Seeing Machines (LON:SEE) said it expects to report record revenues, driven by its mining product, when it unveils full-year results at the end of next month.
Sales are expected to be A$18.9mln, 12% higher than last year. The figure excludes a previously reported research and development tax credit.
The company’s revolutionary eye-tracking technology is used in driver safety units installed in the cabs of mining trucks that check for signs of fatigue; however, it has also developed a fleet product designed for road transport.
The new product line made some impact in the fourth quarter, but is expected to become a much more significant component of sales in the new financial year, Seeing Machines told investors.
Prompted by potential opportunities in automotive and aviation sectors, the company said it had achieved “major advances” in its technology’s performance and its commercial position in both fields.
Separately, Seeing Machines has appointed Mark Penman, a former director of business development at sat-nav firm TomTom, as its new senior vice president of sales.
He has also worked for Garmin, Magellan, MapQuest/AOL and Cobra, and in his last role he helped drive revenues to US$20mln from US$500,000 in just four years.
Chief executive Ken Kroeger said: "With our relationship with Caterpillar expanding and the launch of the new Fleet product, we are looking to Mark to spearhead our sales efforts.
"With his experience in navigation systems, working with OEMs [original equipment manufacturers] and the automotive sectors, and his networks in the US transport industry, we think that his skill set perfectly aligns with what we are looking for in order to further drive our sales."