Seeing Machines reports near 50% jump in full-year sales

16th Oct 2023 12:12

(Sharecast News) - Seeing Machines saw its top-line grow by nearly half during its latest financial year.

But the outfit, which manufactures AI-powered operator monitoring systems to improve transport safety, continued to turn a loss.

For the year ending on 30 June, Seeing Machines posted a 48% jump in sales to reach $57.8m, beating analysts' estimates.

"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," said chief executive officer Paul McGlone.

"[...] And finally, in the growing Aviation business, we are working with world-leading Collins Aerospace following the announcement of our exclusive collaboration. The combination of these factors lead to revenue expectations in FY26 of not less than US$125m."

All segments recorded improved sales, led by a 153% surge in those original equipment manufacturers, including Automotive and Aviation, to hit $26.6m.

Losses before interest, taxes, depreciation and amortisation on the other hand came in at $9.3bn, although that was better than 2022's outcome of -$10.5m.

At period end, the company had $36.1m of cash, versus $40.5m at the end of the prior year.

Cash on hand had reduced to $30.8m by the end of September, McGlone added.

However, he was expecting to reach a cash break-even run rate in fiscal year 2025 thanks to Seeing Machine's focus on revenue growth and cost management.