REG - Seeing Machines Ltd - Global regulatory momentum drives revenue growth
31/10/2024 07:00
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RNS Number : 3866K Seeing Machines Limited 31 October 2024
Seeing Machines Limited ("Seeing Machines" or the "Company")
31 October 2024
Year End Results - FY2024
Global regulatory momentum drives revenue growth in line with market
expectations
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, has published its audited
financial results for the year ended 30 June 2024 ("FY2024" or "the period").
Paul McGlone, CEO of Seeing Machines, commented: "Despite broader market
dynamics in the Automotive sector, our business continues to gain momentum and
meet expectations on both revenue and cash. The Group's performance has been
supported by favourable regulatory tailwinds as the global market for driver
and occupant monitoring systems matures, further boosting demand across all
our targeted transport sectors and driving our growth prospects.
We have delivered double-digit revenue growth, supported by increased
high-margin royalty revenue as cars on road with our technology increased 100%
compared to the previous 12 months, and an ongoing ramp up of cars in
production is anticipated. Coupled with the broader launch of Guardian
Generation 3, expected to deliver significantly higher margins compared to its
predecessor, this trend of higher margin growth is set to continue.
Seeing Machines' ability to successfully deliver projects is also evident in
our production volumes, with over 2.2 million cars equipped with our
technology on the road as of June 2024-what we believe to be the highest
market share in Automotive DMS today. This achievement directly supports our
core mission of ensuring people get home safely, and I'm proud to see these
statistics reflect that commitment.
Our focus remains on reducing operating costs, as achieving cash flow
break-even is our top priority and we are reaffirming our expectation to
achieve a cash flow break-even run rate in FY2025. By delivering efficiencies
and a disciplined approach to management, I'm confident that we will be able
to successfully navigate increasing geopolitical complexity, to deliver strong
medium- and long-term performance.
The business has had a good start to FY2025, and revenue is on track within
the consensus range."
FINANCIAL HIGHLIGHTS:
- Revenue increased by 17% to US$67.6m (FY2023: US$57.8m), in line
with market expectations 1 (#_ftn1)
- OEM royalties increased 40% to US$10.6m (FY2023: US$7.6m)
- OEM Non-Recurring Engineering (NRE) increased 37% to US$9.2m (FY2023:
US$6.8m) - a lead indicator for future royalty revenue
- Aftermarket monitoring revenue increased by 12% to US$12.4m (FY2023:
US$11.1m)
- Aftermarket hardware and installation revenue increased by 30% to
US$18.9m (FY2023: US$14.5m)
- Disciplined working capital management contributing to a reduction
of 76% in operating and investing cash outflows to US$11.9m (FY2023: outflow
US$50.7m)
- EBITDA loss of US$17.9m (FY2023: loss of US$9.7m)
- Cash at 30 June 2024 of US$23.4m (FY2023: US$36.1m), in line with
market expectations(1)
OPERATIONS HIGHLIGHTS:
- Post period end, Seeing Machines announced a collaboration with Valeo, a
global leader in Automotive, where the two companies are jointly pursuing
Automotive business with OEMs around the world
- The Company is integrating with its newly acquired Berlin based Asaphus
Vision GmbH, a highly specialised development group, to leverage AI and
machine learning capabilities, and the convenient European location
- Seeing Machines' board was strengthened with the appointment of North
American based Stephane Vedie, with 25 years of automotive industry experience
AUTOMOTIVE:
- Two additional OEM program awards, one with an existing and one with a
new customer, has increased the total Automotive cumulative initial lifetime
value of all programs won to date to US$392m (FY2023: US$321m), with the
majority of that revenue expected by the end of 2028
- Over the 12-month period to 30 June 2024, cars on road increased by
104% to 2,211,422 units (Q4 FY2023: 1,086,176)
AVIATION:
- Working exclusively with Collins Aerospace to deliver eye-tracking
solutions across the Aviation industry, the Company confirmed that development
of the aviation fatigue detection solution has begun, triggering the first
Non-recurring Engineering revenue (NRE) payment, the total being US$2.6m,
payable over 2 years, in recognition of successful achievement of a major
development milestone
- The Company continues to deepen its relationship directly with Qantas
Airways in the delivery of eye-tracking solutions to support efficiencies in
simulator flight training
AFTERMARKET:
- New 5-year Master License and Marketing Agreement signed with global
mining company Caterpillar Inc has created additional opportunities for Seeing
Machines to sell its Guardian solution for on-highway vehicles while supplying
smarter and more competitive products to the heavy-equipment sector
- Associated up front license fee payment of US$16.5m to Seeing Machines
contributed to FY2024 cash as well as US$5m recognised as revenue in the year
ended 30 June 2024
- Post period end, Guardian Generation 3 was part of successful vehicle
homologation for two bus manufacturers, including WrightBus, enabling
commercial vehicle manufacturers to meet rising demand for vehicles compliant
with new European GSR regulations
RESULTS PRESENTATION
Private Investor Presentation - Paul McGlone, Chief Executive Officer and
Martin Ive, Chief Financial Officer, will provide a live presentation and
Q&A via the Investor Meet Company platform on 31st October 2024 at 8:00am
GMT.
