Member Info for Seeing-2020

2018, we had BDMS launch RNS

2017, we had Progress Rail 3 days pre results

2016, 10 days pre the finals we had the chip announcement, if I remember correctly the SP doubled in a few days

"SEEING MACHINES UNVEILS WORLD'S FIRST AUTOMOTIVE DRIVER MONITORING COMPUTER CHIP*

Seeing Machines (LON:SEE), a global leader in the design and development of vision-based Driver Monitoring Systems (DMS) to the transport and automotive industries, is pleased to announce the introduction of its first generation FOVIO embedded hardware chip.

Leveraging over 15 years of innovation and industry experience in designing computer-vision specific head and eye tracking technologies, the Company is proud to announce the completion of the first phase of development of its FOVIO Chip; a world first in DMS performance and price optimised hardware platforms that will deliver physiological and psychometric monitoring to passenger cars, commercial transport and ultimately for the Internet of Things and artificial intelligence (AI) applications."

Why delay results for a material event?

- its the time they tell us (probably via Cenkos for the detail) the targets for FY22.
- a material event particularly if it involves cash would have a large positive impact on FY22

CAT deal was one example, it was announced 14th September 2015, one week before the results

So then with the finals that year they could say
"Developments after the end of the Financial Year

· In September 2015 we further extended the Caterpillar alliance by signing a global product development, licensing and distribution agreement, for Caterpillar to take over responsibility for manufacturing, marketing and sales of the DSS off-road product. Caterpillar will also have distribution rights for Seeing Machines Fleet product, exclusive within agreed Caterpillar industries (mining, construction, cement and quarry, paving, forestry, marine and industrial operations) and nonexclusive outside these industries. Caterpillar will pay Seeing Machines US$17.5 million over four years as well as royalty fees for DSS hardware, software licensing, monitoring and analytics services. The Company expects that in the 2016 financial year, all of the US$17.5 million payment will be recognised as revenue, and US$9 million of it will be received as cash. Current DSS customer agreements will be transitioned to Caterpillar and supported by Caterpillar dealers. "

People worry a delay in results means some issues with the results, but they told us thats not the case.

Covid means companies are "allowed" more time to issue final results, so they have taken that time, for me thats not the reason why though. Let's see what happens in next 3 weeks, they have a track record for big deals in the weeks before the results, for me its something that materially changes the outlook, in a positive way.

18th Oct
"The Company expects the results to be in line with its Trading Update, published on 3 August 2021."

3rd Aug
"Financial highlights for FY2021

· Reported Revenue for FY2021 is expected to be A$47.3m, representing an 18% increase on the previous period and in line with market consensus
· Underlying revenue has grown 30% on the previous period when using constant currency*
· Cash at 30 June 2021 is expected to be A$47.7m, 24% ahead of market consensus"

I wonder if it can spot those "someone's knocking at the door" eejits and eject them

Hurly, you won't get many responses as MVIS are US listed. I had a quick look as its a slow Friday

They are in the very busy lidar space, so lots of rivals such as Velodyne, Lumiunar etc, they seem pretty much pre revenue $0.7m revenue for Q3 and as you would expect loss making, I guess people would need to buy into the story of scale etc, wouldn't be a buy for me at current market cap of $1.47bn, but should make you feel better about your SEE investment

So as we patiently or otherwise await the results of the A$900m RFQ(s) what can we deem from recent events

Company A:
- very quiet, on design wins
- reiterating their strategy
- DMS/OMS win announced in April, with Fisker and Magna, so an actual OMS win.
- Progress with Occula
- Aviation news
- Shell contract for Guardian
- approaching 8bn KM of real-world data

but no recent RNS for a design win, should we be worried?

