REG - Seeing Machines Ltd - Key Performance Indicators Q3 FY2023

Seeing MachinesAnnouncement

04/05/2023 07:00

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RNS Number : 4042Y  Seeing Machines Limited  04 May 2023

 

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

 

 

4 May 2023

 

Key Performance Indicators Q3 FY2023

 

Consistent year on year growth across OEM and Aftermarket segments

 

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 quarterly Key
Performance Indicators ("KPIs") for the quarter ended 31 March 2023.

 

Highlights:

 

-     Cars on road increased by 177% over 12 months to 874,851 units (Q3
FY22: 341,835)

-     Guardian connections increased 30% over 12 months to 49,050 (Q3
FY2022: 37,791)

-     Guardian units sold, yet to be connected of 4,913 units

-     Exceeded 50,000 Guardian connection milestone as at 30 April 2023

 

Automotive:

 

                 Q4 FY2022  Q1 FY2023  Q2 FY2023  Q3 FY2023
 Cars on road    447,225    559,302    701,049    874,851
 % Growth        31%        25%        25%        25%

 (Qtr on Qtr)
 Qtr production  105,390    112,077    141,747    173,802
 % Growth        7%         6%         26%        23%

 (Qtr on Qtr)

 

Aftermarket (Guardian):

 

                                  Q4 FY2022  Q1 FY2023  Q2 FY2023  Q3 FY2023
 Monitored connections            39,892     41,415     46,018     49,046
 % Growth                         6%         4%         11%        7%

 (Qtr on Qtr)
 Units sold, yet to be connected  10,706     9,698      6,085      4,913

 

Seeing Machines is experiencing consistent, quarter on quarter growth in
high-margin royalty revenue, as more cars start production, with significant
growth over the year. This is expected to continue to increase as new programs
start production despite the challenges facing the automotive industry such as
seasonality, supply chain issues and global economic factors.

 

In Aftermarket, quarterly Guardian connections have grown steadily and units
sold, yet to be connected, has decreased, contributing to annual recurring
revenue. The monitored connections figure does not include additional hardware
sales from Guardian upgrades, from Generation 1 to Generation 2, as Australia
phases out its 3G networks in favour of 4G over the next 12 months.
Replacement sales counted for an additional 1,294 units.

 

Paul McGlone, CEO of Seeing Machines, said: "I am pleased with the consistent,
steady quarterly growth across both Automotive and Aftermarket, and exceeding
the major milestone of 50,000 Guardian units installed as at the end of April
was particularly important in the face of supply chain issues over the past
couple of years. The annual growth for cars on road of 177% and 30% for
Guardian connections, is significant and will continue to accelerate as more
cars start production across increasing programs, and as we get our next
generation of Guardian technology into the market. Regulatory momentum
continues to be a key driver across the business as Europe's General Safety
Regulation requires Driver Monitoring System technology to reduce risks on
their roads, and the USA moves to a similar, safety focused approach. Our
market leading position, diversified go to market strategy and scale means we
are ideally positioned to continue benefitting from the ever-growing focus on
transport safety around the world."

 

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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