REG - Seeing Machines Ltd - FY2025 Results and Annual Financial Report
Thu 07:00
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RNS Number : 7899A Seeing Machines Limited 25 September 2025
Seeing Machines Limited ("Seeing Machines" or the "Company")
25 September 2025
FY2025 Year End Results
EU General Safety Regulation: Mandatory camera-based DMS in all new vehicles
begins in nine months, driving significant growth for Seeing Machines
Seeing Machines Limited (AIM: SEE), 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 2025 ("FY2025" or "the period").
Paul McGlone, CEO of Seeing Machines, commented: "We are now seeing the
expected quarterly increase in automotive royalty volumes as the
implementation of the European General Safety Regulation, which mandates
camera-based Driver Monitoring Systems (DMS) for all new vehicles across
Europe, comes into force in nine months' time. As the July 2026 deadline
approaches, increasing fitment rates will drive a substantial uplift in
royalty volumes. Our OEM customers are forecast to sell around 12.5 million
new cars in Europe in 2026, all of which will require DMS technology post
deadline. Therefore, as Seeing Machines expects to supply a large portion of
this technology, this quarterly growth is expected to continue in the current
quarter and beyond.
"In the Aftermarket sector, we have begun converting trial customers into
confirmed sales, and our business pipeline-particularly in those markets
offering the greatest opportunities, the Americas and EMEA-is developing
strongly. As we continue to progress through customer trials, engage in
negotiations, and pursue new brand partnerships in collaboration with
Mitsubishi across the Americas and Europe, we are confident that our Guardian
Generation 3 technology is poised for significant growth and market adoption.
Working with Mitsubishi also presents exciting new opportunities in Automotive
and near-term prospects in adjacent sectors like rail, building management,
and factory automation, demonstrating the versatility of our world-leading
technology.
"We are on track to reach cashflow break-even run rate at the end of this
calendar year and are firmly focused on being cashflow positive in the second
half of FY2026 and beyond. Our strategic priorities continue to centre on
sustainable growth and advancing safety technology innovation to get more
people home safely."
FINANCIAL HIGHLIGHTS:
- Revenue US$62.3m 1 , ahead of market expectations 2 (FY2024:
US$67.6m)
- Underlying Automotive royalty revenue increased by 35% to US$14.4m
(FY2024: US$10.6m)
- Aftermarket monitoring revenue increased 9% to US$13.6m (FY2024:
US$12.4m)
- Aftermarket hardware and installation revenue of US$6.4m (FY2024:
US$18.9m)
- Cash at 30 June 2025 of US$22.6m (FY2024: US$22.8m)
- Adjusted EBITDA 3 loss of US$30.1m, with a significant sequential
improvement in H2 FY2025 of (US$12.4m) compared with H1 FY2025 of (US$17.7m)
OPERATIONAL HIGHLIGHTS:
- Secured landmark £26.2m (US$32.8m) investment as part of partnership
with Mitsubishi Electric Mobility Corporation ("MELMB"), a global leader in
the design and manufacture of automotive products and technologies, as well as
a collaboration to jointly pursue opportunities in Automotive, Aftermarket and
adjacent markets where Mitsubishi has an existing competitive advantage
- Strategic reorganisation of the Company completed during the year
that removed around US$12m in annualised operating cost base, supporting the
reduction in average monthly adjusted EBITDA loss during H2 FY2025 from
US$3.0m to US$2.1m per month, with further improvement anticipated during H1
FY2026
AUTOMOTIVE HIGHLIGHTS:
- Cars on the road with Seeing Machines' Driver and Occupant Monitoring
System (DMS/OMS) technology increased to 3,730,201 units, representing an
increase of 69% from 12 months ago (Q4 FY2024: 2,211,422)
- Collaboration launched with Valeo, a global leader in Automotive,
and acquisition of Asaphus Vision GmbH, a highly specialised development group
that provides Seeing Machines with a Berlin office and a material boost in AI
and machine learning capabilities
AFTERMARKET HIGHLIGHTS:
- Referral agreements signed with Mitsubishi Electric Automotive
America, Inc. (MEAA) and Mitsubishi Electric Europe B.V. set to accelerate
sales of Gurdian Generation 3 across the Americas and Europe, delivering
encouraging progress, leveraging Mitsubishi's deep customer relationships in
those regions, the first of which has been signed in the US post period end
- Guardian Generation 3 now in full production and quarterly Guardian
hardware sales increased by 120% in Q4 FY2025 to 2,536 units (Q3 FY2025:
1,151)
- Completed US$1.2m transaction with world-leading North American
self-driving car company to supply and deploy cutting-edge Guardian Back-up
Driver Monitoring System (Guardian BdMS) into a test vehicle fleet for a
number of new locations as they continue to expand across new sites in the US
- Guardian Generation 3 successfully approved for homologation with two
commercial bus manufacturers in the UK
CURRENT TRADING AND OUTLOOK
- Current trading in line with expectations
- Q1 FY2026 Quarterly Key Performance Indicators will be published in
early November
RESULTS PRESENTATION
Paul McGlone, CEO and Martin Ive, CFO will provide a live presentation of the
FY2025 Results via Investor Meet Company today at 10:00 BST.
