Seeing Machines Ltd (AIM:SEE, OTC:SEEMF), the driver monitoring systems developer, said sales rose 17% in its latest financial year, with 2.2 million vehicles worldwide now incorporating its technology.
Reported revenue for the year to end 30 June 2024 was US$67.6 million (2023: US$57.8 million) with annualised recurring revenues up by 11% year-on-year to US$ 15.1 million.
Underlying losses on an EBITDA basis for the year are expected to be in the range of US$17-19 million, with cash at the year-end at US$23.5 million.
Seeing Machines added that two additional OEM program awards have increased the value of its ongoing programs to US$392m (2023:US$321m), with the majority of this revenue expected by 2028.
A total of 2,211,422 cars on the road as of 30 June 2024 across 7 automotive programs, which is more than double (up 104%) the level a year ago.
Paul McGlone, chief executive, added: "Global demand for our technology has remained strong in FY2024, despite some quarter-on-quarter volatility.
"Driven by new road safety regulations taking effect, we have seen continued growth across our Automative and Aftermarket segments, delivering cash and revenue in-line, supported by the new agreement with our long-term customer, Caterpillar.
"As reported in June, the Cash EBITDA loss is larger than previously expected largely due to Aftermarket margin mix resulting from the slower than expected transition from Guardian Generation 2 to Generation 3 and the adverse Automotive royalty volumes and mix during the year.
"Despite this, we are well placed going into the new financial year and reiterate our expectation to achieve a cash flow break-even run rate in FY2025."