Member Info for Brockwl

You left this bit out, which given they are independent and not a paid broker like Stifle is worth noting.

"In addition, Peel Hunt today downgraded from a ‘Buy’ to ‘Reduce’, slashing its Price Target from 7p to 3p. In its note, analysts wrote: “We cut FY25/26/27E revenue by 17%/19%/10% to reflect weaker automotive demand and the slow start from the Guardian generation 3.”

I also note that Cash burn, for H1 2025 was $16.6m, and after the Mitsu money of $32.8 now stands at $39.6.

(We would now be down to less than $7 without that, so that deal was imperative for survival.)

If revenues continue to stay flat for the next 2 quarters, one can see a large part of that cash being burnt.

Costs may have gone down since then, but so did revenue in the 2nd quarter, so could easily continue burning that amount going forward.

Also we don't know how the Magna and Collins license revenue is scheduled to be paid. If we have already had this years installment , then it's even worse. That won't become clear until half year results are published.

Well that Proactive interview was pretty depressing.

Auto to stay flat for next 6 months , so any increases are 9 months away in KPIs and probably 11 months before announced, from Jan this year. So that's November before any decent news there.

G3 not in full production until March. So no big shakes there until at least April/June Quarter, which isn't announced until August. Taken a year from Launch to reach position where supply is available. Terrible.

Most hopes seem to be with the Mitsu relationship, but seems unlikely to develop much for at least 6 months given they are only just starting, and sales lead times will be at least that.

So again about 9 months minimum before they can announce or show some decent growth here.

We also need to pay them a fee, ( which isn't surprising), for each successful lead. Something else eating into margins.

Didn't sound like they expected any new contracts in the short term (ie next 6 months)

Seems to me that any cost savings they have made, have just been negated by the loss of revenue. So still burning cash.

Auto was 266K, and Ford have already announced they sold 138K blue cruise enabled cars in same period.

So rest was 128k.

Which does suggest GM have been lost.

Also suggests that BMW roll out is nothing like the bulls on here predicted. That alone was supposed to be in all 2.2m cars a year, by June 2025 so at least 500k a quarter. It's clearly nothing like that.

I'm struggling to find any positives to warrant anyone being invested for the 6 to 9 months.

Might turn at that point, but I suspect it will be easy to buy in size at the point, at a price less than today.

Hope I'm wrong for current holders

If you had asked me yesterday, what the worse case RNS could have been, no way did I see anything this bad coming.

Those figures are truly shocking for what is supposed to be a growth company.

In addition the man who sees all these numbers 2 months ahead of us, has been buying shares at higher prices?

Is he off his rocker? It now worries me that someone with that poor judgement is in control of finance.

So this is a bit of a red flag for me now.

There are lots of issues here, poor auto sales, poor G3 take up, no new contracts, but the big issue for me is that they have no pricing power.

That shouldn't be the case when you have a leading product, but So far appears to be the case.

They need to be able to increase prices at times to offset inflation etc, but So far all I have seen is price reductions, when they provide enough info to work out unit costs.

I don't fully understand why, or if it is likely to change anytime soon, but even if they solve the other issues, this will continue to hold them back.

I see little to support the share price in the short term, so have once again sold out, probably for the final time.

I'm actually surprised it's still above 3p, and see it drifting below that over coming weeks.

Good luck to those still holding. I will continue to watch, from the sidelines.

Thrilled!! Well the market isn't as thrilled as you. Presumably because it, assumed like me that this sort of thing was all part of the original deal.

Then looks at this and sees that it's taken 2 months to get this agreement.

How long before we actually sell anything?

I'd also hoped that we would be selling into Mitsus truck production capability, but clearly we need to wait for another agreement on that.

I just don't understand why all these things weren't tied up when we made the original agreement, or was the money more important.

Only seen evidence 're insurance discounts on the fleet side of the business. Seems quite common in Australia, not sure about elsewhere.

