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Similarly with powertorque - since at least July 2020.
Problem I think is the Australian market is relatively small and Guardian, so far, has failed to gain significant traction outside Oz/NZ.
Hopefully the Shell contract will be the start of a wider take-up.
The company whose livery they are changing (Greyhound Resources) has been using Guardian since at least 2019....
I expect the numbers are already included in the figures we are given at each accounts release.
https://www.pressreader.com/australia/the-australian-mining-review/20190701/283270279324834
Thanks Major,
I agree with your 2021 figure.
For 2022 I agree with your vehicles figure.
But I believe your Revenue figure should be AUS$ 3.2m (ie 2.3m x 139%)
(5.449m figure you used is the cumulative 2021 and 2022 revenue)
My apologies - Made an error in my calculation of OEM Royalty per vehicle for 2022.
Revenue went from Aus$ 2.3m (2021 a/cs) to Aus$5.5m (139% increase as per the RNS)
Vehicles went from 129k to 447k (per RNS) (246% increase as per the RNS)
So new vehicles(Fy2022) = 318k
Royalty Revenue (F2022)= AUS$3.2m
Royalty Revenue per vehicle = AUS$ 10.06 ( 3.2m / 318k) US$7.1 approx.
If anyone finds an error in my calculation please advise - otherwise I think this is a very important question to put to the PMG at the upcoming meeting if not before as it directly impacts on future revenues and therefore valuation.
(as well as the question re Guardian catch-up - is it end H1 2023 as stated or end H1 FY2023 as we all hope ? )
High margin Automotive royalty revenues up 139%
Start of production vehicles on road now at 447,000, up 246%
Implication - royalty per vehicle has dropped by approx 30% (My estimate from approx Aus€ 18 per vehicle in Fy2021 to approx AUS$12 in 2022)
June 22 - Guardian Connected units 39,832 (Plus 2,000 ordered)
June 21 - Guardian Connected units 31,771 (Plus 5,000 sold not connected)
(5,174 connected in FY21)
Implication - 8,061 units connected in Fy22, 3,061 sold, 2,000 ordered not sold or connected at year-end. Fewer sales, more connections than in Fy2021.
"Supply chain issues have been resolved with the Company's manufacturer, resulting in their guarantee to deliver satisfactory levels of stock by the end of H1 2023 to meet the growing demand for Guardian hardware "
Is this a typo ? it is the only place they referenced a year without "FY" before it . Do they mean H1 2023 or H1 FY2023 ? Only they know.
Cash Burn
H1 Fy2021 13.5m
H2 FY2021 17.8m
H1 FY2022 23.1m
H2 FY2022 20m
Cash on hand 30 June 2022 59m
(looks like it will be a close run thing - but good news that they may have turned the cash-burn around.)
(I note some people feel that Cenkos forecast figures should be seen as gospel in determining whether there may still be a need for fund-raising. This despite the fact they were $18m out in their estimate of June 22 figure - what irony)
Hi chutzpahtaker,
Your post, copied in the previous post, asked some very good questions about Cash and why some of us mention it now and again. Since I am one of those who are interested in the cash position here is my tuppence worth.....
First of all we are not obsessed with cash but do consider it an important element of the investment case.
In my case for two reasons - it helps inform the value to which the SP will rise and the timing of possible realisation of profits for investors.
Future cash raises via equity may serve to depress the SP as Institutional investors may wait for a placing or, worst case, sell-off in advance.
Your point that a company like Seeing Machines raises money to invest is absolutely true. However when it raises funds and does not meet the expectations set by the company itself then investors need to be wary.
Below are details of the last four major fundraises and a sentence from each RNS setting the expectation. Based on those unmet expectations it is reasonable to question how much still needs to be invested and when will it generate a return for investors like you and me. That is the possible weakness - divergence between company set expectations and reality to date.
You ask why not just accept Cenkos figures ? Precisely for the reason that they are based on company info - which we see above is highly suspect and overoptimistic (until you see the comment from the latest fundraising - referencing market share in 2025)
I am fully confident that SEE will succeed.
