Seeing Machines Share Discussion Threads

[skinny] 22/8/2023 09:41

I must admit, I expected a little more 'interest' - at least the price is positive currently.

[ali47fish] 22/8/2023 09:37

why when i was reading the rns i tought the share price will reaaly spike- is there exageration

[davemac3] 22/8/2023 08:32

Why sell here?

[skinny] 22/8/2023 07:05

Quite a lot to digest and no apologies for posting the majority of the RNS.

[skinny] 22/8/2023 07:04

Paul McGlone, CEO of Seeing Machines, said : "We are very pleased with the progress made during what was a record quarter, and throughout the year, across both our Automotive and Aftermarket divisions. Crossing the 1 million threshold for the numbers of cars on the road with Seeing Machines' technology installed, up 143% year on year, represents a major milestone and a great achievement. With supply chain constraints now easing, our Guardian business continues to go from strength to strength, with over 51,000 heavy vehicles now connected, an annual growth rate of 30%. We can now expect Aviation to be a meaningful contributor to the Company's revenue and looming regulatory deadlines are driving the rapid adoption of Driver Monitoring Systems by automotive manufacturers. Our per-unit, margin accretive royalty model leaves us well positioned to capitalise on the opportunities ahead."

Seeing Machines is well positioned across all key transport sectors as growth momentum continued to accelerate in FY2023. The Aftermarket business has expanded, with 30% annual growth. Guardian, the Company's aftermarket product, is now connected to over 51,000 vehicles globally, contributing to the Group's expanding Annualised Recurring Revenue performance. As Europe's General Safety Regulation comes into effect in 2024, the "After Manufacture" market (factory fit for Bus and Truck vehicles) presents growing opportunities and Seeing Machines' plans are well advanced as commercial vehicle manufacturers seek to sell compliant vehicles.

In Automotive, the Company has now won 15 individual programs with 10 OEM customers. The cumulative total initial lifetime revenue for the awarded programs currently stands at US$321m, with significant upside potential, and the majority of this program revenue is expected to be recognised over the period to 2028. Despite some recent delays in OEM program awards, the Company maintains its expectation for Automotive market share to reach 40%, by volume. This expectation is based on an average of respected third-party analyst [3] views of total market penetration, together with Seeing Machines' view of specific current and expected OEM opportunities through to 2032, as well as historical win rates for the Company.

Licensing the Company's software into carefully chosen segments has also ensured a leadership position for Seeing Machines across key vertical markets within Automotive, in the rear-view mirror with Magna as previously announced, and more recently in Aviation.

Seeing Machines' Aviation business has now officially launched following the recently agreed exclusive licence with Collins Aerospace, generating licence revenue over three years of US$10m, to jointly develop pioneering eye-tracking solutions for the Aviation industry. Collins will also pay the Company Non-Recurring Engineering (NRE) payments to develop specific solutions, which will evolve into potential future royalty payments as shipsets are released to customers. This collaboration brings together the companies' collective expertise in navigation, communication, sensor technology, flight controls and aviation system design to accelerate innovation and safety across the industry, unimpeded by any close competition, as of today.

[skinny] 22/8/2023 07:01

FY2023 Trading Update & quarterly Key Performance Indicators Q4 FY2023

Record-breaking quarter with Seeing Machines' class-leading technology now installed in over 1,000,000 vehicles

Trading for 12 months ended 30 June 2023 was ahead of expectations

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 2023 ("FY2023") and quarterly Key Performance Indicators ("KPIs") for the quarter ended 30 June 2023.

Key Financial Highlights:

- Reported Revenue for FY2023 is expected to be US$57.8m, representing a 49% increase on FY2022 and ahead of the top of end market expectations [1]

- Annualised Recurring Revenues increased by 27% year on year to US$13.6m
- Strong balance sheet, with cash [2] at 30 June 2023 of US$36.8m
Key Operational Highlights:

- Exclusive collaboration with Magna International to jointly deliver driver and occupant monitoring system (DMS/OMS) technology integrated into the rear-view mirror also brought US$65m investment into the Company, strengthening Seeing Machines' balance sheet and fully funding the business to deliver on its current business plan

- Martin Ive appointed as CFO bringing significant public company experience
- Additional OEM program award increased the total Automotive cumulative initial lifetime value of all programs won to date to US$321m

- Exclusive licence Agreement signed with world's largest Tier 1 Avionics company, Collins Aerospace

Q4 FY2023 KPI highlights:

- Cars on road increased by 143% over 12 months to 1,086,176 units (Q4 FY22: 447,225)
- Annual production volume increase of 101% to 638,951 vehicles (FY2022: 317,491)
- Monitored Guardian connections increased 30% during the last 12 months to 51,975 units (Q4 FY2022: 39,892)

- Total Guardian hardware sales for FY2023 of 14,779 units, with Q4 achieving record sales of over 10,000 units as backlog demand met following easing of earlier supply chain constraints

[ali47fish] 21/8/2023 10:28

amt got it - many thanks

[amt] 21/8/2023 10:06

I don't but patience is required and the new regulations will cause great change

[ali47fish] 21/8/2023 07:58

amt how do you knw

[amt] 21/8/2023 05:03

I am not expecting much in the way of contracts until later in 2024 when momentum in the business should start to take off in a big way with a new wave of semi autonomous vehicles etc.