https://www.investormeetcompany.com/meetings/seeing-machines-fy2025-results-presentation
(https://www.investormeetcompany.com/meetings/seeing-machines-fy2025-results-presentation)
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
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)
Review of operations
The Group's total adjusted revenue for the financial year (excluding foreign
exchange gains and finance income) decreased by 22% and total adjusted EBITDA
losses reduced by 23% on prior year results.
30 June 2025 30 June 2024 Change Change
$'000 $'000 $'000 %
OEM 27,955 26,524 1,431 5%
Aftermarket 24,814 41,101 (16,287) (40%)
Adjusted revenue 52,769 67,625 (14,856) (22%)
30 June 2025 30 June 2024 Change Change
$'000 $'000 $'000 %
OEM (15,339) (19,051) 3,712 (19%)
Aftermarket (14,712) (19,832) 5,120 (26%)
Adjusted EBITDA (30,051) (38,883) 8,832 (23%)
Adjusted revenue and adjusted EBITDA are non-IFRS measures but included as
important metrics for shareholders understanding of the underlying performance
of the business. Adjusted revenue includes adjustments linked to minimum
royalty guarantees. Adjusted EBITDA includes earnings before interest, tax,
depreciation, amortisation and adjustments for capitalised development costs,
restructuring and acquisition related costs, certain tax items, and revenue
adjustments linked to minimum royalty guarantees.
Please refer to Note 4(b) for a reconciliation of adjusted revenue and
adjusted EBITDA with their IFRS measures.
OEM Division
Seeing Machines' driver and occupant monitoring technology (DMS/OMS) is now
installed in over 3.7 million vehicles across nine automotive production
programs. The implementation of Europe's General Safety Regulation, which
requires advanced distraction warnings in all new vehicles by July 2026, has
contributed to increased adoption by automakers. The number of vehicles on the
road using Seeing Machines' technology has increased by 69% compared to the
previous year, with further growth expected as the regulatory deadline
approaches. This growth is significant for the Company, as it is associated
with high-margin royalty revenue.
The integration of Asaphus Vision GmbH into the Company has progressed as
planned, with engineering teams collaborating to enhance Seeing Machines' AI
and machine learning capabilities. The acquisition has also resulted in the
establishment of a European headquarters in Berlin.
Collaboration with Mitsubishi Electric Mobility Corporation (MELMB) is
ongoing, with a primary focus on automotive opportunities in Japan and a
secondary focus on global markets.
The Company expects that the General Safety Regulation will continue to
influence current and future projects. Programme awards are anticipated in the
coming months, enabling automakers to meet the increasing demand for advanced
safety technologies, particularly in Europe. Other regions may also adopt
similar standards in the future.
30 June 2025 30 June 2024 Change Change
$'000 $'000 $'000 %
Royalties 14,406 10,632 3,774 35%
Non-recurring engineering 9,383 9,242 141 2%
Licensing 3,188 6,038 (2,850) (47%)
Hardware and installations 978 612 366 60%
OEM Adjusted Revenue 27,955 26,524 1,431 5%
OEM Adjusted EBITDA (15,339) (19,051) 3,712 (19%)
● Royalty revenues, derived from the installation of Seeing Machines' Driver
Monitoring System (DMS) technology, remains a high-margin revenue stream.