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
Ben Good
Sarah Wong
Dentons Global Advisors (Media Enquiries) +44 20 7664 5095
James Styles
Jonathon Brill
seeingmachines@dgagroup.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)
Review of Operations
The Group's total revenue for the financial year (excluding foreign exchange
gains and finance income) increased by 17% and total adjusted EBITDA decreased
by 19% on prior year results.
30 June 30 June
2024 2023 Variance
$'000 $'000 %
OEM 26,524 26,707 (1%)
Aftermarket 41,101 31,064 32%
Revenue 67,625 57,771 17%
OEM (19,051) (15,682) (21%)
Aftermarket (19,832) (18,082) (10%)
Adjusted EBITDA* (38,883) (32,764) (19%)
*Adjusted EBITDA is a non-IFRS measure but included as an important metric for
shareholders understanding of the business. Please refer to Note 4(b) for a
reconciliation of adjusted EBITDA with loss before income tax.
OEM division
At the end of FY2024, Seeing Machines had 7 automotive programs in production,
and over 2.2 million cars on the road featuring its DMS technology, an
increase of 104% from 12 months ago. Seeing Machines is now engaged with 11
OEMs on 18 expanding programs with a cumulative total initial lifetime revenue
of $392 million, most of which is expected to be recognised over the period to
2028.
During the financial year the OEM business was strengthened through both a
deepening of its collaborations with Magna and Valeo and also as a result of
securing two new Automotive programs with both a new and an existing OEM.
At the end of the prior financial year, the Group diversified its exposure to
other industries beyond Automotive by entering into an exclusive license and
development agreement with Collins Aerospace in the Aviation sector. This has
generated both licensing and non-recurring engineering revenue being
recognised during this financial year.
30 June 30 June
2024 2023 Variance
$'000 $'000 %
Royalties 10,632 7,580 40%
Non-recurring engineering 9,242 6,766 37%
Licensing 6,038 11,719 (48%)
Hardware and installations 612 642 (5%)
OEM Revenue 26,524 26,707 (1%)
OEM Adjusted EBITDA (19,051) (14,682) (30%)
· Royalty revenues, derived from installation of Seeing Machines' Driver
Monitoring System (DMS) technology, and represent very high margin revenue.
Despite the backdrop of slower OEM production across the globe, the Group
achieved a 100%+ increase in cars on road fitted with our technology compared
with the prior year, resulting in royalty volumes increasing by 76% and
revenues increasing by 40%. This ramp up is expected to continue as Automotive
programs become the dominant source of revenue for the business unit.
· Non-Recurring Engineering (NRE) revenue is software development
activities undertaken to embed DMS technologies into the specific OEM
configuration, and the increase represents additional programs and development
work undertaken in the current financial year. NRE revenue, although at a
lower margin itself, is a leading indicator of future high-margin royalty
revenue.
· Revenue from license fees was earned from exclusive collaboration
agreements with Magna Electronics and Collins Aerospace and reflects the
volume of work undertaken during the year to fulfil those agreements. The
nature of this type of revenue generally means that each agreement is unique
and one-off. This revenue attracts a high margin.
