Seeing Machines Limited · LSE:SEE
Seeing Machines — H1 FY2025 Earnings Presentation
28 slides from Seeing Machines's earnings presentation, April 2025
Slide 1: H1FY2025 Results
H1FY2025 Results Paul McGlone, CEO Martin Ive, CFO March – April 2025
Slide 2: H1 FY2025 Company Highlights
H1 FY2025 Company Highlights MITSUBISHI ELECTRIC MOBILITY CORPORATION US$32.8M (£26.2M) INVESTMENT IN SEEING MACHINES 19.9% SHAREHOLDING – COLLABORATION – REFERRAL AGREEMENT PARTNERSHIP TO UNDERPIN GROWTH ACROSS MULTIPLE SEGMENTS 2.88m+ US$1m GUARDIAN CARS ON ROAD PER MONTH OPEX Gen 3 in production,
Slide 3: Mitsubishi Electric Mobility Corporation
Mitsubishi Electric Mobility Corporation OUR JOINT VISION • Automotive business expansion in Japan with MELMB • Technology and innovation collaboration • Alignment of feature roadmaps • Joint development of new technologies to support interior sensing outcomes • Significant opportunity for Guardian
Slide 4: The Automotive Industry
The Automotive Industry DMS Fitment – Global Expectations Primary Markets • Volatility across the industry 50,000 100% impacting fitment expectations 45,000 40,000 80% • July 2026 unavoidable timeframe for Market Share (%) 35,000 OEMs selling into Europe, despite Volume (K Units) 30,000 60% current
Slide 5: Guardian Generation 3
Guardian Generation 3 Guardian Generation 3 now in full production, delays behind us Pipeline healthy as we ramp production of Guardian Gen 3 Trials – across Europe, North America and Australia After Manufacture status Mitsubishi Electric Automotive America: Referral agreement – progress to date • S
Slide 6: Guardian Generation 3 – Field Performance
Guardian Generation 3 – Field Performance • Automotive grade eye-tracking technology • Improved safety performance and user acceptance • Cost efficiency in service provision False Positives GEN 3 GEN 2 True Positives 6 H1 FY2025 Results Presentation, April 2025
Slide 7: Aviation update
Aviation update Collins Product and Pathway: • Perpetual exclusive IP partnership with world’s largest Tier 1 Avionics provider • Joint product development through to certification Pilot Simulation and Training: • 10+ fully operational simulators with Commercial and Military • Engagements with multi
Slide 8: Reorganised executive, focused on efficiency
Reorganised executive, focused on efficiency Paul McGlone CEO Tony Borgo John Noble Martin Ive Mike Lenné Gary Collins Patrick Nolan Zoe Thomas Chief Chief Chief People Chief Financial Chief Safety GM GM Aviation / Operating Technology Officer Officer Officer Automotive Aftermarket Officer Officer F
Slide 9: Review of H1 FY2025 Performance
Review of H1 FY2025 Performance 9 H1 FY2025 Results Presentation, April 2025
Slide 10: H1 FY2025 Overview
H1 FY2025 Overview REVENUE ANNUAL RECURRING CASH POSITION AUTOMOTIVE REVENUE AT 31 DEC 2024 PRODUCTION VOLUME US$25.3M US$13.4M US$39.6M 672k ↓ 2% from H1 FY2024 ↑ 3% from Dec 2023 ↑ 70% from Jun 2024 ↑ 56% from H1 FY2024 US$32.8M GROSS PROFIT OPEX* US$14.0M INVESTMENT BY MITSIBISHI ELECTRIC MOBILIT
Slide 11: Financial Performance H1 FY2025
Financial Performance H1 FY2025 70% H1 Revenue - US$m 5 Year CAGR – 18% 30 • Revenue flat – lower than expected royalty 6% 2% 54%* volumes in Auto and reduction in Guardian 25 Hardware sales • Improved gross profit benefitting from sales mix 20 20% changes and improved margins on monitoring services
Slide 12: Cash Burn H1 FY2025
Cash Burn H1 FY2025 70% Monthly Cash Burn - US$m 1.0 • Monthly cash burn rate has fluctuated between US$3-4m per month - • Last 12 months monthly rate just below US$3m per month (1.0) • Cost reductions implemented post H1 FY2025 of US$1m per month to reduce cash burn US$m (2.0) • Margin benefit from
Slide 13: Automotive Revenue H1 FY2025
Automotive Revenue H1 FY2025 5 Year CAGR 49% Automotive Revenue Mix - H1 FY2025 H1 Automotive Revenue - US$m 16 307%* 43% 3% 14 12 29% US$m 10 37% 45% 8 6 51% 20% 4 15% 2 - FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Royalties License NRE Hardware H1 Revenue Royalty revenue * Underlying revenue growth
Slide 14: Automotive Revenue - Outlook
Automotive Revenue - Outlook Automotive Production Volume • Q2 FY25 volume impacted by reduction in fitment rate across all 600 OEM programs 500 • EU GSR Regulations effective for new vehicle sales from July 2026 – fitment rates in EU to increase by ~10x by July 2026 400 • Lead-in to regulations wil
