The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
RNS Number : 4122H
Seeing Machines Limited
01 August 2019
1 August 2019
Seeing Machines Limited
Post Close Trading Update
Seeing Machines Limited (AIM: SEE) ("Seeing Machines" or the "Company"), the leading provider of AI-enabled driver monitoring technology for improved transport safety, provides a trading update for the financial year ended 30 June 2019 ("FY2019" or "the period").
New automotive OEM awards, improved Fleet results, developments in Aviation and a successful equity fundraising were key successes during the period.
FY2019 Financial Highlights:
? Revenues for FY2019 are expected to be A$31.8 million, slightly ahead of FY2018 (A$30.7) and the Board expectations as outlined on 20 March 2019.
? Revenue for SaaS (software as a service), the monthly monitoring fee from the Company's fleet solution, Guardian, increased by over 89% to A$5.7 million during the period and, coupled with contracted recurring royalty payments in mining, represents annualised recurring revenue of more than A$12 million as at 30 June 2019.
? Following a number of further OEM contract wins during the period, the total projected value of contracted revenue for the Automotive business is now in the range of A$170 million to A$200 million, up from A$110 million at the end of FY2018, with the majority of this expected to be recognised in the 2021-2024 period based on projected lifetime OEM volumes.
? Successful A$58.1 million (£31.57 million) fundraise completed in April 2019 to continue investment into the Company's driver monitoring platform which will underpin successful execution on existing awarded programs as well as accelerate the development of its technology to maintain a leadership position on future, global opportunities.
? Cash position at 30 June 2019 was A$64.3 million.
FY2019 Operational Highlights
· In the Automotive division, two new production awards secured with OEM customers, one based in China and another in North America, both to be delivered on the FOVIO Driver Monitoring Chip.
· Expanded automotive programs announced for two existing customers in North America and, post period-end, a further existing customer in Germany, bringing the total number of active Automotive programs to eight across six global OEMs.
· The Company's Guardian Backup-driver Monitoring System ("BdMS"), a retrofit system designed specifically for autonomous vehicles, was launched to the market during the year and Seeing Machines secured its first contract with one of the world's leading self-driving car companies based in North America.
· The Aviation division secured its first two commercial deals to deliver the eye-tracking based "Crew Training System" to the Royal Australian Air Force and L3 Commercial Aviation, a leading provider of airline pilot training solutions.
· Divisional review of Fleet has resulted in improvements in direct costs, hardware simpli
RNS Number : 3970E
Seeing Machines Limited
04 July 2019
4 July 2019
Seeing Machines Limited
Leadership changes
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces the following leadership changes.
Paul McGlone, currently General Manager of the Fleet division and interim Chief Executive Officer (CEO), has been appointed CEO on a permanent basis with immediate effect. He will join the board as an executive director.
Paul has significant experience in management, public company leadership as well as logistics, supply chain management and technology driven businesses.
Luke Oxenham, CFO, has informed the board of his intention to resign as a director and to leave the Company at the end of July to pursue an opportunity in his home town of Sydney.
Michael Cameron, an experienced CFO with significant listed company experience, has been appointed interim CFO while a formal process is undertaken to find a permanent replacement. Michael has most recently been engaged with KPMG's CFO Advisory Services and specialises as an interim CFO. Prior to that he was CFO of Alltype Engineering Pty Ltd for over six years. He is a Chartered Accountant, holds an Executive MBA, and is a graduate of the Institute of Company Directors. Michael is expected to start immediately and will work with Luke in the coming four weeks to ensure an orderly transition.
During his time as interim CEO, Paul McGlone has reset the Company's strategy to continue to build market share across the Automotive and Fleet divisions in the near term, whilst also leveraging its significant Intellectual Property (IP) across a number of other transport verticals. Some senior leadership changes have been implemented to effect these changes.
