Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) said it would meet expectations for fiscal 2024 and is on course for cash break-even the following year as it continued to grow strongly in the third quarter.
A specialist in advanced computer vision technology, it pointed to a 109% year-over-year increase in the number of cars equipped with its AI-powered operator monitoring systems as it updated investors.
In the three months ended March 31, production was 313,662 units meaning Seeing Machines' technology was installed in 1,830,207 vehicles, up from 874,851 in the same quarter the previous year.
In March it started production of the world's first interior cabin monitoring solution, a significant milestone for the business. This advancement is part of a larger $82 million programme with a major German auto manufacturer, expected to continue its momentum into Q4 FY2024, spurred further by upcoming new safety regulations.
In the aftermarket segment, Seeing Machines reported a 22% increase in monitored Guardian connections over the past year, totalling 59,706 units.
CEO Paul McGlone said: "We have worked hard this past quarter to remove cost from our business as part of our disciplined approach and rigorous operational focus.
"As we see our high-margin royalty revenues increase, we reiterate we are on track to meet FY2024 expectations and achieve a cash break-even run rate during FY2025."