Fourth quarter 2024
- Net sales increased by 11% to SEK 284 million (255), with an organic decline of -22%.
- Gross margin strengthened to 84% (74%).
- Operating result (EBIT) strengthened to SEK 50 million (-14). Adjusted for structural one-off costs of SEK 24 million, EBIT was SEK 74 million.
- Profit/loss for the quarter amounted to SEK 5 million (-29).
- Earnings per share amounted to SEK 0.02 (-0.27).
- Free cash flow amounted to SEK -14 million (-26).
- Cost reduction program on track to deliver SEK 200 million in cash-related operational savings, of which SEK 73 million achieved by year-end.
January - December 2024
- Net sales increased by 13% to SEK 857 million (758), with an organic decline of -16%.
- Gross margin strengthened to 80% (75%).
- Operating result (EBIT) strengthened to SEK -107 million (-184). Adjusted for structural one-off costs of SEK 34 million, EBIT was SEK -73 million.
- Profit/loss for the period amounted to SEK -177 million (-198).
- Earnings per share amounted to SEK -0.89 (-1.87).
- Free cash flow amounted to SEK -345 million (-119).
CEO Anand Srivatsa comments:
"We closed the year with progress on our 2024 objectives: making strides toward profitability and largely completing the integration of Autosense. In the fourth quarter, Tobii delivered SEK 50 million in EBIT, with both the Products & Solutions and Integrations segments achieving profitability.
Our financial performance in the fourth quarter confirms the sustained positive effect of the cost reduction program, launched in the second quarter. We have implemented measures that will reduce our workforce by approximately 300 employees and consultants compared to the peak of around 900 in the first quarter of 2024. These steps are crucial for our ongoing success, driven by synergies from the acquisition, adjustments to our cost structure, and other strategic initiatives.
We are on a solid track to meet our guidance to reduce cash-related operational expenses by more than SEK 200 million in the 12 months following the baseline set in the second quarter of 2024. By adding the third and fourth quarters, we have reduced our cash-related cost base by approximately SEK 73 million already. We expect to deliver the rest of the savings in the first half of 2025.
Net sales grew by 11 percent in the quarter. With slow overall demand, we continued to see disappointing organic sales performance in both the Products & Solutions and Integrations segments during the quarter. However, the Autosense segment's sales reached the upper level of the previously communicated range for the full year. As previously communicated, our Integrations segment net sales include certain imaging-related sales from the acquisition, which will decline in 2025.
The integration of Autosense continued successfully in the quarter, with steady progress and important milestones achieved in our ongoing OEM programs with a premium German automaker and Tier 1 partners. We are also encouraged by securing two new DMS design wins with a Japan-based global automotive Tier 1 supplier during the quarter. One of these is already in production, while the other will start production in 2026. By year-end, over 600,000 vehicles on the road use Tobii's interior sensing solutions, and the client list now includes 12 OEM brands with over 150 vehicle models.
We are pleased to have delivered an improved EBIT result for the full year of 2024, in line with our guidance. We will continue to implement additional cost reduction measures throughout 2025. Furthermore, following a strategic review of our product portfolio, we are engaged to divest certain product areas to improve our cash position. We expect these initiatives and progress to create a more streamlined and focused company with predictable profitability."
Q4 presentation today at 9.00 a.m. CEST
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, +46 (0)70 880 71 73, email: carolina.stromlid@tobii.com
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 behavioural 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.
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, at 2025-02-04 07:30 CET.
