increased expenses from acquisitions and personnel investments. The operating loss was SEK -71.5 million. The company maintains a strong cash position of SEK 214.6 million and anticipates additional design wins contributing potential revenue of SEK 500 million in the automotive segment.

Smart Eye has secured an order from a current customer to provide its advanced Driver Monitoring System (DMS) software for three additional car models, estimated to generate revenue of SEK 50 million.

The models are expected to enter production in the first half of 2023. This follows the successful previous implementation of Smart Eye's DMS in 16 models.

Smart Eye has now achieved a total of 93 design wins from 14 OEMs, with a combined lifetime value exceeding SEK 2,375 million.

Smart Eye has appointed Magnus Brunzell as the new VP of Applied AI Systems to enhance its automotive fleet and aftermarket operations. Brunzell brings over 25 years of automotive experience and will oversee the development of Driver Monitoring Systems (DMS), which integrate proprietary hardware and software. This strategic move targets the growing demand for safety solutions in various vehicle types, including trucks and buses. The DMS is constructed to meet Euro NCAP and GSR compliance, aiming at a significant market opportunity.

Smart Eye announces its annual general meeting scheduled for April 28, 2022, from 17:00 to 18:00 at its Gothenburg office. Shareholders must be registered by April 20, 2022, and notify their participation by April 22, 2022. Key agenda items include the election of the board, approval of the annual report, and proposals for share issues. The Nomination Committee proposes Anders Jöfelt for Chairman and re-election of current board members. No dividend will be paid as funds will be carried forward. More details can be found on Smart Eye's website.

Smart Eye announced significant growth in its Q4 2021 results, with net sales increasing by 139% to SEK 43.7 million. However, the company reported an operating loss of SEK -43.6 million, influenced by costs associated with the Affectiva acquisition. For the full year of 2021, net sales rose 68% to SEK 109.7 million, but losses deepened to SEK -132.7 million. The firm underscored its market position with new design wins, projecting an estimated revenue potential of SEK 500 million from future projects.

Smart Eye has secured a significant Driver Monitoring System (DMS) design win from a major European OEM, estimated to generate revenue of SEK 50 million. With the potential for further design wins valued at SEK 500 million, this order solidifies Smart Eye's market position. The DMS software will be integrated into a new car model set to enter production in mid-2024. This achievement brings Smart Eye's total design wins to 90 with 14 OEMs, translating to a combined estimated lifetime value of SEK 2,325 million from current agreements.