The company had revenues of over $100 million last year, but has yet to turn a profit.
Eyetracking industry leader Tobii released its latest year-end report Tuesday morning, and showed strong growth numbers across the board.
In total the company had revenues of $114 million (967 million SEK), up from $72 million (619 million SEK). But the company still operated at a loss of $4 million (36 million SEK). That being said, losses have been cut in half from 2014.
Even though revenues grew by 56 percent, the stock market barely responded at all. The stock price jumped by 4 percent within the first ten minutes after the report was released but soon settled back down at Monday’s closing price of just under $5.9 (50 SEK) per share.
The reason behind the current loss is the company’s latest division, Tobii Tech, which is focused on delivering eye tracking systems for consumer products like computers and VR-headsets.
The division operated at a $20 million loss and had sales of less than $7 million.
“Tobii Tech is still in a very early phase commercially speaking. Two thirds of the sales are to our other divisions”, Tobii’s CEO and co-founder, Henrik Eskilsson, says.
The company announced a deal between Tobii Tech and computer manufacturer MSI earlier this year. However, revenues have yet to take off for real, according to Henrik Eskilsson.
“The deal with MSI is based around a high-end computer which is expected to sell in rather small amounts. We probably won’t see any significant revenues from that model in itself. However, it’s our first deal with a computer manufacturer so it’s an important step forward”, Henrik Eskilsson says.
So far, the other two division, Tobii Dynavox and Tobii Pro have covered most of the losses from Tobii Tech. According to Henrik Eskilsson, it will take a couple of years before Tobii Tech will turn a profit.
“Our long term goal with Tobii Tech is to be cash flow positive in 2018”, he says.