Half Year Results to 31 December 2014
Key Points:
Financial
· Total revenue for the half year increased by 41% to A$9,437,346 (December 2013: A$6,689,766);
· Increase in sales, licensing and service income (A$5,867,061 compared to A$5,640,100 for 2013);
· Sales to the mining industry increased by 26%, despite challenging market conditions;
· Mining revenue beginning to transition from hardware sales to recurring revenue streams, with services revenue increasing by 62% to A$1,351,944;
· Net loss increased to A$4,310,464 (December half 2013: loss of A$844,903), reflecting planned increase in R&D activities and investments in sales and marketing resources;
· Cash at 31 December 2014 decreased to A$21,185,430 (30 June 2014: A$22,764,774) mainly as a result of the increase in these activities but offset by capital raising of A$10,627,929.
Operational
· Executing our strategy to commercialise our technology in six global industries: mining; commercial fleets; road vehicles; rail; consumer electronics; and aviation and simulators;
· Strategic alliance agreement signed with TK Holdings Inc., the Americas subsidiary of Takata Corporation, an automotive industry leader in the supply of advanced driver safety systems (ADAS);
· First contract secured with Takata, and product development underway, to deliver a driver monitoring system to a global passenger car OEM, with more than 10 other OEMs at various stages in assessing our technology;
· Strategic agreement signed with Electro-Motive Diesel, Inc. (EMD), a Caterpillar Company, related to in-cab operator fatigue and distraction monitoring systems for use in locomotives and other railway vehicles;
· Memorandum of Understanding (MOU) with Samsung Electro-Mechanics Corporation to facilitate joint development of face and eye tracking technology for the consumer electronics industry;
· A strategic alliance with Insurance Underwriting Managers in South Africa to trial DSSTM with a major South African logistics fleet to assess the technology's ability to reduce fatigue and distraction related road accidents;
· On track to launch DSSFleetTM product for the commercial road transport market in April 2015; and
· Strategic joint venture with Chilean company GTD Ingenieria de Sistemas to form Seeing Machines Latin America to enable the highest levels of service to both mining and road transport customers and our local Caterpillar dealers.