Seeing Machines Share Discussion Threads

[amt] 03/8/2021 08:37

This significant increase in RFQs is extremely encouraging and we do expect this number to increase at a similar rate over FY2022.

I have not seen a figure for RFQ before. Anyone else seen a number in the last year or so

[base7] 03/8/2021 08:33

Update was exactly that, ie an update for FY21 & we should not have expected specific guidance for FY22 -although the clues were there & if we achieve 40% of an expanded RFQ prospective of A$900mill we will be looking much stronger as FY22 progresses.
Any early guidance will be conservative but hopefully upgraded over the year & as deals are announced.
Very positive !

[skinny] 03/8/2021 08:24

Paul McGlone, CEO of Seeing Machines commented:

"Our progress over the past financial year has been really pleasing, and the signs are there for increased opportunity as FY2022 gets underway. The Automotive RFQs from Europe, North America and Japan currently represent total revenue potential of over A$900m, signalling a step change in the value of our automotive pipeline. In addition, we have increased the number of relationships with key Tier 1 customers to 16, enabling us to bid each opportunity with several parties.

"This significant increase in RFQs is extremely encouraging and we do expect this number to increase at a similar rate over FY2022. This affirms our view that DMS is now established as central to the automotive industry and we look forward to closing out the current RFQs and announcing new business wins in due course".

[rjcdc] 03/8/2021 08:21

Pipeline is total pipeline… SEEs bit may be 30-40% of it

Pipeline will increase as RFQs come out, especially rest of world. For e.g. China.

Good update, but lacking revenue guidance.

[amt] 03/8/2021 07:57

So pipeline of half a billion pounds with massive growth expected.
Cash burn about 12 m AUSD annualised so 3 years of cash left on current burn.
Nearly 30m AUSD turnover in H2 vs 18M in H1.
Please check my numbers.
60M AUD annualised turnover.
Need say 100m AUD to break even.
Pipeline 900 m AUD.
Gross margin 60%
Back of envelope calculations.
Does anyone else have something similar or am I way out?
How much is royalty per vehicle?

[lfc4ever] 03/8/2021 07:30

well that's pretty upbeat.

fasten seatbelts and smile at the SEE camera.

[skinny] 03/8/2021 07:01

.




In line with expectations: Commencement of Automotive royalty revenues drives positive outlook

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, provides a trading update for the year ended 30 June 2021 ("FY2021").

Seeing Machines has continued its growth path despite the challenges posed by the COVID-19 pandemic. Importantly, FY2021 has marked the long-anticipated commencement of Automotive royalty revenues as over 100,000 new vehicles have hit the roads with Seeing Machines' Driver Monitoring System (DMS) technology embedded. These royalty revenues are expected to increase sharply over the next 2-3 years as production of vehicles carrying the Company's DMS technology ramps up.

In addition, the Company continues to experience significant growth in its Aftermarket business, with record Guardian hardware sales achieved in the final quarter of FY2021 providing momentum going into the new financial year. Guardian connections at 30 June 2021 total 31,771, which represents a growth in the installed base of over 5,000 units in the six months prior, with a backlog of c.5,000 sold units yet to be installed.

Notwithstanding the challenges faced by the Aviation industry over the past 18 months, Seeing Machines has signed commercial contracts to embed its eye-tracking technology into the training environment with simulator installations, as well as into the Air Traffic Control sector, demonstrating strong momentum in a truly nascent market, with limited competition.

Financial highlights for FY2021

-- Reported Revenue for FY2021 is expected to be A$47.3m, representing an 18% increase on the previous period and in line with market consensus

-- Underlying revenue has grown 30% on the previous period when using constant currency*
-- Cash at 30 June 2021 is expected to be A$47.7m, 24% ahead of market consensus
Paul McGlone, CEO of Seeing Machines commented:

"Our progress over the past financial year has been really pleasing, and the signs are there for increased opportunity as FY2022 gets underway. The Automotive RFQs from Europe, North America and Japan currently represent total revenue potential of over A$900m, signalling a step change in the value of our automotive pipeline. In addition, we have increased the number of relationships with key Tier 1 customers to 16, enabling us to bid each opportunity with several parties.

"This significant increase in RFQs is extremely encouraging and we do expect this number to increase at a similar rate over FY2022. This affirms our view that DMS is now established as central to the automotive industry and we look forward to closing out the current RFQs and announcing new business wins in due course.

"The Aftermarket business is also strengthening as safety monopolises agendas across the world, and this division is now profitable as a standalone business. While our Guardian installation rate has slowed during FY2021, given the COVID backdrop, hardware sales continued to increase as commercial fleets consider this technology a key advantage in terms of safety, but also to ensure efficiencies against the current evolving regulatory environment for commercial driving. The Aftermarket sales pipeline has increased steadily thoughout the year and remains strong for FY2022.

"In summary I can safely say we have never been busier, nor been faced with such a raft of opportunities for significant growth."

The Company expects to publish its audited year end results in late October.

The financial information in this announcement is based on the unaudited management accounts for the year to 30 June 2021.

* This refers to underlying growth rates at constant currency or adjusting for currency so business results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Seeing Machines business performance. To present this information, current period results and comparative period results are converted into Australian dollars at the 30 June 2021 exchange rate.

[base7] 02/8/2021 08:04

Hopefully of the unexpectedly extremely positive kind of excitement, rather than the alternative !

