Seeing Machines Limited Business Outlook Update (8381T)
17 October 2017 - 10:40PM
UK Regulatory
TIDMSEE
RNS Number : 8381T
Seeing Machines Limited
17 October 2017
Seeing Machines Limited
("Seeing Machines" or "the Company")
Business Outlook Update
17 October 2017
Seeing Machines (AIM: SEE), an industry leader in computer
vision technologies which enable machines to see, understand and
assist people, is pleased to provide a business outlook for the
current fiscal year and next, as well as update on its associated
investment plan discussions.
Based on performance to date, a strong pipeline and new product
launches while acknowledging lower resource investments than
previously planned, the Company now reasonably forecasts to deliver
triple the revenue of FY17, with sales in the range of A$38M to
A$43M for FY18. This builds on near triple revenue growth already
delivered in FY17(1) . For FY19, the Company projects to double the
revenue of FY18, with sales in the range of A$78M to A$88M. Total
contract bookings, which provide high visibility of future revenue,
are expected to further outstrip this growth due to the nature of
the Fleet SaaS recurring revenue model and advance multi-year
contract wins of the Automotive business.
Conscious of its balance sheet constraints, the Company has
moderated its investment profile and timing, while it is in the
process of dialogue with shareholders and prospective new
investors, including strategic investors. This fact is prudently
reflected in the modest pullback in top line growth outlook as
outlined.
The Company remains excited by the large and fast growing
multi-faceted market opportunities in Commercial Fleet, Automotive
and other segments. The Fleet business has strong momentum with a
current pipeline of sales opportunities close to A$200M with
growing engagements with larger fleets in USA, new opportunities in
EMEA, a growing ecosystem of strong distribution partners in APAC
and new global Telematics channel partners such Mix Telematics and
GeoTab.
The Automotive opportunity is growing rapidly, driven by high
levels of OEM engagement in evaluating and incorporating our FOVIO
driver monitoring technology into new platform/model tenders driven
by adoption of Advanced Driver Assistance Systems (ADAS) and
Autonomous driving technology. Our growing ecosystem of Tier 1
partners is further bringing significant new OEM program
opportunities worldwide. The Company is seeing a relentless
drumbeat of interest and demand accelerated by the recent Euro NCAP
Driver Monitoring System (DMS) mandate and the recent public launch
of the Company's technology in the GM Cadillac Super Cruise, which
is a market first launch of DMS enabled "hands-free" driving.
The Company looks forward to advancing its growth strategy and
concluding its associated capital financing plans, to enable it to
leverage its unique FOVIO AI Vision platform, to continue to build
a leading global business in multiple high-growth markets.
(1) On like-for-like basis (excluding one-off license fee to CAT
and adjusting FY16 DSS sales as if a royalty was earned on the
gross sale instead).
Enquiries:
Seeing Machines Limited www.seeingmachines.com
/ +61 2 6103 4700
Mike McAuliffe, CEO Mike.McAuliffe@seeingmachines.com
Media enquiries Sophie.Nicoll@seeingmachines.com
finnCap Ltd
Ed Frisby / Emily Watts,
Corporate Finance +44 20 7220 0500
Tim Redfern / Richard
Chambers, Corporate Broking
Canaccord Genuity Limited
Simon Bridges
REi +44 20 7423 8000
Richard Andrews
Alexander Napier
Alexander Napier
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
About Seeing Machines
Seeing Machines, (AIM: SEE) is an industry leader in computer
vision technologies which enable machines to see, understand and
assist people. The Company deploys its machine learning vision
platform to deliver real-time understanding of drivers through AI
analysis of heads, faces and eyes, for Driver Monitoring Systems
(DMS) in most Transport sectors. DMS detects and manages
drowsiness, distraction and cognitive state of Drivers which is key
enabling technology for automotive ADAS/Autonomous Driving as well
as for Guardian, the Company's pioneering aftermarket commercial
fleet solution. The Guardian solution combines an in-cabin safety
intervention system with 24/7 telematics monitoring and cloud
analytics services delivered on a SaaS basis which prevents
accidents, saves costs, and lives. The Company also serves
Aviation, Rail, Off-Road markets and is enabling next generation
applications for precision eye tracking, offering solutions from
embedded software and FOVIO processors to aftermarket system and
service solutions. Based in Canberra, Australia with offices and
people in USA and Europe, the Company's products have been adopted
by global industry leaders in its markets.
www.seeingmachines.com
This information is provided by RNS
The company news service from the London Stock Exchange
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