[jmoexpress] 20/8/2023 10:17

I honestly don’t understand this narrative - the April 2019 RNS was widely assumed to be the GM contract - if anything it has presumably over delivered in that we are in multiple GM models. The Collins RNS ultimately produced a multi million dollar contract with one of the most respected and far reaching avionics companies out there - which will certainly bear fruit. If anything, the only odd thing about these RNS is that we don’t get to hear officially of the obvious extensions to initial contract values - presumably due to NDAs. Revenue is building, management decided to introduce quarterly KPIs to show increased unit production presumably rather than relying on contract extensions of models. Anyway, time will tell, we will know through the quarterly kpis in November/February whether this is real or not.

[base7] 20/8/2023 09:33

Martin Ive (& others) buying a substantial amount of shares over a short period & ahead of a trading update encouraged me to increase at these lowly levels & reaffirmed confidence in the outcome .We all have different risk profiles & the lack of recent news in respect of RFQ wins & the launch of G3 is disappointing but the positive news has viewed the recent malaise as an opportunity to increase my holding further .

[stuart4u] 19/8/2023 22:44

Gotta wonder why nvhltd gets out of bed in the morning.I acknowledge that nobody else has won much and even if 8 months ago SEE added a $32m contract ( assume these are rfq'd as well so they all count??) But But, and i acknowledge its the OEMs dictate when they sign, but but, SEE ought to demand satisfaction immediately!!And ok Cipia, SEE and Seye are structurally different companies but ignoring everything else where did i get 700 staff from.. But I'll say 700 anyway cause I've no idea... Back to bed.

[amt] 19/8/2023 22:42

So orders have more than trebled since 2019. I don't see what the fuss is about. All going very well by the look of it.

[stuart4u] 19/8/2023 22:28

Lot of crying and wordy posts recently, Magic is complaining about an rns in 2019 and can't even remember covid, chip shortage or a european war! No excuse at all please SEE! You should have been able to forecast the above and dealt with it. Well i never!!!

[jimmladd1] 17/8/2023 15:44

Just to answer ealier posters question on awareness to Insurance industry....Delighted to have been part of a recent Insurance Institute for Highway Safety Webinar shedding light on the crucial role of technology in mitigating driver distraction. A huge shoutout to David Zuby and the entire IIHS team for including Seeing Machines in this significant discourse. During the webinar, J.T. Griffin underscored an exciting development: forthcoming European regulations will mandate Driver Monitoring Systems (DMS) akin to the pioneering solutions crafted by Seeing Machines, as standard features in all new vehicles starting next year. These innovative systems stand ready to alert drivers when they veer into distraction or drowsiness territories. In the US, the Bipartisan Infrastructure Law charts a path forward by entrusting NHTSA to delve into the realm of this technology, with potential for future regulations. The journey ahead holds immense promise, and we're eagerly committed to collaborating with stakeholders like IIHS to disseminate the manifold advantages of the life-saving potential of DMS technology. Together, we forge ahead toward safer roads for everyone!Watch the webinar - https://hubs.ly/Q01-WfnP0#SeeingTechnologies #DriverSafety #InnovationInMotion

[nvhltd] 17/8/2023 14:34

More guff though. Investors now need substance and new contracts.

At somepoint this technology will be so easy to develop and replicate just like all other tech. Our first mover advantage will vanish in no time. They need to get a shift on and secure contracts and customers with sticky fingers. The commercial space is full of first movers that failed to progress and died.

The Magna deal has only 22 months to run and to our knowledge only delivered 1 contract since it was signed in October 2022. The CLN debt will also start to weigh on sentiment in just 2 years time and is repayable in just over 3.

The point is time flies. Magna have first move advantage in the mirror. It has been suggested that the mirror is the ideal location. They have a product. They have patents. They have an arrangement with Seeing Machines. Seeing Machines claim they are working on 12 RFQ's. Despite all of this we aren't closing out the current RFQ's and Magna also aren't announcing any contracts. So what's going on?

[wsm812] 17/8/2023 14:31

Can you summerise for non FB users please?

[nvhltd] 17/8/2023 14:00

Five days to go before the update. No new OEM contracts in more than 12 months. The KPI's for vehicle installs may meet or better target, but the conversion rate against the trumpeted market size and received RFQ's is awful. Granted the OEM controls the timelines and we haven't seen many wins from our competitors although they have announced more deals than us recently, but it's hard to explain why an OEM would RFQ and then not do anything with it?

Paul arrived if my memory serves me with 6 imminent RFQ's to be awarded. I don't know what happened to those, but in one of the last internal interviews he did he said they were working on 12 RFQ's, but still nothing new is closed out.

I'd like Seeing Machines to do another Investor Meet or Town Hall in the UK, because the lack of news isn't reflected in their hyped up view around the market size and opportunities they claim to be working on.

Does anybody know the headcount at Seeing Machines, Smarteye and Cipia? It would be interesting to see which company is delivering a better bang for a buck. There's no point employing 700 people if we are losing out to companies that employ a fraction of that number. The size of the company should reflect on their market share if all things are equal.

I think we will get more hype and jam tomorrow next week, but I so hope they beat expectations.

[willoicc] 17/8/2023 10:03

Thank you jmo

[jmoexpress] 17/8/2023 09:19

They have been recorded as working with NZI (New Zealand) IUM (South Africa) and NTI (Australia) but I would like to think there are multiple others. Thatcham research have published numerous articles on DMS and directly mentioned SEE ….

[willoicc] 17/8/2023 08:21

Do Seeing make sure the insurance industry is aware of improved safety from installing these products?