Slide 1: FY2025 Results
FY2025 Results Paul McGlone, CEO Martin Ive, CFO September 2025
Slide 2: General Disclaimer
General Disclaimer The information contained in this presentation about Seeing Machines Limited and entities it controls (Group) and the Group’s activities is current as at 25 September 2025 and is in summary form and is not necessarily complete. It should be read together with the Company’s Annual
Slide 3: About Seeing Machines
About Seeing Machines our mission: our purpose: We’re pioneering real-time driver fatigue and zero transport fatalities to get everyone home safely distraction technology, underpinned by more than 20 years of scientific research. We harness human factors science to create artificial intelligence (AI
Slide 4: Executive Summary
Executive Summary Automotive royalties expected to grow substantially, underpinned by legislation in Europe, China, the USA and rest of world Seeing Machines is a global leader in Automotive with over 3.7m cars on road and over 50% current market share of production volumes Guardian, the Aftermarket
Slide 5: FY2025 Highlights
FY2025 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 1.5m+ US$1m GUARDIAN PRODUCTION PER MONTH Gen 3 in production, VOLUME FY25 COST B
Slide 6: Increased Regulatory Underpinning
Increased Regulatory Underpinning • Drowsiness for all new vehicles • Distraction for all new vehicles • Infrastructure • Drowsiness Investment & Jobs Act • Microsleeping becomes law • Sleeping • Includes requirement • Sudden sickness for rule-making on • Complex visual • Level 2 (semi- distracted a
Slide 7: Large and Growing Market Opportunity
Large and Growing Market Opportunity Fleet/Off-Road Automotive Aviation US$8.7bn1 102m+ Global DMS Fitments Commercial aircraft fleet forecast to Fleet / off-road retro-fit market in 20303 grow to 32,700+ by 20294 72m+1 OEM DMS annual fitment for Retrofit into simulators (~2,000 Connected heavy truc
Slide 8: Strategic Partnerships to Extend Reach
Strategic Partnerships to Extend Reach • World leading brands support ongoing development and access to new markets • Mitsubishi Electric Mobility Corporation : Capital and technology collaboration, referral partner for Guardian, adjacent market potential • Long-standing relationship with CAT to con
Slide 9: Adjacent Market Potential with Mitsubishi Electric Mobility
Adjacent Market Potential with Mitsubishi Electric Mobility New technologies Digital education Store monitoring Smart building Medical care Railways Existing construction New markets equipment markets Security Digital Healthcare* Smart factory * Health monitoring during driving Insurance The size of
Slide 10: Seeing Machines Business Model and Segments
Seeing Machines Business Model and Segments 10 FY2025 Results Presentation, September 2025
Slide 11: Automotive OEM Model
Automotive OEM Model PRODUCTS CHANNELS SEGMENTS REVENUE STREAMS ROYALTIES DRIVER AND OCCUPANT AUTOMOTIVE TIER 1’S AUTOMOTIVE MONITORING SYSTEM SOFTWARE LIBRARY NON-RECURRING ENGINEERING SILICON COMPANIES REGULATIONS AUTOMATION RESEARCH & DEVELOPMENT DRIVER MONITORING SYSTEM OPERATIONAL EFFICIENCY +
Slide 12: Automotive Industry Position and Share
