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, a leading provider of Driver Monitoring System (DMS) technology, has launched AIS Focus, a new driver support system designed for bus and truck manufacturers. This system aims to help manufacturers comply with the EU's General Safety Regulation (GSR), which mandates Advanced Driver Distraction Warning (ADDW) systems in all new type-approved vehicles from July 7, 2024, and all new vehicles from July 7, 2026.
AIS Focus streamlines the implementation process, ensuring regulatory compliance without excessive costs or lengthy development timelines. The system comes with a comprehensive dossier to support manufacturers in achieving GSR certification. Smart Eye will unveil AIS Focus at the Elmia Lastbil 2024 event in Jönköping, Sweden, from August 21-24.
Smart Eye reported strong growth in Q2 2024, with net sales increasing 30% to SEK 89.6 million. The company saw a 31% increase in gross profit to SEK 81.0 million, maintaining a 90% gross margin. While still operating at a loss, Smart Eye reduced its EBITDA loss to SEK -23.2 million from SEK -33.0 million in the same period last year.
The company secured a significant SEK 700 million deal with major automakers for 35 car models after the quarter's end. Smart Eye's Automotive segment grew 66% in Q2, while Behavioral Research increased by 16%. The company expects to reach profitability next year and maintains a strong financial position with SEK 192.3 million in cash and credit facilities.
Smart Eye has announced a significant order for its Driver Monitoring System (DMS) software, comprising 35 new design wins with an estimated value of SEK 700 million. The company will supply its technology to five automotive OEMs, including Volvo Cars, Audi, Porsche, General Motors, and a new European mass-market OEM. Most car models will enter production in 2025 and 2026, with peak volumes expected in 2028. This order brings Smart Eye's total design wins to 357 from 22 OEMs, with a combined estimated lifetime value exceeding SEK 8.200 billion. The company secured this order through a partnership with a global Tier 1 supplier, building on previous successful development programs.
At the Annual General Meeting (AGM) of Smart Eye held on May 17, 2024, in Gothenburg, Sweden, key resolutions were passed. The AGM approved the 2023 income statement and balance sheet, discharging the Board of Directors and CEO from liability. It was decided that no dividend would be paid, with earnings carried forward. The board, including Chairman Anders Jölfelt, and auditor Deloitte AB were re-elected. Board and committee remunerations were set. A long-term incentive program with performance-based share options was adopted, involving approximately 200 employees. Additionally, the Board was authorized to issue new shares up to 10% of registered capital, allowing flexibility for acquisitions and fundraising.
Smart Eye reported a 34% increase in Q1 2024 net sales to SEK 86.1 million, driven primarily by its Automotive segment. Gross profit rose by 41% to SEK 77.3 million, leading to a gross margin of 90%. Despite this, the company posted an EBITDA loss of SEK -23.0 million, impacted by SEK 11.6 million in restructuring costs. The operating loss stood at SEK -61.5 million. Earnings per share were reported at SEK -1.53. The company’s cash balance, including credit facilities, was SEK 243.6 million. Automotive growth was strong with 19 design wins for DMS, 5 for Interior Sensing, and 2 for AIS, totaling an estimated order value of SEK 785 million. CEO Martin Krantz highlighted increased software license revenue and maintained cost control.
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