SEYENasdaq StockholmSoftware - ApplicationIFRS · SEK

Smart Eye

Smart Eye develops Human Insight AI solutions that interpret human behavior in complex environments, with offerings centered on automotive interior sensing and behavioral research tools. The company operates through two business areas, Automotive and Behavioral Research, and serves customers across Europe, Asia, and North America from a global organization based in Sweden.

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Revenue404m SEK
+13.7 %y/y
Operating profit (EBIT)-163m SEK
+34.7 %y/y
EBIT margin-40.5%
+30.0 ppy/y
Net income-96.3m SEK
+25.1 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-400-2000200400600m SEK2021: 65 m SEK2021: EBIT 77 m SEK20212022: 55 m SEK2022: EBIT -100 m SEK20222023: 220 m SEK2023: EBIT -283 m SEK20232024: 355 m SEK2024: EBIT -250 m SEK20242025: 404 m SEK2025: EBIT -163 m SEK2025TTM 2026: 489 m SEKTTM 2026: EBIT -98 m SEKTTM489-98
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Automotive interior sensing70 %

Software and hardware for driver monitoring, occupant sensing, and in-cabin safety functions.

Behavioral research systems30 %

Eye-tracking and human behavior analysis tools used in research and testing environments.

Customers

Smart Eye sells primarily to automotive OEMs and vehicle platform partners that integrate driver monitoring and interior sensing into new models. It also serves academic institutions, research organizations, and commercial research users that need eye-tracking and behavioral analysis tools. The company’s products are bought to meet safety requirements, support product development, and generate human-behavior data in controlled environments.

Automotive OEMs

Buy driver monitoring and interior sensing systems for vehicle platforms and regulatory compliance.

Commercial vehicle and fleet customers

Buy in-cabin safety and monitoring solutions for trucks, fleets, and commercial vehicles.

Academic research institutions

Buy behavioral research systems for eye-tracking, cognition, and human-factors studies.

Industrial and commercial research users

Buy software and hardware for user testing, product research, and behavioral analysis.

Strategy

Smart Eye is focused on expanding its position in driver monitoring and interior sensing as vehicle requirements evolve, while broadening the functionality of its in-cabin software platform. The company is also scaling its automotive offering for commercial vehicles and fleets and extending the platform with iris authentication to support future identity and personalization use cases.

Scale driver monitoring and interior sensingShort term

These functions are central to automotive adoption and regulatory-driven demand.

Enable regulatory deploymentShort term

Compliance with safety rules supports OEM adoption and program wins.

Expand platform capabilitiesMedium term

Additional features increase product value and widen use cases inside the vehicle.

Geography

Smart Eye operates globally, with key markets in Europe, Asia, and North America. The company also maintains offices in Sweden, Egypt, Denmark, the United States, Japan, Germany, China, and the United Kingdom, reflecting both its customer footprint and its distributed operating model. Geography matters because automotive demand, regulatory adoption, and research funding conditions differ by region.

Risks

Smart Eye’s demand is exposed to automotive production cycles, OEM adoption timing, and the pace of regulatory implementation for driver monitoring systems. The Behavioral Research business is also sensitive to academic funding trends, while the company’s global supply chain and international footprint create exposure to geopolitical, trade, and sourcing risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Delayed or limited market adoption of automotive products1Regulatory implementation risk2Geopolitical and trade disruption3Reduced academic research funding4Supply-chain and hardware sourcing risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Delayed or limited market adoption of automotive productsImpact: HighLikelihood: Low

    Revenue growth depends on OEM integration and vehicle-program rollouts.

    Exposure: Automotive business area

  2. Regulatory implementation riskImpact: HighLikelihood: Low

    The automotive opportunity is linked to safety rules such as EU GSR and DMS mandates.

    Exposure: Driver monitoring systems

  3. Geopolitical and trade disruptionImpact: MediumLikelihood: Medium

    Global operations and supply chains are exposed to tariffs, barriers, and macro uncertainty.

    ExposureEuropeAsiaNorth America
  4. Reduced academic research fundingImpact: MediumLikelihood: Low

    Behavioral Research demand depends partly on university and institute budgets.

    Exposure: Behavioral Research business area

  5. Supply-chain and hardware sourcing riskImpact: MediumLikelihood: Low

    The company relies on several hundred suppliers for components and partner assembly.

    ExposureCamerasSensorsCircuit boardsIT equipment
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Accounting

Judgemental items
Revenue recognition

The company sells software and hardware, so contract structure affects timing and allocation of revenue.

Impact: Can shift revenue between periods depending on delivery and performance obligations

Goodwill and intangible assets

Acquired businesses and technology create balance-sheet assets that require impairment testing.

Impact: Impairment charges could materially affect earnings and equity

Foreign currency translation

Operations and suppliers span multiple countries and currencies.

Impact: Can create volatility in reported results and balance-sheet values

Estimates and provisions

Global operations, warranties, and supplier arrangements require judgment in accruals.

Impact: Can affect operating expenses and liabilities

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Last updated: 24/09/2026