REG - Seeing Machines Ltd - Year End Results – FY2022
27/10/2022 07:01
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RNS Number : 2550E Seeing Machines Limited 27 October 2022
Seeing Machines Limited ("Seeing Machines" or the "Company")
27 October 2022
Year End Results - FY2022
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 2022 ("FY2022" or "the period").
FINANCIAL HIGHLIGHTS:
- Revenue has increased by 15% to A$54.4m (2021: A$47.2m)
- Underlying revenue has grown by 22%, excluding the one-off license
in FY2021, to A$55.5m when using constant currency 1 (#_ftn1)
- Automotive royalty revenues increased by 141% to A$5.5m (2021:
A$2.3m)
- Non-Recurring Engineering (NRE) revenue up 67% on prior year, a lead
indicator for future Automotive royalty revenue
- Total OEM revenue, which includes Automotive and Aviation, increased
by 21% to A$14.7m (2021: A$12.1m)
- Aftermarket revenue increased by 13% to A$39.8m (2021: A$35.1m)
- Annual Recurring Revenue including royalties increased by 18% to
A$17.6m (2021: A$14.9m)
- Royalties from Guardian hardware sales increased 4% to A$2.4m (2021:
A$2.3m)
- Gross Profit increased by 17.3% to A$24.4m (2021: A$20.8m)
- Cash at 30 June 2022 of A$58.8m (2021: A$47.4m) (prior to the recent
investment by Magna of US$65m (A$103m) announced earlier this month)
OPERATIONAL HIGHLIGHTS:
OEM (Automotive)
- During FY2022, Seeing Machines was appointed to deliver 5 additional
automotive programs, bringing the total individual program count to 14 with 10
automotive OEMs, one of which was the largest driver and occupant monitoring
program awarded to date, with an initial lifetime value of A$125m
- Seeing Machines announced its first automotive design win with a
Japanese OEM
- The cumulative initial lifetime value of all OEM programs that
Seeing Machines has won to date now stands at A$395m, with the majority of
that revenue expected to be realised over the next 4 years
- As cars start production, the automotive revenue mix is changing
from non-recurring engineering (NRE) to high margin royalty revenue
- At 30 June 2022, there were 447,225 vehicles on the road featuring
Seeing Machines' DMS technology, an increase of 246% over the previous period
- Regulatory momentum continued as the US President, Joe Biden, signed
the bipartisan infrastructure legislation, which will require new vehicles to
be fitted with Driver Monitoring System (DMS) technology in an effort to
reduce drunk and distracted driving
- A range of semiconductor company collaborations were entered into,
including with Omnivision to develop a world-first ASIC featuring the Occula®
Neural Processing Unit (NPU) launched by Seeing Machines
- An additional US semiconductor company has licensed the Occula® NPU
and Seeing Machines has also formally collaborated with Ambarella to bring
integrated Advanced Driver Assistance Systems and occupant and driver
monitoring systems to market
- The collaboration announced with Magna International to develop DMS
in the rear-view mirror location was enhanced post-period with a US$65m
investment in the Company (via an exclusivity arrangement payment of US$17.5m
and up to $47.5m convertible note) and the exclusive co-marketing of DMS
integrated into the rear-view mirror location until 2025
OEM (Aviation)
- The Company announced its world-first delivery of a cockpit-based
operator monitoring system with Air Ambulance Victoria
- Seeing Machines signed an Agreement with Airservices Australia to
enhance safety in Air Traffic Control and a collaboration with Collins
Aerospace to jointly market co-developed solutions across the Aviation
industry
AFTERMARKET
- Guardian connections at 30 June 2022 were 39,832, contributing to
the 17% growth in the Company's Annual Recurring Revenue to A$20.1m
- Guardian connections in FY22 were affected by global supply chain
issues. An engineering solution has resolved the problem to ensure enough
stock will be available to meet expected demand in FY2023, however, the
Company continues to monitor this situation closely
- Seeing Machines signed a Global Framework Agreement with Shell
Global Solutions International to deliver its Guardian solution across the
Shell worldwide operations
- The Company established a new sales team in the Netherlands to
support growth across the UK and Europe and to closely support the rollout of
Shell companies located in Europe, Middle East and Africa
- Leading fleet management company, EROAD, has integrated Guardian
technology into its fleet management software to help combat driver fatigue
and simplify mutual customer access to both systems
- As compliance dates for Europe's General Safety Regulation to
enhance road safety approaches, the Company is now engaged with a range of
commercial vehicle manufacturers to deliver Guardian as an 'After Manufacture'
solution
- Seeing Machines' Backup-driver Monitoring System sales opportunities
are expanding, demonstrating the increased market opportunity for this
solution as more self-driving car, robotaxi and truck platooning companies
require the technology to satisfy their testing periods
Quarterly Key Performance Indicator (KPI) Report 2 (#_ftn2) :
Moving forward, Seeing Machines will be issuing a quarterly publication
focused on three KPI's from the Aftermarket and Automotive business units,
launching in November 2022. Below are metrics reported Q4 FY2022:
- Guardian connections of 39,832, a 5% increase (Q3FY22: 37,791)
- Backlog to Guardian Connections of 10,706 units to be installed
- Cars on road increased by 31% to 447,225 (Q3FY22: 341,000)
As previously announced, given over 60% of Seeing Machines revenues are in US
Dollars Seeing Machines will begin reporting in US$ from the start of the
current financial year.