Dr Mike Lenné will succeed Paul McGlone as GM of Fleet and has been appointed SVP, Fleet and Human Factors. Mike has established the Company's unique Human Factors approach over the past five years, developing and mining significant datasets to validate and inform the ongoing advancement of Seeing Machines' industry leading platform technology. He has led numerous public private partnerships to achieve this and has a deep understanding of the Fleet business and the Guardian product. Mike's global reputation as a preeminent expert in driver safety, as well as his sound commercial competence, will ensure Guardian continues to deliver on driver safety across the global fleet industry while providing improved returns to Seeing Machines. Mike will continue to influence the global driver safety agenda as Human Factors lead, as well as maintain crucial relationships with customers, partners and regulatory bodies around the world.
Ryan Murphy, COO and Company Secretary, will relinquish the role of Company Secretary to enable him to broaden his focus as COO to include leveragi
Not sure whether this has been on before
But .........
Waymo, Alphabet Inc.’s self-driving vehicle unit, is preparing to expand the scope of its autonomous tech efforts beyond the U.S. in a new partnership with the Renault-Nissan Alliance aimed at creating driverless mobility services for France and Japan.
The companies entered into an “exclusive” arrangement for an unspecified period to research commercial, legal and regulatory issues for revenue-generating mobility businesses, including autonomous ride services and goods delivery. A joint statement didn’t mention whether specific Renault or Nissan vehicles would be involved but instead said the effort is a first step to figuring out “long-term, profitable driverless mobility services operations,” adding that it may expand to other countries.
Renault, Nissan and Waymo will set up joint committees to work together in France, Japan and the U.S. looking at a number of cross-functional areas, Waymo told Forbes, without elaborating. The Mountain View, California-based company declined to discuss the project’s financial details.
“This is an ideal opportunity for Waymo to bring our autonomous technology to a global stage, with an innovative partner,” Waymo CEO John Krafcik said. “With the Alliance’s international reach and scale, our Waymo Driver can deliver transformational mobility solutions to safely serve riders and commercial deliveries in France, Japan, and other countries.”
The arrangement is a big step for the former Google Self-Driving Car project, which launched a limited robo-taxi pilot program in suburban Phoenix last year and is also ramping up testing of autonomous semi-trucks in Arizona. And while Krafcik has arranged to get tens of thousands of Pacifica Hybrid minivans from Fiat Chrysler and electric i-Pace SUVs from Jaguar for Waymo’s fleet and formed partnerships with companies including Lyft, Avis and car retailer AutoNation, the Renault-Nissan project is the first overseas foray.
We already knew this but how nice is it to have it put into an Rns
RNS Number : 0792C
Seeing Machines Limited
13 June 2019
13 June 2019
Seeing Machines Limited
Fleet momentum in New Zealand
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, is pleased to announce that its New Zealand distributor has signed four new deals with commercial fleets across the country.
AutoSense is Seeing Machines' Master Distributor for New Zealand and has been seeing significant momentum across the country to install the Group's fleet solution, Guardian. The signed deals cover a total of more than 1,400 units with TIL Logistics Group (TIL), and three other major New Zealand based transport operators.
The largest of these deals is with TIL, a publicly listed company and one of New Zealand's leading domestic freight and logistics companies, operating nationwide with a fleet of over 1,000 vehicles and around 1,700 employees and contractors.
Autosense has renewed distribution terms with Seeing Machines and intends to treble its current installed base by the end of 2019.
"Signing these deals signifies the maturing of our transport industry as they increasingly take driver training and road safety seriously, said Charles Dawson, Managing Director of AutoSense.
"We are delighted to be working with TIL and these other significant transport brands to tackle driver distraction and fatigue on our roads."
Paul McGlone, Acting CEO at Seeing Machines added: "We have worked closely with our distribution partners to revise commercial terms and focus on accelerated installations of Guardian around the world.
"AutoSense is a great example of that work and we are very happy to see this growth across New Zealand."