During the year, the Group recorded a 36% increase in royalty volumes and a
35% increase in royalty revenue. The introduction of the EU General Safety
Regulation (GSR), which will require Advanced Driver Distraction Warning
(ADDW) in all new vehicles sold in Europe from July 2026, is expected to
further increase adoption of driver monitoring technologies by automotive
OEMs.
● Non-recurring engineering (NRE) revenue relates to software development
activities undertaken to embed DMS technologies into specific OEM
configurations. The increase in NRE revenue for the year reflects
contributions from the newly acquired Asaphus Vision GmbH ($3,454,000), offset
by a reduction in activities for some larger programs that were at or near
completion by the end of June 2025. NRE revenue is typically lower margin and
is considered a leading indicator of future royalty revenue.
● Revenue from license fees was earned from exclusive collaboration agreements
with Magna Electronics (exclusivity period ended 30 June 2025) and Collins
Aerospace, reflecting the volume of work undertaken during the year to fulfil
those agreements. These agreements are generally unique and one-off in nature,
and license fee revenue typically attracts a high margin.
● Adjusted EBITDA loss improved by 19% compared to the prior year, primarily due
to a higher proportion of high-margin revenue and a decrease in research and
development expenditure.
Aftermarket division
Guardian Generation 3 entered full production during the year, with units
being trialled by customers in multiple regions, particularly in the Americas.
In FY2025, global sales of Guardian hardware totalled 5,466 units.
Referral agreements were established with Mitsubishi Electric Automotive
America, Inc. and Mitsubishi Electric Europe B.V., supporting Guardian
Generation 3 sales in the Americas and Europe through Mitsubishi's customer
networks.
Guardian Generation 3 received homologation approval from two UK bus
manufacturers in preparation for the new European General Safety Regulation
(GSR) requirements for advanced distraction monitoring by July 2026. The
product is positioned for adoption by commercial vehicle OEMs for
after-manufacture fitment in Europe.
In North America, Guardian Backup-driver Monitoring System (BdMS) continues to
be used in the development of automated vehicle technology. During the year, a
contract valued at $1,135,000 was secured to supply Guardian BdMS to a major
autonomous vehicle company in North America for its test fleet.
30 June 2025 30 June 2024 Change Change
$'000 $'000 $'000 %
Driver monitoring 13,563 12,433 1,130 9%
Hardware and installations 6,435 18,902 (12,467) (66%)
Royalties - 3,463 (3,463) (100%)
Licensing 3,478 5,000 (1,522) (30%)
Non-recurring engineering / Consulting 1,338 1,303 35 3%
Aftermarket Adjusted Revenue 24,814 41,101 (16,287) (40%)
Aftermarket Adjusted EBITDA (14,712) (19,832) 5,120 (26%)
● Driver monitoring revenue represents recurring, high-margin revenue generated
from Guardian connections. Revenue increased by 9% during the year, reflecting
an increase in the number of connected units.
● Hardware and installation revenue from the sale and installation of Guardian
units declined by 66%, primarily due to delays in the production of Generation
3 units. As at 30 June 2025, Generation 3 units were available to meet current
demand and requirements in the global pipeline.
● Royalty revenue agreements with Caterpillar were replaced with a new five-year
license agreement at the end of June 2024.
● NRE revenue relates to technology development and consulting projects with
Caterpillar.
● Adjusted EBITDA losses improved by 26% for the year, primarily due to a higher
mix of high-margin revenue, efficiency in service costs, lower operating
costs, and a reduction in research and development expenditure.
Gross Profit
Gross profit increased from $31,525,000 in FY2024 to $39,204,000 in FY2025.
The gross profit margin rose from 47% in FY2024 to 63% in FY2025. This
increase was primarily due to a change in sales mix, with a higher proportion
of revenue from license fees (including royalty revenue) and a lower
proportion of lower margin hardware revenue compared to the prior year.
Service costs for monitoring revenue also decreased compared to the previous
year.