· Adjusted EBITDA represents the EBITDA earned by the division after
adjusting for capitalised research and development expenditure and allocating
corporate costs and overheads. The measure is a proxy for the cash earned or
used by the division during the year. A lower mix of high margin revenue,
contributed to a 30% decline in adjusted EBITDA for the year, which was also
impacted by an increase of investment in research and development costs,
particularly during the first half of the year.
Aftermarket division
Seeing Machines' Guardian technology is now connected to over 62,000
individual vehicles, representing 19% year on year growth, with those vehicles
having travelled over 17 billion kilometres.
During FY2024, the company launched Guardian Generation 3 to commercial
vehicle manufacturers in Europe in support of the General Safety Regulation
(GSR) requirements to detect driver drowsiness, required in all new vehicles
on the road in Europe from July 2024. These requirements will escalate to
include distraction for all new vehicles from July 2026.
The advent of these regulations opens up a new market segment for Seeing
Machines known as After Manufacture (factory-fit). Since the end of FY2024,
two OEMs have successfully achieved vehicle homologation, including the
installation of Guardian Generation 3, allowing them to incorporate the
technology into their vehicles after manufacture but prior to the vehicles
being sold as compliant with the GSR.
Guardian Generation 3 will also underpin expansion in the US market for
traditional aftermarket (retrofit) opportunities.
The Company also signed a new 5-Year Master License and Marketing Agreement
with mining company Caterpillar Inc, which created new opportunities for the
Company to sell its Guardian product to mining related on-highway vehicles,
previously exclusive to Caterpillar, while supplying smarter and more
competitive products to the heavy equipment sector.
30 June 30 June
2024 2023 Variance
$'000 $'000 %
Driver monitoring 12,433 11,117 12%
Hardware and installations 18,902 14,495 30%
Royalties 3,463 2,387 45%
Licensing 5,000 - 100%
Non-recurring engineering / Consulting 1,303 3,065 (57%)
Aftermarket Revenue 41,101 31,064 32%
Aftermarket Adjusted EBITDA (19,832) (18,082) (10%)
· Driver monitoring revenue represents the high margin recurring revenue
generated from Guardian connections with revenue increasing by 12% and
connected units increasing by 19% to 62,010 units in June 2024 (FY2023:
51,975).
· Hardware and installation revenue from the sale and installation
of Guardian units saw growth of 30% as the majority of the remaining inventory
of Generation 2 units were sold, making way for the new higher margin
Generation 3 units which began production during the period.
· Royalties continued to be generated from the agreement with
Caterpillar, Inc, and saw growth as Caterpillar refocused on this segment of
their business. As the previous arrangement with Caterpillar came to an end
in June 2024, the Group entered into a new five-year license Agreement which
included an upfront license payment of $16,500,000 related to Guardian
technology. As a result, $5,000,000 licensing revenue (FY2023: nil) was
recognised during the year from Caterpillar.
· Non-recurring engineering revenue relates to technology development
and consulting projects with Caterpillar. The decrease in revenue represents a
reduction in project activity as existing projects were completed and entered
extended final phases of completion.
· Adjusted EBITDA declined by 10% for the period reflecting
investment for the final stages of the Generation 3 product which was launched
during the year. Additional costs were also incurred to expand the global
sales team and make investments in infrastructure and people to scale the
division in readiness for further growth now that the Generation 3 product is
launched. Margins on the outgoing Generation 2 product also saw a decline as
a result of continued unfavourable foreign exchange conditions.
Gross Profit
Gross profit increased across the entire business from $28,898,000 in FY2023
to $31,525,000 in FY2024 although the gross profit margin declined by 3% year
on year from 50% in FY2023 to 47% in FY2024. The reduction in gross profit
margin was largely due to sales mix changes compared to the prior year with a
lower proportion of revenue from license fees and a higher proportion of lower
margin hardware revenue.
Expenditure
The Group continued to invest in its core technology development to further
strengthen its competitive moat, rapidly expand features and leverage its
systems approach across global OEM and Aftermarket industries. Including the
generation 3 investment, the Company incurred total research and development
expenses of $41,403,000 (FY2023: $34,949,000) during the year ended 30 June
2024 of which $22,868,000 (FY2023: $23,685,000) was capitalised.
