Seeing Machines
Limited
11
November 2024
Q1 FY2025 Quarterly KPIs
Market leading position
with over 2.6 million cars on the road featuring Seeing Machines'
technology across 8 Automotive production programs
Seeing Machines Limited (AIM: SEE,
"Seeing Machines" or the
"Company"), the advanced
computer vision technology company that designs AI-powered operator
monitoring systems to improve transport safety, publishes its
quarterly Key Performance Indicators ("KPIs") for the quarter ended
30 September 2024 ("Q1
FY2025").
Q1
FY2025 KPI highlights:
- Cars on the road
with Seeing Machines' technology increased to 2,617,091 units,
representing an increase of 100% from 12 months ago (Q1 FY2024:
1,308,314)
-
Quarterly production of 405,669 units, up 6% from
the previous quarter (Q4 FY2024: 381,215) and up 83% from the
previous corresponding quarter (Q1 FY2024: 222,138), reflecting
continued growth despite the challenging global automotive industry
backdrop
- Following the
new Licensing Agreement with Caterpillar announced on 26 June 2024,
and the up-front license payment of US$16.5 million relating to
Guardian technology, the metrics for Aftermarket have been changed
from 'Monitored Connections' to 'Guardian Hardware Unit Sales' and
'Annual Recurring Revenue' (ARR), with ARR now excluding any
contribution from Caterpillar, as more appropriate leading
indicators of revenue growth
Automotive Production Volumes
(production of new vehicles using Seeing Machines' Driver
Monitoring System (DMS) technology):
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Q1 FY2024
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Q2 FY2024
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Q3 FY2024
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Q4 FY2024
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Q1 FY2025
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Production FY2024 - 25
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222,138
|
208,231
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313,662
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381,215
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405,669
|
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%
Growth Qtr on Qtr
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5%
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(6%)
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51%
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22%
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6%
|
|
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Q1 FY2023
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Q2 FY2023
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Q3 FY2023
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Q4 FY2023
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Q1 FY2024
|
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Production FY2023-24
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112,077
|
141,747
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173,802
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211,325
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222,138
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%
Growth Comparative
|
98%
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47%
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80%
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80%
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83%
|
Aftermarket (Guardian) (technology for commercial transport
fleets and logistics organisations):
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Q1 FY2024
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Q2 FY2024
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Q3 FY2024
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Q4 FY2024
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Q1 FY2025
|
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Guardian Hardware unit sales
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1,724
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3,037
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1,660
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9,807
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1,491
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ARR
excluding Caterpillar (historical)
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$12.0m
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$13.0m
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$12.9m
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$13.3m
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$13.6m
|
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%
Growth Qtr on Qtr
|
1%
|
8%
|
(1%)
|
3%
|
2%
|
Seeing Machines' Automotive production volumes increased
to a quarterly production volume of 405,669 units, a strong
year-on-year increase of 83%. The Group's technology is now
installed in over 2.6 million vehicles.
In Aftermarket the Licensing Agreement
with Caterpillar in June 2024 included an upfront license payment
of US$16.5m, of which US$5.0m was recognised as revenue in FY2024.
The balance of the license fee will be recognised over the
remainder of the 5-year agreement. The ongoing revenue is not
considered to be recurring in nature and so is excluded from the
ARR metric. The growth in ARR compared to Q1 FY24, excluding
historical recurring revenue from Caterpillar, was 13.4% (Q1
FY2024: US$11,964,782). Guardian hardware unit sales were weighted
to the second half of FY2024, with the sell-through of remaining
Guardian Generation 2 inventory. It is expected that sales volume
will also be weighted to the second half of FY2025 as production of
Guardian Generation 3 increases.
Using the combined metrics of ARR
and Guardian hardware unit sales will provide more meaningful and
relevant leading indicators for revenue growth as the mix of sales
channels, pricing models and service tiers expands with the
introduction of Guardian Generation 3.
Paul McGlone, CEO of Seeing Machines,
said: "Seeing Machines has maintained the expected
growth rate of 100% in cars on road from 12 months ago, now with 8
programs at the start of production. We continue to see our
Automotive programs progress successfully to production despite the
ongoing and widely documented challenges across the global
automotive sector.
"I
am confident growth will continue as regulations and automated
driving features continue to drive demand for Driver and Occupant
Monitoring System technology. Guardian growth remains steady, and
we expect this to accelerate as Guardian Generation 3 becomes
available to Aftermarket customers in more jurisdictions,
globally."
This announcement contains inside
information under the UK Market Abuse Regulation. The person
responsible for arranging for the release of this announcement on
behalf of the Company is Paul McGlone, CEO.
Enquiries:
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Seeing Machines Limited
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+61 2 6103
4700
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Paul McGlone - CEO
Sophie Nicoll - Corporate
Communications
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Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
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+44 20 7710 7600
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Alex
Price
Fred
Walsh
Ben
Good
Sarah
Wong
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DGA Group (Media
Enquiries)
James
Styles
Methuselah Tanyanyiwa
Matthias Jarosz
seeingmachines@dga.com
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+44 20 7664 5095
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About Seeing Machines (AIM:
SEE), a
global company founded in 2000 and headquartered in Australia, is
an industry leader in vision-based monitoring technology that
enable machines to see, understand and assist people. Seeing
Machines is revolutionizing global transport safety. Its technology
portfolio of AI algorithms, embedded processing and optics, power
products that need to deliver reliable real-time understanding of
vehicle operators. The technology spans the critical measurement of
where a driver is looking, through to classification of their
cognitive state as it applies to accident risk. Reliable "driver
state" measurement is the end-goal of Driver Monitoring Systems
(DMS) technology. Seeing Machines develops DMS technology to drive
safety for Automotive, Commercial Fleet, Off-road and Aviation. The
company has offices in Australia, USA, Europe and Asia, and
supplies technology solutions and services to industry leaders in
each market vertical.
www.seeingmachines.com