Seeing Machines Limited · LSE:SEE
Seeing Machines — FY2024 Earnings Presentation
25 slides from Seeing Machines's earnings presentation, Oct 31, 2024
Slide 1: FY2024 Results
FY2024 Results Paul McGlone, CEO Martin Ive, CFO October 2024
Slide 2: Transportation market focus
Transportation market focus OEM Business Aftermarket Business Automotive Aviation Fleet/Off-road FOVIO driver monitoring Now partnered with market leader, Guardian: Pioneering real time driver Exclusive global mining partner technology platform Collins Aerospace to support the fatigue/distraction de
Slide 3: The year in review
The year in review Double-digit growth and a leadership position • Automotive market leader with 2.2+ million cars on the road at 30 June 2024 • Guardian Generation 3 with higher margin revenue and compliant with EU GSR, supports additional Aftermarket growth following a 32% increase in revenue over
Slide 4: Asaphus acquisition
Asaphus acquisition Berlin location, ML and AI expertise • A small, specialised group with 3 ongoing Automotive programs brings leading Machine Learning and AI capability into the Group • Integration well advanced with a focus on bringing the best of both organisations together • Objective to achiev
Slide 5: Large and growing market opportunity
Large and growing market opportunity Fleet/Off-Road Automotive Aviation Guardian Gen 3 leans into Euro NCAP, GSR requires DMS + Pilot shortage leads to reduced crew operations, telematics, GSR requires DMS in semi-automated features driving new commercial aircraft, training efficiencies Europe, set
Slide 6: Revenue contribution changes significantly
Revenue contribution changes significantly Business Unit Revenue Contribution FY2024 Business Unit Expected Revenue Contribution FY2026 Aviation Aviation 5-10% 1% 5-10% 6% Automotive 33% 45-50% Automotive 54% 45% 45-50% 45-50% 61% 45-50% Aftermarket Aftermarket • Royalty growth drives increase in Au
Slide 7: Revenue mix drives margin expansion
Revenue mix drives margin expansion Revenue Mix FY2024 Expected Revenue Mix FY2026 Services NRE Services 18% 21% 16% 18% 20-25% 20-25% 45-55% License 45-50% 16% 20-25% Royalties 16% 29% 20-25% 29% Hardware Hardware 16% 21% <10% 5-10% Royalties NRE • Even spread of revenue streams as inflection point
Slide 8: Automotive production volumes
Automotive production volumes 2500 450 400 2000 18% 21% 350 • Consistent quarter on quarter growth Quarterly production '000 Cumulative total '000 300 1500 • High-margin royalty revenue 16% 250 20-25% 29% • Q1 FY2025 expectation cumulative total > 2.6m 200 1000 16% 150 • Market leading position toda
Slide 9: Review of FY2024 Performance
Review of FY2024 Performance
Slide 10: FY2024 Highlights
FY2024 Highlights RECORD ANNUAL RECURRING CASH POSITION REVENUE REVENUE AT 30 JUNE 2024 US$392M US$67.6M US$13.3M US$23.4M AWARDED AUTOMOTIVE 17% from FY2023 12% from FY2023 PROGRAM VALUE 62,010 US$16.5M 2.2M+ GUARDIAN NEW AGREEMENT WITH CATERPILLAR CARS ON ROAD CONNECTIONS UPFRONT PMT RELATED TO GU
Slide 11: Cash Flow to Break-Even Run Rate
Cash Flow to Break-Even Run Rate CASH POSITION MONTHLY CASH BURN GROSS MARGIN MONTHLY AT 30 JUNE 2024 FY24 * BENEFIT H2 FY25 US$23.3M (~US$2.5M) (~US$1.5M) CASH POSITION MONTHLY CASH BURN OPEX MONTHLY BENEFIT AT 30 SEPT 2024 Q1 FY25 H2 FY25 US$17.3M (US$2.0M) (~US$0.5M) * Monthly cash burn FY24 adju
Slide 12: Financial Performance FY2024
Financial Performance FY2024 70% 17% Company - Revenue US$ 70 48%* 60 10% 50 33% 40 18% 4 Year CAGR – 27% US$m 30 20 10 0 FY2020 FY2021 FY2022 FY2023 FY2024 H1 Revenue H2 Revenue Gross Profit * Underlying revenue growth in FY2023 of 20% after excluding the impact of exclusivity revenue from Magna (U
