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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