Sales momentum is building in all our major markets through initiatives to expand geographic footprint with global customers, new distributors and the addition of new channel partners
Paul McGlone, chief executive
What Seeing Machines does:
Seeing Machines PLC (LON:SEE) makes driver monitoring systems (DMS) that can be used in cars, trucks, trains and aircraft.
The technology tracks the eye gaze, head position and pupil size of drivers or pilots to determine whether they are drowsy or distracted.
Seeing Machines sees an opportunity for its DMS in the autonomous vehicles market that is being developed by the likes of Tesla, General Motors and Alphabet’s Waymo.
There are different levels of autonomy with level 0 being when you hear a beep as you approach an object when reversing and level 5 being when the steering wheel becomes superfluous.
The AIM-listed group is based in Canberra, Australia but serves markets across Europe, North America, Latin America, the Middle East and the Asia Pacific.
How it's doing
In the year to the end of June 2019, revenue rose 4% to A$31.9mln from A$30.7mln the year before but in the current fiscal year the company is expecting it to rise to somewhere between A$45mln and A$50mln.
In the year just ended, revenue from the company's Guardian driver fatigue monitoring system more than doubled to A$13.7mln from A$4.2mln in the corresponding period of 2018.
Annualised recurring revenue at the end of June stood at A$12mln
Research and development expenses in the year rose to A$35.9mln from A$20.02mln, which was reflected in the deeper loss before tax of A$41.7mln compared to a loss the year before of A$36.0mln.
Contracts recently include one to install its AI-powered driver monitoring system to a fleet owned by one of Canada’s largest haulage companies.
Bison Transport, which employs 2,500, is having Seeing Machines’ Guardian technology fitted to the cabs of 120 trucks.
The car arm also has seen an expanded programme for its FOVIO driver monitoring system (DMS) with an existing customer, a European original equipment manufacturer.
The AIM-listed firm said a new Tier 1 supplier would deliver its FOVIO system to the original equipment manufacturer (OEM) client for additional car models, due to enter production in 2022, while “incremental” revenue from the program was expected to exceed A$23mln (£12.7mln).
Alaska Airlines will also use the technology to improve pilot training with gaze-tracking technology that helps instructors understand pilot behaviour.
More recently, in January, the company agreed to partner up with US chipmaker and telecoms firm Qualcomm Inc (NASDAQ:QCOM) to develop driver monitoring systems (DMS) for the world’s automakers, particularly in regard to vehicle 'infotainment' systems, areas of the car which allow the driver or passengers to control functions such as music, navigation or answering phone calls, usually through a touchscreen.
What the boss says: Paul McGlone
- Traction in all key areas where Seeing Machines operates
- Revenues start to build as contracts ramp-up
- Driverless technology becomes more mainstream