30 June 30 June
2024 2023 Variance
$'000 $'000 %
Research and development expenses 11,681 8,820 32%
Customer support and marketing expenses 8,033 6,477 24%
Operations expenses 14,473 11,336 28%
General and administration expenses 15,284 12,938 18%
Operating expenses (excluding depreciation and amortisation) 49,471 39,571 25%
Depreciation and amortisation 8,981 3,973 126%
Operating expenses 58,452 43,544 34%
Operating expenses increased compared to last year which was due to additional
(non-cash) amortisation for development costs, development resources for OEM
customer projects, investment in the Aftermarket operations as discussed
above, and an expanded global Aftermarket sales team.
During the year, several customer projects were completed resulting in a
reduction in outsourced development resource capacity. This contributed to
operating expenses excluding depreciation and amortization reducing by 6% in
the second half of the financial year compared to the first half. Operating
expenses included $1,114,000 (FY2023: nil) related to one-off restructuring
expenses ($738,000) and acquisition costs related to Asaphus Vision GmbH
($376,000). Excluding these one-off restructuring and acquisition costs, the
second half operating expenses excluding depreciation and amortization reduced
by 9% compared to the first half of the financial year.
As a result of these factors, the loss for the year ended 30 June 2024
increased by $15,728,000 to $31,276,000 (FY2023 loss: $15,548,000).
Working capital management
After adjusting for the receipts from one-off licensing arrangements,
cashflows from operating and investing activities have improved significantly
year on year, mainly as a result of a strong focus on working capital
management.
30 June 30 June
2024 2023
$'000 $'000
Net cash flows from/ (used in) operating activities 12,052 (25,039)
Net cash flows used in investing activities (23,996) (25,628)
Net cash flows used in operating and investing activities (11,944) (50,667)
Less: cash from one-off licensing arrangements (25,250) (10,000)
(37,194) (60,667)
Inventories reduced during the year by $7,566,000 with all deliveries of
Generation 2 Guardian units received and the majority of units sold by year
end. The supply chain model for Generation 3 units will result in lower
inventories being held in future periods. Trade and other receivables
reduced compared to June 2023, with a significant overdue balance being paid
after 30 June 2024.
At year end, trade and other payables balance increased primarily as a result
of extended credit terms being negotiated for final deliveries of Guardian
Generation 2 units, which were largely sold prior to year-end with the
proceeds included within the trade and other receivables balance.
Going concern
The attached annual financial report for the year ended 30 June 2024 contains
an independent auditor's report which highlights the existence of a material
uncertainty that may cast significant doubt about the Group's ability to
continue as a going concern. For further information, refer to Note 34(b) to
the financial statements, together with the auditor's report.
Industry update
As transport regulators around the world continue to try keep up with
technological advancements and strive to enhance safety on roads, Seeing
Machines is well positioned to benefit from supportive regulatory tailwinds as
its core technology, underpinned by its purpose of getting home safely, has
become a key regulatory focus.
Touted as the next 'seat belt', driver and occupant monitoring system
(DMS/OMS) technology is set to become commonplace in cars and all road-going
vehicles globally, to help reduce accidents by mitigating risks associated
with drowsy and distracted driving.
In China, requirements for safety technologies, including DMS, are already in
place. In Europe, the General Safety Regulation (GSR) requiring driver
monitoring came into effect in July 2024. Further, the protocols set by
Europe's New Car Assessment Program (NCAP) also play a crucial role in driving
global safety technology advancements as they continue to develop their
roadmap, increasing standards over time to improve safety.
In the United States, the regulatory landscape is evolving to increase
emphasis on integrating advanced driver safety technologies into vehicles.
These developments are part of a broader effort by lawmakers and safety
agencies to address the growing concerns around road safety and the impact of
modern vehicle features on driver behaviour.
These regulatory tailwinds are now influencing and supporting robust growth in
vehicles in production with the Company's technology installed. The influence
of Level 2+ automation, where two or more aspects of driving are controlled by
technology, is also notable particularly in the North American market where
regulators are responding to accidents caused by advanced features that may
endanger driver safety.
This momentum is set to continue, and the Company expects to see significant
growth in high-margin royalty revenue into FY2025 and beyond as ongoing
automotive programs start production, and OEMs meet these requirements across
more of their car lines in Europe and around the world.
