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Seeing Machines confident in full-year outlook, reports first-half revenue growth

Published: 03:16 06 Mar 2023 EST

Seeing Machines Ltd -

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) said it remains confident in meeting full-year expectations following an uptick in first-half revenues.

The computer vision technology company focused on improving transport safety reported operational revenue of US$24.4mln in the six months to 31 December 2022, 54% higher compared to the same period a year earlier.

Much of this was driven by a 268% increase in original equipment manufacturer (OEM) revenue in its automotive and aviation business, which grew to US$14mln, according to a statement.

Seeing Machines also reported gross profits of US$15.5mln, more than double than the same period a year earlier.

For the full year, the group said it expects results in line with market expectations, which are revenues of US$53.9mln and underlying earnings (EBITDA) of US$12.7mln.

Looking ahead, the AIM-listed company said its total addressable market is expanding, underpinned by structural drivers and regulatory tailwinds which present an opportunity to grow market share and deliver long-term growth.

“Transport safety has moved meaningfully up the regulatory agenda around the world and our market leadership, scalability and balance sheet strength mean we are ideally positioned to deliver on our business objectives,” said chief executive Paul McGlone.

“Whilst we have contended with some industry wide supply chain challenges relating to automotive manufacturing, we expect the impact of these to ease on our Aftermarket business in the second half of the year, and are confident of meeting fiscal year 2023 expectations."

Seeing Machines reduced its net loss by 47% to US$5.4mln and said its balance sheet is “strong”, with US$52.2mln in cash at the end of the first half.

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on 02/13/2024