Member Info for Seeing-2020

The newest program to the iLMDA, is the Enhanced Vehicle Operation Learning Virtual Experience (EVOLVE). It’s a driving simulator that recently launched in Colorado, Maryland, and Florida facilities. This driving simulator provides immediate feedback on performance to learners and prompts hands-on critical defensive driving skills development in a safe, standardized virtual environment. More than 6,000 newly onboarded drivers have participated in EVOLVE, with a behind-the-wheel participation rate over 90%. Amazon anticipates 40 iLMDA sites will offer the EVOLVE experience by the end of 2026.

Https://www.aboutamazon.com/news/operations/amazon-delivering-future-2025-online-shopping-speed-delivery

Well done Maps and Aaroon.

Thats confirmed then

Maps, I think its the strongest endorsement we can get as a company.

Https://www.brake.org.uk/how-we-help/raising-awareness/our-current-projects/news-and-blogs/brake-announces-new-strategic-partnership-with-seeing-machines

The Takeover

Will Mitsu launch a bid, no-one knows for sure.

What we do know

- they own 19.9% so can block any rival bid, or approve any rival bid if they like the price

- they have history of acquiring a stake and then following up with a takeover

- they are very embedded with SM, for example "leading" on the adjacent market opportunities

Adjacent market opportunities.

This seems to have emerged as the year has progressed, but with the FY25 results they gave us more information and importantly stated that Mitsu are "leading" on this.

The 2 areas of focus are stated as Smart factory & Insurance.

-

Then we have automotive

- we have been told 50% of current RFQ are Japan based

What else to expect

- more wins from referrals

- win from the "Mitsu company" trial

Its a collaboration, not just an investment

So what progress has been made:

- referral agreement for US

- referral agreement for Europe

- Trial with Mitsu company in US

- first win in US for a referred lead

Above 20% they would have needed to back a takeover bid, the SM rules only allowed 15% new shares to be issued.

Clearly Mitsu will have done extensive due diligence and they decided they wanted 19.9%, so the additional 4.9% was purchased from existing shareholders.

Its been an interesting 11 months since Mitsu surprised us all by taking a 19.9% stake at 4.09p

Esc, I think it is genuine excitement and rightly so.

Many have waited "long enough" many more feel they have waited too long.

An investor coming along today gets an opportunity to buy around the average price of a lot of LTH's

Mat, its one of the unknown opportunities for me.

The OEMs can't sell their Trucks on 1st July 26 without having DMS installed.

We haven't seen volumes come through from any DMS supplier that would be large enough to meet this market opportunity

Aaroon, that makes sense. Thanks for explaining

Auto is all about when the OEM's start to ramp up for July 26.

750k still looks achievable to me

The key point is the people running the business still expect cashflow breakeven as planned in Q2

Their target for Gen3 was very clearly 6k units in Q2, they didnt state a target for Q1.

They clearly outline in the RNS on 12th Nov the progress made already in Q2.

Guardian sales for Q1 FY2026 were below expectations due to delayed large deals, which slipped to Q2 FY2026. For the month of October 2025, Seeing Machines sold 1,062 Guardian units. Adding the new US order for 1,100 units announced today and the previously reported autonomous driving contract currently being fulfilled, total Guardian unit sales for the current quarter have already surpassed 2,600 units.

Thanks Aaroon, looks interesting.

What does this tell us, do you think?

Let's be clear no one on here hyped up the potential volumes from this.

It came from the CEO in the proactive interview "high tens of thousands"

For a company that current has capacity of circa 24k per annum, this is very very material, according to the CEO.

Activity in Latin America

https://www.linkedin.com/posts/guillermo-le%C3%B3n-saez-95a452108_seminariohoruxlatam-guardiangen3-ugcPost-7395480854304821249-yVZ5?utm_source=share&utm_medium=member_android&rcm=ACoAAAhWlqEBEaKZMGs9u04O9Y3CNkklo_3oS_4