Member Info for chris100

I doubt he's alone in being totally f****d off here!

Is the proposed mandatory DMS date being brought forward to May 2022 (from Sept 2023), for cars going through 'Type Approval', going to be significant for SM in terms of maybe being able to reach profitability earlier? I recall some discussion of this on safestocks (linked below). At face value it perhaps is, though I don't know what volumes of cars we'd be talking about here. Anyone have any ideas on this?

http://www.safestocks.co.uk/page/3/

Article dated today re Volvo once more in relation to their intention to deploy DMS from early 2020s. Interesting that there is some commentary from Trent Victor. Back in 2005 he was a Non Executive Director at Seeing Machines, representing Volvo who were stakeholders at the time.

https://www.engineerlive.com/content/car-monitors-driver

Red - I see NVIDIA are using 'technology partners', so their DMS solution could well be 3rd party I guess. Their platform is also doing gesture recognition among other things so I'd be surprised if they've done all this in house. We'll have to wait and see!

https://www.nvidia.com/en-us/self-driving-cars/drive-ix/?cjevent=59b2fc874fc011e9820000390a180513

https://www.theverge.com/2018/10/10/17958980/volvo-self-driving-cars-nvidia-drive-agx-xavier

Does anyone know anything about NVIDIA DMS. Have they definitely developed a system in house, or is it more likely they have been using a 3rd party. I think I recall reading that it was only SEE and SEYE that had tendered for FCA. If NVIDIA have developed their own solution it seems strange they would not bid on a major US (I know, I know - part European) OEM.

Very promising. I surmise that if SM win Toyota, Toyota will tell Honda & Nissan that they can't use SM DMS because SM are only allowed a 25-30% penetration rate in auto lol

I don't think there's any conspiracy. SM should get the fundraise away at the end of April and I'm sure if they continue to win business any more funding requirements can also be secured. So whilst I don't like AIM very much I don't think there's any chicanery going on here!

The dilution is awful, no question. But, would the company have raised $64 million if they considered that SM were not going to win a nice chunk of the contracts that are going out for tender. Management could alternatively have curtailed the auto division if they were not confident. Those outstanding and pending RFQs total $379 million lifetime value - whether that is conservative or not I don't know. I expect SM to win a fair number of those RFQs and certainly the bigger beasts. I think we should be well placed to get a least of 1/3 of those pending RFQ totalling £245 million, given that they're existing customers. Will there be further RFQs beyond that?

I have to say, it feels like we're forever scaling a mountain here and I'm weary. But SM have great tech and should do well. The next 12 months are v important.

As regards broker notes, I assume Cenkos have not granted permission for these to be made freely available. Finncap now do this but I think it's at the discretion of the broker.

Ken, along with the founders Tim and Seb, have stacks of shares. I presume it was latter that also received a generous reward during the 1st half.

The $60 million dollar placing may pale in comparison to the projected auto revenue pipeline in 12 months. You wait and see or sell up. I'll wait and see.

A lot of our woes seem to go back to the issues with Fleet. To be fair to SM management, I think trying to create a new market in the Fleet space was never going to be easy. We lacked personnel with the right experience from the outset and were also lacking a major partner, in contrast to the other verticals. The ambitious broker forecasts didn't help and I wonder if these were ever realistically achievable? Were they exaggerated in order to get a big placing away? I just wish management had been more upfront with the Fleet issues and had not dropped a bomb on us in the fashion that they did.

The Fleet vertical does now seem to now be showing signs of promise. Steady if not spectacular. I hope it continues. Guardian Gen 3 for 2020 perhaps? I do have a lot of faith in the auto side of the business too. But we're in a marathon that may have got a bit longer, unless we're snapped up by a predator which I think is quite possible.

Possibly, Sebs. It can detect health issues in people, something SEE DMS can do.

https://www.carmagazine.co.uk/car-news/tech/volvo-driver-cameras/

If SM are v conservative on won auto revenue forecasts as some believe, then perhaps it follows that break even could come sooner than 2023? I'm very upset by the discounted fund raise and I'm perplexed when I consider who SEE have won auto contracts with to date. I do think SEE will win many more contracts over the coming months. If I'm right I think we'd be a takeover target, if that doesn't happen I'd expect any further fundraise at much higher than 3p. But it is all conjecture I concede..

https://www.traffictechnologytoday.com/news/safety/volvo-to-deploy-in-car-systems-to-prevent-intoxication-and-distraction.html

At least our auto executive has picked up a fair few. That's a positive.

theCFB - Safestocks conducted an interview with Ken in Feb 2018 (it's still there) and a question was asked about a potential takeover. From the horses mouth so to speak, 'I agree it is either someone like that who can see the full value or a really diverse Tier 2 or Tier 1, as opposed to the OEM.'

I'll see out the next 12 months I think, if no takeover approach then I re-evaluate.

Red - my thoughts are to stick with it for another 12 months. I expect SEE is a takeover target as it is the leader in the field of DMS as evidenced by who it has won. The cash worries won't go away for me because I think it will be at least late 2020 - 2021 before there is high volume car production, yet if SEE win contracts with the likes of VW and Toyota, then surely someone would be interested in acquiring them.

Just to echo the comments about the excessive awards etc. SM haven't quite made it yet and I hate to see this sort of thing happen. There's way too much of it happening in listed companies that forever missing their targets.

My worry is they'll be back for another raise at the end of 2020 as the implication is that cash burn continues to run at $20 million per half year, if that RNS yesterday is anything to go by. At what price a raise then? Is a Fleet sale still an option? We'd better hope those car volumes start ramping up significantly in 2020, but I fear that may still be a little too early.

Personally, I now hope that a buyer comes in for SM.

On a more positive note, there are 13 RFQs we're involved in and given that (a third; 3 of 8?) some of those soon to be RFQs are for existing customers, we look well placed to succeed. I expect these new RFQs are for high volume models to meet the new NCAP requirements.

SM still says 8 RFQs in place for 2019. They expect to take at least 25% of the auto market. I'll clutch at any straws I can at the moment. Shell shocked by todays RNS releases.

Not happy. Surely the raise should have been at well above 3p?