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Seeing Machines sees bright future for driver monitoring technology

Last updated: 08:34 18 Mar 2024 EDT, First published: 06:15 28 Apr 2021 EDT

Snapshot

  • Seeing Machine hails largest ever automotive contract in latest interims
  • Seeing Machines on course for profitability after results - analysts
  • Seeing Machines highlights strong cash position; says it's on track to achieve revenue targets
machines

About the company

Seeing Machines is an industry leader in vision-based monitoring technology that enable machines to see, understand and assist people.

The company's technology portfolio of AI algorithms, embedded processing and optics, power products that need to deliver reliable real-time understanding of vehicle operators.

The technology spans the critical measurement of where a driver is looking, through to classification of their cognitive state as it applies to accident risk.

Seeing Machines was founded in 2000 and is headquartered in Australia.

How it is doing

18 Mar 2024

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) reported first-half results in line with guidance and announced that production has begun on its largest-ever contract, a US$82 million (£64.4 million) interior cabin monitoring program for a large German automotive manufacturer.

Underlying revenue growth in the six months to 31 December was up 28% to US$25.6 million compared to a year earlier, as flagged in a pre-close update.

When including one-off Magna Electronics exclusivity payments, reported revenue growth was 5%.

OEM revenue from Automotive and Aviation was US$11.4 million, down from US$14 million last time, though high margin-per-vehicle royalty revenue from automotive production increased 35% to US$4.2 million

17 Feb 2024

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) CEO Paul McGlone spoke with Proactive's Stephen Gunnion to provide a comprehensive update on the company's performance for the first half of 2024.

The discussion covered the company's financial status, future projections, and strategic initiatives across various sectors, emphasising its position and optimism for continued growth and profitability.

08 Feb 2024

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF), the artificial intelligence (AI) driver monitoring specialist, said it is on track for cash break-even in 2025 as it provided an update on first-half trading and predicted it will meet full-year expectations.

Underlying revenue for the six months ended 31 December 2023 was US$25.6 million, up 28%, while recurring sales were up 22% year-on-year to US$14.5 million.

What the brokers say

18 Mar 2024

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) is on track for full-year targets this year and on course for profitability next year, analysts at Stifel say.

Driven by new European rules mandating driver monitoring technology in cars from later this year, Seeing Machines should enjoy a solid end to the year, Stifel said in a note on Monday.

Alongside this, "we think the company has a comfortable level of cash to reach run-rate profitability in 2025", the bank added, given the new regulatory rules and as shipments of its latest aftermarket driver monitoring system get underway.

What management says

13 Feb 2024

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) CEO Paul McGlone joined Proactive's Stephen Gunnion with a comprehensive update on the company’s performance for the first half of 2024.

McGlone highlighted a strong financial position with over US$22 million in cash, alongside receivables and inventory totaling an additional US$31 million, positioning the company well for future profitability and breakeven. He emphasized the absence of a need for additional funding, thanks to a projected increase in high-margin software royalties from the automotive sector, which are expected to significantly boost cash flow.

McGlone also shared optimism about achieving consensus revenue targets, noting a historical trend of stronger performance in the second half of the financial year. Despite a dip in automotive volumes in the recent quarter, McGlone pointed to the early stages of royalty growth and external economic factors as reasons for variability, maintaining confidence in long-term growth targets.

Seeing Machines highlights strong cash position; says it's on track to...

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) CEO Paul McGlone joined Proactive's Stephen Gunnion with a comprehensive update on the company’s performance for the first half of 2024. McGlone highlighted a strong financial position with over US$22 million in cash, alongside receivables and...

on 02/13/2024