Slide 15: Aftermarket Revenue H1 FY2025
Aftermarket Revenue H1 FY2025 Annual Recurring Revenue US$m Aftermarket Revenue US$m 5 Year CAGR 4% 14.0 16 Millions Millions 9% 38% 13.0 14 24% 25% 14% 12.0 12 11.0 10 10.0 8 9.0 6 8.0 4 7.0 2 6.0 - Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY22 FY23 FY23 FY23 FY23
Slide 16: Aftermarket Revenue - Outlook
Aftermarket Revenue - Outlook • Decline in hardware volumes for H1 FY25 with limited Gen 2 Guardian Hardware Sales Volume availability and delay in Gen 3.1 production 12,000 • Monitoring revenue and ARR negatively impacted by A$ weakness 10,000 and churn related to 3G switch off in Australia 8,000 •
Slide 17: Aviation Revenue H1 FY2025 & Outlook
Aviation Revenue H1 FY2025 & Outlook Aviation Revenue US$m 1.8 • Reduction in revenue from Collins collaboration in H1 FY25 US$m 1.6 4.0 1.4 • Org design change within Collins paused activity 1.2 • Timeline for deliverables pushed out based on Collins schedule 1.0 0.8 • Revenue run-rate to increase
Slide 18: Gross Margin
Gross Margin Gross Margin Overview - H1 Revenue Mix - H1 FY25 25.0 70% US$m Impact of license 65% 20.0 revenue from Magna and CAT 60% Low margin 26% 25% 15.0 55% 50% 10.0 45% 12% 10% 40% 5.0 35% High margin 27% 0.0 30% H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 FY20 FY20 FY21 FY21 FY22 FY22 FY23 FY23 FY24 FY2
Slide 19: Cost Management
Cost Management Resources - Employees and Contractors 600 • Detailed review of the organisation commenced in December 2024 and was completed in March 2025 500 4.0 • Strategic reorganization of the management structure and 400 Executive Team was implemented, streamlining activities, reducing duplicat
Slide 20: Operating Expenses H1 FY2025 & Trend
Operating Expenses H1 FY2025 & Trend Operating Expenses US$m 40 US$m • H1 FY2025 Gross operating expenses (including capitalised 35 R&D) reduced by US$4.7m from peak cost in H1 FY2024 30 (US$5.3m excluding one-off costs) 4.0 • H1 FY2025 includes operating expenses absorbed from 25 acquisition of Asa
Slide 21: Outlook Summary – Cashflow Break-Even
Outlook Summary – Cashflow Break-Even Cash Burn Actual Current Monthly Run Rate Outlook Monthly Run Rate US$000’s H1 FY2025 H1 FY2025 Q3 ∆ Opex Run Rate ∆ Auto ∆ Gen 3 B/Even Revenue 25,307 4,217 - 4,217 1,000 1,767 6,983 Cost of goods (11,281) (1,883) - (1,883) - (751) (2,634) 4.0 Gross profit 14,0
Slide 22: Outlook Summary – Funding
Outlook Summary – Funding • Cash balance December 2024 US$39.6m • Cashflow break-even run rate expected latter part of calendar 2025, dependent on timing of royalty volume growth 4.0 • Calendar year 2026 cash generative • Quarterly cash generation latter half of 2026 ~US$10m per quarter • Convertibl
Slide 23: APPENDIX
APPENDIX 23 H1 FY2025 Results Presentation, April 2025
Slide 24: FY2025 Results Summary
FY2025 Results Summary US$000’s H1 FY2022 H2 FY2022 H1 FY2023 H2 FY2023 H1 FY2024 H2 FY2024 H1 FY2025 Revenue 15,813 23,187 24,383 33,388 25,734 41,891 25,307 Cost of goods (8,416) (13,076) (8,901) (19,972) (15,161) (20,939) (11,281) Gross profit 7,397 10,111 15,482 13,416 10,573 20,952 14,026 Opera
Slide 25: Half Year Revenue by Business Unit – Automotive
Half Year Revenue by Business Unit Automotive US$000's H1 FY2022 H2 FY2022 H1 FY2023 H2 FY2023 H1 FY2024 H2 FY2024 H1 FY2025 Royalties 1,542 2,418 3,116 4,464 4,200 6,432 6,346 NRE 1,653 3,666 4,661 1,938 3,966 4,047 5,227 Licensing - - 5,740 5,589 1,330 2,011 2,075 Hardware 188 304 248 206 308 169
Slide 26: Half Year Revenue by Business Unit – Aftermarket
Half Year Revenue by Business Unit Aftermarket US$000's H1 FY2022 H2 FY2022 H1 FY2023 H2 FY2023 H1 FY2024 H2 FY2024 H1 FY2025 Monitoring 4,902 4,609 5,249 5,868 6,256 6,177 6,934 Hardware & Installation 5,019 9,703 1,971 12,524 5,955 12,947 2,273 Royalties 1,448 2,181 1,012 1,375 1,703 1,759 - Licen
Slide 27: Half Year Revenue by Business Unit – Aviation
Half Year Revenue by Business Unit Aviation US$000's H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 NRE 259 272 84 83 572 657 154 Licensing - - - 390 919 1,779 55 Hardware 189 28 188 - 118 17 296 Total 448 300 272 473 1,609 2,453 505 27 H1 FY2025 Results Presentation, April 2025
Slide 28: Thank you
Thank you