Enquiries:
Seeing Machines Limited www.seeingmachines.com
+61 2 6103 4700
Paul McGlone - Acting CEO
Sophie Nicoll - VP, Marketing & Communications
Cenkos Securities plc (Nominated Adviser and Broker)
Neil McDonald/Beth McKiernan/Pete Lynch
+44 131 220 6939
About Seeing Machines - www.seeingmachines.com
Seeing Machines (LSE: SEE), a global company headquartered in Australia, is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company's machine learning vision platform has the know-how to deliver real-time identification and understanding of drivers through Artificial Intelligence (AI) analysis of heads, faces and eyes. This insight enables Driver Monitoring Systems (DMS), which monitor driver/operator identification and attention and can detect drowsiness and distraction across multiple transport sectors.
Seeing Machines develops DMS for the Automotive, Commercial Fleet, Aviation, Rail and Off-Road markets. The Company has offices in Australia, USA, Europe and Asia, and delivers mul
I would really like to believe this hasn’t happened but nothing surprises me anymore patience really is a virtue with this share all the research contracts present wins the fact it’s not a one trick pony says we will get there but ffs this is a really fickle share
Hope I’m wrong but an rns tomorrow with some not as good news as we thought
ET
i understand what your trying to say about being an entrepreneur ceo etc working hard and more heart etc but on the flip side of this you can be blinded by your own ambitions and ideas sometimes a room full of experts working 9-5 can be more productive and imaginative than one person who believes his or hers way is the right way what i do agree with is yes we are all here as investors to make money and sometimes think that the trolling and goading on here and other boards is unnecessary there are no guarantees for any of us only time will tell!
https://www.facebook.com/1167530937/posts/10216502808660546?sfns=mo
RNS Number : 1465Z
Seeing Machines Limited
16 May 2019
16 May 2019
Seeing Machines Limited
Fleet Update
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Group"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, is pleased to provide a comprehensive update on its Fleet business.
The success of the Fleet business and its implementation of Guardian 24/7 monitoring services is fundamental to Seeing Machines. At 30 April 2019, more than 1,500 Guardian units have been installed since 31 January 2019, with over 14,500 units now installed in vehicles globally. This recent momentum has strengthened as the Guardian installation rate continues to accelerate with expectations that the Group will reach 16,000 Guardian units connected by 30 June 2019 and approximately 27,000 Guardian units connected by June 2020, which the Group remains on track to achieve.
The naturalistic driving data collected by monitored vehicles underpins the Seeing Machines' technology validation and ongoing machine-learning capability with access to over 2.3 billion kilometres of driving data to inform its FOVIO driver monitoring platform with hundreds of thousands of driving-related events and volumes of highly valued, difficult to obtain edge case scenarios.
Divisional review
Following the internal review of the Fleet division, and under the leadership of SVP & GM Paul McGlone, Seeing Machines has modified its approach to sales, marketing and supply with the following structural changes:
· Fleet team reduced by over 30% to remove cost and right size the business unit;
· Business development primarily channelled through an expanding distribution network;
· Direct sales pursued with global customers who demand consistency across geographic regions, the majority of whom are passenger transport or sizeable logistics operators such as Coach USA, First Group, Total, Air Liquide and Chevron; and
· Installation of Guardian hardware and hardware servicing increasingly channelled through third parties to accelerate connections and ongoing monitoring services revenue and reduce Seeing Machines' cost to deliver first-line services.
Commercial terms with direct clients and distribution partners have been reset to improve near-term cashflow and sustain ongoing monthly service fees for the longer term. These new trading terms include increased wholesale prices, hardware revenue payable on delivery and an introduction of contractually agreed timeframes for installation of Guardian hardware into vehicles, accelerating connections and recurring revenue from the 24/7 Guardian Monitoring Centre services.
Revenue performance
Combined Fleet Business Unit (including Guardian, Mining and Rail) revenue to 31 December 2018 increased 22.5% to $8.8 million over the same period last year, resulting in a gross profit of $4.5 million. Significantly, recu