Slide 13: Aftermarket Revenue
Aftermarket Revenue Aftermarket Revenue Mix Aftermarket Revenue US$ 32% 45 10% 40 9% 9% 7% 35 45% 30 38% 100% 25 US$m 20 15 10 5 45% - FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 H1 Revenue H2 Revenue Recurring Revenue Services Hardware License NRE 4 Year CAGR 23% 13 Results Presentation October 2024
Slide 14: Automotive Revenue
Automotive Revenue Automotive Revenue Mix Automotive Revenue US$ 30 166%* (13)%* 15% 25 36% 20 US$m 6% 15 12% 10 47% 2% 5 0 FY 2020 FY 2021 FY2022 FY2023 FY 2024 Royalities Hardware License NRE H1 Revenue H2 Revenue Royalty Revenue 4 Year CAGR 29% * Underlying revenue growth in FY2024 of 27% (FY2023
Slide 15: Aviation Revenue
Aviation Revenue Aviation Revenue Mix Aviation Revenue US$ 441% 4.5 3% 4.0 4.0 3.5 30% 3.0 2.5 2.0 1.5 393% 67% 1.0 0% 37% 0.5 -29% 0.0 Hardware License NRE FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 15 Results Presentation October 2024
Slide 16: Opex Investment Mix
Opex Investment Mix 100% 40 • Research and development outsourcing scaled down as 35 Automotive and Guardian 75% 30 projects completed 25 • Further scope to reduce outsourced development US$m 50% 20 resources as projects are completed in FY25 15 • Reduced costs in other 25% 10 functions during H2 FY
Slide 17: FY2024 Outlook – Year End Update
FY2024 Outlook – Year End Update • Doubling of Automotive annual production units – Achieved 76% • 25% increase in connected Guardian units – Achieved 19% • Guardian Gen 3 to launch January 2024, initial focus to support GSR compliance in Europe – production ready by May 2024 • Aviation to contribut
Slide 18: FY2025 Outlook
FY2025 Outlook • Achieve 1.9 - 2.1 million annual production units for Automotive, contributing to high-margin royalty revenue • 20% increase in connected Guardian units generating monthly services revenue • Target 13,000 – 15,000 Guardian Gen 3 units to be sold • Aviation to achieve Blue Label (fun
Slide 19: Pre-submitted question themes
Pre-submitted question themes - CASH FLOW BREAK-EVEN TIMING - REQUIREMENT FOR ADDITIONAL CASH/FUNDRAISE - MAGNA COLLABORATION AND FUTURE - AUTOMOTIVE PIPELINE OVERVIEW - AVIATION PROGRESS AND COLLINS UPDATE 19 Results Presentation October 2024
Slide 20: Thank you
Thank you 80 Mildura St, Fyshwick Canberra ACT 2609 Seeingmachines.com
Slide 21: Appendix
Appendix
Slide 22: FY2024 Results Summary
FY2024 Results Summary US$000’s H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 Revenue 15,813 23,187 24,383 33,388 25,734 41,891 Cost of goods (8,416) (13,076) (8,901) (19,972) (15,161) (20,939) Gross profit 7,397 10,111 15,482 13,416 10,573 20,952 Operating expenses * (25,687) (26,965) (29,477) (3
Slide 23: Half Year Revenue by Business Unit – Automotive
Half Year Revenue by Business Unit Automotive US$000's H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 Royalties 1,542 2,418 3,116 4,464 4,200 6,432 NRE 1,653 3,666 4,661 1,938 3,966 4,047 Licensing - - 5,740 5,589 1,330 2,011 Hardware 188 304 248 206 308 169 Total 3,383 6,388 13,765 12,197 9,804 12
Slide 24: Half Year Revenue by Business Unit – Aftermarket
Half Year Revenue by Business Unit Aftermarket US$000's H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 Monitoring 4,902 4,609 5,249 5,868 6,256 6,177 Hardware & Installation 5,019 9,703 1,971 12,524 5,955 12,947 Royalties 1,448 2,181 1,012 1,375 1,703 1,759 Licensing - - - - - 5,000 NRE/Consulting
Slide 25: 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 NRE 259 272 84 83 572 657 Licensing - - - 390 919 1,779 Hardware 189 28 188 - 118 17 Total 448 300 272 473 1,609 2,453 25 Results Presentation October 2024