Seeing Machines upbeat on growth trajectory and funding position
August 23, 2023 at 05:08 am EDT
Share
(via NewsDirect)
Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) CEO Paul McGlone speaks to Thomas Warner from Proactive after the advanced computer vision technology company released a trading update for the year to 30 June 2023.
The update revealed a robust top-line performance, with revenues exceeding expectations at $57.8 million, marking a nearly 50% increase from the previous year. McGlone highlights momentum in sales, emphasising the importance of annual recurring revenue from their fleet and aftermarket business, driven by connected vehicle support which reached $13.6 million—a 27% YoY rise.
He also makes note of what he considers the company's strong balance sheet, with a cash position of $36.8 million and engagement in regulatory advancements worldwide, including in key market the US. McGlone expresses confidence in Seeing Machines' ability to sustain its current level of growth, particularly in the aftermarket sector and automotive business which is buoyed by increasing deployment of their technology in production vehicles.
Contact Details
Proactive UK Ltd
Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Seeing Machines Limited is engaged in providing operator monitoring and intervention sensing technologies and services for the automotive, mining, transport, and aviation industries. The Companyâs principal activities include developing, selling and licensing products, services and technology to detect and manage driver fatigue and distraction; entering commercial agreements with partners for the development, manufacturing and sale of products into key target markets; and research and development of the Companyâs core vision processing technologies to support the development and refinement of the Companyâs products. The Company operates through two segments: OEM and Aftermarket. The Companyâs OEM segment includes the automotive and aviation business units. Its Aftermarket segment includes fleet and off-road business units. Its eye and face tracking technology has the intelligence to measure degraded alertness and attention states, and provide feedback and support in real time.