Seeing Machines reports strong growth in installations

11th Nov 2024 13:58

(Sharecast News) - Driver monitoring technology company Seeing Machines reported strong growth in its quarterly key performance indicators for the first quarter of the 2025 financial year on Monday.

The AIM-traded firm said its technology was now installed in over 2.6 million vehicles globally, an increase of 100% compared to the first quarter of 2024, reflecting its expanding presence in the automotive sector across eight production programmes.

Quarterly production reached 405,669 units, marking a 6% sequential increase and an 83% year-on-year rise.

In its aftermarket segment, Seeing Machines updated its reporting metrics following a licensing agreement with Caterpillar in June, which included an upfront licence payment of $16.5m for Guardian technology.

The company said it had shifted from using 'monitored connections' to reporting 'Guardian hardware unit sales' and 'annual recurring revenue' (ARR) to better align with leading revenue indicators.

Excluding historical recurring revenue from Caterpillar, ARR saw a 13.4% increase compared to the first quarter of the 2024 financial year.

Sales of Guardian hardware were expected to be weighted toward the second half of 2025 as production of Guardian Generation 3 ramped up.

"Seeing Machines has maintained the expected growth rate of 100% in cars on road from 12 months ago, now with eight programmes at the start of production," said chief executive officer Paul McGlone.

"We continue to see our automotive programs progress successfully to production despite the ongoing and widely documented challenges across the global automotive sector."

McGlone said he was "confident" growth would continue as regulations and automated driving features continued to drive demand for driver and occupant monitoring system technology.

"Guardian growth remains steady, and we expect this to accelerate as Guardian Generation 3 becomes available to aftermarket customers in more jurisdictions, globally."

At 1338 GMT, shares in Seeing Machines were up 0.29% at 3.5p.

Reporting by Josh White for Sharecast.com.