Expenditure
30 June 2025 30 June 2024 Change Change
$'000 $'000 $'000 %
Operations expenses 13,273 14,473 (1,200) (8%)
Research and development expenses 26,668 34,549 (7,881) (23%)
Customer support and marketing expenses 7,548 8,033 (485) (6%)
General and administration expenses 14,726 15,284 (558) (4%)
Net foreign exchange gains/(losses) (34) (69) 35 (51%)
Adjusted operating expenses * 62,181 72,270 (10,089) (14%)
Depreciation and amortisation 12,813 8,981 3,832 43%
Capitalised development costs during the period (17,058) (22,868) 5,810 (25%)
Operating expenses 57,936 58,383 (447) (1%)
* Adjusted operating expenses is a non-IFRS measure but included as an
important metric for shareholders understanding of the underlying performance
of the business. Adjusted operating expenses exclude depreciation and
amortisation expense and include capitalised development costs.
Adjusted operating expenses decreased primarily due to a reduction in people
resources, both directly employed and through outsourced contractor roles. The
combined number of full-time equivalent employees and contractors declined
from 509 at 30 June 2024 to 393 at 30 June 2025, including the addition of 34
full-time equivalent employees from the acquisition of Asaphus in July 2024.
Adjusted operating expenses for the year included $2,386,000 (FY2024:
$1,489,000) in one-off costs, comprising restructuring expenses of $2,291,000
(FY2024: $1,113,000) and acquisition costs related to Asaphus Vision GmbH of
$95,000 (FY2024: $376,000). Excluding these one-off costs, adjusted operating
expenses decreased by $10,986,000 (or 16%) compared to the previous financial
year.
Results for the year
As a result of above factors, the loss for the year ended 30 June 2025
decreased by $6,010,000 to $25,266,000 (FY2024 loss: $31,276,000).
Working capital management
After adjusting for the receipts from one-off licensing arrangements,
cashflows from operating and investing activities have improved for the year.
30 June 2025 30 June 2024
$'000 $'000
Net cash flows from/ (used in) operating activities (12,310) 12,052
Net cash flows used in investing activities (17,486) (23,996)
Net cash flows used in operating and investing activities (29,796) (11,944)
Less: cash from one-off licensing arrangements (3,750) (25,250)
Adjusted cashflows * (33,546) (37,194)
* Adjusted cashflows is a non-IFRS measure but included as an important metric
for shareholders understanding of the underlying performance of the business.
Adjusted cashflows excludes cash from one-off licensing arrangements
Excluding cash received from one-off licensing arrangements, operating
cashflows declined by $2,862,000 during the year. This decline was primarily
attributable to significant payments for inventories, including payments made
to close out remaining Generation 2 units sold in the prior year and payments
for new Generation 3 units to support current demand and the global pipeline.
The reduction in development costs capitalised as intangible assets
contributed to a favourable movement in cashflows from investing activities.
Industry Update
Driver Monitoring System (DMS) Technology Adoption Driven by Regulatory
Developments
The European Union continues to implement regulations that support the
adoption of Driver Monitoring System (DMS) technologies. Under the General
Safety Regulation (GSR), all new vehicle types have been required to include
Driver Drowsiness and Attention Warning (DDAW) systems since July 2022. As of
July 2024, this requirement applies to all new vehicles. A further regulation,
Advanced Driver Distraction Warning (ADDW), will take effect in July 2026.
This regulation mandates systems capable of monitoring driver eye movements to
detect distraction, necessitating the use of camera-based DMS.
These regulatory measures are intended to reduce road fatalities and improve
driver safety across the EU. The requirement for camera-based systems is
expected to increase the deployment of advanced DMS technologies across both
the aftermarket and original equipment manufacturer (OEM) segments in Europe.
In addition, the European New Car Assessment Programme (Euro NCAP) has
introduced incentives for DMS adoption by awarding safety points to vehicles
equipped with such systems. This has contributed to increased interest from
OEMs seeking to meet top safety rating criteria.
Outside of Europe, regulatory activity is also progressing. In the United
States, the National Highway Traffic Safety Administration (NHTSA) has
proposed rulemaking that includes DMS as a countermeasure for impaired and
distracted driving. The proposed roadmap includes phased implementation,
beginning with detection of distraction and drowsiness, followed by alcohol
impairment monitoring and, ultimately, vehicle-initiated safe stops.
In Australia, regulatory focus is increasing, particularly in relation to
heavy vehicle safety. Meanwhile, China and Japan are advancing toward DMS
mandates, with Japanese OEMs actively working to align with international
standards.
