Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) chief executive Paul McGlone described as ‘consistent and steady’ the performance of the driver monitoring specialist in the quarter to March 31.
He may be underplaying the company's progress, judging from its latest key performance indicators, which showed the number of cars on the road using its AI technology increased by 177% year-on-year to 874,851 units.
Guardian, its stand-alone system, saw connections rise by 30% to 49,050. That number hit 50,000 as of the end of last month.
Seeing Machines said it is witnessing consistent growth in high-margin royalty revenue as more vehicles enter production, despite challenges such as seasonality, supply chain issues, and global economic factors.
Looking ahead, McGlone said: “Regulatory momentum continues to be a key driver across the business as Europe's General Safety Regulation requires driver monitoring system technology to reduce risks on their roads, and the USA moves to a similar, safety-focused approach.
“Our market-leading position, diversified go-to-market strategy and scale means we are ideally positioned to continue benefitting from the ever-growing focus on transport safety around the world."