Anything around 3m would be a reduction over last quarter's total, and be extremely weak. Any indicator showing no growth will be very had news for the share price and breakeven targets.

I'm always amazed at how weak your expectations are.

Bonzo,

I don't disagree we need all those 3 things. But given this company find it almost impossible to cut costs, the only way any of that happens is with a decent revenue increase. The KPIs are key to that. Every KPI increase is a revenue increase and therefore dictate when we reach breakeven.

They also get released before financials, so give the initiated a forward view of what the later results should say.

INSIDEEVs has revealed that Ford's new Blue Cruise enabled cars on road is 675,000, following Ford's latest Quarterly financials.

That indicates a quarterly total of 138,000 for Ford alone, which is about a 12% increase on last quarters number of 122,000.

If the 12% is across the board for our other OEMs that suggests our Auto quarterly sales will be around 453,000.

I'm hoping that everyone else is playing catch up with Ford, and therefore their numbers will be better than 12%

It's time we started beating expectations, and 450k would be at the low end of current expectations.

My understanding of management announced expectations is between 1.9m and 2.1m.

Q1 was 405K so Q2 of 450k would give a H1 total of 855k. Making the above a challenge.

All will be revealed next week I expect, but as I saw the Ford numbers thought I would share.

He makes a convincing case on roast ( as always with Leon), and I can see the financial benefit.

However as always I have questions which I would like to square.

1. He states the deal was only possible because everybody else in country is struggling with processing and electricity issues. As a result we have bought the resource at a steal.

He then goes on to say we may sell some of the low quality resource we have stockpiled.

If the first statement is to be believed, then it's very difficult to believe that anyone is interested in buying our low quality stuff. The two statements just don't seem consistent.

I don't understand the power situation in Zambia, but how have we managed to now get a guaranteed power source at Roan, when no one else is able to do this. I find the explanation of now using multiple suppliers through one source questionable at best. It's still one source after all. Not the first time we have been told this is guaranteed.

We lost power and shutdown, then almost immediately we have another guaranteed power supply, that no one else in the country seems to be able to get.

If you have a new resource of 1.6%, and are currently using 0.7%, and have a plant the can flex very easily, why would you only run some of the 1.6% for 4 to 6 weeks, before taking the decision whether to go all in with the 1.6%?

It's almost as if we have to have another test phase, and take a decision after..

Appreciate any answers to the above.

I'd be hoping for a big jump this quarter from Auto KPI

If what we are led to believe is true BMW should be in full ramp up mode now. Which should result in a good increase in their numbers.

Ford recently announced their Blue Cruise USA sales for last quarter at 122k up from 84k so a big jump from them, (almost 50%) which shows they are in full ramp up mode.

Fords 122k of our 405k total suggests they are now responsible for 30% of our auto sales.

I can see at least another 25% growth from Ford next time, maybe more.

GM seem to have finally recognized the importance of Super Cruise to their sales and are at the beginning of a serious ramp up. Although the bigger numbers will probably bot start until the next KPI's

I know far less about the other OEM's timings and potential.

I'd be disappointed if we didn't reach 500K this Quarter.

However I've been disappointed with every single Auto KPI since they started, will this one be any different?

I guess given the patchy detail we get from the company for various reasons, (ie NDAs etc), Director buys, and Martin's purchases in particular do provide some level of confidence.

Due to the fact that he bought so many very early on, after being there for very little time, and then went quiet for a long time, I did wonder if he had fallen for Paul’s enthusiasm of what was coming down the road, and piled in far too early, before he had a full understanding of the company.

However, it seems to me, that he’s now had plenty of time to get his head around the various management personalities, and the future company prospects. Hence any recent investments should be being made from much sounder understanding than when he first joined.

As FD one wouldn’t invest, unless you believed in the company’s prospects, respected the management team, and felt the company was taking your financial advice and direction seriously. In addition, his working relationship with Paul would need to be strong.

All strong indicators for future success.

