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Seeing Machines face tracking technology builds traction in multiple areas

Snapshot

  • Opportunities in autonomous vehicles market
  • Automotive programmes are on track
  • Growing interest in Seeing Machines' technology
machines

Quick facts: Seeing Machines Ltd.

Price: 4.3 GBX

AIM:SEE
Market: AIM
Market Cap: £144.7 m
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Sales momentum is building in all our major markets through initiatives to expand geographic footprint with global customers, new distributors and the addition of new channel partners

Paul McGlone, chief executive

What Seeing Machines does:

Seeing Machines PLC (LON:SEE) makes driver monitoring systems (DMS) that can be used in cars, trucks, trains and aircraft.

The technology tracks the eye gaze, head position and pupil size of drivers or pilots to determine whether they are drowsy or distracted.

Among some of the firm’s clients are Autoliv, General Motors, Coach USA, Bosch, Caterpillar and Emirates.

Seeing Machines sees an opportunity for its DMS in the autonomous vehicles market that is being developed by the likes of Tesla, General Motors and Alphabet’s Waymo.

There are different levels of autonomy with level 0 being when you hear a beep as you approach an object when reversing and level 5 being when the steering wheel becomes superfluous.

The AIM-listed group is based in Canberra, Australia but serves markets across Europe, North America, Latin America, the Middle East and the Asia Pacific.

How it's doing

In the year to the end of June 2019, revenue rose 4% to A$31.9mln from A$30.7mln the year before but in the current fiscal year the company is expecting it to rise to somewhere between A$45mln and A$50mln.

In the year just ended, revenue from the company's Guardian driver fatigue monitoring system more than doubled to A$13.7mln from A$4.2mln in the corresponding period of 2018.

Annualised recurring revenue at the end of June stood at A$12mln

Research and development expenses in the year rose to A$35.9mln from A$20.02mln, which was reflected in the deeper loss before tax of A$41.7mln compared to a loss the year before of A$36.0mln.

Contracts recently include one to install its AI-powered driver monitoring system to a fleet owned by one of Canada’s largest haulage companies.

Bison Transport, which employs 2,500, is having Seeing Machines’ Guardian technology fitted to the cabs of 120 trucks.

The car arm also has seen an expanded programme for its FOVIO driver monitoring system (DMS) with an existing customer, a European original equipment manufacturer.

The AIM-listed firm said a new Tier 1 supplier would deliver its FOVIO system to the original equipment manufacturer (OEM) client for additional car models, due to enter production in 2022, while “incremental” revenue from the program was expected to exceed A$23mln (£12.7mln).

Alaska Airlines will also use the technology to improve pilot training with gaze-tracking technology that helps instructors understand pilot behaviour. 

What the boss says: Paul McGlone

Inflexion points

  • Traction in all key areas where Seeing Machines operates
  • Revenues start to build as contracts ramp-up
  • Driverless technology becomes more mainstream

 

 

 

 

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Watch

Seeing Machines LIVE 2019 results presentation - CEO Paul McGlone

Seeing Machines Limited (LON:SEE) CEO Paul McGlone talks through the firm's full year results to June 2019. Revenue rose 4% to A$31.9mln from A$30.7mln the year before but in the current fiscal year, the company is expecting it to rise to somewhere between A$45mln and A$50mln.

on 09/24/2019

3 min read