GÖTEBORG, SE / ACCESSWIRE / August 14, 2024 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) The new battery of 35 design wins is with a total of five different car manufacturers, including a European customer which will be sourcing Smart Eye's technology for the first time. The estimated revenue is SEK 700 million based on estimated product life cycle projections.
Smart Eye today announced a major new order for its Driver Monitoring System (DMS) software, amounting to a total of 35 new design wins.
As a result, Smart Eye will deliver its technology to five different automotive OEMs, including Volvo Cars, Audi, Porsche, and General Motors (GM). The fifth manufacturer is a European mass-market OEM and a new customer of Smart Eye.
The order has an estimated value of SEK 700 million. The majority of the new car models will go into production in 2025 and 2026, but the order is expected to have a positive effect on Smart Eye's license revenue already in 2024. After reaching peak volumes in 2028, the production programs are estimated to continue production, with the tail end in the mid-2030s. Smart Eye secured the new order by partnering with a world-renowned global Tier 1 supplier.
"This new order is a natural extension, building on the success of development programs Smart Eye first won with the same global Tier 1 supplier back in 2020," said Martin Krantz, CEO and Founder of Smart Eye. "After some initial delays caused by the pandemic and global supply chain issues, we are now in a phase of production ramp-up, aligning with regulatory mandates and Euro NCAP requirements. It's common for OEMs to extend contracts with proven suppliers once initial targets are met. It's the way the industry works. We are currently in the final phase of delivery on several ongoing programs and expect to secure more of these extension contracts in the near future."
Smart Eye has now received a total of 357 design wins from 22 OEMs. The combined estimated lifetime value from current design wins is now larger than SEK 8.200 billion. The estimated value over the product lifecycle from possible additional design wins with all 22 vehicle manufacturers is SEK 3.250 billion.
About Smart Eye
Smart Eye is the leading provider of Human Insight AI, technology that understands, supports and predicts human behavior in complex environments. The company is on a mission to bridge the gap between humans and machines for a safe and sustainable future. Supported by Affectiva and iMotions - companies it acquired in 2021 - Smart Eye's multimodal software and hardware solutions provide unparalleled insight into human behavior.
In automotive, Smart Eye's driver monitoring systems and interior sensing solutions improve road safety and the mobility experience. The company's eye tracking technology and iMotions biosensor software platform are also used in behavioral research to enable advanced research in academic and commercial sectors. In media analytics, Affectiva's Emotion AI provides the world's largest brands and market researchers with a deeper understanding of how consumers engage with content, products, and services.
Founded in 1999, Smart Eye is a global company headquartered in Sweden, with customers including NASA, Nissan, Boeing, Honeywell, Volvo, GM, BMW, Polestar, Geely, Harvard University, 26 percent of the Fortune Global 500 companies, and over 1,300 research organizations around the world.
Visit www.smarteye.ai for more information.
Visit our investor web for more financial information: https://smarteye.se/investors/
Smart Eye is listed on the Nasdaq First North Growth Market. The Company's Certified Adviser is Carnegie Investment Bank AB (publ).
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 2024-08-14 13:00 CEST.
SOURCE: Smart Eye
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