By Joe Hoppe

Seeing Machines said its pretax loss narrowed and revenue rose ahead of market expectations, and said it has signed a deal with RTX to develop a fatigue detection product.

The transport-technology company said Monday that its pretax loss for the year ended June 30 narrowed to $15.6 million, from $18.5 million a year prior.

Revenue rose to $57.8 million from $39.0 million, outperforming company-provided expectations of $53.9 million.

"Our three business units are now well established, and we are expecting to see continued growth from each of them as we move closer to compliance deadlines in Europe, where every vehicle on European roads will require technology to mitigate risks associated with fatigue and distraction," Chief Executive Paul McGlone said.

Seeing Machines said by fiscal 2026, it expects revenue of no less than $125 million.

The company also said in a separate statement it has signed a purchase agreement and statement of work with RTX to jointly develop an eye-tracking aviation fatigue detection product.

Non-recurring engineering revenue of $2.65 million to support joint development of the launch product will be payable to Seeing Machines over two years, and the final product will be taken to the commercial aviation market by RTX's Collins Aerospace.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

October 16, 2023 02:52 ET (06:52 GMT)

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