TIDMSEE
RNS Number : 6370S
Seeing Machines Limited
08 November 2023
Seeing Machines Limited ("Seeing Machines" or the "Company")
8 November 2023
16(th) Automotive program awarded & quarterly Key
Performance Indicators Q1 FY2024
Cars on road with Seeing Machines' technology now exceed 1.3
million, contributing to high margin royalty revenue 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, announces a new Automotive program award as it publishes
quarterly Key Performance Indicators ("KPIs") for the quarter ended
30 September 2023.
Highlights:
- Seeing Machines appointed to deliver an additional Automotive
program for an existing European automotive manufacturer with an
initial lifetime value of US$15m, start of production scheduled for
2026
- Total number of cars on road with Seeing Machines' technology
installed increased by 134% over 12 months to 1,308,314 units (Q1
FY23: 559,302)
- Quarterly Automotive production volume increase in Q1 FY2024
of 98% to 222,138 units (Q1 FY23: 112,077)
- Monitored Guardian connections increased 30% during the last
12 months to 54,140 units (Q1 FY2023: 41,415)
Seeing Machines has been appointed by an existing European
Tier-1 customer to deliver its FOVIO Driver Monitoring System (DMS)
for an additional program with an existing large European
automotive OEM. This program, to be delivered via Seeing Machines'
embedded Driver Monitoring Engine (FOVIO e-DME software library),
will be delivered across multiple vehicle platforms and has high
potential for expansion to other models.
The program, scheduled to start production in 2026, targets
ongoing industry safety regulation expectations and carries an
initial lifetime value of US$15M. The appointment by an existing
Tier 1 customer for an existing OEM demonstrates strong confidence
in the Company's ability to deliver on its market leading interior
sensing technology. Seeing Machines has now been engaged to deliver
16 programs with 10 individual OEM customers, building the
cumulative initial lifetime value of all OEM programs to
US$336m.
Quarterly Key Performance Indicators (KPI's) for Q1 FY2024
Automotive Production Volumes:
Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024
----------------------
Production FY2023/24 112,077 141,747 173,802 211,325 222,138
---------- ---------- ---------- ---------- ----------
% Growth Qtr
on Qtr 6% 26% 23% 22% 5%
---------- ---------- ---------- ---------- ----------
Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023
---------- ---------- ---------- ---------- ----------
Production FY2022/23 53,783 60,205 98,113 105,390 112,077
---------- ---------- ---------- ---------- ----------
% Growth YoY 108% 135% 77% 108% 98%
---------- ---------- ---------- ---------- ----------
Aftermarket (Guardian):
Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024
-----------------------
Monitored connections 41,415 46,018 49,046 51,975 54,140
---------- ---------- ---------- ---------- ----------
% Growth Qtr
on Qtr 4% 11% 7% 6% 4%
---------- ---------- ---------- ---------- ----------
Units sold,
yet to be connected 9,698 6,085 4,913 7,630 7,189
---------- ---------- ---------- ---------- ----------
Seeing Machines has delivered a strong year on year increase
(98%) in Automotive production volumes with the Group's technology
now installed in over 1.3 million vehicles. Seasonality of
automotive production impacted the quarter-on-quarter growth rate,
similarly to Q1 FY2023.
In Aftermarket, monitored connections of 54,140 have grown by
over 30% annually. This number excludes the sale of approximately
480 Guardian units in Q1 FY2024, upgrading customers from
Generation 1 to Generation 2, as Australia phases out its 3G
networks in favour of 4G over the next 12 months.
Paul McGlone, CEO of Seeing Machines, said : "We welcome our
16(th) Automotive program award with our existing Tier 1 and OEM
customers. This expanded business opportunity extends our
incumbency with this particular OEM, giving us increased confidence
for extensions across more vehicle lines within their portfolio. As
a leading supplier of mission critical transport safety systems,
being trusted is of paramount importance and while this individual
award is reasonably modest in size, it further validates our proven
technology and I am confident we will see more business from this
OEM customer.
The quarterly KPIs provide transparency across the core metrics
within our business and therefore expose us to seasonal trends,
especially in the Automotive space. That considered, we are pleased
to see growth close to our expected 100% year on year run rate in
Automotive royalties, with over 1.3 millions cars on the road
containing our safety technology and double-digit growth in our
Aftermarket business. We are benefitting from the compelling
structural drivers in our industry as new transport safety laws
mandating the use of Driver Monitoring technology fast
approach."
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
Methuselah Tanyanyiwa
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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END
MSCFZMGMLNVGFZG
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