Member Info for Seeing-2020

I assume this will be the best quality DMS exhibit at CES, our exclusive partner marketing our tech and no cost to us. These events are very expensive, you know you have made it when your partners take that cost and market your tech for you.

https://www.magna.com/ces2023

Extract from 15th August Trading Update explains backlog 2, they are "ordered but not yet supplied"

This has resulted in all available stock being sold in FY2022 and over 2,000 Guardian units ordered and not yet supplied, representing around A$3.5m in forward orders to be recognised in FY2023.

Extract from the recent Cenkos report explains backlog 1, they are "sold not connected"

The company now expects to receive a shipment of 29,000 redesigned Gen 2 units (Gen2.1) before the end of the calendar year, and theoretically, with a backlog of 10,000 connections
(units sold and not yet connected) and more normalised fleet movements post pandemic, connections could grow very rapidly this year. However, we have taken a conservative view on the speed at which these can be installed as we continue to see hardware sales running ahead of connections, and have reduced our fleet unit connection expectations for FY23E.

People seem to struggle to understand the Guardian numbers, this might be helpful

People seem to struggle with the backlog of Guardian, this is the eejits guide I posted on Telegram

There are 2 "backlogs"

1) Sold / supplied but not installed. 10,700.

So these are sold and awaiting installation, hardware revenue has been taken in the accounts, monitoring revenue will flow once they get installed.

Supply chain issues don't impact installation so this number should have reduced, and so the installed base will have increased.

2) at 30th June they had no stock left, it was all sold.

They had 2,000+ of orders received with will be fulfilled and recognised at revenue (A$3.5) in FY23.

Supply chain issues do impact Supply of hardware to customers so this number may have increased. Which is good news as this increased nunber can be serviced once the 29k (mentioned by Cenkos) supply delivery lands.

What a bargain, Lombard only paid 680p?

(Sharecast News) - Seeing Machines revealed on Wednesday that non-executive director Michael Brown had acquired 700,000 ordinary shares in the AIM-listed technology group.

Brown, who made the transaction via his interest in Lombard Odier Asset Management, purchased the shares at an average price of 680.0p each, for a total value of £4.76m.

Following the transaction, Lombard Odier holds 622.45m ordinary shares in Seeing Machines, representing 14.99%of the company's issued share capital.

As of 1545 GMT, Seeing Machines shares were down 4.84% at 6.49p.

Reporting by Iain Gilbert at Sharecast.com

My favourite Warren Buffet quote is...

"I wish eejits would stop attempting to quote me"

Another model with SM tech (I drive 8) in production

https://www.electrive.com/2022/11/11/bmw-kicks-off-production-of-the-ix1-in-germany/

Masarap, 2 x 134m trades were reversed.

So take that 536m from your 740m and you are close to the circa 200m shares reported on here

Some of the trades reversed but not all.

I make it 199m shares traded at 5.5p - 5.55p, which is 4.8% of the shares in issue

Sch, looks like errors and have been reversed

https://seeingmachines.com/investors/corporate-governance/

Pretty standard Mr Ryan for the CEO to be the only 'Executive' Director on the Board, Naomi wasn't a board member either.

He will of course attend and contribute to Board meetings but the company structure is to have a board made up mainly of non-execs

Naomi has done well over the past 3 years, looks to me she got control of the costs, steered the company through Covid times, convinced the auditors to capitalise R&D, etc.

However, 3 years is above average tenure for a listed CFO and the company now is very different to the one she joined. I wish her well in her next endeavor's.

As others have said Martin looks to have a great background, so to me looks a sound addition to the team as we move to the next level.

https://www.linkedin.com/in/martin-ive-9980072/

MrBB, I feel less crazy every day now.

Autonomous Driving expectations getting pushed out:
Mobileye has moved into the development of Autonomous Vehicle (AV) technology leveraging
its large quantity of data from its vision-based cameras and in house algorithms that build on its
ADAS technical leadership. Specifically, this is a large part of its current growth strategy with it
planning to launch a network of driverless EV shuttles in Israel and Germany by the end of this
year and in the US in 2023. However, these launches are unlikely to be significant in scale and
the broader adoption curve of autonomous vehicles continues to get pushed further out. Large
OEMs are concerned over safety and liability in AVs and so the automotive industry is instead
focussing on assisted driving combined with DMS. Most market commentators now expect the
market for purely Autonomous Vehicles to therefore remain relatively niche until the 2030’s
and this has led to some very significant AV companies to fold, the most recent being Argo AI.
Therefore, the positioning of Mobileye at the forefront of the AV industry does not, in our view,
offset the erosion of its position in ADAS.

