Fast-Changing Tobii Reports Decline, Sets New Targets

Sweden-based eye tracking and attention computing specialist Tobii has announced revenue of SEK 758m ($US 71.5m) for the full year 2023 - a decline in organic terms of 6%. The company has also completed its acquisition of vehicle interior sensing firm AutoSense, and announced new financial targets.

Full year gross margin was little changed at 75%, and adjusted EBIT still well in the red at SEK -153m ($US -14.4m). In the fourth quarter, however, the firm said that despite a 4% organic decline in revenue its adjusted EBIT figure was positive (SEK 16m or $US 1.51m), meeting its profitability target. CEO Anand Srivatsa (pictured) said the company was pleased to finish the year on a positive note, with 'a significant bounce back' from the levels of the previous quarter. He added, 'We also implemented initiatives to reduce our operational cost base by more than 10% in the quarter. These reductions will deliver an ongoing effect in operational expenses in 2024'.

The AutoSense buy, which adds c.250 full-time staff to the company, was announced in December and will lead to the formation of a new business or 'segment' within the Tobii Group. With the acquisition complete, the company now counts seven OEMs as customers across more than 100 vehicle models, between them representing more than fifteen percent of global annual automobile production. The tech is thus far in more than 300,000 vehicles on the road since 2019.

A rights issue this quarter will plan to raise SEK 300m to finance Tobii's operational expenses for the acquired business and build the 'road to profitability'.

The firm is targeting a positive cash flow and an EBIT margin of around 10% in 2026 and an EBIT margin of around 20% in 2028.

Web site: www.tobii.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.