He hadn’t bought until recently since May, and whilst the initial recent buys could be seen as token, follow up buys do tend to suggest something more significant. About 1m very recently added. So, I’ve been far more impressed with the recent top ups.

Whilst I still remain sceptical, about when this company will finally deliver some serious profit, and how good the business model is long term, this FD buying is one of the things that helps me continue to hold while stuff plays out.

I acknowledge that there have been plenty of company directors who were convinced their company was something special, and then come a cropper. So, it’s not a guaranteed indicator, but its stronger than none at all.

Plus he might not be finished just yet.

So basically what melmo had on show at CES didn't even have any SEE software in.

We are apparently working on an advanced proof of concept, which I'd guess is a way off. So as far as auto is concerned this relationship is some way off from bringing any revenue in just yet.

It might be a game changer at some future point, but is probably at least a year away, from providing any revenue.

I tend not to get that excited about Colin's take, as he's all about the technology and doesn't focus on the P and L.

As I say the relationship may turn out to be a big winner, but doubt we will see little benefit for a couple of years, and just extra cost in the short term.

I hope I'm wrong and things kick in earlier, but I won't hold my breath.

Everything seems to take forever in this industry.

S2020,

The problem is that they mentioned supply constraint issues with the G3 product, so I don't see any massive revenue from that until that is sorted.

Possible that gets sorted from 2025, but won't show in any results or KPIs until at least May.

G3 may or may not be a company maker at some point, but it won't be significant for a while.

Right now they need auto numbers to ramp up from the existing contracts.

S2020,

You're not impressing me, let me know when he's got more than your dog.

Now in particular seems a good entry whether for long term or short term.

Price has support from current deal in the short term, and CES is only a few trading days away, which they have indicated will generate further news.

Buy now and then wait for CES, and decide what to do after that.

KPIs due early Feb.

Current situation supports both short and long termers.

Most big buyers are probably away for Christmas, so we might see real buying after.

Stocksurfer,

It's already priced in, as the market will react immediately to this sort of thing.

Don't forget we get £26m for the shares, so although there are more shares in issue, we have more money now. Currently the market thinks the strategic importance gained, plus the money outweighs the dilution that has occurred.

Maplin,

In the main I'm a long term holder having built a large stake over many

( too many) years.

However one of the benefits of being a long term holder, is that from time to time, because you know the company well, you can perform some short term trades.

When the market marks a share down for no reason I buy a few more and sell if and when it recovers. If I think news is poor and sentiment is turning I'll sell some and hope to buy back cheaper if that changes. That's what investing is about.

I've done that many times with See, but usually only with small percentages of my overall holding. Maybe 100 or 200k of shares.

Your correct I sold 1m shares at 4.2p after results, as I saw some some issues with management not being totally transparent, and felt share price was only going one way. About a week later having had time to reflect and feeling the price was now more reflective of value I bought them all back at 3.5p.

Maybe I got lucky, but over the last couple of years, despite being a LTH type investor I've found most of my gains have been from trading small swings in companies I'm already invested in. Holding shares through think and thin isn't always the best policy.

Esc I have no investment in seye , I am fully invested here, far more than is sensible, which is why I am overly critical.

I am forever watchful of my investment, and try to look at things rationally, rather than emotionally.

The difference between me and those who only see good here, is that I will be out far earlier, as I don't have blind faith in management, that most here do.

They have done a lot of good stuff in getting this far, done some great deals, but will sell shareholders up the river if things go pear shape.

The management stated they would not dilute, as they had many other ways of raising money.

Whether it is a result of a strategic investment or cash call doesn't come into it.

They said one thing and did another.

Also I took another early posters number of cars at face value when they said 10.6m a year. I need to correct that as it's about a 10th of that, so not the cash cow it initially seemed. At the moment it's a ringing endorsement of the product, but not a company maker in terms of revenue.

Hence the fairly muted market reaction.

The management stated they would not dilute, as they had many other ways of raising money.

Whether it a result of a strategic investment