Seeing Machines (SEE) Trading Update summary

Financial performance and cash position

• H1 FY2025 revenue expected at US$25.3m, stable year-on-year; annualised recurring revenue at US$13.4m.

• Cash balance rose to US$39.6m as of 31 Dec 2024, up from US$23.4m at 30 June 2024.

• Operating expenses reduced by US$5.7m year-on-year; EBITDA loss narrowed to US$9.5m–10.0m.

• Adjusted EBITDA loss improved to US$17.5m–18.0m from US$26.5m in H1 2024.

• Cars on road with company technology surged 90% to 2,883,745 units year-on-year.

Strategic partnerships and investments

• Secured £26.2m (US$32.8m) investment from Mitsubishi Electric Mobility, now holding 19.9% of shares.

• Collaboration with Mitsubishi targets Japanese market and expansion into adjacent sectors.

• Strategic partnership with Valeo aims to accelerate adoption of AI-powered DMS and OMS technology.

• Acquisition of Asaphus Vision GmbH boosts AI and machine learning capabilities and European presence.

• Signed referral agreement with Mitsubishi Electric Automotive America to leverage their aftermarket network in the Americas.

Operational and market highlights

• Quarterly automotive production at 266,654 units, down 34% sequentially but up 28% year-on-year.

• Ongoing volatility in global automotive market impacted sequential production volumes.

• Several OEM programs have minimum payment guarantees, supporting future royalty revenue.

• EU General Safety Regulation (GSR) to drive increased adoption of DMS from July 2026.

• Wrightbus became first commercial vehicle manufacturer to achieve GSR homologation using Guardian Gen 3.