Seeing Machines (SEE ), an AIM-listed technology company specialising in computer vision, released a first-half trading update with second-quarter non-finanical KPIs, both periods ending December 31 2022.
Seeing Machines expects H1 23 revenue to come in at US$24.4m, up 54% year-on-year compared to $15.8m in 1H22. Seeing Machines had 46,018 connected Guardian units on December 31, securing ARR of US$12.7m, compared to US$11.9m in the first half of its 2022 financial year."Guardian" is Seeing Machines' proprietary face and eye tracking technology that detects whether a driver is fatigued or distracted.
In terms of Q2 23 non-financial KPIs, Seeing Machines reported cars on the road increasing by 188% over 12 months to 701,049 units, compared to 243,722 units in Q2 22, with double-digit growth every quarter during the period in excess of 25%. Guardian connections increased 25% over 12 months to 46,018, and Guardian units sold (yet to be connected) stood at 6,085 units.
Paul McGlone, CEO, commented: "We are delighted with the continued growth across the business. As the number of vehicles fitted with our technology increases, Seeing Machines is now firmly established as an industry leader in the interior sensing market where our driver and occupant monitoring systems have become mission-critical technology in the quest for greater transport safety. Driven by enhanced regulation, the long-term growth drivers in our industry underpin increasing demand from customers across our OEM and Aftermarket segments globally.
As we advance our feature set and launch the next generation of Guardian, our market leadership position, strong balance sheet and scalable operating model means we are confident of significant continued growth and meeting FY2023 expectations, despite the abovementioned and well documented global supply chain challenges."
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A strong showing from Seeing Machines in the first half of 2023, building on the momentum achieved in FY22. The company reported record revenues in the period, with consistent, consecutive quarterly growth in cars on the road over the past 5 quarters.
Seeing Machines' success is underpinned by a heightened focus on transport safety by regulators globally. The trend continues to increase Seeing Machines' addressable market, offsetting seasonality and the effects of global supply chain challenges in the automotive industry.
The company's revenues and cash position point to a strengthening balance sheet, with the net cash position on December 31 2022 hitting US$52.7m, up from US$41.0m at the end of FY22. The company is fully funded to deliver on its business strategy, building on the collaboration announced with Magna International, including an investment of up to US$47.5 via a convertible note at 11p.
Seeing Machines has strong forward momentum, having won 15 automotive programmes across 10 OEMs, covering 160+ vehicle models with a cumulative initial lifetime value of US$321m. Therefore, we expect Seeing Machines to meet FY23 consensus.
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