(Alliance News) - Seeing Machines Ltd on Monday said revenue increased nearly 50% in its latest financial year, and said it and Collins Aerospace began developing an aviation fatigue detection solution.
The Canberra-based developer of transport operator-monitoring technology said its pretax loss narrowed to USD15.6 million in the year ended June 30, following a USD18.5 million loss the prior year.
Seeing Machines said revenue increased 48% to USD57.8 million from USD38.7 million, ahead of market consensus which predicted revenue of USD53.9 million.
Total original equipment manufacturer revenue, including Seeing Machines's Aviation and Automotive divisions, more than doubled to USD26.6 million, from USD10.5 million. Annual recurring revenue increased 27% to USD13.6 million from USD10.7 million.
Seeing Machines also reported a strong balance sheet with USD36.1 million cash at June 30, down from USD40.5 million at the same time a year before.
Also on Monday, Seeing Machines announced a new purchase agreement and statement of work with Collins Aerospace, a subsidiary of Arlington, Virginia-based aerospace and defence company RTX Corp.
Seeing Machines said the deal marks the beginning of joint development of a fatigue risk management solution for the aviation industry, and will entitle the company to USD2.7 million in revenue. It follows on from the exclusive IP licence agreement both companies signed in May.
The resulting product will use Seeing Machines's embedded Driver Monitoring Engine and Occula Neural Processing Unit, with Collins leading systems integration.
Looking ahead, Seeing Machines expects to achieve a cash break-even run rate during financial 2025, and to deliver at least USD125 million in revenue the following year.
Seeing Machines shares were down 3.2% at 5.28 pence in London on Monday afternoon.
By Emma Curzon, Alliance News reporter
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Seeing Machines (SEE)