Automotive Industry Position and Share Global DMS Market and Seeing Machines Marketshare 60 100% • Current in-cabin sensing leader with 90% 3.7+m cars on road, 50%+ market 50 80% share today DMS Fitment (Millions) 70% • Market share expectations remain 40 at 35% for Seeing Machines by 60% 2030 30 50
Slide 13: Aftermarket Model
Aftermarket Model PRODUCTS CHANNELS SEGMENTS REVENUE STREAMS 24/7 MONITORING GUARDIAN DRIVER MONITORING DIRECT SALES TEAM SYSTEM AFTER FLEET HARDWARE SALES MANUFACTURE BACKUP-DRIVER MONITORING CHANNEL PARTNERS INSTALLATION FEES SYSTEM (BDMS) SAFETY REGULATIONS NON-RECURRING ENGINEERING TECHNOLOGY PA
Slide 14: Leading Engagements Underpin Aviation Use Cases
Leading Engagements Underpin Aviation Use Cases POTENTIAL END STATES REDUCED CREW & SINGLE PILOT OPERATIONS CONTROLLED REST AND REAL-TIME ALERTS TODAY World first capability in operational service FATIGUE RISK MANAGEMENT SYSTEM (FRMS) AND REAL-TIME ALERTS FLIGHT CREW TRAINING AND SIMULATION RESEARCH
Slide 15: Review of FY2025 Performance
Review of FY2025 Performance 15 FY2025 Results Presentation, September 2025
Slide 16: FY2025 Overview
FY2025 Overview ADJUSTED REVENUE1 ANNUAL RECURRING CASH POSITION FY2025 AUTOMOTIVE REVENUE AT 30 Jun 2025 PRODUCTION VOLUME US$52.8M US$13.5M US$22.6M 1.5M ↓ 22% from FY2024 ↑ 2% from FY2024 ↓ -1.2% from Jun 2024 ↑ 34.5% from FY2024 US$32.8M GROSS MARGIN1 OPEX2 56.2% INVESTMENT BY MITSIBISHI ELECTRI
Slide 17: Financial Performance FY2025
Financial Performance FY2025 70% Adjusted Revenue - US$m 5 Year CAGR: +15% 80 +17% • Adjusted revenue for FY25 excludes US$9.6m 70 revenue recognised for minimum royalty +49% -22% guarantees that is included in statutory revenue 60 • Revenue reduced in FY25 due to lower Guardian 50 +9% Hardware sale
Slide 18: Automotive Revenue FY2025
Automotive Revenue FY2025 Automotive Revenue - US$m 5 Year CAGR: +28% 30 +22% Automotive Revenue Mix - FY2025 +170% -13% Hardware 25 2% 20 US$m NRE 34% 15 +6% +14% 52% 10 Royalties 5 12% 0 License FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Revenue Royalty revenue FY25 Automotive Revenue excluded $9.6
Slide 19: Aftermarket Revenue Quarterly/FY FY2025
Aftermarket Revenue Quarterly/FY FY2025 Annual Recurring Revenue US$m Aftermarket Revenue US$ 5 Year CAGR: +7% 14.0 45 +32% Millions Millions 13.0 40 +10% 35 +8% 12.0 +46% -40% 30 11.0 25 10.0 20 9.0 15 8.0 10 5 7.0 - 6.0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 20: Aviation Revenue FY2025
Aviation Revenue FY2025 Aviation Revenue US$ 4.5 US$m 4.0 • Reduction in revenue from Collins collaboration in FY25 3.5 4.0 • Org design change within Collins paused activity 3.0 2.5 • Timeline for deliverables pushed out based on Collins schedule 2.0 1.5 • Royalty revenues dependent on award wins f
Slide 21: Cost Management FY2025
Cost Management FY2025 Resources - Employees and Contractors 600 • Detailed review of the organisation commenced in December 2024 and was completed in March 2025 500 4.0 • Strategic reorganization of the management structure and 400 Executive Team was implemented, streamlining activities, reducing d
Slide 22: Cash Break-Even
Cash Break-Even 22 FY2025 Results Presentation, September 2025
Slide 23: Revenue Mix – High Margin Revenue Growth
Revenue Mix – High Margin Revenue Growth Margin Mix FY2025 Expected Margin Mix FY2026 NRE Royalties <10% NRE 20% 26% 1% 35%-40% 40%-45% 14% 45-50% Royalties Hardware 54% Hardware 45% 14% License 26% 15%-20% Services Services • As programs reach production, high-margin royalty revenue increases as a