Paul McGlone, CEO of Seeing Machines commented: "The results presented in the
FY2022 accounts are strong and the post-period announcement of our
collaboration with Magna and its investment into the Company has ensured that
Seeing Machines is positioned to win more market share and secure our place as
an industry leading provider of DMS and OMS. Balance sheet strength is
critical to our customers having the confidence in our financial capacity to
deliver on our long-term innovation pipeline and commercial commitments.
"Our Automotive business is thriving and, as we get through the next wave of
RFQs, we will be able to clearly demonstrate this leadership position and
affirm our predicted market share. The Aftermarket business is expanding and
despite some supply chain challenges, the next 24 months will see a
step-change in opportunity as regulation drives additional growth and we move
to the next generation of our Guardian hardware. Finally, in Aviation, we have
no clear competition here and I am delighted to see this business shaping up
to be in a position to add significant value to the Company in the near
future."
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
Nick Adams
Ben Burnett
Lionsgate Communications (Media Enquiries) +44 7791 892509
Jonathan Charles
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' 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
Financial Highlights
The Company's total revenue for the financial year (excluding foreign exchange
gains and finance income) was A$54,435,000 compared to the 2021 revenue of
A$47,167,000, representing an 15% increase on prior year results.
Product 2022 2021 Variance
A$'000 A$'000 %
OEM 14,660 12,088 21
Aftermarket 39,775 35,079 13
Sales Revenue 54,435 47,167 15
With the start of customer production for our Original Equipment Manufacturer
("OEM") business unit (Automotive) in FY21 and the continuing increase in
production in the FY22, royalty revenues increased by 141% to A$5,505,000 from
A$2,280,000 in FY21. An increasing royalty licence revenue stream will
continue to be received over the model lifetime of awarded OEM programs. The
remainder of the revenue in the OEM segment primarily represents NRE
(Non-Recurring Engineering) revenue which is software development activities
undertaken to embed DMS technologies into the specific OEM vehicle
configuration prior to the commencement of vehicle production. NRE revenue
increased by A$3,286,000 to A$8,172,000 (2021: A$4,886,000).
Aftermarket grew by 13% on the prior year despite a slowdown in installations
arising from local and global pandemic-related changes to business conditions,
including supply chain related challenges which have now been resolved.
Revenue momentum accelerated through the second half of the year with revenue
in H2 increasing by 42% on H1 results to A$23,354,000 (H1: A$16,421,000).
Hardware and installation revenue increased by 10% over the prior year to
A$20,709,000 (2021: A$18,798,000) and driver monitoring revenues increased by
19% to A$13,169,000 (2021: A$11,064,000).
Gross profit increased from A$20,765,000 in FY2021 to A$24,410,000 in FY22.
Removing the impact of the one off licence revenue in FY21 amounting to
A$4,190,000, operational gross profit improved 6% year on year from 39% in
FY21 to 45% in FY22 primarily reflecting increased high-margin OEM royalty
licence revenues. Increased sales of Guardian units and a 6% improvement in
Aftermarket gross margin also contributed to the improvement in group gross
profit.
In line with the continued accelerating momentum in Automotive safety
legislation in both Europe and more recently in the US, the Company continued
to invest in its core technology development across global OEM and Aftermarket
industries. As a result, Seeing Machines has reflected a portion of
development expenditure which meets recognition criteria as an intangible
asset amounting to A$32,767,000 (2021: A$8,311,000). During FY22, such
development expenditure amounting to A$25,659,000 (2021: A$8,311,000) was
capitalised and A$1,203,000 (2021: Nil) was amortised. The remaining research
and development costs have been expensed and amount to A$15,487,000. The total
investment in research and development for the current year amount is
A$41,146,000 (2021: A$18,187,000).
