REG - Seeing Machines Ltd - 16th Automotive program awarded & Q1 FY2024 KPIs

Seeing MachinesAnnouncement

08/11/2023 07:00

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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)           +44 20 7664 5095

 James Styles

Jonathon Brill

 Methuselah Tanyanyiwa

 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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