Member Info for Seeing-2020

Brock, not sure where you get the 1.25m target from?

Paul has consistently said, 100%;growth year on year

FY23 ended with 1,086,176

100% growth means the FY24 target is 2,172,352

As at Q3 we have achieved 1,830,207 so that means we need Q4 to be at least 342,145 which is a very achievable 9% qtr on qtr.

They may outperform and hit the numbers CB suggests, however Paul has consistently said 100% growth and thats what he should be judged on.

Https://www.linkedin.com/posts/colin-barnden-1081376_seeing-machines-quarterly-kpis-activity-7193592587696381953-p7K4?utm_source=share&utm_medium=member_android

Q3 FY2024 KPI highlights:

- Cars on road increased to 1,830,207 units, representing an increase of 109% from 12 months ago (Q3 FY2023: 874,851)

- Quarterly production of 313,662 units up 51% from the previous quarter, including contribution from world's first interior cabin monitoring solution, which started production in March 2024

- Monitored Guardian connections increased by 22% during the last 12 months to 59,706 units (Q3 FY2023: 49,046)

Cars on the road is absolutely at the top end of what I thought was possible, 51% qtr on qtr growth is very impressive

Thats important but cost control is also, so the extract below was very pleasing to read.

"We have worked hard this past quarter to remove cost from our business as part of our disciplined approach and rigorous operational focus. As we see our high-margin royalty revenues increase, we reiterate we are on track to meet FY2024 expectations and achieve a cash break-even run rate during FY2025."

I assume you listened to the recent investormeet presentation, he clearly says $6m of annualised external cost savings achieved and in place from Jan 2024, so will feed into all future years.

If you weren't aware of this material saving, I assume you need to rework your numbers to ensure you remain balanced

Brock, I admire the great handle you have on the numbers.

Makes one wonder why when mentioning the drop in Auto one off license revenue you didn't mention the Aviation increase as it doesn't appear to be news to you. Maybe you only like to post negative not as balanced as you like to think.

What's your thoughts on the $6m annualised external cost savings, as that was my main point.

My workings are $10m/ 3 + 1 year of tha additional Collins income from the RNS below. Hence the additional $5m.

Perhaps you could share your workings for no increase in Aviation?

"16 October 2023

Seeing Machines and RTX begin joint development of aviation fatigue detection solution

- Follows signing of exclusive license agreement to jointly develop pioneering eye-tracking solutions for the Aviation industry

- Non-recurring Engineering revenue (NRE) of US$2.65 million payable to Seeing Machines over 2 years covering product development and certification"

Also let's not forget most loss making AIM shares set themselves a target of "making a profit"

SM, lead by 2 of our largest PI shareholders have set a higher bar of "cash profit"

For me, yes license revenue is important, but control of costs will decide when we hit cashfloe breakeven. In the recent interview Martin explained that they had achieved $6m of annualised external cost savings that is in place and flows from Jan 24. That $6m cost savings is the equivalent of 600k cars on the road and has way more impact than if a particular qtr is 220k, 250k or 300k+.

For completeness, we had zero Aviation license revenue in FY23, based on the 2 Collins RNS we should have $5m+ in FY24.

Mobileye 2013 was loss making and valued below $1bn

Mobileye 2014, IPO at $5bn

Mobileye 2017, sold to Intel for $15.3m

Mobileye 2024, $24bn

Good post Sandy, this morning I have been looking at Mobileye in comparison to SM. For SM I have used broker and company data and profit is EBITDA not cash profit.

Mobileye at IPO Aug 2014

"The company estimates that its products were installed in about 3.3 million vehicles worldwide as of March 31. By the end of 2014, it expects its technology to be available in 160 car models from 18 original equipment manufacturers worldwide.

Mobileye's revenue doubled to $81.2 million for the year ended Dec. 31. The company swung to a profit of about $20 million in the year from a loss of $53 million a year earlier."

SM at August 2025

"The company estimates that its products were installed in about 4.3 million vehicles worldwide as of June 30. By the end of 2025, it expects its technology to be available in over 100 car models from 13 OEMs.

Seeing Machines revenue increased to $88.3 million for the year ended June 30. The company swung to a profit of about $20 million in the year from a small loss the year before."

I would add

ARM Holdings

Nvidia

Mobilleye

Ford

Https://www.linkedin.com/posts/magna-international_magnaawards-automotivenews-paceaward-activity-7191136355240873985-xOjW?utm_source=share&utm_medium=member_android

Magna’s Integrated Driver & Occupant Monitoring System, an industry-first solution that integrates an intelligent camera system into the interior mirror to actively detect, predict and react to distracted driving, was one of 13 PACE Award winners out of 33 finalists. Within the mirror is a high‐resolution camera, infrared emitters, and electronic control unit, while advanced software monitors the movement of the driver’s head, eyes and body in real time to detect distracted behavior, drowsiness and fatigue.

The 29th annual PACE Awards were presented by Automotive News. The competition was open to suppliers that contribute products, processes, materials, or services directly to the manufacture of cars or trucks. The Automotive News PACE Award is accepted around the world as the industry benchmark for innovation.

As for buying shares, the CEO has bought over 1.1m since the comments from Martin and his holding is now 9.6m

He must be one of our largest PI holders

Brock, correct monthly cashburn.

Auto revenue will help but the key for me is the cost control, particularly external cost as many companies feel they can't change that.

So the $6m of annualised savings Martin mentioned as done and in place from 1st Jan is very impressive. That $3m saving in H2 is the equivalent of 300k+ cars on the road if we assume $10 per unit at 95% margin.

I like their focus on controlling external costs

I listened to the results presentation again this morning.

The section on cash from one of our largest non II investors is very compelling.

For me getting our cash burn to "less than $1m in Q4" is amazing and makes cashflow breakeven in FY25 extremely likely.

Also worth noting the pres was on 18th March, so 2 weeks away from the start of Q4.

Colin Barnden independent industry expert

https://www.linkedin.com/posts/colin-barnden-1081376_automaker-ceo-ncap-activity-7189196063906385921-hzrK?utm_source=share&utm_medium=member_android

I assume baxter was fully booked so Dr Mike stepped in.

https://www.linkedin.com/posts/mike-lenn%C3%A9-86a1854_ncap24-safety-guardian-ugcPost-7188889664403996673-cmxh?utm_source=share&utm_medium=member_android

Glandore, Sure, the first post in this thread explains this. Thanks a million