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(Alliance News) - Seeing Machines Ltd on Tuesday said revenue rose by almost 50% in the financial year that just ended, and it is making progress on building recurring revenue.
The Canberra-based driver-monitoring technology developer said revenue in the financial year that ended June 30 was USD57.8 million, up 49% from financial 2022. It noted this beats the consensus market forecast of USD53.9 million.
In financial 2022, Seeing Machines reported in Australian dollars. Revenue was AUD54.4 million, about USD35.1 million currently. It had a pretax loss of AUD25.3 million that year.
The company will release its full financial 2023 results on October 16.
Seeing Machines highlighted annualised recurring revenue, which increased by 27% to USD13.6 million in the recent year.
Cars on the road with Seeing Machine's driver monitoring systems totalled 1.1 million at the end of June, more than doubled from a year before. Annual production volume of vehicles with the technology also doubled to 638,951.
"Crossing the 1 million threshold for the numbers of cars on the road with Seeing Machines' technology installed, up 143% year on year, represents a major milestone and a great achievement," said Chief Executive Officer Paul McGlone.
The company had cash of USD36.8 million on June 30.
Seeing Machine shares were up 1.0% to 5.91 pence in London on Tuesday. The stock is down 23% since hitting a recent high of 7.69p in February.
By Tom Waite, Alliance News editor
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