REG - Seeing Machines Ltd - Q3 FY2025 Quarterly KPIs

Seeing MachinesAnnouncement

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RNS Number : 0088H  Seeing Machines Limited  01 May 2025

 

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

 

 

01 May 2025

Q3 FY2025 Quarterly KPIs

 

Over 3.24 million cars on road with Seeing Machines' DMS technology as OEMs
prepare to meet increasing European regulations

 

Seeing Machines Limited (AIM: SEE), 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 2025.

 

Q3 FY2025 KPI highlights:

 

-   Cars on the road with Seeing Machines' technology increased to
3,241,907 units, representing an increase of 77% from 12 months ago (Q3
FY2024: 1,830,207)

-    Quarterly production of 358,162 units, up 34% from the previous
quarter (Q2 FY2025: 266,654) and up 14% from the previous corresponding
quarter (Q3 FY2024: 313,662), demonstrating continued year on year growth, as
well as quarter on quarter recovery following the unexpected dip in Q2 FY2025,
in line with weakness across the wider automotive market

-    For FY2025 year to date, automotive production volumes total ~1.03m
compared with cumulative total of 0.74m for the corresponding period in
FY2024, representing growth of ~39%

-    Commercial production of Guardian Generation 3 commenced at the end
of March 2025, contributing to hardware sales for the quarter which are set to
increase as production run rate reaches approximately 6,000 units per quarter,
by the end of June 2025

-   The Referral Agreement with Mitsubishi Electric Automotive America
(MEAA) to support sales of Guardian Generation 3 in the Americas, was signed
in February. A joint sales plan has been agreed and activities are currently
rolling out across North America following the two companies' combined
attendance at the American Trucking Association Technology & Maintenance
Conference in Nashville in March 2025

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

 

                         Q3 FY2024  Q4 FY2024  Q1 FY2025  Q2 FY2025  Q3 FY2025
 Production FY2024 - 25  313,662    381,215    405,669    266,654    358,162
 % Growth Qtr on Qtr     51%        22%        6%         (34%)      34%
                         Q3 FY2023  Q4 FY2023  Q1 FY2024  Q2 FY2024  Q3 FY2024
 Production FY2023-24    173,802    211,325    222,138    208,231    313,662
 % Growth Comparative    80%        80%        83%        28%        14%

 

Seeing Machines has seen some recovery in quarterly automotive production
volumes after an industry-wide downturn affected its Q2 FY2025 results. As
European OEMs prepare for the upcoming EU General Safety Regulation, the
Company expects steady increases in automotive royalty volumes over the next
quarters, leading up to July 2026 when the requirement for Advanced Driver
Distraction Warning ("ADDW") in all new cars, vans, trucks and buses is
introduced. This should result in expected cumulative production volumes and
high-margin royalty revenue remaining unchanged through 2026.

 

During Q3 FY2025 Seeing Machines received a prepayment of royalties for
minimum volume guarantees associated with several Automotive programs. The
timing of prepayments for these guarantees are aligned with the original
expected start of production timeframes. The associated volumes have not been
included in the cumulative total of cars on the road or quarterly production
volumes but will be included in the quarter in which production occurs.

 

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

                                         Q3 FY2024  Q4 FY2024  Q1 FY2025  Q2 FY2025  Q3 FY2025
 Guardian Hardware unit sales            1,660      9,807      1,491      288        1,151
 ARR excluding Caterpillar (historical)  $12.9m     $13.3m     $13.6m     $13.4m     $13.4m
 % Growth Qtr on Qtr                     (1%)       3%         2%         (1%)       -

 

Guardian Generation 3, the Company's aftermarket safety technology targeting
the commercial transport and logistics segment, is now in production and
Seeing Machines expects the production run rate to ramp up to 6,000 units per
quarter by the end of June 2025. This will provide consistent and reliable
product availability to meet the growing demand across the Company's direct
and indirect channels with commercial vehicle OEMs and transport and logistics
operators.

 

Paul McGlone, CEO of Seeing Machines, commented: "It is encouraging to see our
automotive production volumes increase again in Q3 and I am confident that
this momentum will continue as additional new programs start production this
year and we move closer to the EU's General Safety Regulation requirement for
Advanced Driver Distraction Warning, with significant uptick expected as we
move through FY2026.

 

"In our commercial transport segment, Guardian Generation 3 production is now
well underway, and we are seeing positive results from a range of trials we
are involved in across the Northern Hemisphere. We look forward to more of
these trials as we work with Mitsubishi Electric Automotive America to
leverage their vast customer base in America. Our innovative Guardian
Generation 3 technology delivers superior automotive-grade technology which
will reduce false alerts, enabling our Guardian Centre to operate more
efficiently and ultimately result in increased customer satisfaction and
safety outcomes.

 

While we are cognisant of the broader and fast-moving global macro picture,
the committed regulatory drivers in our industry remain unchanged, as new road
safety regulatory requirements come into effect, led by the EU. Our strong
financial position, best in class product and continued cost discipline
support our ongoing focus on achieving our cashflow break-even run rate during
the calendar year 2025 and we are doing everything in our power to succeed in
that. Finally, we are pleased with the successful secondary placing carried
out by Stifel to support Federated Investors' sale of Seeing Machines' stock
to a range of existing and new institutional shareholders, demonstrating
long-term confidence and support amongst our shareholder base as we focus on
the opportunities ahead."

 

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

 Brough Ransom

 Ben Good

 DGA Group (Media Enquiries)                                        +44 20 7664 5095

 James Styles

Methuselah Tanyanyiwa

 Matthias Jarosz

 seeingmachines@dgagroup.com (mailto:seeingmachines@dgagroup.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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