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I started buying this back in 21 and said then it would be my share of the century. Happy to wait but definitely expect to multibag within t(e next few years.
Those numbers are comforting at last….
With lowering costs, and cashflow break even on track we may well be able to recognise a deferred tax asset as of 30 june 2024 ,which according to M Ive (last but one investor meet question and answer I think) would mean a profit after tax for the first time, and a positive eps .Happy days
Good joke hagd re the jimmy choos- is your mrs a young stunner?
I do very much like the confidence from the CEO when he says "with over 744,000 units in 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".
Over one million units in a year which will more than double every year going forward....... not too shabby some would say.
Apart from, Exciting Times Ahead!
Great numbers, as if there was any doubt. So strong they have broken the LSE RNS reporting tool.
Well done SEE - onwards and upwards - break even coming :)
Strong numbers indeed!
Good strong numbers.
Nothing more to say.
Q3 FY2024 KPI highlights:
- Cars on road increased to 1,830,207 units, representing an increase of 109% from 12 months ago (Q3 FY2023: 874,851)
- Quarterly production of 313,662 units up 51% from the previous quarter, including contribution from world's first interior cabin monitoring solution, which started production in March 2024
- Monitored Guardian connections increased by 22% during the last 12 months to 59,706 units (Q3 FY2023: 49,046)
Good numbers. Also to note the cost reductions, my assumption is a winding down of close to 80 contract resources and possibly 15 percent reduction in employees, non engineering
We have worked hard this past quarter to remove cost from our business as part of our disciplined
approach and rigorous operational focus. 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.
Cars on the road is absolutely at the top end of what I thought was possible, 51% qtr on qtr growth is very impressive
Thats important but cost control is also, so the extract below was very pleasing to read.
"We have worked hard this past quarter to remove cost from our business as part of our disciplined approach and rigorous operational focus. 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."
Its all about the KPI's..........
NM.
Thought I recognised the name - Erez Dagan their CEO is ex Mobileye
https://aiforgood.itu.int/speaker/erez-dagan/
Messing around with numbers and hypothetical figures , the figure of $1 billion brought back memories regarding a comment I made in 2020
I HAD A DREAM , just awoke from our slumbers to find that Mrs B Good and myself both had dreams of a similar nature , my dream was that SEE was purchased for 1 x Billion £ and Mrs B Good,s was that I turned into Brad Pitt overnight , after a discussion we have came to the conclusion that her dream has a better chance of fruition , as always , stay safe and have A GOOD day
The startup's technology is currently integrated into six different vehicle platforms including electric vehicles like the Jaguar I-PACE and Ford Mustang MachE as part of advanced driver assistance systems (ADAS), Kendall said. As the self-driving technology advances, Wayve's AI will be upgraded using over-the-air software updates.
https://www.reuters.com/business/finance/softbank-leads-1-billion-funding-uk-self-driving-startup-wayve-2024-05-06/
Good morning and greetings from the north , this date of " Break Even in 2025 " seems to stir some ancient past posts from various Seeing share holders , I have been looking at this board for a number of years , both as a holder and not , at this time i,m in , the number of times I have noted posts with the " next year we will break even or could be the year " tag attached is astronomical ,
Mrs B Good sends her best to all and as Hamilton and Chester Racing have a number of events in the following days she has graced me with her presence , She has just returned from A&E , she thought she had twisted both her ankles severely at Hamilton on Sunday , glad to report that she had only put on her Jimmy Choo shoes on the wrong feet , I blame the copious amount of Bollinger she consumed , as always , have A GOOD day
I assume you listened to the recent investormeet presentation, he clearly says $6m of annualised external cost savings achieved and in place from Jan 2024, so will feed into all future years.
If you weren't aware of this material saving, I assume you need to rework your numbers to ensure you remain balanced
I can't mention every figure, when I post. I was responding to someone who felt 220k auto a quarter was enough to get to break even, which I don't believe is enough, and explained why. They had made some effort to suggest an outcome , so thought they deserved a response on what they may have missed.
I don't believe I'm particularly negative, just looking for a balanced view.
I've listened to all the presentations, and have not heard Martin say $6m annual cost savings next year.
Did he actually say that or is that you coming to a conclusion from other stuff he said? and where was this said?
Be nice if true, and is genuine cost savings such as staff costs, rather than inventory costs.
Brock, I admire the great handle you have on the numbers.
Makes one wonder why when mentioning the drop in Auto one off license revenue you didn't mention the Aviation increase as it doesn't appear to be news to you. Maybe you only like to post negative not as balanced as you like to think.
What's your thoughts on the $6m annualised external cost savings, as that was my main point.
S2020,
You say " My workings are $10m/ 3 + 1 year of tha additional Collins income from the RNS below. Hence the additional $5m.
Perhaps you could share your workings for no increase in Aviation?"
Firstly, I didn't say at any point, that there was no increase in Aviation. You have just made that up.
I really wish you wouldn’t do stuff like that as you lose all credibility, and shows your contempt, for anyone trying to be realistic rather than dancing to your daily ramp.
As for aviation revenue in 2025 I’ve worked it out the same as you but come out with the correct answer rather than your inflated figure of $5m+
By your own figures and the one’s I used, aviation will be $10/3 + $2.65m/2 = $4.655m.
Which isn’t $5m+
First rule of investing, never inflate figures, unless company has repeatedly shown that they beat estimates. Certainly not the case here so far.
We have incomplete information, particularly on licensing. But with the welcome focus on cost control, continued growth in the aftermarket of 5 per cent a quarter or so, tripling royalties from OEMs from 7.6m USD in FY 2023 should get close to cash flow breakeven. There were an average of 159,000 cars on the road during 2023 FY. So once Seeing Machines reaches 480,000 cars on the road they will probably be at, or approaching, that point. With EU regulations about to taje effect, seems feasible to me.
My workings are $10m/ 3 + 1 year of tha additional Collins income from the RNS below. Hence the additional $5m.
Perhaps you could share your workings for no increase in Aviation?
"16 October 2023
Seeing Machines and RTX begin joint development of aviation fatigue detection solution
- Follows signing of exclusive license agreement to jointly develop pioneering eye-tracking solutions for the Aviation industry
- Non-recurring Engineering revenue (NRE) of US$2.65 million payable to Seeing Machines over 2 years covering product development and certification"
There was 750k aviation revenue in 2023.
The Colins license revenue is 10m spread over 3 years, so not sure how you expect 5m+ in 2024.
"For completeness, we had zero Aviation license revenue in FY23, based on the 2 Collins RNS we should have $5m+ in FY24."
Another over -estimmation
Also let's not forget most loss making AIM shares set themselves a target of "making a profit"
SM, lead by 2 of our largest PI shareholders have set a higher bar of "cash profit"
For me, yes license revenue is important, but control of costs will decide when we hit cashfloe breakeven. In the recent interview Martin explained that they had achieved $6m of annualised external cost savings that is in place and flows from Jan 24. That $6m cost savings is the equivalent of 600k cars on the road and has way more impact than if a particular qtr is 220k, 250k or 300k+.