Seeing Machines, an advanced computer vision technology company, has released a trading update for the year ended June 30, 2023, as well as quarterly Key Performance Indicators (KPIs) for the same period. The company reported that trading was ahead of expectations, with projected revenue for FY2023 expected to reach US$57.8 million, indicating a 49% increase compared to the previous year.

One of the key highlights for the company was its exclusive collaboration with Magna International to jointly deliver driver and occupant monitoring system (DMS/OMS) technology integrated into the rear-view mirror. This collaboration also brought a US$65 million investment into Seeing Machines, strengthening its balance sheet and fully funding the business to deliver on its current business plan.

Seeing Machines also announced the appointment of Martin Ive as CFO, bringing significant public company experience. Furthermore, the company secured additional OEM program awards, increasing the total automotive cumulative initial lifetime value of all programs won to date to US$321 million. It also entered into an exclusive license agreement with Collins Aerospace, the world’s largest Tier 1 Avionics company.

In terms of KPIs, Seeing Machines saw a significant increase in the number of cars on the road with its technology installed, which grew by 143% over the past 12 months to reach 1,086,176 units. Annual production volume also increased by 101% to 638,951 vehicles. Monitored Guardian connections increased by 30% during the past year to 51,975 units, with FY2023 seeing record sales of over 10,000 units. These achievements reflect the strong performance of Seeing Machines’ Automotive and Aftermarket divisions.

CEO Paul McGlone expressed his satisfaction with the company’s progress, highlighting the crossing of the 1 million threshold for the number of cars on the road with Seeing Machines’ technology installed. He also mentioned the rapid growth of the Guardian business and the increasing adoption of Driver Monitoring Systems by automotive manufacturers.

Seeing Machines is well positioned for growth across all key transport sectors, with its Aftermarket business experiencing 30% annual growth. As Europe’s General Safety Regulation comes into effect in 2024, the company sees opportunities in the “After Manufacture” market and aims to sell compliant vehicles to commercial vehicle manufacturers.

In the Automotive segment, Seeing Machines has won 15 individual programs with 10 OEM customers, with a cumulative total initial lifetime revenue of US$321 million. The company expects to reach a 40% market share by volume, based on respected third-party analysts’ views and its historical win rates.

Licensing agreements have also contributed to the company’s success, such as the collaboration with Magna for rear-view mirror technology and the recent exclusive license with Collins Aerospace for eye-tracking solutions in the Aviation industry. These collaborations leverage the companies’ expertise to drive innovation and safety.

Seeing Machines continues to see strong growth in Automotive production volumes, with its technology installed in over 1 million vehicles. This growth is expected to drive high-margin royalty revenue as more programs start production and regulation deadlines approach.

In the Aftermarket segment, annual Guardian hardware sales have grown by 11%, with supply issues mostly resolved. The company also expects an increase in monitored connections as customers upgrade from Generation 1 to Generation 2 Guardian units.

Overall, Seeing Machines’ strong trading update and key performance indicators reflect its position as a leader in advanced computer vision technology. With its focus on automotive and aviation markets, the company is well positioned for continued growth in the future.

Sources:
– Seeing Machines Trading Update and Key Performance Indicators, year ended 30 June 2023
– Seeing Machines Achieves Record Quarter, Surpasses 1 Million Cars on Road with its Technology Installed – PRNewswire, 19 July 2023

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