Seeing Machines sees robust growth in automotive, aftermarket segments

Canberra-based cartech company, Seeing Machines, has announced robust year-on-year growth across its automotive and aftermarket segments, driven by the established safety regulations. The hailed growth underscores the long-term demand for the unique driver monitoring systems (DMS) offered by Seeing Machines to enhance road safety.

Releasing the Key Performance Indicators (KPIs) for the third quarter that ended on 31 March 2024, Seeing Machines reported that more than 1.8 million cars equipped with its technology are currently on the road. In this quarter, a production tally of 313,662 units marked a quarter-on-quarter growth of 51%, spanning seven automotive production programs.

The most notable highlight in the Q3 FY2024 KPIs is the launch of the world's first interior cabin solution, equipped with Seeing Machines' technology, which began production in March 2024. Other significant statistics included a 109% increase in cars with Seeing Machines' technology on the road, as compared to 12 months ago. Monitored guardian connections saw an uptick to 59,706 units, showing a growth of 22% over the last year.

Automotive production volumes utilising Seeing Machines' DMS technology reported a marked year-on-year increase of 80%. The company's cutting-edge technology can now be found in over 1.8 million vehicles worldwide. March 2024 also saw the commencement of a ground-breaking USD 82m interior cabin monitoring program for a large German automobile manufacturer. This momentum is projected to sustain into Q4 FY2024 as more programs begin production in line with new safety regulations.

In the aftermarket sector, monitored guardian connections surged by 22% over the last 12 months. Connections at the end of March 2024 excluded guardian units upgraded from Generation 1 to Generation 2, in sync with Australia's shift from 3G to 4G networks. Upgrade sales represented 1,216 units during Q3 FY2024.

Paul McGlone, CEO of Seeing Machines, expressed his optimism considering the strong growth in Q3 vs Q2 production volumes. "With over 744,000 units in the Automotive production year to date, 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. Our largest volume program introduced the world's first interior cabin monitoring solution via a single camera system, something we are proud of as it reaffirms our status as a pioneer when it comes to innovation."

McGlone underscored the driving force behind the continued demand for its differentiated DMS technology—new safety regulations, particularly in Europe. He also mentioned the company's dedication to cost-cutting as part of a disciplined and focused operational approach. "As we see our high-margin royalty revenues increase, we reiterate we are on track to meet FY2024 expectations and achieve a cash break-even run rate during FY2025," he concluded.