Seeing Machines (SEE) H1 2026 TU earnings summary

Executive summary

• Entering a pivotal phase ahead of the July 2026 EU General Safety Regulation deadline mandating camera-based DMS for all new vehicles.

• Business reshaped for scale, with focus on positive cashflow and operational leverage as regulatory and commercial inflection point nears.

Financial highlights

• H1 FY2026 revenue expected between $23.4m–$24.0m, down from $25.3m in H1 FY2025 due to lower NRE activity and absence of prior license revenue.

• Annualised Recurring Revenue (ARR) increased to $14.0m from $13.5m at June 2025, driven by Guardian connections.

• Adjusted EBITDA loss narrowed to $13.1m–$13.7m from $17.7m in H1 FY2025.

• Operating expenses reduced year-over-year, reflecting benefits from FY2025 strategic reorganisation.

• Cash at 31 Dec 2025 was $3.4m, with a post-period $14.1m royalty payment received.

Outlook and guidance

• Automotive production volumes expected to rise materially as GSR implementation approaches.

• Anticipates accelerating royalty volume, expanding recurring revenues, and improved operating leverage.

• Adjusted EBITDA expected to turn positive in Q3 and H2 FY2026; focus on generating positive cashflow in H2.

• Trading in line with market expectations, with continued momentum.