Business
Half year trading update and quarterly KPIs
Half year trading update and quarterly KPIs.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \n \n \n \n \n Seeing Machines Limited (\"Seeing Machines\" or the \"Company\")\n \n \n \n \n 22 February 2023\n \n \n \n \n \n \n \n Half year trading update and quarterly KPIs\n \n \n \n \n \n \n Regulatory tailwinds and industry momentum supports continued growth\n \n \n \n \n \n Seeing 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,\n publishes a trading update for the six months to 31 December 2022 (\"H1 2023\") and quarterly Key Performance Indicators (\"KPIs\") for the quarter ended 31 December 2022.\n \n \n \n \n \n \n Trading Update\n \n \n \n \n \n \n The Company expects to report revenue for H1 2023 of US$24.4m (H1 2022: US$15.8m), representing a 54% increase year on year. Total connected Guardian units at 31 December 2022 were 46,018, securing Annualised Recurring Revenue of US$12.7m (H1 2022: US$11.9m). Cash position at 31 December 2022 of US$52.7m (FY 2022: US$41.0m).\n \n \n \n \n \n Seeing Machines achieved a record result for the six months to 31 December 2022.\n The positive progress across the business builds on the momentum of FY 2022 and is underpinned by the enhanced focus on safety by regulatory bodies across all transport sectors, globally. These tailwinds continue to expand the Company's addressable market, adding to the attractive structural growth drivers in Automotive, Aftermarket and Aviation.\n \n \n \n \n \n \n Company Highlights\n \n \n \n \n \n \n Seeing Machines' balance sheet was significantly strengthened during the period. The Company is now fully funded to deliver on its current business plan, following the collaboration announced with Magna International to exclusively pursue driver and occupant monitoring system (DMS/OMS) business targeting the rear-view mirror and the additional investment of up to US$47.5m (of which US$30m has been drawn down to date) provided via a Convertible Note, with a conversion rate per ordinary share of 11 British pence.\n \n \n \n \n \n Seeing Machines continues to grow as an automotive technology leader in driver and occupant monitoring system technology, having now won a total of 15 automotive programs spanning 10 individual OEMs, covering...