Corporate costs increased by $4,389,000 to A$17,214,000 (2021: A$12,825,000)
with a combination of one-off and incremental costs that support
organisational scale and sustainable growth. Maintained focus on business
performance and cost optimisation has partly offset the increase, which will
stabilise in future years.
The resultant loss for the period represented an increase of A$7,903,000 at
A$25,323,000 (2021: A$17,420,000).
Cash used in operations fell from A$19,641,000 to A$15,843,000 as a result of
improved revenue receipts exceeding increases in the operating cost base and
reflecting that capitalised development costs are disclosed as cash flows from
investing activities. Increased revenues, particularly in the later months of
the financial year have not all converted to cash within the reporting cycle.
Net cash and cash equivalents at 30 June 2022 totalled A$58,756,000 (2021:
A$47,393,000).
On 23 November 2021, Seeing Machines issued 277,123,492 new ordinary shares of
no par value each (the "New Ordinary Shares") at a price of 11 British pence
per New Ordinary Share, raising gross proceeds of approximately A$56,855,000
(US$41,000,000) (the "Placing"). The net proceeds of the Placing are being
used to strengthen the Company's balance sheet, fund core technology
expansion, and enhance OEM Business pursuit and Aftermarket product
development and regional expansion.
Operational Highlights
It is clear that Seeing Machines is a world-leader in driver and occupant
monitoring system technology and is making significant advancements across
each of its target transport sectors. The growth across the business has
continued despite the pandemic and supply chain related challenges. The
regulatory landscape remains a key growth driver and, with compliance dates
fast approaching (and already in place for some vehicle classes in Europe and
China) this is quickly transforming market opportunities across Aftermarket
and is accelerating the requests for information and quotes in Automotive.
North American legislation will happen, and Seeing Machines is working closely
with regulatory bodies there to shape protocols and assist with policy and
rule-making, as was done in Europe, specifically to shape Euro NCAP (New Car
Assessment Program) protocol.
Driver and Occupant Monitoring System (DMS/OMS) technology is fundamental to
transport safety but is also a key enabler in Automotive as the intelligent
cabin continues to advance and the industry sees semi-automated features
emerge across an increasing number of vehicles. Where semi-automated
features are enabled, understanding what the driver is doing is critical in
maintaining driver attention and overall vehicle safety.
Seeing Machines is now actively engaged with ten automakers on fourteen
expanding automotive programs to deliver its FOVIO DMS, and with 447,225 cars
on road featuring the Company's technology, the shape of the automotive
revenue is rapidly changing from lower margin NRE to high margin royalties,
which are expected to continue to significantly ramp over the coming two to
three years. The Automotive pipeline continues to grow with the Company
actively working on RFQ's (Request for Quote) from OEMs in Europe, North
America and Asia.
The announcement, post-period, that Seeing Machines and Magna International
will exclusively co-market DMS/OMS integrated into the rear-view mirror is a
big step-change for the Company as this location is predicted to experience
the biggest growth (integration location) across all markets. Working with one
of the world's largest automotive tier-one suppliers, with a focus on mirrors,
will enable Seeing Machines to grab market share as OEMs work hard to meet
regulatory requirements, deliver a reliable driver and occupant monitoring
solution and respond to the integration challenge inside the cabin.
The Aviation industry has now emerged from many of the pressures associated
with the global pandemic and Seeing Machines remains engaged on key
opportunities associated with Simulated Training as well as Air Traffic
Control applications of the Company's eye-tracking technology. A world first,
Air Ambulance Victoria will also work with Seeing Machines to install an
operator monitoring solution inside the cockpit, signalling validation of the
Company's eye-tracking technology and its application across the Aviation
spectrum. With customers and partners such as Collins Aerospace, the Royal
Australian Air Force and Airservices Australia, Seeing Machines continues to
invest in the Aviation business as it experiences good momentum, with limited
competition, in this growing market.
Seeing Machines' Aftermarket business has also achieved good growth as
Guardian sales have continued to accelerate, despite the economic
challenges. The offering is attracting the interest of key global
organisations as they seek to enhance safety across their vehicle fleets.
