|
Shares in Seeing Machines Ltd motored on Tuesday after it reported a 51% increase in third quarter production and said it was on track to hit full-year targets. The Canberra, Australia-based artificial intelligence driver monitoring specialist said production in the quarter ended March, the financial third quarter, rose 51% to 313,662 units from 208,231 the previous quarter. Compared to last year’s third quarter, production was 80% higher from 173,802. Shares in Seeing Machines rose 14% to 5.40 pence in London on Tuesday afternoon. This year’s third quarter included a contribution from the world’s first interior cabin monitoring solution, which started production in March, Seeing Machines said. Seeing Machines said the production increase meant the group’s technology was now installed in over 1.8 million vehicles, more than double last year’s 874,851 units. Chief Executive Paul McGlone said: ‘We can confidently expect our annual run rate to exceed 1 million this financial year and expand beyond that as more programs start production across our current won business.’ He said new, well documented safety regulations, led by Europe are driving demand across its Automotive and Aftermarket businesses. McGlone said Seeing Machines was ‘on track’ to meet financial 2024 expectations and achieve a cash break-even run rate during financial 2025. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
