Computer vision technology company Seeing Machines has published its Q1 2024 KPIs, which show strong year-on-year growth across its automotive and aftermarket divisions. The company says demand being driven by well-documented safety regulations that recognise the long-term demand for differentiated driver monitoring systems to help improve road safety.
Headquartered in Australia, Seeing Machines develops vison-based driver monitoring systems technology that aids driver safety across the automotive, commercial fleet, off-road and aviation sectors.
The technology is installed in around 1.8 million cars with quarterly production of 313,662 units, representing quarter-on-quarter growth of 51% across seven automotive production programs.
“As expected at the time of our last KPI announcement, we have seen strong growth return in our Q3 versus Q2 production volumes. With over 744,000 units in Automotive production year to date, we can confidently expect our annual run rate to exceed one million this financial year and expand beyond that as more programs start production across our current won business,” said Seeing Machines CEO Paul McGlone.
Q1 2024 KPI highlights include:
- Cars on road increased to 1,830,207 units, representing an increase of 109% from 12 months ago;
- 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; and
- Monitored Guardian connections increased by 22% during the last 12 months to 59,706 units.
Seeing Machines delivered a strong year-on-year increase of 80% in Automotive production volumes, with the Group’s technology now installed in over 1.8 million vehicles. The quarter saw the successful start of production on a groundbreaking USD82m interior cabin monitoring program for a large German auto manufacturer. It is expected that this will continue into the next quarter as more programs start production and new safety regulations come into effect.
In aftermarket, monitored Guardian connections have increased by 22% over the last 12 months. Monitored connections at the end of March 2024 of 59,706, excluding Guardian units sold to customers that have upgraded from Generation 1 to Generation 2, as Australia continues to phase out its 3G network in favour of 4G. Upgrade sales represented 1,216 units during Q3 FY2024.
“New, well-documented safety regulations, led by Europe are driving demand across our Automotive and Aftermarket businesses, and we are tracking well with demonstrated growth as we help our tier 1 supplier and automotive manufacturer customers navigate this new territory,” said McGlone. “The safety and regulatory momentum that has continued to build across the globe is supporting increased long-term demand for the company’s differentiated driver monitoring systems technology. 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.”