[rjcdc] 01/8/2021 22:58

Exciting week ahead…

[skinny] 25/7/2021 10:42

Well isn't the saying 'There's no such thing as bad publicity'!

.

[blackpudding13] 24/7/2021 11:07

Cars have to have DMS by law, a system that solves all the installation issues, works properly and not annoy the driver.Sounds like Magna know what theyre doing. Us lowly tier 2's dont get much limelight though

[mirabeau] 24/7/2021 09:39

That's a veritable who's who of OEM's


Aston Martin
AvtoVAZ
Beijing Automobile Works
BMW
Brilliance Auto
BYD
Changan Auto
Changan
Ford
Changan Suzuki
Chery
Daimler AG
Dongfeng Motors
FAW
FCA
Karma Automotive
Ford Motor
Company
GAC Fiat
GAZ
Geely
General Motors
Great Wall Auto
Guanzhou Auto
Guihang Youngman
Hebei
Zhongxing
Honda
Hyundai
Isuzu
JAC
Jianghuai Auto
Jiangling Auto
Kia
Lifan
Mahindra
Maruti
Suzuki
Mazda
Mitsubishi
Nanjing Auto
Proton
PSA Peugeot
Citroën
Qoros
Renault-Nissan
SAIC
SAIC-GM-Wuling
SGM
Soueast
SsangYong
Subaru
Suzuki
SVW
Tata Motors
Toyota
Volkswagen AG
Volvo
Yanmar
Yulon
Zhonghua

[mirabeau] 24/7/2021 09:34

Expect an RNS following this material eventToday 09:30

I believe Magna's takeover of Veoneer represents a material event for SEE. This may explain SEE's recruitment drive ov er the last 3 months. I bet SEE had some knowledge of this change of ownership on behalf of their partners but the opportunity for SEE is even greater now than it was prior to this takeover :

Seetarama Swamy Kotagiri - Magna International Inc. - CEO, President & Director said this:

'The transaction provides benefits to a number of key stakeholders. Our strong balance sheet and cash flow can provide added confidence to customers that we can execute on upcoming growth plans and continue to invest in new technologies and programs. The leadership position in ADAS our combined business, together with Magna's overall scale in the industry, offers exciting opportunities for Veoneer's employees and supplier partners. The increased software and overall ADAS confidence further strengthens our overall vehicle systems capabilities and our positioning in future mobility, which is good for employees from both companies'

[mirabeau] 24/7/2021 09:33

SEE is a major partner of and supplier of DMS to Veoneer

[buggy] 24/7/2021 09:33

ali47fish

Veonner DMS offering is based on SEE. Magna Smart mirrors will also be using SEE, I believe.

Not sure the exact figure, but about 2 out of every 3 OEM has Magna as Tier1 supplier. Which means that SEE offering now has the potential of being offered to 2 out 3 OEMs. [That does not mean that the OEM will choose to accept but at least Manga will make a play to sell SEE based product to the OEM whenever the OEM needs DMS either in infotainment; ADAS or in Smart mirror].

[ali47fish] 24/7/2021 09:01

mira- what connection with see?

[mirabeau] 24/7/2021 05:35

“This is a very good outcome for VNE shareholders,” Joseph Spak, an analyst at RBC Capital Markets, said in a note. The deal gives Veoneer more resources to develop its suite of driver-assistance systems and it now has a big customer for its vehicle perception and software platform, Spak wrote.

Veoneer was spun off by auto-safety supplier Autoliv Inc. in 2018. The shares lost more than half their value after the split as orders slumped and the company racked up losses.

Magna investors will “struggle with the rationale” of the deal in the short term, Chris McNally, an analyst at Evercore ISI, said in a note, citing possible challenges with integrating certain technology and Veoneer’s recent cash burn. On the plus side, Veoneer’s radar, thermal and driver-monitoring system businesses are “of high-quality and truly complimentary” to Magna’s product offerings.

[base7] 23/7/2021 23:22

Which could be excellent news for us-although you would not think so based on our share price reaction.
Hopefully positive news will be released before the forthcoming FY21 update

[mirabeau] 23/7/2021 07:42

Veonner taken over for $3.8bn by Magna

[tradermel] 22/7/2021 09:16

Back in March at half year results I emailed the company asking them to reflect how the increase in car models being released had increased revenue projections (future revenues released by RNS stand at A$125 to A$159). The CEO's answer was "we do not do that"! Last years FY results were delivered dry, factual with no real fanfare (fair enough). I suspect this years results to be more along the same theme with modest increases and softening losses, but will they?

This years FY results will see the CEO holding shares at a loss, his pay award shares not so great and importantly, feeling a little pressure with the recent shreholders from February's presentations that would have bought in in double figures. It must be tempting to revisit the future revenues that have been won and upgrade revenue projections which won't violate NDA's as specifics don't have to covered. The Director buys were made in a timespan that will allow such a positive result announcemet polishing. The Director buys timing is very tantalising, could we actually SEE a bit of real PR?

[rjcdc] 21/7/2021 09:38

If you believe in trend lines then this should bounce from here… volume low though.

Waiting for the run up to results to start..

[tradermel] 19/7/2021 13:25

This is firking ridiculous, even my sceptical mind feels the company have been making a lot of the right moves lately, but back down below 8? Holders jumping out for what reason other than fear (yes I know the market is having a down day) but SEE are once again the worst in my watch list. Meanwhile SEYE are only down 3% and also without significant news for quite a while. Results in a couple weeks .....

[volsung] 19/7/2021 12:41

Bought some more for 8.11p