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When the terms of the loan refinancing are announced it will be interesting to see how long SEE expect to take to repay the new loan. In a recent interview PM made clear repaying the debt will be the company's first priority so I dont expect returns to shareholders until that is completed.

Royalties in FY 2025 were around US$ 14m in a year in which around 1.7m cars with SEE dms were produced. Skipping FY 2026 guidance suggests that will increase to around 8m cars in FY 2027 onwards. So royalties should increase 4-5 fold. But in FY 2025 there were deficits of around $14 on both OEM and aftermarket. Ignoring sluggish progress on aftermarket that suggests SEE are heading towards a surplus on EBITDA in the range $US 14-28m. Top of the range the debt and new interest will be paid off in 3 years. Bottom of the range and it could take twice as long. After that the returns look attractive. With much being delivered a further three year wait looks the most favourable outcome. Bottom of the range: not so good. Progress to aftermarket covering its own costs would help a lot.

chat gbts view on whether seeing machins software in qualcoms software.

yes — seeing machines⁠� has integrated its driver-monitoring software with qualcomm snapdragon automotive platforms⁠�, especially for automotive ****pit and adas systems.

the relationship is not that snapdragon “contains” seeing machines by default in every chip. instead:

seeing machines’ dms (driver monitoring system) software runs on qualcomm snapdragon automotive hardware.

qualcomm and seeing machines have jointly optimized the software for snapdragon ****pit and snapdragon ride platforms.

automakers and tier-1 suppliers can choose this combined solution for vehicles. �

seeing machines +2

their collaboration includes:

driver attention and fatigue detection

cabin/occupant monitoring

eye tracking and distraction detection

integration into infotainment and adas systems �

pr newswire +1

for example, seeing machines said its fovio driver-monitoring engine was “pre-integrated and optimised” for qualcomm’s snapdragon ****pit platforms. �

seeing machines

SEE surely provide the software with hardware from others eg Magna, Valeo or OEMs themselves. You might find patterns in Magna or Valeo installations.

Https://seeingmachines.com/uk-road-safety-strategy-includes-plans-to-mandate-advanced-distraction-and-drowsiness-warning-technologies-for-all-new-vehicles/

Odd very large moves going on. Suggests at least one major player interested and using brokers to build positions for them. Good luck to the day traders double guessing them.

18-Feb-26 08:46:04 2.9615 5,600,000 Unknown* 165.84k

Excellent presentation. If you combine the H1 royalty numbers published in February with the projected growth in DMS royalties published today you get some idea how profitable the company will be in a year or two. Once the debt is paid off the returns accrue to shareholders pne way or another. Guardian and aircraft provide near term upside. And robotics long term appeal.

A sale of 5,600,000 shares at 2.96p went through early yesterday, declared late yesterday or this morning. Someone having to unload rapidly. I expect an RNS reducing Herald investment trusts holding for reasons I have mentioned before. Nothing to do with SEE or dms.

18-Feb-26 08:46:04 2.9615 5,600,000 Unknown* 165.84k

Suspect market expectations clearer to SEE executives than to most private investors, including me. I do know analysts, on average, expect the price to be over 6p in 12 months. So happy to take advantage of the sell off. I think the proactive investor interviewer McGlone spoke to last week referenced another chat after this announcement. Provides a chance to outline what market expectations are.

On Friday Herald IT, which owns 4.4 % SEE shares, started consulting on buying back its own shares from those that wish to sell near NAV. Selling some of its investments would probably be required to finance its buybacks. Consultations: so nothing certain.

Two benefits of the $14m cash to be received this month. First, as noted in the RNS, it will help repay the loan due to be repaid in October, in cash or equity. Second by improving the cash flow it has prompted Stifel to raise its target price above the conversion rate that would be used if equity were preferred by the lender.

The balance sheet is strengthened, cash flow is now positive and increasing numbers of people are going to be discovering DMS for the first time as they buy new cars helping raise SEEs profile.

I kept buying as the SEE price fell and ended up with a lop sided portfolio. The bounce back in recent months prompts me to consider when to rebalance things.

