Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) has reported significant growth in its technology adoption, with over 2.6 million vehicles across eight automotive programmes now equipped with its driver monitoring systems.
This marks a 100% increase from the same quarter last year, reflecting the rising demand for technology that enhances vehicle safety.
Its DMS technology uses artificial intelligence to monitor drivers, aiming to reduce accidents by detecting signs of drowsiness or inattention.
Seeing Machines gave the update as part of a broader summary of its performance in the first quarter of the financial year 2025.
Production volumes of vehicles featuring Seeing Machines' driver monitoring system (DMS) reached 405,669 units in the quarter, an 83% rise from the prior year, despite challenges in the global automotive sector.
In the Aftermarket sector, Seeing Machines updated its revenue metrics following a new licensing agreement with machinery giant Caterpillar, signed in June 2024.
The agreement included an upfront payment of $16.5 million, with $5 million recognized in fiscal year 2024 revenue.
For the remainder of the five-year contract, this upfront payment will be spread across future revenue reports, providing Seeing Machines with stable, non-recurring revenue.
Seeing Machines has also adjusted its performance indicators for its Aftermarket Guardian product line, now focusing on Guardian hardware unit sales and annual recurring revenue (ARR).
The ARR, excluding contributions from Caterpillar, rose by 13.4% from the previous year, while Guardian hardware sales remain expected to increase in the second half of the fiscal year with the production ramp-up of the third-generation Guardian product.
Together, these indicators aim to give investors clearer insight into the company’s revenue potential across its expanding product lines and evolving market channels.
Chief executive Paul McGlone told investors: "Seeing Machines has maintained the expected growth rate of 100% in cars on road from 12 months ago, now with eight programs at the start of production.
"We continue to see our Automotive programs progress successfully to production despite the ongoing and widely documented challenges across the global automotive sector."