Seeing Machines Ltd (AIM:SEE, OTC:SEEMF), the advanced computer vision technology firm, has reported record revenues that surpassed market expectations for the year ended 30 June 2023.
The company announced a revenue of US$57.8 million for the financial year 2023, a figure that not only represents a 49% increase from the previous year but also edges past the market's consensus estimate of around US$54 million.
This robust performance underscores the growing demand for the firm's AI-powered operator monitoring systems, which are now installed in over a million vehicles worldwide, Seeing Machines said.
Key performance indicators for the fourth quarter of the financial year further highlight the company's momentum. The number of cars equipped with Seeing Machines' technology soared by 143% over the past 12 months, reaching 1,086,176 units. Additionally, the annual production volume witnessed a substantial increase of 101%. The company has a strong balance sheet, with reported cash reserves of US$36.8 million as of 30 June.
"We are very pleased with the progress made during what was a record quarter, and throughout the year, across both our Automotive and Aftermarket divisions," said chief executive Paul McGlone.
"Crossing the one million threshold for the numbers of cars on the road with Seeing Machines' technology installed, up 143% year on year, represents a major milestone and a great achievement."
A notable highlight of the past year was the company's exclusive collaboration with Magna International (TSX:MG).
This partnership focuses on integrating driver and occupant monitoring system technology into rear-view mirrors and has brought a significant US$65 million investment into Seeing Machines. This capital infusion ensures the company is fully equipped to deliver on its current business strategy.
Seeing Machines' growth is also evident in its recent strategic moves. The company secured an additional OEM program award, elevating the total initial lifetime value of all its programs to US$321 million. At the same time, an exclusive licence agreement was signed with Collins Aerospace, a tier-one avionics company.