First quarter 2024
- Net sales decreased by 4% to SEK 161 million (168), with an organic growth of -9%.
- Gross margin was 74% (73%).
- Operating result (EBIT) was SEK -75 million (-53).
- Profit/loss for the quarter amounted to SEK -89 million (-57).
- Earnings per share amounted to SEK -0.84 (-0.55).
- Free cash flow amounted to SEK -126 million (46).
Significant events during and after the quarter
- The acquisition of FotoNation Ltd, including AutoSense, was completed on January 31.
- New financial targets were announced on February 1. In 2026, Tobii targets a positive free cash flow and an EBIT margin of around 10% for the full-year, followed by an EBIT margin target of around 20% for 2028.
- A rights issue was successfully completed on April 3, and Tobii received total net proceeds of SEK 267 million after the end of the quarter.
- A new DMS design win for commercial vehicles was secured on April 9.
CEO Anand Srivatsa comments:
"This quarter we completed the acquisition of FotoNation/Autosense establishing our position as a top three player in the automotive interior sensing market. Subsequently, we saw increased interest from automotive OEMs and tier 1 suppliers to engage more deeply with Tobii. I am also pleased that we announced a new design win for driver monitoring system in early April, bringing our total to nine automotive OEM customers so far. In the first week of April, we successfully executed a rights issue, raising SEK 267 million net to finance operational expenses for the acquisition, including the Autosense business segment in 2024 and 2025.
Excluding the acquisition, net sales organically decreased by 9 percent in the quarter, mainly attributed to sustained weaker demand for Products & Solutions in Asia. Integrations, on the other hand, delivered a solid performance, achieving organic net sales growth of 23 percent. We continued to see a surge in interest for XR engagements from a broader spectrum of customers. Our new Autosense segment's net sales over the two-month period following the acquisition aligned with our quarterly expectations.
We have already realized some synergies through the integration of our expanded Autosense business but anticipate more significant cost synergies as this process continues into the second half of 2024. The integration process is a key focus and is proceeding according to plan. We intend to deliver the market's most comprehensive interior sensing offering, strengthening our competitive outlook and securing new design wins that demonstrate our leading position.
We are firm in our commitment to enhancing profitability, leveraging our technology investments, and improving efficiency across all three segments. Building upon the cost-saving initiatives implemented in the fourth quarter of 2024, we will continue to further reduce our expenses throughout the year by optimizing our product portfolio and realizing synergies gained from integrating Autosense. Tobii exits this quarter as a more robust organization as we drive toward profitability, and I am confident that we will deliver a significant improvement in the EBIT result for the full-year 2024."
Q1 presentation today at 9.00 a.m. CET
Tobii's CEO Anand Srivatsa and CFO Magdalena Rodell Andersson will present and comment on the report. After the presentation, there will be time for questions. The presentation will be held in English.
Link to the webcast
Please make sure you are connected to the webcast by logging in and registering a few minutes before the presentation begins. It will be possible to ask questions via the chat function or verbally, by selecting participation options.
The presentation material will be available at Tobii's website. The interim report and a recording of the webcast will be available on the same page.
For more information, please contact:
Carolina Strömlid, Head of Investor Relations, Tobii AB, phone: +46 (0)70 880 71 73, email: carolina.stromlid@tobii.com
This information is information that Tobii AB 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, on May 16, 2024, at 7:30 a.m. CEST.
About Tobii
Tobii is the global leader in eye tracking and pioneer of attention computing. We are on a mission to improve the world with technology that understands human attention and intent. Creating tech for a better future, our technologies and solutions apply to areas such as behavioral studies and research, healthcare, education and training, gaming, extended reality, automotive, and many more. Tobii's eye tracking is used by thousands of enterprises, universities, and research institutes around the globe. Headquartered in Sweden, Tobii is listed on Nasdaq Stockholm (TOBII). For more information: www.tobii.com.
