REG - Seeing Machines Ltd - Seeing Machines (SEE) Q4 FY2024 Quarterly KPIs

Seeing MachinesAnnouncement

08/08/2024 07:00

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RNS Number : 5871Z  Seeing Machines Limited  08 August 2024

 

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

 

 

8 August 2024

 

Q4 FY2024 Quarterly KPIs

 

Over 2.2 million cars on the road with Seeing Machines' technology with
quarterly production of 381,215 units, representing quarter on quarter growth
of 22% across 7 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 June 2024.

 

Q4 FY2024 KPI highlights:

 

-   Cars on the road with Seeing Machines' technology increased to
2,211,422 units, representing an increase of 104% from 12 months ago (Q4
FY2023: 1,086,176)

-     Quarterly production of 381,215 units, up 22% from the previous
quarter

-   Monitored Guardian connections increased by 19% during the last 12
months to 62,010 units (Q4 FY2023: 51,975)

 

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

 

                         Q4 FY2023  Q1 FY2024  Q2 FY2024  Q3 FY2024  Q4 FY2024
 Production FY2023 - 24  211,325    222,138    208,231    313,662    381,215
 % Growth Qtr on Qtr     22%        5%         -6%        51%        22%
                         Q4 FY2022  Q1 FY2023  Q2 FY2023  Q3 FY2023  Q4 FY2023
 Production FY2022-23    105,390    112,077    141,747    173,802    211,325
 % Growth Comparative    101%       98%        47%        80%        80%

 

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

 

                                  Q4 FY2023  Q1 FY2024  Q2 FY2024  Q3 FY2024  Q4 FY2024
 Monitored connections            51,975     54,140     56,896     59,706     62,010
 % Growth Qtr on Qtr              6%         4%         5%         5%         4%
 Units sold, yet to be connected  7,630      7,189      7,470      6,320      16,127

 

Seeing Machines Automotive production volumes in FY2024 were 1,125,246, a
strong year-on-year increase of 76%. The Group's technology is now installed
in over 2.2 million vehicles.

 

In Aftermarket, monitored Guardian connections have increased by 19% over the
last 12 months. Monitored connections at the end of June 2024 of 62,010
exclude Guardian units sold to customers for upgrades. Upgrade sales
represented 991 units during Q4 FY2024. Units sold, yet to be connected,
reflects the higher proportion of sales in May and June, consistent with
previous years.

 

Following the new Agreement with Caterpillar, announced on 26 June 2024, and
the up-front license payment of US$16.5 million relating to Guardian
technology, monitored Guardian connections presented from Q1 FY2025 will
exclude Guardian units monitored by Caterpillar. Seeing Machines will define a
revised metric at the next update, taking this change into account.

 

Paul McGlone, CEO of Seeing Machines, said: "We have maintained growth of over
100% in the number of cars on road featuring our technology from 12 months
ago, despite the quarter-on-quarter volatility experienced during the year.
Regulations are now in place so we are confident that these figures will
continue to grow for existing Automotive programs and as new programs start
production.

 

"Similarly in Aftermarket, the new regulation in Europe will require more
commercial vehicle OEMs to seek After Manufacture fitment for our Guardian
technology, underpinned by successful homologation (regulatory approval) with
our Northern Ireland customer, Wrightbus, as announced on 30 July 2024. With
Guardian Generation 2 stock sold we are now focused on Guardian Generation 3,
initially with European commercial vehicle OEMs, then all customers across
existing markets in Europe, The Americas and Asia Pacific."

 

The Company expects to issue its FY2024 Trading Update in August.

 

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

 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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