Third order in two months points to OEM re-engagement at Seeing Machines
Published: 08:03 22 Jul 2026 EDT
The $5 million contract Seeing Machines Ltd (AIM:SEE, OTC:SEEMF, FRA:M2Z) announced on Wednesday looks small. What it signals is not.
Stifel and Shore Capital both reacted to the driver monitoring specialist's latest win by pointing past the headline figure to a change in the shape of the order book.
The award, placed by a European carmaker through an existing tier one supplier, is the third in two months, following a $31 million expansion order in June covering China, the US and Europe, and an $11 million programme with a new Japanese customer.
That takes the two-month tally to $47 million, against reported revenue of $62.3 million in the year to June 2025.
More telling is where the cameras are going. This is another rear-view mirror integration, the second such design in quick succession.
Stifel analyst Peter McNally notes that dashboard and steering column systems must be engineered afresh for every model interior, and each redesign is an opening for a rival supplier to displace the incumbent.
A mirror unit is built once and carried across platforms with minimal re-engineering, which makes each win a potential foothold on several vehicle lines rather than one. In other words, that's good news for Seeing Machines.
Shore Capital's Alasdair Young adds that programme values have historically grown as carmakers add models, making disclosed lifetime revenue figures a conservative floor.
The timing matters too. European General Safety Regulation requirements took full effect this month, and both brokers read the resumption of awards as carmakers turning back to premium monitoring features now that compliance is secured.
Stifel has a 'buy' rating and 10.5p target; Shore Capital also rates the shares 'buy', at 9.5p. The stock trades at 4.69p (3% on the day).
Next test: fourth-quarter production numbers, due in August.
