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Seeing Machines face tracking technology builds traction in multiple areas

Snapshot

  • Opportunities in autonomous vehicles market
  • Automotive programmes are on track
  • Growing interest in Seeing Machines' technology
machines

Quick facts: Seeing Machines Ltd.

Price: 2.95 GBX

AIM:SEE
Market: AIM
Market Cap: £99.27 m
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Sales momentum is building in all our major markets through initiatives to expand geographic footprint with global customers, new distributors and the addition of new channel partners

Paul McGlone, chief executive

What Seeing Machines does:

Seeing Machines PLC (LON:SEE) makes driver monitoring systems (DMS) that can be used in cars, trucks, trains and aircraft.

The technology tracks the eye gaze, head position and pupil size of drivers or pilots to determine whether they are drowsy or distracted.

Among some of the firm’s clients are Autoliv, General Motors, Coach USA, Bosch, Caterpillar and Emirates.

Seeing Machines sees an opportunity for its DMS in the autonomous vehicles market that is being developed by the likes of Tesla, General Motors and Alphabet’s Waymo.

There are different levels of autonomy with level 0 being when you hear a beep as you approach an object when reversing and level 5 being when the steering wheel becomes superfluous.

The AIM-listed group is based in Canberra, Australia but serves markets across Europe, North America, Latin America, the Middle East and the Asia Pacific.

How it's doing

For the six months ended 31 December, the AIM-listed firm reported operational revenues of A$15.8mln, 12.8% higher year-on-year, while net losses edged up to A$24.9mln from A$24.7mln.

The revenue uplift had been driven by what the firm said was “accelerating growth” of vehicles connected to its Guardian driver monitoring system (DMS), as well as 67% growth in revenues from its monitoring services arm.

Annualised recurring revenue also grew to A$13.2mln from A$12mln last year.

What the boss says: Paul McGlone

Inflexion points

  • Traction in all key areas where Seeing Machines operates
  • More contracts for DMS technology
  • Revenues start to build as contracts ramp-up
  • Driverless technology becomes more mainstream

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Watch

Seeing Machines Ltd 'refocused on fastest route to profitability'

Seeing Machines Limited (LON:SEE) CEO Paul McGlone talks Proactive London's Andrew Scott through its business restructure and additional steps taken to navigate the challenges presented by COVID-19. He says they've managed to cut the cost base by A$12mln and among the initiatives being...

2 weeks ago

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