REG - Seeing Machines Ltd - Q3 FY2024 Quarterly KPIs

Seeing MachinesAnnouncement

07/05/2024 07:15

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RNS Number : 3446N  Seeing Machines Limited  07 May 2024

 

Seeing Machines Limited ("Seeing Machines" or the "Company")

 

 

7 May 2024

 

Q3 FY2024 Quarterly KPIs

 

Over 1.8 million cars on the road with quarterly production of 313,662 units
representing quarter on quarter growth of 51% across 7 Automotive production
programs

 

World's first interior cabin solution started production with Seeing Machines'
technology

 

 

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 its quarterly Key
Performance Indicators ("KPIs") for the quarter ended 31 March 2024.

 

Q3 FY2024 KPI highlights:

 

-     Cars on road increased to 1,830,207 units, representing an increase
of 109% from 12 months ago (Q3 FY2023: 874,851)

-     Quarterly production of 313,662 units up 51% from the previous
quarter, including contribution from world's first interior cabin monitoring
solution, which started production in March 2024

-     Monitored Guardian connections increased by 22% during the last 12
months to 59,706 units (Q3 FY2023: 49,046)

 

Automotive Production Volumes (production of new vehicles using Seeing
Machines' DMS technology):

 

                         Q3 FY2023  Q4 FY2023  Q1 FY2024  Q2 FY2024  Q3 FY2024
 Production FY2023 - 24  173,802    211,325    222,138    208,231    313,662
 % Growth Qtr on Qtr     23%        22%        5%         -6%        51%
                         Q3 FY2022  Q4 FY2022  Q1 FY2023  Q2 FY2023  Q3 FY2023
 Production FY2022-23    98,113     105,390    112,077    141,747    173,802
 % Growth Comparative    77%        101%       98%        47%        80%

 

Aftermarket (Guardian) (installed technology for commercial transport fleets
and logistics organisations):

 

                                  Q3 FY2023  Q4 FY2023  Q1 FY2024  Q2 FY2024  Q3 FY2024
 Monitored connections            49,046     51,975     54,140     56,896     59,706
 % Growth Qtr on Qtr              7%         6%         4%         5%         5%
 Units sold, yet to be connected  4,913      7,630      7,189      7,470      6,320

 

Seeing Machines delivered a strong year on year increase of 80% in Automotive
production volumes with the Group's technology now installed in over 1.8
million vehicles. Q3 saw the successful start of production on a
groundbreaking US$82m interior cabin monitoring program for a large German
auto manufacturer and it is expected that this will continue into Q4 FY2024 as
more programs start production and new safety regulations come into effect.

 

In Aftermarket, monitored Guardian connections have increased by 22% over the
last 12 months. Monitored connections at the end of March 2024 of 59,706
exclude Guardian units sold to customers that have upgraded from Generation 1
to Generation 2, as Australia continues to phase out its 3G network in favour
of 4G. Upgrade sales represented 1,216 units during Q3 FY2024.

 

Paul McGlone, CEO of Seeing Machines, said: "As expected at the time of our
last KPI announcement, we have seen strong growth return in our Q3 vs Q2
production volumes, and with over 744,000 units in Automotive production year
to date, we can confidently expect our annual run rate to exceed 1 million
this financial year and expand beyond that as more programs start production
across our current won business. We've made good operational progress, with a
particular highlight being the largest volume program won to date by Seeing
Machines. This program also represents a technically challenging and
groundbreaking technological solution, introducing the world's first interior
cabin monitoring solution via a single camera system, which makes us very
proud and reaffirms our status as a pioneer when it comes to innovation.

 

New, well documented safety regulations, led by Europe are driving demand
across our Automotive and Aftermarket businesses, and we are tracking well
with demonstrated growth as we help our tier 1 supplier and automotive
manufacturer customers navigate this new territory. The safety and regulatory
momentum that has continued to build across the globe is supporting increased
long-term demand for the Company's differentiated DMS technology.

 

We have worked hard this past quarter to remove cost from our business as part
of our disciplined approach and rigorous operational focus. As we see our
high-margin royalty revenues increase, we reiterate we are on track to meet
FY2024 expectations and achieve a cash break-even run rate during FY2025."

 

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)           +44 20 7664 5095

 James Styles

Jonathon Brill

 seeingmachines@dentonsglobaladvisors.com
 (mailto:seeingmachines@dentonsglobaladvisors.com)

 

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 (http://www.seeingmachines.com)

 

 

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