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Seeing Machines Ltd on Tuesday said revenue rose by almost 50% in the financial year that just ended, and it is making progress on building recurring revenue. The Canberra-based driver-monitoring technology developer said revenue in the financial year that ended June 30 was $57.8 million, up 49% from financial 2022. It noted this beats the consensus market forecast of $53.9 million. In financial 2022, Seeing Machines reported in Australian dollars. Revenue was A$54.4 million, about $35.1 million currently. It had a pretax loss of A$25.3 million that year. The company will release its full financial 2023 results on October 16. Seeing Machines highlighted annualised recurring revenue, which increased by 27% to $13.6 million in the recent year. Cars on the road with Seeing Machine’s driver monitoring systems totalled 1.1 million at the end of June, more than doubled from a year before. Annual production volume of vehicles with the technology also doubled to 638,951. ‘Crossing the 1 million threshold for the numbers of cars on the road with Seeing Machines’ technology installed, up 143% year on year, represents a major milestone and a great achievement,’ said Chief Executive Officer Paul McGlone. The company had cash of $36.8 million on June 30. Seeing Machine shares were up 1.0% to 5.91 pence in London on Tuesday. The stock is down 23% since hitting a recent high of 7.69p in February. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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