In the aviation sector, the company works exclusively with Collins Aerospace,
a Raytheon company and the world's largest Tier 1 Avionics company. This
partnership continues to mature as the development of the launch product moves
forward. Pilot and crew support in simulators and cockpits is the key focus
for enhanced safety and efficiency and Seeing Machines, a pioneer in this
space, is set to secure a leadership path across this rapidly expanding
industry, in partnership with Collins.
Other highlights
Post period end, Seeing Machines acquired Berlin-based Asaphus Vision GmbH,
providing a European team located close to its European customer base, and
enhancing its interior sensing capabilities with AI expertise and specialised
data, critical to the continued development of the Company's feature
technology roadmap.
The Seeing Machines board was further strengthened with the appointment of
Stephane Vedie, a North American based Automotive industry veteran.
Finally, Seeing Machines was honoured to receive the prestigious Prince
Michael of Kent Safety Award 2023, one of the highest accolades in the field,
testament to the commitment of the Company to its purpose of getting people
home safely.
Significant changes in the state of affairs
During the financial year there was no significant change in the state of
affairs of the Company other than those referred to elsewhere in this report
and in the financial statements or notes thereto.
Subsequent events after the balance date
Since 30 June 2024 Seeing Machines Limited has acquired 100% of the issued
shares in Asaphus Vision GmbH, a highly specialised development group with
leading Machine Learning and Artificial Intelligence capability, for
$6,000,000 (cash consideration of $1,000,000 on acquisition and deferred
consideration of $5,000,000).
No other matter or circumstance has arisen since 30 June 2024 that has
significantly affected the group's operations, results or state of affairs, or
may do so in future years.
Likely developments and expected results of operations
More information on the likely developments and expected results of the
operations are included in the review of operations, trading update and other
highlights on pages 2 to 6.
Environmental regulation
The Company holds no licences issued by relevant Environmental Protection
Authorities and there have been no known breaches of any environmental
regulations.
Consolidated statement of financial position
Notes 2024 2023
AS AT 30 JUNE $000 $000
ASSETS
CURRENT ASSETS
Cash and cash equivalents 9 23,361 36,139
Trade and Other receivables 10 25,293 27,039
Contract assets 11 7,044 6,513
Inventories 12 3,625 11,191
Other financial assets 13 315 312
Other current assets 14 2,113 1,116
TOTAL CURRENT ASSETS 61,751 82,310
NON-CURRENT ASSETS
Property, plant & equipment 15 3,486 3,861
Right-of-use assets 25 3,737 1,853
Intangible assets 16 61,323 45,064
TOTAL NON-CURRENT ASSETS 68,546 50,778
TOTAL ASSETS 130,297 133,088
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 17 21,161 11,646
Contract liabilities 19 5,471 4,634
Lease liabilities 25 1,122 708
Provisions 18 4,909 4,414
TOTAL CURRENT LIABILITIES 32,663 21,402
NON-CURRENT LIABILITIES
Contract liabilities 19 9,088 -
Borrowings 20 45,701 40,322
Lease liabilities 25 4,097 2,195
Deferred tax liabilities 6 1,423 2,464
Provisions 18 342 174
TOTAL NON-CURRENT LIABILITIES 60,651 45,155
TOTAL LIABILITIES 93,314 66,557
NET ASSETS 36,983 66,531
EQUITY
Contributed equity 21 240,948 240,948
Other equity 22 5,582 5,749
Accumulated losses 23 (216,796) (185,520)
Other reserves 23 7,249 5,354
Equity attributable to the owners of the parent 36,983 66,531
TOTAL EQUITY 36,983 66,531
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.
