Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) said it continues to identify growth opportunities despite turbulence in the global automotive sector, as it told investors it expects to hit cash break-even by the end of the calendar year.
The company, which develops technology to improve road safety, has strengthened its financial position, secured new partnerships, and nearly doubled the number of cars on the road using its systems. There are now almost 3 million vehicles fitted with its technology.
For the six months to December 2024, revenue held steady at $25.3 million, while losses continued to shrink.
The company expects to post an EBITDA loss of around $9.5 million to $10 million, a significant improvement on the $14.3 million loss a year earlier.
Cash reserves more than doubled to $39.6 million, and the number of vehicles equipped with its technology surged 90% to 2.88 million.
Seeing Machines has almost secured a major investment from Mitsubishi Electric Mobility Corporation, which now holds a 19.9% stake.
The partnership strengthens the company’s balance sheet and positions it for expansion in Japan, where regulatory deadlines are driving demand for driver safety solutions. It also opens the door to opportunities beyond automotive, leveraging Mitsubishi’s market reach.
A separate collaboration with automotive supplier Valeo is expected to accelerate the adoption of Seeing Machines’ technology. By combining expertise, the two companies aim to win new business and expand market share.
The company also acquired Berlin-based software firm Asaphus Vision, boosting its artificial intelligence and machine learning capabilities while strengthening its European presence.
Meanwhile, Northern Ireland’s Wrightbus became the first commercial vehicle manufacturer to secure European approval for General Safety Regulation compliance using Seeing Machines’ technology.
Despite a dip in automotive production volumes due to wider industry volatility, Seeing Machines remains confident. New European safety regulations coming into force in 2026 are expected to drive wider adoption of its driver monitoring systems, bolstering revenue in the years ahead.
Chief executive Paul McGlone said: "We continue to identify growth opportunities created by the rising demand for driver monitoring systems, despite some turbulence across the global automotive market."