Tobii AB (publ) TOBII
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Full analysis: 6 Apr 2026
Latest news check: 20 Jul 2026
General analysis — not personal advice.
NEUTRAL
7/10
Confidence
Wait/reassess after the H1/Q2 report and a clearer plan to address 2027 tax repayments; consider maintaining only a small tracking position rather than adding before financing risk eases.
The new DMS design wins (SOP 2026/2028) are a materially positive catalyst improving Automotive revenue visibility, and Q1 showed higher gross margin and positive free cash flow. Still, the balance sheet remains tight (low cash and sizable tax repayments due in 2027), so the risk/reward still supports a NEUTRAL stance until funding plans and a sustained cash-flow trend are clearer.
Market sentiment
5/10
↑
Trend: Improving
Sentiment has improved materially after the design wins and strong share-price reaction, with more discussion around declining short interest. However, concerns remain around low cash, upcoming tax repayments and potential dilution; some negative gaming product feedback persists.
Risk assessment
8/10
Dilution:
High
Cash remains low versus upcoming obligations (including tax deferrals due in 2027); while the SEK 25m credit facility helps near-term liquidity, additional funding may still be needed if cash flow does not stabilize.
Jurisdiction:
Low
Swedish listing; operations in stable markets
Execution:
High
Repeated misses and weak AutoSense execution history
Cash flow:
9 mo
Recent changes
- The company reported revenue of 164 MSEK, gross margin of 84% and EBIT of -28 MSEK. Free cash flow was +17 MSEK and cash was 39 MSEK.
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Show all changes (2) — follow the company freeAbout the company
Tobii AB (publ) develops and sells eye-tracking and interior sensing solutions, including driver and occupant monitoring (DMS/OMS) for the automotive industry. The company is in a restructuring/transition phase with cost cuts and a strategic review following major impairments. Near-term liquidity and financing risk is a key investment driver.
Sector:
Eye tracking and interior sensing (DMS/OMS)
Type:
Tech
Next report
27 Aug 2026
Q2
Catalysts
Q3 2026
Regulatory DMS/OMS demand
High
2028
Expansion to new vehicle platform
Medium
Horizon:
Bull case
DMS design wins and improved Q1 cash flow provide greater revenue visibility in Automotive.
Bear case
Low cash and upcoming tax liabilities in 2027 maintain liquidity risk.
Signal rationale (informational)
The new DMS design wins (SOP 2026/2028) are a materially positive catalyst improving Automotive revenue visibility, and Q1 showed higher gross margin and positive free cash flow. Still, the balance sheet remains tight (low cash and sizable tax repayments due in 2027), so the risk/reward still supports a NEUTRAL stance until funding plans and a sustained cash-flow trend are clearer.
Recent news
- Tobii converted 18 760 C-shares into ordinary shares on 30 June 2026, increasing voting rights. The share price continued to decline to the 1.59–1.68 SEK range with a negative technical trend and no new business information has been released.
Price & valuation
Last close
SEK 1.84
1 week
+5.0 %
3 months
-27.2 %
Exchange
Stockholm
Type
Technology
Sector
Eye tracking and interior sensing (DMS/OMS)
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.