Smart Eye Interim Report January - June 2022
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.
- Net sales increased by 254% to SEK 59.8 million in Q2 2022.
- New contracts expected to generate SEK 60 million in revenue.
- Total design wins valued at SEK 2.4 billion.
- Operating loss of SEK -76.3 million in Q2 2022.
- EBITDA loss increased to SEK -41.6 million due to acquisitions and increased staffing.
GÖTEBORG, SWEDEN / ACCESSWIRE / August 26, 2022 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9)
The encouraging growth continues
April - June 2022
- Net sales amounted to SEK 59.8 (16.9) million, an increase of
254% compared to the corresponding period previous year, of which41% was organic growth. - EBITDA amounted to SEK -41.6 (-16.1) million. The lower result is mainly due to the addition of the resources from the future oriented Affectiva acquisition, as well as a significant increase of employees in the Group. These investments are made in order to deliver on the already won projects and further development of Driver Monitoring Systems and Interior Sensing.
- Operating loss amounted to SEK -76.3 (-22.0) million. Depreciation of the surplus value created in conjunction with the Affectiva and iMotions acquisitions amounts to SEK 26.6 million.
- Earnings after tax per share is negative.
- Cash and cash equivalents totaled SEK 160.5 million at the end of June.
- In April Smart Eye was selected by an existing Korean customer to deliver its Driver Monitoring System software to three additional car models. The new models are estimated to go into production in the first half of 2023 and the revenue for the order is estimated to SEK 50 million, based on product life cycle volume projections.
- In July the company received one additional Driver Monitoring System Design Win with a North American car manufacturer. It is estimated to go into production in 2024 and the revenue for the order is estimated to SEK 10 million, based on product life cycle volume projections.
January - June 2022
- Net sales amounted to SEK 113.3 (35.1) million, which corresponds to an increase of
223% . The organic growth amounted to27% - Operating loss amounted to SEK -147.8 (-40.5) million. Depreciation of the surplus value created in conjunction with the Affectiva and iMotions acquisitions amounts to SEK 52.1 million.
- Profit after financial items amounted to SEK -148.0 (-40.6) million.
- Earnings after tax are negative.
Comments from the CEO
The second quarter was stronger than this year's first quarter. We also grew compared to the same quarter last year. Both our business areas are growing even though still affected by the pandemic and semiconductor shortages, creating delays in the supply chain. It's tooearly to say that we have passed the effects of the pandemic, but we are on track to do so.
Automotive
A short summary of the status of our automotive business.
- We have 94 design wins with 14 OEMs and growing. This is industry leading, and more is to be expected. We are well established in every geographic region of importance.
- The value of all the design wins is estimated to be SEK 2.4 billion.
- 6 OEMs have started their series production.
- In July we passed the landmark of having Smart Eye software in 1.000.000 cars that are rolling on the roads globally. The first million was the hardest.
- We continue to be active in several large procurements globally and there are basically no new car platforms that aren't prepared for camera based DMS.
- Interior Sensing is starting to be procured with expected start of production as early as 2025.
The deliveries of the fleet product AIS have started in small scale with production being ramped up gradually.
Behavioral Research
Behavioral Research has grown significantly,
Final Words
We are growing according to plan and of course we are impacted by the supply chain effects that followed in the footsteps of the pandemic. We see ramp-up of new car platforms taking a little bit longer than was previously planned, but the cars are still going towards production albeit with a delay of a quarter or two. The global automotive DMS market was upheaved in a positive sense three years ago when the European legislation together with Euro NCAP started to materialize, and today it is natural in every new car platform project to include DMS as a standard feature. We are investing in the future to maintain our present momentum, taking advantage of our market position and leading technology to even further increase our leadership going forward.
Martin Krantz
CEO Smart Eye
For more information:
Martin Krantz, CEO Smart Eye AB
Phone: +46 70-329 26 98
Email: martin.krantz@smarteye.se
Anders Lyrheden, CFO Smart Eye AB
Phone: +46 70-320 96 95
Email: anders.lyrheden@smarteye.se
About Smart Eye
Smart Eye is the global leader in Human Insight AI, technology that understands, supports, and predicts human behavior in complex environments. We are bridging the gap between humans and machines for a safe and sustainable future. Our multimodal software and hardware solutions provide unprecedented human insight in automotive and behavioral research-supported also by Affectiva and iMotions, companies we acquired in 2021.
In automotive, we are leading the way towards safer and human-centric mobility through Driver Monitoring Systems and Interior Sensing solutions. Our technology is embedded in next-generation vehicles and available as a standalone aftermarket solution for existing vehicles, fleet, and small-volume OEMs.
Our industry-leading eye tracking systems and iMotions biosensor software enable advanced research and training in academic and commercial sectors. Affectiva's Emotion AI provides the world's largest brands and market researchers with a deeper understanding of how consumers engage with their content, products, and services.
Smart Eye was founded in 1999 and is headquartered in Sweden with offices in the US, UK, Germany, Denmark, Egypt, Singapore, China and Japan. A publicly traded company since 2016, our customers include NASA, Nissan, Boeing, Honeywell, Volvo, GM, BMW, Geely, Harvard University, over 1,300 research organizations around the world,
Visit www.smarteye.ai for more information.
Visit our investor web for more financial information: http://www.corp.smarteye.se/en/
Smart Eye is listed on Nasdaq First North Growth Market. Erik Penser is Certified Adviser and can be reached at +46-8-463 8000 or certifiedadviser@penser.se.
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 2022-08-26 08:30 CEST.
Attachments
Smart Eye Interim Report Q2 2022
SOURCE: Smart Eye
View source version on accesswire.com:
https://www.accesswire.com/713604/Smart-Eye-Interim-Report-January--June-2022
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