Paul McGlone, CEO of Seeing Machines Ltd (AIM:SEE, OTC:SEEMF), told Proactive that over 1.1 million cars now deploy its advanced AI technology, a number that's growing at more than 100% annually.
McGlone further highlighted the company's aftermarket business, projecting a robust growth rate of around 30%. The firm reported a revenue of $57.8 million for the financial year ending June 2023, marking a nearly 50% increase from the previous year. A significant portion of this growth is attributed to the annual recurring revenue from the fleet or aftermarket business, which posted a 27% year-over-year increase, reaching $13.6 million.
On the topic of the company's financial health, McGlone stated they concluded the year with $36.8 million in cash. Resolving supply chain issues from the previous year led to the creation of a stock balance and a receivables balance. This effectively positions the company with $70-75 million in cash and cash equivalents.
The CEO also emphasised the company's global reach, benefiting from regulatory tailwinds not just in Europe but also in the United States. With business contracts worth approximately $320 million, McGlone anticipates a strong run of new OEM awards in the next quarter.