Business
Year End Results
Year End Results.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 8538D\n Seeing Machines Limited\n 02 November 2020\n \n \n \n \n Seeing Machines Limited\n \n 2 November 2020\n \n Year End Results FY2020\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, has published its audited financial results for the year ended 30 June 2020 (\"FY2020\" or \"the period\").\n \n \n \n \n \n FINANCIAL HIGHLIGHTS:\n \n \n \n \n \n · \n Revenue increased 25% to A$40m (2019: A$31.9m)\n \n \n · \n OEM revenue increased 32% to A$12.8m (2019: A$9.7m) due to pre-production license deal with Tier 1 partner\n \n \n · \n Aftermarket revenue increased 30% to A$27m (2019: A$20.7m) despite slow-down in Guardian installations due to global pandemic \n \n \n · \n Annual Recurring Revenue increased 17% to A$14m (2019: A$12m) reflecting growth in Guardian installed base to 23,415 at 30 June 2020\n \n \n · \n Cash at 30 June 2020 of A$38.1m (2019: A$54.8m)\n \n \n · \n Post period investment of A$28m by leading global investment manager in US - Federated Hermes, Inc.\n \n \n \n \n \n CURRENT TRADING \n \n \n \n \n \n · \n Unaudited year to date results for Q1 FY2021 are ahead of budget, demonstrating good momentum:\n \n \n o \n Revenue of A$9.5m, an increase of 20% on previous period (Q1 FY2020: A$7.8m)\n \n \n o \n Cash of A$35m at 30 September 2020\n \n \n · \n Following the investment of A$28m by Federated Hermes Inc., Seeing Machines is well capitalised to fully fund its current busines plan\n \n \n \n \n \n OPERATIONAL HIGHLIGHTS\n \n \n \n \n \n OEM (Automotive/Aviation)\n \n \n \n \n \n · \n The Company successfully delivered on two automotive programs to deliver Driver Monitoring System (DMS) technology into production vehicles, soon to be launched in North America and in Europe\n \n \n · \n A significant pre-production license deal was negotiated with a major Tier 1 customer to bring revenue forward to FY2020\n \n \n · \n Seeing Machines launched an ongoing collaboration with global semiconductor company, Qualcomm, and continues to deepen this relationship to jointly pursue DMS business with a focus on integration into vehicle infotainment syst...