Business
Half year results and financial report
Half year results and financial report.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n\n \nSeeing Machines Limited (\"Seeing Machines\" or the \"Company\")\n \n \n18 March 2024\n \nHalf year results and financial report\n \nDouble-digit underlying revenue growth, continued operational and strategic progress, with cars on the road exceeding 1.5 million\n \nProduction started on groundbreaking US$82m interior cabin monitoring program for large German auto manufacturer\n \nSeeing Machines Limited (AIM: SEE, \"Seeing Machines\" the \"Company\" or the \"Group\"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, today published its unaudited results and financial report for the six months to 31 December 2023 (\"H1 2024\").\n \nFinancial Highlights:\n \n- Underlying Revenue growth for H1 2024 of 28% to US$25.6m excluding one-off Magna exclusivity payments (Reported Revenue growth of 5% including these one-offs)\no OEM (Automotive and Aviation) revenue was US$11.4m (H1 2023: US$14m)\n§ High margin per vehicle royalty revenue, derived from Automotive production volumes increased by 35% to US$4.2m (H1 2023: US$3.1m)\no Annualised Recurring Revenues increased by 22% year on year to US$14.5m (H1 2023: US$11.9m)\no Aftermarket (Fleet and Off-Road) revenue increased by 38% to US$14.3m (H1 2023: US$10.3m)\n- Gross profit of US$10.6m, reduced due to revenue mix changes compared to comparative period with lower proportion of revenue from license fees, a higher proportion of revenue from hardware sales and a lower margin on services revenue.\n- Net loss of US$19.8m due to increased development expenditure compared to the comparative period, mainly driven by increased amortisation of previously capitalised expenditure. Several customer projects were completed during the period, resulting in a short-term increase in total development expense, including outsourced resources. The overall development expenditure is expected to reduce in the second half to 30 June 2024\n- Net operating cashflows improved to a net outflow of $1,109,000 (H1 FY2023: $6,832,000 outflow), thanks to disciplined focus on working capital management\n- Cash position at 31 December 2023 of US$22.2m with cash burn of ...