Smart Eye (Q1 Initial take): Hockey-stick confirmed on the back of automotive sales beat - Redeye
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Smart Eye (Q1 Initial take): Hockey-stick confirmed on the back of automotive sales beat - Redeye

Redeye notes that Smart Eye's Q1 2026 result was strong on almost all metrics, with the Automotive Solutions beat being the primary driver. Automotive Solutions grew 122% organically y/y, with license revenue accelerating at a record pace of more than 200% y/y as EU GSR-driven car models entered serial production. Behavioral Research was slightly soft, largely due to FX headwinds and a still cautious market. EBITDA-CAPEX of SEK-9.1m was broadly in line with our estimate of SEK-8.0m despite a significant EBITDA beat, as CAPEX came in above our expectations. We think the report highlights that the hockey stick we were anticipating is indeed taking shape.

Redeye notes that Smart Eye's Q1 2026 result was strong on almost all metrics, with the Automotive Solutions beat being the primary driver. Automotive Solutions grew 122% organically y/y, with license revenue accelerating at a record pace of more than 200% y/y as EU GSR-driven car models entered serial production. Behavioral Research was slightly soft, largely due to FX headwinds and a still cautious market. EBITDA-CAPEX of SEK-9.1m was broadly in line with our estimate of SEK-8.0m despite a significant EBITDA beat, as CAPEX came in above our expectations. We think the report highlights that the hockey stick we were anticipating is indeed taking shape.
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