Business
FY2023 Trading Update & Q4 KPIs
FY2023 Trading Update & Q4 KPIs.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n\n \nSeeing Machines Limited (\"Seeing Machines\" or the \"Company\")\n \n \n22 August 2023\n \nFY2023 Trading Update & quarterly Key Performance Indicators Q4 FY2023\n \nRecord-breaking quarter with Seeing Machines' class-leading technology now installed in over 1,000,000 vehicles\n \nTrading for 12 months ended 30 June 2023 was ahead of expectations\n \n \nSeeing 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.\n \nKey Financial Highlights:\n \n- 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]\n- Annualised Recurring Revenues increased by 27% year on year to US$13.6m\n- Strong balance sheet, with cash[2] at 30 June 2023 of US$36.8m \n \nKey Operational Highlights:\n \n- 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\n- Martin Ive appointed as CFO bringing significant public company experience\n- Additional OEM program award increased the total Automotive cumulative initial lifetime value of all programs won to date to US$321m\n\n\n- Exclusive licence Agreement signed with world's largest Tier 1 Avionics company, Collins Aerospace\n \nQ4 FY2023 KPI highlights:\n \n- Cars on road increased by 143% over 12 months to 1,086,176 units (Q4 FY22: 447,225)\n- Annual production volume increase of 101% to 638,951 vehicles (FY2022: 317,491)\n- Monitored Guardian connections increased 30% during the last 12 months to 51,975 units (Q4 FY2022: 39,892)\...