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.
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
- 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