Magna are better placed than most to know how keen OEMs are on Seeing Machines software. And they churn out lots of cash. So if Magna ike what they see, and the SEE share price keeps rising towards the 9.995p conversion rate mentioned in the loan agreement, they may well take the shares rather than cash. The quarterly KPIs and trading update in February can be expected to reinforce (or slow) the share price rise. As may the half year report in March, which last year offered a view on prospects for the second half of the year. The trading update in August, or else an RNS in Sept/Oct will say how the loan is to be, or has been, repaid. From which the prospects for dividends/share buybacks in 2027 onwards will be clearer. Any new contracts can only help. As could progress in USA, most likely to be connected to assisted driving or insurance. I shall postpone diversifying until the market knows whether Magna are to take SEE equity to repay the loan.

Nine years after declaring that Tesla cars would soon drive themselves, Elon Musk is publicly acknowledging that those promises fell short — and for the first time, he’s being held accountable in courtrooms and regulatory offices around the world.

The centerpiece of Tesla’s long-running pitch, Full Self-Driving (FSD), was supposed to turn every new Tesla into an autonomous vehicle through software updates alone. But Musk’s recent admission that many Teslas will now require hardware upgrades to even attempt that future has intensified legal, financial, and reputational pressure on the company.

Frustrated owners are filing lawsuits and winning. Consumer regulators in multiple countries are investigating. Courts have ruled that Tesla’s marketing was misleading. And the software, now nearly a decade into development, remains a beta product with no clear timeline for true autonomy.

https://indiandefencereview.com/tesla-full-self-driving-failure-elon-musk-finally-admits-it/

I share your belief Seeing machines technology will eventually prove useful for robots working with humans. But suspect significant costs arise before revenue flows in. And SEE have just been, rightly, cutting costs to get to breakeven.

OEMs will be wanting continuous improvements from SEE. There are the Japanese, Chinese, USA and other markets for DMS to win; and work on aircraft and drugs to support. I suspect work on industrial robots will be led by Mitsubishi with support from SEE. And revenues 5 to 10 years off.

Excellent RNS. Hope the company prioritises returns to shareholders over too much R and D: but good to keep the pipeline developing. A subsequent technical paper that covered driver impairment from fentanyl could help capture attention in the USA: efforts to limit supply of illicit drugs generally fail as the price gets driven up at which point attention turns to demand.

Given the apparent undervaluation having a look at FUTR as a possible buy. To a newcomer it appears an odd mix of declining business ( magazines); business under threat from AI ( digital advertising) and a business in a competitive market place ( Go Compare). I am not surprised at a holder with a large stake is thought to be diversifying. As time passes others may have to sell due to circumstances. There appears no urgency to buy in. While reported revenue is declining I shall make only modest purchases speculating on a future turnaround that seems far from certain. Happy to be corrected on my cautious understanding.

Or receiving

Excellent research. When a broker replicates it and mentions the new customer is Amazon in a note interest in SM shares will pick up.

Plenty of milestones ahead that will increase demand for shares from here. Usual story is PIs sell out far too early.

1. Cash break even, then profitability, eventually dividends and share buybacks. 2. Sales in Europe. 3-5. Sales in China.Japan, USA. 6. Role out of drink/drug impairment. 7. Collins rolling out pilot monitoring systems. 8. focus on manufacturing/service uses for AI-powered operator monitoring systems.

Looked for language to support point 8 and could copy it from latest RNS on KPIs. Look forward to seeing if Annual Report has more to say on work with Mitsubishi.

Probably best for the client to communicate with its drivers first. Companies selling B to B always have to take clients needs into account: if they want more business.

I came across a, now two months old, message from Colin Barden on Linked in ( starting " 2025 is two thirds gone but...) at the end of which is a blue slide suggesting the largest DMS developer is expected to take approx 55-60% share of the european market in 2026: the market for light vehicles in Europe estimated at 13 million vehicles.

There was some disruption to vehicle production last quarter, notably at JLR, so the next KPIs may not be as high as some hope. But over 1 million vehicles a quarter seems likely next year.