Member Info for Brockwl

David,

Did you sell to early?

No quite the opposite. I sold at 3.6p on the way down, and started debuting after the town hall.

A average price now 2.2p.

But l now have a big position for me, so I reassess the investment case.

Since the recent run I could sell 1/3 and leave the rest in for free. But I haven't because I believe we will hit 2m a quarter in August kpis, due to Euro regs, and if we do 10p should become a reality.

I'll reassess at that point.

However I think it will be a bumpy share price ride between here and then, as known news points ie next KPIs and results, will likely be not as good as news items coming after.

I'd also say that for many this is the most positive RNS they have issued, and yet no movement on price.

They have basically confirmed cash flow breakeven.

So is the market confused like me, or are we overbought as suggested by mike. (I agree btw).

Or is it a bit of both.

Esc,

It's not that I assume the worst. It's that management are very good at laying out the positives as they have here. So that's all easy to understand. What they often fail to do is make any negatives clear, as is the case here.

I'm happy with all the benefits here, I just want to understand if there are any negatives.

Without knowing both you can't fully assess your investment.

It seems most of their auto contracts have minimum level guarantees. So if someone wants to get out off or renegotiate the contract, they would need to pay up on those guarantees

It suggests to me that someone wanted out, and their liability was say 18m and they did a deal for 14m if they paid up front. Contract satisfied.

However still doesn't tell you what existing relationship is going forward, and responses so far suggests that no one knows.

Martin made a point at last presentation, that They expected to receive 1m and then 10m in minimum contract guarentees, and at the time I didn't understand why. Just assumed one customer had been delayed, and They would pay up the minimum and get money back later when they ramped up.

However now I'm not so sure.

I'm wondering if it's related to the BMW contract that we lost. Hence why it was known back then.

So the question is what does a material change to a production agreement mean.

Has the tier one completely pulled out, or just renegotiated and continues to be a customer.

All very vague. Anyone know of understand?

Whilst the money is good news, the loss of a T1 wouldn't be.

Seems an awful lot of money to pay and then continue relationship, more like paying to get out of existing relationship and no further business, which is not so good.

If the CLN was an investment in a core strategic part of their business, and they were so keen to make that, they would have taken the shares for the money at the time and SEE would have happily given them.

What it was, was a free bet using a CLN was an investment in a core strategic part of their business. One on which they can get there money back if it doesn't pan out.

To suggest any different is deluding yourself.

Investing is a very difficult game, and it's not made easier by assuming other companies will do what best suits your investment.

Then stating that here as as if its a complete given.

You would always be far better assuming the worse, as far as your investment is concerned.

I'd say its very much up in the air what Magna will do. Hence why Martin is getting various debt options in place to cover any payback required.

Magna's prime aim was to get exclusivity, and with it they got a free bet on the share price. If that bet doesn't come off they will almost certainly want their money back. Why take shares at 11p if they are much cheaper in the market. There is a reason they have 1B on the balance sheet, and it's because they are no mugs when it come to business decisions.

I think one of two are getting overly excited here today and forgetting the lessons of the past.

Whilst it's great we can detect drunk drivers, I don't see any auto company wanted to put this in place until it's mandated and forced.

That will likely take years, and by then others will have caught up. Even once the authorities decide to do it they will need to give notice, and that will likely add at least 2 years.

If there is one thing I've learnt since investing here, it's that everything takes forever, and OEMs want to drag their feet for as long as possible unless there is something in it for them.

As for Maps and the robots, less said the better.

Share price is remarkable resilient though, been expecting a drift back with little real news, but it seems still plenty wanting to join the party of late.

Dr777

It states "to be used to refinance existing debt and general corporate purposes."

Suggests to me they are getting more funds than those needed to cover existing loans.

Enough to allow for breakeven to be later than expectations. Even Redeye seem to acknowledge that, but do it in such a way as to suggest it's a better pathway.

To be honest, I'd much prefer a weak Smarteye to struggle on for a few years, than go down the pan.

If they fail, someone much bigger and stronger, may come along and pick them up for next to nothing.

Then we might have a strong competitor, who is happy to invest properly and transform their software.

I hope they get the funding away, as it gives them a bit longer as a single entity.

Yesterdays price action suggests this was known.

First time that has been the case here.

I don't believe there will be any break even announcement before Christmas.