Read across is that Seeing Machines has a stronger market position:
Taking these factors into account, plus the nearer term profitability expectations for Seeing
Machines, we believe Seeing Machines should trade on a premium multiple to Mobileye

Seeing Machines has an improved strategy to maintain market share:
We believe Seeing Machines has learnt from Mobileye as well its own the failed exclusivity with
Takata/GM. Its strategy is to be platform agnostic offering its software to all major Tier 1 and
Tier 2 suppliers, enabling the OEM’s and their value chains to integrate the technology how they
see fit and to dual source the hardware.

Seeing Machines is focussed on best performance at lowest cost on multiple platforms:
We believe Seeing Machines offers the best performance in DMS with the lowest latency,
highest availability and accuracy with the lowest false positives. This is because it has the largest
naturalistic dataset in the market, thanks to its aftermarket products which upload incident
footage into the Seeing Machines truthing and machine learning systems. The value of the best
performing safety system in the market cannot be underestimated as the automotive industry
has seen several examples of low-cost safety systems costing more in the longer term, including
the recent implosion of Takata following its explosive airbags.
It designs accelerators for multiple hardware platforms to reduce silicon cost
Despite the high performance, Seeing Machines offers a relatively low-cost solution for T1/T2
partners as it also designs software-based hardware accelerators specific for hardware
platforms. This reduces the processing footprint, cost and energy requirements to achieve the
high level of graphics processing needed to perform high performance DMS. Without hardware
accelerators, the graphics processing cost is high as high performance systems need to process
HD or higher resolution video (at lower resolutions the accuracy of eye tracking is low) and at
60 frames per second in real time.

Aligning with multiple market leaders in different integration points:
Furthermore, Seeing Machines looks to be now aligning itself closely with market leaders in
various segments including Qualcomm for ADAS/infotainment integration and Magna for the
rear-view-mirror.

Mobileye’s hardware strategy is likely fuelling the decline:
We believe Mobileye (rightly or wrongly) used its dominant market position to effectively force
customers to use its own ASIC silicon hardware. Whilst this was acceptable in the early days of
ADAS deployment in premium vehicles, and it no doubt significantly boosted per vehicle
revenues compared to software only for Mobileye, this has become an unattractive position
longer-term for many OEMs in the automotive industry. Having only one silicon solution
effectively increases system cost, power and packaging inefficiency, as well as to concerns over
it abusing its market position.
The automotive market has since moved to reduce this dominance with Mobileye market share
now down to 60%. Interestingly, one of the most successful alternative ADAS offerings is offered
by QUALCOMM, who has collaborated with Seeing Machines for DMS and is offering Seeing
Machines as the default DMS options on its Snapdragon ****pit platform

He does a few pages on comparision to Mbly, with an interesting conclusion

Timetable for regulatory drivers for DMS shorter than ADAS:
When Mobileye IPO’d in 2014 the adoption of forward-looking cameras had not been
mandated. Functions such as Autonomous Emergency Braking had only just been launched by
Volvo. It was in 2018 that the European Commission indicated that AEB would be mandated from 2022,
eight years after the Volvo launch and Mobileye IPO.
DMS effectively was launched in the GM CT6 with Super cruise in 2018 with the European
Commission adding DMS to the package of safety mandates announced with AEB. Camera based
DMS was given a few more years development with the initial mandate of 2022-2024 implying
regulatory driven adoption in 4-6 years compared to the eight for AEB.

Market share declining for Mobileye but growing for Seeing Machines:
Mobileye reportedly had a market share of 80% as at its 2014 IPO with it working with 20
automakers. This market share has declined significantly with its current in vehicle market share
down to 66% of ‘Euro NCAP 5-star rated models for 2018-2021’, with industry analyst estimating
its current market share is now around or below 60% (equivalent to 28 million vehicles in 2021)
and continuing to decline.
This compares to a current market share for Seeing Machines of at least 50%, if not c80% based
on RFQ wins since the start of 2021

Those of us with long memories will remember the CAT $17.5m which was paid over a number of years but recognised as revenue and 100% profit in the year of the deal. FY16.

Cenkos have taken a different view on the Magna $17.5m and split the revenue recognition over 3 years .

If like CAT it should be recognised as revenue and 100% profit this year, if recognised as the cash flows then its $10m this year.

Cenkos only recognise $5.8m

So imo there is an upside of at least $4.2m, possibly $11.7m

Significant when Cenkos forceast a loss of only $6.6m on a EBITDA basis

The article that led to denail RNS

https://www.safestocks.co.uk/2019/07/