Consolidated statement of comprehensive income
Notes 2024 2023
FOR THE YEAR ENDED 30 JUNE $000 $000
Sale of goods 18,168 14,596
Services revenue 24,324 21,489
Royalty and licence fees 25,133 21,686
Revenue 4 (#_bookmark13) 67,625 57,771
Cost of sales (36,100) (28,873)
Gross profit 31,525 28,898
Net gain/(loss) in foreign exchange 69 916
Other income - 31
Expenses 5 (#_bookmark15)
Research and development expenses (18,535) (11,264)
Customer support and marketing expenses (8,033) (6,477)
Operations expenses (16,600) (12,865)
General and administration expenses (15,284) (12,938)
Operating loss (26,858) (13,699)
Finance income 411 691
Finance costs (5,757) (2,571)
Finance costs - net (5,346) (1,880)
Loss before income tax (32,204) (15,579)
Income tax benefit 6 (#_bookmark16) 928 31
Loss after income tax (31,276) (15,548)
Loss for the period attributable to:
Equity holders of the Company (31,276) (15,548)
(31,276) (15,548)
Other comprehensive (loss)/income
Exchange differences on translation of foreign operations (26) 310
Other comprehensive (loss)/income net of tax (26) 310
Total comprehensive loss (31,302) (15,238)
Total comprehensive loss attributable to:
Equity holders of the Company (31,302) (15,238)
Total comprehensive loss for the year (31,302) (15,238)
Loss per share for loss attributable to the ordinary equity holders of the Cents Cents
Company:
Basic loss per share 8 (#_bookmark17) (0.753) (0.374)
Diluted loss per share 8 (#_bookmark17) (0.753) (0.374)
The above consolidated statement of comprehensive income should be read in
conjunction with the accompanying notes.
Consolidated statement of changes in equity
Notes Contributed Equity Other equity Accumulated Losses Foreign Currency Translation Reserve Employee Equity Benefits & Other Reserve Total
$'000
$'000
$'000
$'000
$'000
equity
$'000
Balance at 1 July 2022 240,948 - (169,972) (14,128) 16,968 73,816
Loss for the period - - (15,548) - - (15,548)
Other comprehensive gain - - - 310 - 310
Total comprehensive loss - - (15,548) 310 - (15,238)
Transactions with owners in their capacity as owners:
Share-based payments 27 - - - - 2,204 2,204
Value of conversion rights on convertible notes 22 - 5,749 - - - 5,749
Balance at 30 June 2023 240,948 5,749 (185,520) (13,818) 19,172 66,531
Balance at 1 July 2023 240,948 5,749 (185,520) (13,818) 19,172 66,531
Loss for the year ended - - (31,276) - - (31,276)
Other comprehensive loss - - - (26) - (26)
Total comprehensive loss - - (31,276) (26) - (31,302)
Transactions with owners in their capacity as owners:
Share-based payments 27 - - - - 1,921 1,921
Value of conversion rights on convertible notes - (167) - - - (167)
Balance at 30 June 2024 240,948 5,582 (216,796) (13,844) 21,093 36,983
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes
Consolidated statement of cash flows
FOR THE YEAR ENDED 30 JUNE Notes 2024 2023
$000 $000
Activities
from customers (inclusive of GST)
Operating activities
Receipts from customers (inclusive of GST) 81,634 52,183
Payments to suppliers and employees (inclusive of GST) (69,952) (77,412)
Interest received 411 691
Interest paid - (5)
Income tax paid (41) (496)
Net cash flows from/ (used in) operating activities 24 12,052 (25,039)
Investing activities
Purchase of plant and equipment (831) (1,703)
Payments for intangible assets (patents, licences and trademarks) (297) (253)
Payments for intangible assets (capitalised development costs) (22,868) (23,685)
Interest received on financial assets held as investments - 13
Net cash flows used in investing activities (23,996) (25,628)
Financing activities
Proceeds from borrowings - 47,500
Transaction costs in borrowings - (1,202)
Repayment of lease liabilities (729) (1,005)
Net cash flows from/ (used in) financing activities (729) 45,293
Net decrease in cash and cash equivalents (12,673) (5,374)
Effects of exchange rate changes on cash and cash equivalents (105) 1,043
Cash and cash equivalents at the beginning of the financial year 36,139 40,470
Cash and cash equivalents at 30 June 9 23,361 36,139
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes.
To read the full FY2024 Annual Financial Report and access accompanying notes
to the above tables, please
visit https://www.seeingmachines.com/investors/announcements
(https://www.seeingmachines.com/investors/announcements)
1 (#_ftnref1) Consensus expectations for FY2024 are revenue of US$65.1m,
cash of US$23.5m
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