Seeing Machines , a vision-based monitoring technology company, has today published its unaudited results and financial report for the six months to 31 December 2022.
The AI-powered company reported total operational revenue of US$24.4m, up from US$15.8m in H1 2022, reflecting comparative growth of 54% on the previous period. Automotive and Aviation revenue was up by 268% year on year to US$14.0m. Within this, higher margin royalty revenue, derived from cars on the road, increased by 102% to US$3.1m, while revenue of US$5.4m from license fees was earned from the exclusive collaboration agreement with Magna.
Aftermarket (Fleet and Off-Road) revenue was US$10.3m, up from US$12.0m in H1 2022, with gross profit of US$15.5m, up 109% year on year.
Stand-out operational highlights from Seeing Machines include entering into an exclusive collaboration with Magna, which also brought in additional investment in the Company through a Convertible Note of up to US$47.5m.
During the six-month period, Seeing Machines was also awarded an additional programme with a large European-based global automotive group customer, carrying an initial lifetime value of US$32m. To date, the company has won a total of 15 automotive programs, with cumulative initial lifetime value now standing at US$321m.
Additionally, Guardian, Seeing Machines' Aftermarket driver distraction and fatigue technology is now installed into and monitoring 46,018 individual vehicles, a 25% increase over the 12-month period.
Paul McGlone, CEO of Seeing Machines, said: "We are pleased with the continued progress made during the first half of the year … Transport safety has moved meaningfully up the regulatory agenda around the world and our market leadership, scalability and balance sheet strength means we are ideally positioned to deliver on our business objectives.”
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Seeing Machines has demonstrated a strong set of results for H1 2023, with revenue soaring in the period despite some supply chain challenges in the automotive manufacturing industry.
Along with revenues of US$24.4m in the period, the company’s balance sheet was significantly strengthened following the receipt of financing through a convertible note from Magna International. As a result, Seeing Machines is in a strong cash position to deliver on its current business plan for the foreseeable future.
On top of this, Seeing Machines' total addressable market is expanding, with a growing focus on transport safety by regulators globally, presenting an exciting opportunity to grow market share and deliver long-term growth.
Finally, with supply chain issues in the automotive manufacturing industry set to ease in the second half of the year, the impact on the Aftermarket business will lessen, and overall, the company is on course to meet FY2023 consensus expectations.
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