REG - Seeing Machines Ltd - Q1 FY2025 Quarterly KPIs

Seeing MachinesAnnouncement

11/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241111:nRSK6835La&default-theme=true

RNS Number : 6835L  Seeing Machines Limited  11 November 2024

 

Seeing Machines Limited

 

 

11 November 2024

Q1 FY2025 Quarterly KPIs

 

Market leading position with over 2.6 million cars on the road featuring
Seeing Machines' technology across 8 Automotive production programs

 

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 30 September 2024 ("Q1
FY2025").

 

Q1 FY2025 KPI highlights:

 

-   Cars on the road with Seeing Machines' technology increased to
2,617,091 units, representing an increase of 100% from 12 months ago (Q1
FY2024: 1,308,314)

-     Quarterly production of 405,669 units, up 6% from the previous
quarter (Q4 FY2024: 381,215) and up 83% from the previous corresponding
quarter (Q1 FY2024: 222,138), reflecting continued growth despite the
challenging global automotive industry backdrop

-    Following the new Licensing Agreement with Caterpillar announced on
26 June 2024, and the up-front license payment of US$16.5 million relating to
Guardian technology, the metrics for Aftermarket have been changed from
'Monitored Connections' to 'Guardian Hardware Unit Sales' and 'Annual
Recurring Revenue' (ARR), with ARR now excluding any contribution from
Caterpillar, as more appropriate leading indicators of revenue growth

 

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

                         Q1 FY2024  Q2 FY2024  Q3 FY2024  Q4 FY2024  Q1 FY2025
 Production FY2024 - 25  222,138    208,231    313,662    381,215    405,669
 % Growth Qtr on Qtr     5%         (6%)       51%        22%        6%
                         Q1 FY2023  Q2 FY2023  Q3 FY2023  Q4 FY2023  Q1 FY2024
 Production FY2023-24    112,077    141,747    173,802    211,325    222,138
 % Growth Comparative    98%        47%        80%        80%        83%

 

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

                                         Q1 FY2024  Q2 FY2024  Q3 FY2024  Q4 FY2024  Q1 FY2025
 Guardian Hardware unit sales            1,724      3,037      1,660      9,807      1,491
 ARR excluding Caterpillar (historical)  $12.0m     $13.0m     $12.9m     $13.3m     $13.6m
 % Growth Qtr on Qtr                     1%         8%         (1%)       3%         2%

 

Seeing Machines' Automotive production volumes increased to a quarterly
production volume of 405,669 units, a strong year-on-year increase of 83%. The
Group's technology is now installed in over 2.6 million vehicles.

 

In Aftermarket the Licensing Agreement with Caterpillar in June 2024 included
an upfront license payment of US$16.5m, of which US$5.0m was recognised as
revenue in FY2024. The balance of the license fee will be recognised over the
remainder of the 5-year agreement. The ongoing revenue is not considered to be
recurring in nature and so is excluded from the ARR metric. The growth in ARR
compared to Q1 FY24, excluding historical recurring revenue from Caterpillar,
was 13.4% (Q1 FY2024: US$11,964,782). Guardian hardware unit sales were
weighted to the second half of FY2024, with the sell-through of remaining
Guardian Generation 2 inventory. It is expected that sales volume will also be
weighted to the second half of FY2025 as production of Guardian Generation 3
increases.

 

Using the combined metrics of ARR and Guardian hardware unit sales will
provide more meaningful and relevant leading indicators for revenue growth as
the mix of sales channels, pricing models and service tiers expands with the
introduction of Guardian Generation 3.

 

Paul McGlone, CEO of Seeing Machines, said: "Seeing Machines has maintained
the expected growth rate of 100% in cars on road from 12 months ago, now with
8 programs at the start of production. We continue to see our Automotive
programs progress successfully to production despite the ongoing and widely
documented challenges across the global automotive sector.

 

"I am confident growth will continue as regulations and automated driving
features continue to drive demand for Driver and Occupant Monitoring System
technology. Guardian growth remains steady, and we expect this to accelerate
as Guardian Generation 3 becomes available to Aftermarket customers in more
jurisdictions, globally."

 

This announcement contains inside information under the UK Market Abuse
Regulation. The person responsible for arranging for the release of this
announcement on behalf of the Company is Paul McGlone, CEO.

 

 

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

 DGA Group (Media Enquiries)                              +44 20 7664 5095

 James Styles

Methuselah Tanyanyiwa

 Matthias Jarosz

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

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFFFSMFELSEFF