TIDMSEE
RNS Number : 4289N
Seeing Machines Limited
01 February 2021
Seeing Machines Limited
1 February 2021
Half year trading update
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 a trading update for the six months to 31
December 2020 ("H1 2021").
The Company expects to report revenue for H1 2021 of A$18.1m (H1
2020: A$15.8m), a 14.6% increase. Total connected Guardian units at
31 December 2020 was 26,597, securing forward Annualised Recurring
Revenues including royalties of A$15.5m (H1 2020: A$13.2m, +17.4%).
This represents an increase of 3,182 Guardian units in H1 2021 with
additional hardware sales of 3,371 units still to be connected.
Cash position at 31 December 2020 of A$52.7m (H1 2020:
A$38.1m).
Driver Monitoring System (DMS) technology continues to gain
momentum as it becomes central to safety in all transport sectors.
Regulatory and safety bodies in Europe have acknowledged its
importance and this trend extends globally as the USA becomes
focused on a road safety agenda to address risks posed by emerging
semi- and fully-automated vehicle technologies.
Seeing Machines continues to grow despite the ongoing disruption
caused to its key transport sectors by the global COVID-19
pandemic. FY2021 marks the start of production for two major
Automotive OEM programs, one in Europe and one in North America, as
well as one of many vehicles from an expanded program for an
existing OEM customer, signalling the beginning of meaningful
Automotive production royalty revenues.
OEM Highlights:
-- Three-pillar embedded product strategy launched, targeting
the rapidly expanding camera-based interior monitoring market for
automotive focused on its FOVIO Chip, the introduction of its
Occula(TM) Neural Processing Unit and it's e-DME (embedded Driver
Monitoring Engine);
-- Three-pillar strategy closely supports carmakers with a range
of integration options for industry-leading DMS as they design cars
to meet mounting safety standards and deliver more convenience
features for their customers;
-- Over the next two years, Seeing Machines expects to be in
full production with existing OEM customers on more than 30
distinct car models, ranging from world leading technology flagship
brands to world sales volume leaders;
-- The Company is now formally working with additional global
semi-conductor companies, Qualcomm Technologies and OmniVision
Technologies, to extend the delivery of its DMS and partnerships
within a growing ecosystem of Tier-1 customers;
-- Seeing Machines led the DMS industry with its formal launch
of Occupant Monitoring System (OMS) technology to the Automotive
market; and
-- A non-binding MOU was signed with global aerospace and
defence technology company, L3Harris Technologies which frames the
intent to enter a global non-exclusive license agreement with
Seeing Machines' Crew Training System, enhancing pilot training
Aftermarket Highlights:
-- Fleet revenue of A$15m for H1 2021 a significant contributor
to the overall Company result, representing 16% growth on the
previous period;
-- Guardian (Company Fleet solution) pipeline developed,
alongside uninstalled hardware sales from H1 2021, and is expected
to generate significantly increased revenue through to 30 June
2021, commensurate with previous periods;
-- Naturalistic driving data, a fundamental metric to Seeing
Machines' ongoing technology roadmap, collected by Guardian has now
reached over 5.8 billion kilometres;
-- Distribution partners around the world now totals fifteen
across Asia Pacific, Europe, UK, Africa and The Americas.
Outlook:
Seeing Machines continues to trade in line with expectations for
FY2021.
Paul McGlone, CEO of Seeing Machines commented: "The first half
of FY2021 has been significant for the company and the results are
pleasing. Despite the obvious ongoing challenges around the world,
we are still seeing growth in our Aftermarket (Fleet) business and
our engagement across the OEM business and associated industries
(Automotive and Aviation), has never been stronger. We are
encouraged by our continued engagement across a number of ongoing
RFQs, which have increased significantly in both number and value,
since 1 July 2020, to deliver Driver and Occupant monitoring system
technology to carmarkers globally.
Our expanding ecosystem of partners across the Automotive
sector, in particular, is extremely encouraging and we are very
positive about the tie-ups with large, global semi-conductor
companies that will enable Seeing Machines to provide options and
cost-savings for OEMs, especially as regulation really starts to
impact delivery schedules. And despite the obstacles we face with
momentum in the Aviation industry due to Covid-19, I remain
confident that our long-standing collaborations will bear fruit and
that Seeing Machines will see growth across this business in the
near-term."
The Company expects to publish its half year results in March
2021.
Enquiries:
Seeing Machines Limited +61 2 6103 4700
Paul McGlone - CEO
Sophie Nicoll - Corporate Communications
Cenkos Securities plc (Nominated Adviser and
Broker)
Neil McDonald
Pete Lynch +44 131 220 6939
Stifel Nicolaus Europe Limited (Joint Broker) +44 20 7710 7600
Alex Price
Nick Adams
Lionsgate Communications (Media Enquiries) +44 7791 892509
Jonathan Charles
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of the Market Abuse Regulation (596/2014) which is
part of English Law by virtue of the European (withdrawal) Act
2018, as amended. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain.
The person responsible for arranging the release of this
announcement on behalf of Seeing Machines is Sophie Nicoll,
Corporate Communications.
Seeing Machines (LSE: 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' 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
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