RE: PANIC20 Mar 2019 13:11
Clearly disappointing but a lot of front loading of capacity in anticipation.
'The Group has invested significantly in building further capacity over the past 12 months and has hired more than 40 engineers. These additional resources have de-risked delivery on existing automotive OEM programs, and will accommodate the ongoing growth in demand, based on expected near-term program awards'.
'In addition, Seeing Machines continues to respond to RFQs (request for quote) across North America, Europe and Asia, with a number of the Group's submissions being presented via multiple Tier 1 partners. Seeing Machines is currently engaged in five submitted proposals with OEM sourcing decisions on the majority of these programs anticipated before the end of FY2019. The Group expects to be active in an additional eight market RFQs to be issued within the second half of the financial year'.