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This paper presents an analytical model for predicting the stator full load magnetic losses in high-speed slotless permanent-magnet machines with surface-mounted magnets on the rotor and a stator core made of isotropic and conductive soft magnetic composite material (SMC). The losses are derived from the computation of the two-dimensional magnetic field distribution created by the rotor magnets, the currents in the stator windings and the eddy currents that circulate in the SMC stator core, according to the time and space harmonics. Both eddy currents and hysteresis losses are computed. The model is cross-validated by 2-D FE analysis in terms of magnetic field distribution and eddy currents losses. 3-D FE simulations are also carried out to quantify the end-effect on the stator no-load eddy current losses. The developed model is an efficient machine design tool, used here to quantify the variations of both the eddy currents and hysteresis losses under full load operation when the control angle is modified.