What that success means in terms of a return on my investment will be directly affected by 1) Timing - how long to Cash flow neutral and 2) How much dilution will there be in the meantime (if any).
All imho.....
20/03/2019 AUS$64m 917m
Whilst the complexities of this fast-developing market and the influence of the OEMs in determining the timings of future contract awards, engineering or milestone payments and the commencement of volume production runs make forecasting beyond the Company's current financial year difficult, the Group's current booked revenue from existing OEM programs and its market-leading position lead it to forecast profitability break-even in the first half of 2023 (calendar year)
23/10/2020 US$20m 372m Shares
We are delighted that this placement, together with our other initiatives and business opportunities is expected to fully fund our current business plan."
22/03/2021 AUS$10m 68m shares
The net proceeds of the Purchase further strengthens the Company's balance sheet and is expected to fund the business through to profitability.
22/11/2021 AUS$40m 270m shares
Seeing Machines expects to be on track for increased market share by 2025, based on today's 'active RFQ' pipeline.
20/03/2019 AUS$64m
Whilst the complexities of this fast-developing market and the influence of the OEMs in determining the timings of future contract awards, engineering or milestone payments and the commencement of volume production runs make forecasting beyond the Company's current financial year difficult, the Group's current booked revenue from existing OEM programs and its market-leading position lead it to forecast profitability break-even in the first half of 2023 (calendar year)
23/10/2020 US$20m 372m Shares
We are delighted that this placement, together with our other initiatives and business opportunies is expected to fully fund our current business plan."
22/03/2021 AUS$10m 68m shares
The net proceeds of the Purchase further strengthens the Company's balance sheet and is expected to fund the business through to profitability.
22/11/2021 AUS$40m 270m shares
Seeing Machines expects to be on track for increased market share by 2025, based on today's 'active RFQ' pipeline.
The nature of a business like SEE is to raise capital and spend it in the development of its product / service. If it didn't do this then it wd shut down. That is its purpose.
So why are folk pointing this out as a weakness?
The measure is instead this: do they utilise resources in an effective manner or do they crap it all away? The reason to invest or not to must be based on this.
As to cash burn, why shd anyone rely on the (historic) info that folks on here use. The best info is that provided in the brokers's note i.e. Cenkos. Why reinvent the wheel. Cenkos, at least, have the benefit of SEE input.
In any event, cash burn changes as the business evolves.
Even more, the cash flow grid for 10 years shows that this stage of cash burn is fast coming to an end.
In the meantime, for those obsessed with cash flow, the licence nature of the products means that if it happens then the business becomes a licence to print money.
Of course the sp is up seeing 2020. It is a wonderful company with world leading tech in a nascent market and seemingly battered by a forced seller who hopefully is now out. What has that got to do with the cash position? I don’t understand your repeated antipathy to factual posts. I notice you didn’t correct the recent inaccurate posts about the f-150 lightning volumes and associated blue cruise. I’m sure as the resident expert you spotted them straight away. Perhaps you were composing a post to make sure investors were not inadvertently misled. Or to put it another way.... please stop commenting on my posts unless you find some inaccuracy you wish to correct, because your predictable snide remarks are painful.
Let's hope it is sooner than later Lewbo. Until the volume comes through SEE are haemorrhaging cash.
If they can anounce very significant RFQ wins soon it may allow them raise funds (if needed) by loan rather then Share issue.
A comprehensive update at end of month could be a catalyst if it is detailed and not just regurgitating the "positive vibes".
Excellent Blue-Cruise "How to" video
https://www.youtube.com/watch?v=qk_dpv_a5RE
Not all versions of the F-150 Lightning have Blue Cruise - as mentioned before...
"Both the Lightning Lariat and Platinum can be equipped with Blue Cruise (it’s standard on the Platinum), Ford’s hands-free semi-autonomous driving system."