Seeing Machines (SEE) Trading Update summary

Financial performance

• FY2024 revenue reached $67.6m, a 17% increase and in line with expectations.

• Annualised recurring revenue rose 11% to $15.1m.

• Cash at year-end was $23.5m, including a $16.5m license fee from Caterpillar.

• EBITDA loss expected between $17-19m, impacted by margin mix and royalty volumes.

Operational highlights

• Over 2.2 million cars now feature Seeing Machines technology, up 104% year-on-year.

• 18 automotive programs awarded with 11 OEMs, cumulative lifetime value of $392m.

• Guardian solution now connected to over 62,000 vehicles globally, a 19% increase.

• Aviation business advanced with a $10m collaboration with Collins Aerospace.

• Acquisition of Asaphus Vision enhances AI and machine learning capabilities.

Strategic and regulatory developments

• New 5-year license and marketing agreement signed with Caterpillar, expanding opportunities in heavy equipment and on-highway vehicles.

• Guardian Generation 3 homologated for two bus manufacturers, supporting compliance with new European GSR regulations.

• Collaboration launched with Valeo and Berlin office established to support European growth.