The Company has contributed to policy development through submissions to
NHTSA, the Federal Aviation Administration (FAA), and the National Transport
Commission (NTC), and continues to participate in Euro NCAP's Tier 2 working
group on Occupant State Monitoring.
Other Highlights
The Company completed a strategic reorganisation, reducing annualised
operating costs by approximately $12 million. As part of this process, John
Noble was appointed Chief Technology Officer and Dr Mike Lenné was appointed
Chief Safety Officer.
A £26,207,000 ($32,751,000) investment was secured through a partnership with
Mitsubishi Electric Mobility Corporation (MELMB).
Referral agreements were signed with Mitsubishi Electric Automotive America,
Inc. (MEAA) and Mitsubishi Electric Europe B.V. to support sales of Guardian
Generation 3 across the Americas and Europe.
A new 3D camera technology for in-cabin monitoring was launched in
collaboration with Airy3D Inc., offering a cost-effective solution for meeting
future safety regulations.
A collaboration was initiated with Valeo, and the company acquired Asaphus
Vision GmbH, a Berlin-based AI and machine learning development group.
Significant change in state of affairs
Share capital increased by $31,240,000 (from $240,948,000 to $272,188,000) as
a result of the issuance of new shares to Mitsubishi Electric Mobility
Corporation. The details of the changes in contributed equity are disclosed in
Note 21 to the financial statements.
Subsequent events after the balance date
No matter or circumstance has arisen since 30 June 2025 that has significantly
affected, or may significantly affect the company's operations, the results of
those operations, or the company's state of affairs in future financial years.
Likely developments and expected results of operations
More information on the likely developments and expected results of the
operations are included in the review of operations, trading update and other
highlights on pages 4 to 8.
Environmental regulation
The company holds no licenses issued by relevant Environmental Protection
Authorities and there have been no known breaches of any environmental
regulations.
Consolidated statement of financial position
As at 30 June 2025
Note 2025 2024
$'000 $'000
Assets
Current assets
Cash and cash equivalents 9 22,556 22,828
Trade and other receivables 10 9,079 25,293
Contract assets 11 8,089 7,044
Inventories 12 4,614 3,625
Other financial assets 13 308 315
Other current assets 14 2,611 2,113
Total current assets 47,257 61,218
Non-current assets
Contract assets 11 6,253 -
Property, plant and equipment 15 2,634 3,486
Right-of-use assets 25 3,014 3,737
Intangibles 16 71,621 61,323
Other financial assets 13 521 533
Total non-current assets 84,043 69,079
Total assets 131,300 130,297
Liabilities
Current liabilities
Trade and other payables 17 10,162 21,161
Contract liabilities 19 4,329 5,471
Leases 25 1,430 1,122
Provisions 18 4,718 4,909
Deferred consideration 34 1,177 -
Total current liabilities 21,816 32,663
Non-current liabilities
Contract liabilities 19 7,943 9,088
Borrowings 20 51,315 45,701
Leases 25 2,856 4,097
Deferred tax 6 791 1,423
Provisions 18 292 342
Deferred consideration 34 3,027 -
Total non-current liabilities 66,224 60,651
Total liabilities 88,040 93,314
Net assets 43,260 36,983
Equity
Contributed equity 21 272,188 240,948
Other equity 22 5,582 5,582
Other reserves 23 7,552 7,249
Accumulated Losses and Reserves 23 (242,062) (216,796)
Total equity 43,260 36,983
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes
Consolidated statement of comprehensive income
For the year ended 30 June 2025
Note 2025 2024
$'000 $'000
Sale of goods 6,865 18,168
Royalty and license fees 30,640 25,133
Service revenue 24,832 24,324
Revenue 4 62,337 67,625
Cost of sales (23,133) (36,100)
Gross Profit 39,204 31,525
Expenses
Operations expenses (16,749) (16,600)
Research and development expenses (18,947) (18,535)
Customer and marketing expenses (7,548) (8,033)
General and administration expenses (14,726) (15,284)
Net foreign exchange (losses)/gains 34 69
Expenses 5 (57,936) (58,383)
Operating loss (18,732) (26,858)
Finance income 935 411
Finance costs 5 (7,981) (5,757)
Finance costs - net (7,046) (5,346)
Loss before income tax benefit (25,778) (32,204)
Income tax benefit 6 512 928