They just won't have the data from the oems to know whether they have managed it or not.

I doubt they will know until the end of January.

I think it's a bit awkward for them because a lot of people are going to expect them to know at end of the year, and will assume the worse when there is no announcement.

Cupra sold nearly 250K last year.

Forensic

They needed to get to 750k by the next KPI for breakeven, a 22k increase from 488k is very poor based on what they had indicated.

They now have to get a 240k increase next quarter, which I'd suggest is unlikely, given last quarter.

Fleet G3 sales were pitiful.

So I'd say they were poor. If they continue with those increases we are in trouble.

David.

I think amongst all the hype we have seen this morning your point is the most sensible.

“I believe the market is now convinced that Seeing Machines is going to be a profitable company, and therefore, the issue of when this is going to be achieved is not as relevant has it was in the past,”

I don’t believe the whole market is convinced, but I’d say that there is a far greater element of the market now convinced that Seeing Machines is going to be a profitable company, and that is why the share has started to rerate.

It may continue a little higher, on this current PR, but will need further contracts to really motor.

One shouldn’t get carried away with this one contract ( which we shouldn’t forget managed to deflect from some very poor KPI’s)

Whilst it’s a nice building block and a great reference if it’s Amazon. People are talking about 70,000 trucks as if it’s happening tomorrow.

To roll out 1100 by the end of December is amazingly fast if achieved.

I suspect that is a one off and will be slower going forward. However, to put things in perspective, if they continue at that impressive rate, it will still take over 10 years to do all trucks.

So currently until some of the other contracts come in this is on a slow build.

Once we have 5 or 6 of this type of customer and a big truck OEM on board, I’ll rest easy and sit back and watch the market keep buying.

But until then I’ll be hopeful, but keep my head out of the clouds and feet firmly on the ground.

Maps,

Why the need to try and ridicule people who post their honest thoughts.

Does it make you feel big and superior.

Currently I'm not desperate either. As I had already bought back the ones I've sold, having decided the trend was stronger than the poor KPIs.

Feeling pretty chipper at moment as it's just 1 bagged for me. Whilst you don't like my investing style, I'm pretty sure I'm the only long term holder in that position.

Here's hoping the share price continues to rise.

But it will need news at some point soon.

They will definitely need more contract news, as that's all there is until end of February.

Interims and KPI's won't be published until then, so we will be in the dark until then re financials and whether breakeven was met.

Nice upward trend in share price currently, but it's over 3 months until next financial news.

So further contract news in between is a must to keep the trend going.

The 2021 figures are not made up they were from CY2021 which is FY 2022.

I don't lie. Here's my spreadsheet which gives the correct numbers. Horza is wrong plain and simple

Auto

2022 Q1 Jul-Sep 2021 60000

Q2 Oct-Dec 2021 63205 5.34%

Q3 Jan-Mar 2022 98113 55.23%

Q4 Apr-Jun 2022 105390 7.42%

2023 Q1 Jul-Sep 2022 112077 6.35%

Q2 Oct-Dec 2022 141747 26.47%

Q3 Jan-Mar 2023 173802 22.61%

Q4 Apr-Jun 2023 211325 21.59%

2024 Q1 Jul-Sep 2023 222138 5.12%

Q2 Oct-Dec 2023 208231 -6.26%

Q3 Jan-Mar 2024 313662 50.63%

Q4 Apr-Jun 2024 381215 21.54%

2025 Q1 Jul-Sep 2024 405669 6.41%

Q2 Oct-Dec 2024 266654 -34.27%

Q3 Jan-Mar 2025 358162 34.32%

Q4 Apr-Jun 2025 488294 36.33%

Q1 Jul-Sep 2025 510167 4.48%

Horza,

I agree that those buying now are getting in for longer term growth, hence why the price has held up so well today.

However need to correct your statement about next quarters figures always being Historically strong. They aren't

2021 +5.34%

2022 +26.47%

2023 -6.26%

2024 --34.27%

Those figures don't show historically strong numbers.

They also didn't recover 50% after the 2024 blip, It was 34%.

They have only ever done 50% once and that was from a very low base. This time its much harder starting from a big number.

It's a difficult decision as lots buying in for future growth, but breakeven will be late. Hard to say how that plays out with the share price.

They don't look anywhere