Large, multi-national companies, such as Shell Global Solutions International,
are now working with Seeing Machines as safety receives its due focus across
the professional driving industry. These opportunities, while initially slow
to expand, will see the Company realise significant growth in direct business
with entities capable of installing the hardware independently, swiftly and
efficiently. Further, and also due to regulatory pressure, there is growing
interest in "After Manufacture" opportunities, where commercial vehicle OEMs
are working with Seeing Machines to fit Guardian as standard, before the
vehicle is on-sold. Services will then be sold directly or indirectly to the
commercial vehicle operator market. Already profitable, excluding corporate
costs, this division is well positioned to take advantage of these favourable
market opportunities.
Guardian is now connected to 39,832 vehicles, up 25% on prior year and has
travelled more than 10 billion kilometres globally providing Seeing Machines
unrivalled access to naturalistic driving data which is key to the Company's
algorithm improvement and technology performance. Supply chain issues were a
problem for Seeing Machines during FY 2022 and all stock on hand was sold
during the year. Now that these issues have been engineered out of the
technology, supply will resume and be sufficient to meet demand for FY2023,
and until the next generation of hardware is available. The Guardian 3 product
is currently in development and scheduled for release during CY2023.
Subsequent Events after the Balance Date
On 4 October 2022, Seeing Machines entered into an exclusive collaboration
agreement ("Agreement") with Magna International ("Magna"), to pursue driver
and occupant monitoring system business targeting the vehicle's interior
rear-view mirror. Under the terms of the Agreement, subject to certain
exceptions, Seeing Machines and Magna will exclusively co-market driver and
occupant monitoring, solely where the Company's IP is fully integrated inside
the rear-view mirror, until the end of June 2025. In return for Seeing
Machines granting exclusivity to Magna for the mirror, Magna will make an
upfront payment to Seeing Machines of US$10m, with an additional US$7.5m
payable over the following 2 years.
At the same time, Magna has also agreed to invest up to an additional US$47.5m
into Seeing Machines via a non-transferable 4-year convertible note maturing
in October 2026 (the "Convertible Note"). The Convertible Note, which can be
drawn down in two tranches across the 4-year term, subject to the satisfaction
of certain closing conditions, is convertible into ordinary shares at a price
of 11 British pence per share. The first tranche, being US$30m, was drawn on 5
October 2021 with the remainder available until December 2024. The Convertible
Note has an all-in yield of 8%, inclusive of fees. Magna may elect to convert
the principal and at Seeing Machines' election, interest outstanding under the
Convertible Note at any time during its term, up to a maximum of 349,650,350
shares which, when added to Magna's existing shareholding in the Company, will
represent approximately 9.9% of the fully diluted share capital of the
Company. The Convertible Note contains standard covenants, and anti-dilution
provisions. The interest due at the end of the facility can be paid in cash or
converted into equity at Seeing Machines' election.
Consolidated Statement of Financial Position
Notes 2022 2021
AS AT 30 JUNE A$000 A$000
ASSETS
CURRENT ASSETS
Cash and cash equivalents 14 58,756 47,393
Other short-term deposits 20 472 472
Trade and other receivables 15 26,983 19,851
Inventories 16 1,305 2,627
Other current assets 17 8,243 5,438
TOTAL CURRENT ASSETS 95,759 75,781
NON-CURRENT ASSETS
Property, plant & equipment 18 4,404 3,361
Intangible assets 19 34,277 9,540
Right-of-use assets 29 3,449 4,252
TOTAL NON-CURRENT ASSETS 42,130 17,153
TOTAL ASSETS 137,889 92,934
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 21 16,391 8,839
Lease liabilities 25, 29 948 918
Provisions 22 5,098 4,893
Contract liabilities 24 3,622 772
TOTAL CURRENT LIABILITIES 26,059 15,422
NON-CURRENT LIABILITIES
Provisions 22, 23 356 192
Lease liabilities 25, 29 4,356 5,272
TOTAL NON-CURRENT LIABILITIES 4,712 5,464
TOTAL LIABILITIES 30,771 20,886
NET ASSETS 107,118 72,048
EQUITY
Contributed equity 26 313,029 257,382
Accumulated losses (227,369) (202,046)
Other reserves 21,458 16,712
Equity attributable to the owners of the parent 107,118 72,048
TOTAL EQUITY 107,118 72,048
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.
