Seeing Machines Share News (SEE)

(Sharecast News) - Seeing Machines reported strong operational progress for the year ended 30 June on Thursday, with cars on the road using its driver and occupant monitoring technology rising 69% to more than 3.7m as Europe approached the July 2026 deadline mandating camera-based systems in all vehicles.

The AIM-traded company said it expected to report revenue of between $62m and $63m, ahead of market expectations, supported by a 35% rise in automotive production volumes to over 1.5m units and $10.2m in royalty licence revenue from guaranteed minimum volumes.

Adjusted EBITDA losses narrowed to between $29m and $30m, with a significant improvement in the second half as monthly losses fell from $3m in the first half to $2.1m by year-end.

Guardian Generation 3 sales grew sharply, with quarterly hardware sales up 120% in the fourth quarter and homologation secured with two UK bus manufacturers.

Seeing Machines said it also signed referral agreements with Mitsubishi Electric to expand sales across the Americas and Europe and delivered its first Guardian Back-up Driver Monitoring System deal with a major US self-driving car company.

"The significant growth in vehicles equipped with our DMS/OMS technology, alongside the strong start in Guardian Generation 3 sales, underpins our unwavering commitment to safety, innovation and customer value," said chief executive Paul McGlone.

"Our landmark partnership with Mitsubishi, and strategic alliances in the Americas and Europe are a testament to the trust global leaders place in our technology and vision."

The company said it remained on track to reach cashflow break-even by the end of 2025, with further automotive production programs carrying minimum volume guarantees set to start in 2026.

At 1531 BST, shares in Seeing Machines were down 1.97% at 3.04p.

Reporting by Josh White for Sharecast.com.