Slide 24: Regulation Underpins Auto Royalty Growth
Regulation Underpins Auto Royalty Growth 2.00 • EU GSR Regulations effective for new vehicle 1.75 sales from July 2026 – quarterly run rate in Range EU to increase by ~5-6x by July 2026 Automotive Production Volumes (Millions) 1.50 • OEM customers estimated volume of ~12.5m EU vehicles in 2026 1.25
Slide 25: Guardian Generation 3 Pipeline
Guardian Generation 3 Pipeline Total Current Guardian Pipeline FY2026 Guardian Pipeline by Type Early Stage Lead Distributor Trial 17% Qualified Lead 19% Pre-Trial Prospecting & Proposal After Manufacture 9% Existing - 16% expansion Trial / Offer Submitted 39% Contract Negotiation 0 10,000 20,000 30
Slide 26: Operating Expenses FY2025 & Trend
Operating Expenses FY2025 & Trend Operating Expenses US$m 40 US$m 35 • H2 FY2025 Gross Operating Expenses (including capitalised 30 R&D) reduced by US$8.6m from peak cost in H1 4.0 FY2024. 25 • R&D resources have been scaled down as projects have 20 concluded 15 • Internal resource levels reduced th
Slide 27: Cashflow Break-Even
Cashflow Break-Even Cash Burn Actual Current Monthly Run Rate Outlook Monthly Run Rate US$000’s H2 FY2025 H2 FY2025 H2 ∆ Opex Run Rate ∆ Auto ∆ Gen 3 B/Even Revenue 27,462 4,577 - 4,577 800 1,350 6,727 Cost of goods (11,852) (1,975) - (1,975) - (550) (2,525) 4.0 Gross profit 15,610 2,602 - 2,602 800
Slide 28: Outlook Summary
Outlook Summary • Cash balance June 2025 US$22.6m • Cashflow break-even run rate (adjusted EBITDA) expected at the end of calendar 2025 • H2 FY2026 positive cash-flow and adjusted EBITDA 4.0 • Calendar year 2026 cash generative • Quarterly cash generation latter half of 2026 ~US$10m per quarter • Co
Slide 29: Appendix
APPENDIX 29 H1 FY2025 Results Presentation, April 2025
Slide 30: FY2025 Results Summary
FY2025 Results Summary US$000’s H1 FY2022 H2 FY2022 H1 FY2023 H2 FY2023 H1 FY2024 H2 FY2024 H1 FY2025 H2 FY2025 Adjusted revenue 15,813 23,187 24,383 33,388 25,734 41,891 25,307 27,462 Cost of goods (8,416) (13,076) (8,901) (19,972) (15,161) (20,564) (11,281) (11,852) Gross profit 7,397 10,111 15,48
Slide 31: Half Year Revenue by Business Unit – Automotive
Half Year Revenue by Business Unit Automotive US$000's H1 H2 H1 H2 H1 H2 H1 H2 FY2022 FY2022 FY2023 FY2023 FY2024 FY2024 FY2025 FY2025 Royalties 1,542 2,418 3,116 4,464 4,200 6,432 6,346 8,059 NRE 1,653 3,666 4,661 1,938 3,966 4,047 5,227 4,032 Licensing - - 5,740 5,589 1,330 2,011 2,075 1,142 Hardw
Slide 32: Half Year Revenue by Business Unit – Aftermarket
Half Year Revenue by Business Unit Aftermarket US$000's H1 H2 H1 H2 H1 H2 H1 H2 FY2022 FY2022 FY2023 FY2023 FY2024 FY2024 FY2025 FY2025 Monitoring 4,902 4,609 5,249 5,868 6,256 6,177 6,934 6,375 Hardware & Installation 5,019 9,703 1,971 12,524 5,955 12,947 2,273 4,415 Royalties 1,448 2,181 1,012 1,3
Slide 33: Half Year Revenue by Business Unit – Aviation
Half Year Revenue by Business Unit Aviation US$000's H1 H2 H1 H2 H1 H2 H1 H2 2022 2022 2023 2023 2024 2024 2025 2025 NRE 259 272 84 83 572 657 154 (58) Licensing - - - 390 919 1,779 55 (83) Hardware 189 28 188 - 118 17 296 96 Total 448 300 272 473 1,609 2,453 505 (45) 33 FY2025 Results Presentation,
Slide 34: Thank you
Thank you