Seeing Machines (SEE) H2 2024 earnings summary

Executive summary

• Achieved strong growth in automotive, with over 2.2 million vehicles using the technology as of June 30, and continued quarter-on-quarter increases.

• Launched Guardian Generation 3 product, offering lower unit cost, smaller form factor, and better integration, expected to drive future growth.

• Entered a new agreement with Caterpillar, expanding into new fields and strengthening mining sector collaboration.

• Acquired Asaphus Vision, enhancing European presence and technical capabilities, with integration expected to be cash neutral.

Financial highlights

• FY24 EBITDA loss of $17.9 million confirmed.

• Cash burn rate reduced from $4 million to $2.5 million per month in FY24, and further to $2 million in Q1 FY25.

• Aftermarket revenue grew 32% in FY24; automotive revenue decreased due to lower exclusivity revenue from Magna.

• Gross profit margin for FY24 was around 47%, expected to rise to mid-60s in the second half of FY25.

Outlook and guidance

• Targeting 1.9–2.1 million additional automotive royalty units in FY25, representing near doubling year-on-year.

• Expecting 20% increase in connected Guardian units and 13,000–15,000 Guardian Gen3 units sold, mainly in H2.

• Aviation segment to deliver Blue Label prototype for simulators and air traffic control in FY25.

• Cash flow break-even run rate targeted by end of FY25.