Loss after income tax benefit for the year attributable to the owners of (25,266) (31,276)
Seeing Machines Limited
Other comprehensive income/(loss)
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations 2 (26)
Other comprehensive income/(loss) for the year, net of tax 2 (26)
Total comprehensive loss for the year attributable to the owners of Seeing (25,264) (31,302)
Machines Limited
Cents Cents
Loss per share for loss from continuing operations attributable to the owners
of Seeing Machines Limited
Basic loss per share 8 (0.555) (0.753)
Diluted loss per share 8 (0.555) (0.753)
The above consolidated statement of comprehensive income should be read in
conjunction with the accompanying notes
Consolidated statement of changes in equity
For the year ended 30 June 2025
Contributed Other Accumulated Foreign Currency Translation Employee Equity Benefits & Total equity
Equity Equity Losses Reserve Other Reserve
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 July 2023 240,948 5,749 (185,520) (13,818) 19,172 66,531
Loss after income tax benefit for the year - - (31,276) - - (31,276)
Other comprehensive loss for the year, net of tax - - - (26) - (26)
Total comprehensive loss for the year - - (31,276) (26) - (31,302)
Transactions with owners in their capacity as owners:
Share-based payments (note 27) - - - - 1,921 1,921
Value of conversion rights on convertible notes - (167) - - - (167)
Balance at 30 June 2024 240,948 5,582 (216,796) (13,844) 21,093 36,983
Contributed Other Accumulated Foreign Currency Translation Employee Equity Benefits & Total equity
Equity Equity Losses Reserve Other Reserve
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 July 2024 240,948 5,582 (216,796) (13,844) 21,093 36,983
Loss after income tax benefit for the year - - (25,266) - - (25,266)
Other comprehensive income for the year, net of tax - - - 2 - 2
Total comprehensive income/(loss) for the year - - (25,266) 2 - (25,264)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (Note 21) 31,240 - - - - 31,240
Share-based payments (Note 27) - - - - 301 301
Balance at 30 June 2025 272,188 5,582 (242,062) (13,842) 21,394 43,260
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes
Consolidated statement of cash flows
For the year ended 30 June 2025
Note 2025 2024
$'000 $'000
Cash flows from operating activities
Receipts from customers (inclusive of GST) 60,689 81,634
Payments to suppliers and employees (inclusive of GST) (73,811) (69,952)
Interest received 933 411
Income taxes paid (121) (41)
Net cash from/(used in) operating activities 24 (12,310) 12,052
Cash flows from investing activities
Payment for purchase of business, net of cash acquired 34 (62) -
Purchase of property, plant and equipment 15 (235) (831)
Payments for intangibles (patents, licenses and trademarks) 16 (131) (297)
Payments for intangibles (capitalised development costs) 16 (17,058) (22,868)
Net cash used in investing activities (17,486) (23,996)
Cash flows from financing activities
Proceeds from issue of shares 21 32,752 -
Share issue transaction costs 21 (1,512) -
Payment of lease liabilities 25 (1,760) (729)
Net cash from/(used in) financing activities 29,480 (729)
Net decrease in cash and cash equivalents (316) (12,673)
Cash and cash equivalents at the beginning of the financial year 22,828 35,606
Effects of exchange rate changes on cash and cash equivalents 44 (105)
Cash and cash equivalents at the end of the financial year 9 22,556 22,828
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes
1 Reported revenue includes US$10.2m of Automotive royalty license revenue
as per AASB15: Revenue from Contracts with Customers for guaranteed minimum
volume royalty payments from a program that commenced production during
FY2025.
2 Consensus expectations for FY2025 are for revenue of US$58m, Adjusted
EBITDA of US$(28.9)m.
3 Adjusted EBITDA reflects earnings before interest, tax, depreciation and
amortisation, adjusted to better show the underlying performance of the
business. Adjustments are made for capitalised R&D, restructuring and
acquisition-related costs, certain tax items, and revenue adjustments linked
to minimum royalty guarantees. These items are excluded as they are not
considered part of the Group's normal ongoing operations.
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