Consolidated Statement of Comprehensive Income
Notes 2022 2021
FOR THE YEAR ENDED 30 JUNE A$000 A$000
Sale of goods 22,397 18,840
Services revenue 21,491 18,346
Royalty and licence fees 10,547 9,981
Revenue 7 (#_bookmark13) 54,435 47,167
Cost of sales (30,025) (26,402)
Gross profit 24,410 20,765
Net gain/(loss) in foreign exchange 8 (#_bookmark14) 1,564 (417)
Other income 8 (#_bookmark14) 106 1,669
Finance income 392 322
Expenses 9 (#_bookmark15)
Research and development expenses (15,487) (9,876)
Customer support and marketing expenses (9,067) (6,092)
Operations expenses (11,266) (8,087)
General and administration expenses (15,486) (14,590)
Finance costs (453) (518)
Loss before income tax (25,287) (16,824)
Income tax expense 10 (#_bookmark16) (36) (596)
Loss after income tax (25,323) (17,420)
Loss for the period attributable to:
Equity holders of the Company (25,323) (17,420)
(25,323) (17,420)
Other comprehensive (loss)/income
Exchange differences on translation of foreign operations (413) (169)
Other comprehensive (loss)/income net of tax (413) (169)
Total comprehensive loss (25,736) (17,589)
Total comprehensive loss attributable to:
Equity holders of the Company (25,736) (17,589)
Total comprehensive loss for the year (25,736) (17,589)
Loss per share for loss attributable to the ordinary equity holders of the
Company:
Basic loss per share 12 (#_bookmark17) ($0.01) ($0.01)
Diluted loss per share 12 (#_bookmark17) ($0.01) ($0.01)
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
Contributed Equity Accumulated Losses Foreign Currency Translation Reserve Employee Equity Benefits & Other Reserve Total Equity
FOR THE YEAR ENDED
30 A$000 A$000 A$000 A$000
JUNE
A$000
217,204 (184,626) (1,516) 15,147 46,209
As at 1 July 2020
Loss for the period - (17,420) - - (17,420)
Other comprehensive loss
- - (169) - (169)
Total comprehensive
loss - (17,420) (169) - (17,589)
Transactions with
owners in their capacity as owners:
Shares issued 41,199 - - - 41,199
Capital raising costs (1,021) - - - (1,021)
Share-based payments - - - 3,250 3,250
At 30 June 2021 257,382 (202,046) (1,685) 18,397 72,048
257,382 (202,046) (1,685) 18,397 72,048
As at 1 July 2021
Loss for the period - (25,323) - - (25,323)
Other comprehensive loss
- - (413) - (413)
Total comprehensive
loss - (25,323) (413) - (25,736)
Transactions with
owners in their capacity as owners:
Shares issued 57,063 - - - 57,063
Capital raising costs (1,416) - - - (1,416)
Share-based payments - - - 5,159 5,159
At 30 June 2022 313,029 (227,369) (2,098) 23,556 107,118
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE Note 2022 A$000 2021 A$000
Operating activities
Receipts from customers 52,335 37,990
Payments to suppliers and employees (68,303) (58,985)
Interest received 392 322
Interest paid (1) (518)
Income tax paid (266) (15)
Receipt of government grants - 1,565
Net cash flows used in operating activities 28 (15,843) (19,641)
Investing activities
Proceeds from sale of property, plant and equipment - 5
Purchase of plant and equipment (1,853) (446)
Payments for intangible assets (patents, licences and trademarks) (343) (484)
Payments for intangible assets (capitalised development costs) (25,659) (8,311)
Maturity of term deposits - 40
Net cash flows used in investing activities (27,855) (9,196)
Financing activities
Proceeds from issue of new shares 57,063 41,071
Cost of capital raising (1,415) (1,021)
Principal repayment of lease liabilities (1,271) (1,459)
Net cash flows from financing activities 54,377 38,591
Net increase in cash and cash equivalents 10,681 9,754
Net increase/ (decrease) due to foreign exchange difference 682 (499)
Cash and cash equivalents at 1 July 47,393 38,138
Cash and cash equivalents at 30 June 14 58,756 47,393
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes.
To read the FY2022 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) This refers to underlying growth rates at constant currency or
adjusting for currency so business results can be viewed without the impact of
fluctuations in foreign currency exchange rates, thereby facilitating
period-to-period comparisons of Seeing Machines business performance. To
present this information, current period results and comparative period
results are converted into Australian dollars at the 30 June 2022 exchange
rate.
2 (#_ftnref2) Guardian connections is a global count of all vehicles fitted
with Guardian.
Backlog to connections refers to Guardian hardware which has been sold, yet to
be connected.
Cars on road counts all light vehicles in production fitted with Seeing
Machines automotive grade Driver Monitoring System (DMS) technology.
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