Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) said it remains on course to reach cash flow break-even by the end of 2025, as the rollout of its driver monitoring technology continues to gather pace despite a subdued start to its financial year.
The London-listed artificial intelligence (AI) firm, which develops systems designed to enhance driver and passenger safety, reported that its technology is now installed in more than 4.2 million vehicles worldwide.
During the first quarter of its 2026 financial year, which ended on 30 September, Seeing Machines shipped 510,167 units, up 4% from the previous quarter and 26% higher than the same period last year.
Chief executive Paul McGlone said the company “maintains its strong position in the DMS market with shipments of over 4.2 million to date, following a modest increase this quarter.”
He added: “We remain on track to achieve our cashflow break-even run rate target by the end of this calendar year.”
The growth in production reflects continued demand for driver monitoring systems (DMS), which use cameras and sensors to detect distraction or fatigue behind the wheel, a feature that will become mandatory in all new cars sold in Europe from July 2026 under the European Union’s General Safety Regulation.
While shipments rose modestly in the quarter, McGlone acknowledged the pace of acceleration will depend on how individual carmakers manage costs and inventories ahead of the regulatory deadline.
Sales in the company’s Guardian division — which supplies monitoring systems for commercial vehicle fleets — fell sharply to 368 units from 2,536 in the previous quarter, after several large orders were delayed. However, sales have already rebounded in the current quarter, with more than 2,600 units sold in October and early November, including a new US order for 1,100 units.
McGlone described early second-quarter results as “promising”, highlighting a “strong pipeline of opportunities” with major customers currently trialling its technology. He said the company remains confident of meeting its full-year production goals.