Business
Seeing Machines FY24 Trading Update
Seeing Machines FY24 Trading Update.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n\n \nSeeing Machines Limited (\"Seeing Machines\" or the \"Company\")\n \n \n28 August 2024\n \nFY2024 Trading Update\n \nRevenue and cash for 12 months ended 30 June 2024 in line with expectations\n \nOver 2.2 million cars on the road with Seeing Machines' technology\n \n \nSeeing Machines Limited (AIM: SEE), 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 2024 (\"FY2024\"), based on unaudited numbers.\n \nKey Financial Highlights:\n \n- Reported Revenue for FY2024 is expected to be US$67.6m, representing a 17% increase (FY2023: US$57.8m) and in line with market expectations[1]\n- Annualised Recurring Revenues increased by 11% year-on-year to US$15.1m (FY2023: US$13.6m)\n- Cash at 30 June 2024 of US$23.5m including receipt of US$16.5m license fee from Caterpillar\n- Receivables and accrued income at 30 June 2024 of US$31.5m\n- Further to announcement on 26 June 2024, EBITDA loss expected to be in the range of US$17-19m\n \nKey Operational Highlights:\n \n- Two additional OEM program awards increased the total Automotive cumulative initial lifetime value of all programs won to date to US$392m (FY2023: US$321m), with the majority of said revenue expected by FY2028\n- Seeing Machines has now been appointed to deliver 18 expanding programs for 11 individual OEM customers\n- Total of 2,211,422 cars on the road as of 30 June 2024 across 7 automotive programs, an increase of 104% from 12 months ago (Q4 FY2023: 1,086,176)\n- New 5-year Master License and Marketing Agreement signed with global mining company Caterpillar Inc has created additional opportunities for Seeing Machines to sell its Guardian solution for on-highway vehicles while supplying smarter and more competitive products to the heavy-equipment sector. Associated up front license fee payment of US$16.5m to Seeing Machines contributed to FY2024 cash as well as US$5m recognised as revenue in the year ended 30 June 2024 (subject to final audit procedures)\n- &nbs...