Seeing Machines Ltd (AIM:SEE, OTC:SEEMF), the UK-listed tech firm specialising in driver monitoring systems, is picking up speed with its next-generation aftermarket product.
Stifel notes that the Guardian Gen 3 platform is now gaining industry traction, with Mitsubishi Electric North America already piloting the technology and more recently placing the largest Gen 3 order to date.
“The expansion of its relationship with Mitsubishi into Europe shows the company is being well received by the larger group,” Stifel said, suggesting a European pilot is also on the cards.
This is more than just a promising lead. A recent order for 550 units from a utility services company, channelled through an Australian distributor that has just renewed its agreement, points to growing interest beyond Mitsubishi.
Hardware volumes are scaling accordingly, with Guardian units jumping from 288 in fiscal Q2 (Jan–Mar) to 1,128 in Q3.
While Seeing Machines is still in the early stages of a full commercial rollout, the underlying capacity is being built.
Target manufacturing can already support 6,000 units a quarter, with plans to raise that to 9,000.
Stifel keeps its estimates unchanged but sees value at current levels, with shares trading at around 12x forecast financial year 2026 enterprise value to earnings. Its ‘buy’ rating is maintained.
The shares were up 4% at 2.9p.