RE: Seeing machines shareholder Adams PLC23 Nov 2023 20:46
Seeing Machines is an AIM listed industry leader in advanced computer vision technologies. The company designs Artificial Intelligence / AI powered operator monitoring systems using camera-based optics and embedded processing to improve transport safety in automotive, commercial fleet, aviation, rail and off-road markets. The technology incorporates warnings when human state attention impairment is identified, in order to re-engage the operator or driver. Seeing Machines continues to invest in R&D and grow as an automotive leader in such technology having now won contracts with a total of 10 automotive Tier 1 global customers covering 15 automotive driver monitoring safety ("DMS") programmes. A total of 6 OEM programs have now started production, and at 30 June 2023, Seeing Machines' technology was installed in over 1 million vehicles globally. In the year to 30 June 2023, Seeing Machines also signed an exclusive licence Agreement with Collins Aerospace generating licence revenue over three years of US$10m, to jointly develop pioneering eye-tracking solutions for the Aviation industry. Seeing Machines reported underlying revenue growth of 48% per cent during that year to 30 June 2023, to give revenues of $57.8 million and a loss for the period of $15.5 million. Seeing Machines' cash balances at 30 June 2023 amounted to $36.1 million. The shareholding of Adams in Seeing Machines as at 30 September 2023 was, and continues to be, 0.31 per cent of the Seeing Machines shares in issue.