TIDMSEE
RNS Number : 5933Q
Seeing Machines Limited
22 February 2023
Seeing Machines Limited ("Seeing Machines" or the "Company")
22 February 2023
Half year trading update and quarterly KPIs
Regulatory tailwinds and industry momentum supports continued
growth
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the
"Company"), the advanced computer vision technology company that
designs AI-powered operator monitoring systems to improve transport
safety, publishes a trading update for the six months to 31
December 2022 ("H1 2023") and quarterly Key Performance Indicators
("KPIs") for the quarter ended 31 December 2022.
Trading Update
The Company expects to report revenue for H1 2023 of US$24.4m
(H1 2022: US$15.8m), representing a 54% increase year on year.
Total connected Guardian units at 31 December 2022 were 46,018,
securing Annualised Recurring Revenue of US$12.7m (H1 2022:
US$11.9m). Cash position at 31 December 2022 of US$52.7m (FY 2022:
US$41.0m).
Seeing Machines achieved a record result for the six months to
31 December 2022. The positive progress across the business builds
on the momentum of FY 2022 and is underpinned by the enhanced focus
on safety by regulatory bodies across all transport sectors,
globally. These tailwinds continue to expand the Company's
addressable market, adding to the attractive structural growth
drivers in Automotive, Aftermarket and Aviation.
Company Highlights
Seeing Machines' balance sheet was significantly strengthened
during the period. The Company is now fully funded to deliver on
its current business plan, following the collaboration announced
with Magna International to exclusively pursue driver and occupant
monitoring system (DMS/OMS) business targeting the rear-view mirror
and the additional investment of up to US$47.5m (of which US$30m
has been drawn down to date) provided via a Convertible Note, with
a conversion rate per ordinary share of 11 British pence.
Seeing Machines continues to grow as an automotive technology
leader in driver and occupant monitoring system technology, having
now won a total of 15 automotive programs spanning 10 individual
OEMs, covering more than 160 distinct vehicle models. The
cumulative initial lifetime value of all OEM programs that Seeing
Machines has won to date now stands at US$321M.
Martin Ive, CFO, was appointed in November 2022. Well positioned
to guide the Company through the next phase of growth, Martin is a
highly experienced finance professional and chartered accountant,
who was responsible for leading the development of multinational
software company Altium's business intelligence capabilities to
provide insights and information, guiding operational and strategic
decisions.
KPIs - Highlights:
Seeing Machines' quarterly non-financial KPIs for the quarter
ended 31 December 2022 (Q2 FY2023) are published below:
- Cars on road increased by 188% over 12 months to 701,049 units (Q2 FY2022: 243,722)
- Guardian connections increased 25% over 12 months to 46,018 (Q2 FY2022: 36,933)
- Guardian units sold, yet to be connected of 6,085 units.
Automotive:
Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023
----------------
Cars on road 243,722 341,835 447,225 559,302 701,049
---------- ---------- ---------- ---------- ----------
% Growth
(Qtr on Qtr) 33% 40% 31% 25% 25%
---------- ---------- ---------- ---------- ----------
Qtr production 60,205 98,113 105,390 112,077 141,747
---------- ---------- ---------- ---------- ----------
% Growth
(Qtr on Qtr) 12% 63% 7% 6% 26%
---------- ---------- ---------- ---------- ----------
% Growth
(year on
year) 135%
---------- ---------- ---------- ---------- ----------
Aftermarket (Guardian):
Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023
---------------
Monitored
connections 36,933 37,791 39,892 41,415 46,018
---------- ---------- ---------- ---------- ----------
% Growth
(Qtr on Qtr) 6% 2% 6% 4% 11%
---------- ---------- ---------- ---------- ----------
Units sold,
yet to be
connected 4,587 5,850 10,706 9,698 6,085
---------- ---------- ---------- ---------- ----------
The growth in cars on road has been consistent over the past 5
quarters, despite the expected seasonality which impacts quarterly
car sales, and supply chain challenges for automotive
manufacturing, generally. Seeing Machines DMS is now in early
stages of production across 6 individual programs with 4 OEMs. In
Aftermarket, as outlined in FY2022 Results, hardware was
considerably constrained for H1 2023 with limited access to some
components due to supply chain issues across the manufacturing
sector, globally.
Paul McGlone, CEO of Seeing Machines, said : "We are delighted
with the continued growth across the business. As the number of
vehicles fitted with our technology increases, Seeing Machines is
now firmly established as an industry leader in the interior
sensing market where our driver and occupant monitoring systems
have become mission-critical technology in the quest for greater
transport safety. Driven by enhanced regulation, the long-term
growth drivers in our industry underpin increasing demand from
customers across our OEM and Aftermarket segments globally. As we
advance our feature set and launch the next generation of Guardian,
our market leadership position, strong balance sheet and scalable
operating model means we are confident of significant continued
growth and meeting FY2023 expectations, despite the abovementioned
and well documented global supply chain challenges."
Notice of Results
Seeing Machines will publish its H1 FY2023 Results on Monday 6
March 2023.
The Company will host a presentation via the Investor Meet
Company platform on Tuesday 7 March 2023. To register for the
Investor Meet Company presentation, please visit
www.investormeetcompany.com .
Capital Markets Event
Seeing Machines will hold a Capital Markets Event for
institutional investors and sell-side analysts on Wednesday 8 March
2023 in New York. Presentations from Seeing Machines' executive
leadership team will outline the Group's strategy, competitive
advantages, growth opportunities and -financial targets.
Enquiries:
Seeing Machines Limited +61 2 6103 4700
Paul McGlone - CEO
Sophie Nicoll - Corporate Communications
Stifel Nicolaus Europe Limited (Nominated
Adviser and Broker) +44 20 7710 7600
Alex Price
Fred Walsh
Nick Adams
Ben Burnett
Dentons Global Advisors (Media Enquiries)
James Styles
Jonathon Brill
seeingmachines@dentonsglobaladvisors.com +44 20 7664 5095
About Seeing Machines (AIM: SEE), a global company founded in
2000 and headquartered in Australia, is an industry leader in
vision-based monitoring technology that enable machines to see,
understand and assist people. Seeing Machines is revolutionizing
global transport safety. Its 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. Reliable "driver state" measurement is
the end-goal of Driver Monitoring Systems (DMS) technology. Seeing
Machines develops DMS technology to drive safety for Automotive,
Commercial Fleet, Off-road and Aviation. The company has offices in
Australia, USA, Europe and Asia, and supplies technology solutions
and services to industry leaders in each market vertical.
www.seeingmachines.com
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