well lets look at company B
- software focused
- launched a Fleet business thats still pre revenue
- Bought Affectiva in May, did a raise to pay 10% in cash, but worryingly for Affectiva the rest was in SEYE shares at 238 sek. Reason given was to enhance interior monitoring offering, makes some sense and it was a proper takeover / merger Affectiva CEO became deputy CEO of smarteye, pictures on boats and eating fish to prove the bonding. However too late to have any impact on live RFQ.
- Last night they announced buying imotions, I have followed DMS for years and I had heard of Affectiva must admit I have never heard of imotions. It's an odd move for me, no merger no joint teams no obvious synergy, so why?
- Redeye say its positive but don't explain why really, and I quote "The acquisition further strengthens Smarteye offering in interior sensing" really? I thought that was why they bought Affectiva
- then if you look at what the imotions CEO says on a blog on their website, I think he has a not very subtle message. "iMotions will continue to be independently run, while partnering as part of Smart Eye Group to create the first powerhouse for delivering unparalleled, holistic insights into human behavior" https://imotions.com/blog/imotions-joins-smart-eye/
- so I don't get it, seems an odd move, almost like a company in panic mode.

so the question as we wait is would you rather be a shareholder in company A or company B?

A change of wording in the most recent job post, everything comes to he who waits

Join our world-class team as more and more automotive customers seek to implement our safety technology in their cars. #seeingmachines exists to keep people safe and create #saferroads globally!

#purpose #careers

http://ow.ly/rnzF50Gui3u

https://slate-com.cdn.ampproject.org/c/s/slate.com/technology/2021/10/tesla-missy-cummings-nhtsa-elon-musk.amp

"In a nutshell: Autopilot should have stronger driver-monitoring systems, be given a less misleading name, and only be accessible in safe highway environments."

Lady doing her job and expressing well researched opinions, I thought it was 2021

https://www.linkedin.com/posts/david-zipper-6833006_the-anger-of-tesla-fans-is-becoming-a-problem-activity-6857645145752408065-aNAC

This is from our trading update, should be no confusion this is revenue to SM, we have multiple Tier ones bidding but the revenue to us is A$900m

"Our progress over the past financial year has been really pleasing, and the signs are there for increased opportunity as FY2022 gets underway. The Automotive RFQs from Europe, North America and Japan currently represent total revenue potential of over A$900m, signalling a step change in the value of our automotive pipeline. In addition, we have increased the number of relationships with key Tier 1 customers to 16, enabling us to bid each opportunity with several parties."

Its very clear the A$900m is the value to SM as is the 2x the following year.

Revenue for QC or a tier one we would have to guess our share

Yes, I4 and IX are our first 2 models

So if they have won $2bn in new wins since Jan and allowing for lead times I can only conclude its Snap4 or Snapride wins, which would include SM

10-8 = $2bn of wins since end January...

Now

https://www.qualcomm.com/products/automotive

"Today we’re at the center of the global automotive ecosystem, and with an automotive design-win pipeline of approximately $10 billion"

26th Jan

"Qualcomm Technologies’ integrated automotive platforms are driving leadership and growth across telematics, infotainment and in-car connectivity, with an order pipeline of more than $8 billion."

https://www.qualcomm.com/news/releases/2021/01/26/qualcomm-revolutionizes-digital-****pit-4th-generation-snapdragon

The new digital ****pit platforms will target start of production (SOP) in 2022. The broad automotive ecosystem can evaluate, demonstrate and develop solutions with the 4th Generation Qualcomm® Snapdragon™ Automotive Development Platform (ADP), which is expected to be available in the second quarter of 2021 (Q2’21).  

27th Jan 2021 RNS, it should be noted our business plan update to include QC hasn't been released yet

"Our path to integration with Qualcomm Technologies' Snapdragon Automotive Platforms has been designed to leverage our unique systems knowledge and safety focus in a way that supports complete flexibility for Tier-1s and OEM customers as safety and convenience features become more expansive and complex across high volume and diverse vehicle platforms. We expect this engagement to deliver significant incremental volume on top of our existing business plan."