Record-breaking sales for Seeing Machines

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【Summary】Seeing Machines, a transport safety software group, reported a 49% increase in full-year sales, surpassing forecasts. The company's technology, installed in over one million cars, uses optical sensing to enhance vehicle safety. Annualized recurring revenues rose by 27%, driven by strong performance from the aftermarket product, Guardian. Seeing Machines has secured contracts with major automotive customers and expanded into the aviation industry through a partnership with Collins.

FutureCar Staff Aug 22, 2023 9:26 AM PT

Record-breaking sales for Seeing Machines

Transport safety software group Seeing Machines has reported a strong performance in its fourth quarter, leading to a nearly 50% increase in full-year sales. The number of cars on the road with the company's technology installed has surpassed one million. Revenues for the year to 30 June reached $57.8m, exceeding the consensus forecast of $53.9m. Annualised recurring revenues rose by 27% to $13.6m, driven by the aftermarket product Guardian, which is now connected to over 51,000 vehicles globally.

Seeing Machines uses optical sensing technology for various vehicle safety tools, including driver attention monitoring and semi-autonomous driving. The company highlighted the growing opportunities in the "After Manufacture" market as Europe's General Safety Regulation comes into effect in 2024. It stated that its plans are well advanced as commercial vehicle manufacturers seek to sell compliant vehicles.

In the fourth quarter, the number of cars on the road increased by 143% year-on-year to 1.09 million, while production volumes for the full year reached 638,951, up 101%. Seeing Machines currently has 15 contracts with 10 OEM automotive customers, including GM and Daimler, with a cumulative total initial lifetime revenue of $321m to 2028.

The company has also expanded into the aviation sector, entering into an exclusive license agreement with aerospace tech giant Collins to jointly develop eye-tracking software for the industry. Seeing Machines expects aviation to become a meaningful contributor to its revenue. Chief executive Paul McGlone noted that looming regulatory deadlines are driving the rapid adoption of Driver Monitoring Systems by automotive manufacturers.