Business Outlook Update

RNS Number : 8381T

Seeing Machines Limited

17 October 2017

 

Seeing Machines Limited

("Seeing Machines" or "the Company")

Business Outlook Update

17 October 2017

Seeing Machines (AIM: SEE), an industry leader in computer vision technologies which enable machines to see, understand and assist people, is pleased to provide a business outlook for the current fiscal year and next, as well as update on its associated investment plan discussions.

Based on performance to date, a strong pipeline and new product launches while acknowledging lower resource investments than previously planned, the Company now reasonably forecasts to deliver triple the revenue of FY17, with sales in the range of A$38M to A$43M for FY18.  This builds on near triple revenue growth already delivered in FY17¹. For FY19, the Company projects to double the revenue of FY18, with sales in the range of A$78M to A$88M. Total contract bookings, which provide high visibility of future revenue, are expected to further outstrip this growth due to the nature of the Fleet SaaS recurring revenue model and advance multi-year contract wins of the Automotive business.

Conscious of its balance sheet constraints, the Company has moderated its investment profile and timing, while it is in the process of dialogue with shareholders and prospective new investors, including strategic investors. This fact is prudently reflected in the modest pullback in top line growth outlook as outlined.

The Company remains excited by the large and fast growing multi-faceted market opportunities in Commercial Fleet, Automotive and other segments. The Fleet business has strong momentum with a current pipeline of sales opportunities close to A$200M with growing engagements with larger fleets in USA, new opportunities in EMEA, a growing ecosystem of strong distribution partners in APAC and new global Telematics channel partners such Mix Telematics and GeoTab.

The Automotive opportunity is growing rapidly, driven by high levels of OEM engagement in evaluating and incorporating our FOVIO driver monitoring technology into new platform/model tenders driven by adoption of Advanced Driver Assistance Systems (ADAS) and Autonomous driving technology. Our growing ecosystem of Tier 1 partners is further bringing significant new OEM program opportunities worldwide. The Company is seeing a relentless drumbeat of interest and demand accelerated by the recent Euro NCAP Driver Monitoring System (DMS) mandate and the recent public launch of the Company's technology in the GM Cadillac Super Cruise, which is a market first launch of DMS enabled "hands-free" driving.

The Company looks forward to advancing its growth strategy and concluding its associated capital financing plans, to enable it to leverage its unique FOVIO AI Vision platform, to continue to build a leading global business in multiple high-growth markets.

¹ On like-for-like basis (excluding one-off license fee to CAT and adjusting FY16 DSS sales as if a royalty was earned on the gross sale instead).

Enquiries:

Seeing Machines Limited	www.seeingmachines.com  / [phone]
Mike McAuliffe, CEO	[e-mail]
Media enquiries	[e-mail]
finnCap Ltd
Ed Frisby / Emily Watts, Corporate Finance	[phone]
Tim Redfern / Richard Chambers, Corporate Broking
Canaccord Genuity Limited
Simon Bridges REi	[phone]
Richard Andrews Alexander Napier
Alexander Napier

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

About Seeing Machines

Seeing Machines, (AIM: SEE) is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company deploys its machine learning vision platform to deliver real-time understanding of drivers through AI analysis of heads, faces and eyes, for Driver Monitoring Systems (DMS) in most Transport sectors. DMS detects and manages drowsiness, distraction and cognitive state of Drivers which is key enabling technology for automotive ADAS/Autonomous Driving as well as for Guardian, the Company's pioneering aftermarket commercial fleet solution. The Guardian solution combines an in-cabin safety intervention system with 24/7 telematics monitoring and cloud analytics services delivered on a SaaS basis which prevents accidents, saves costs, and lives. The Company also serves Aviation, Rail, Off-Road markets and is enabling next generation applications for precision eye tracking, offering solutions from embedded software and FOVIO processors to aftermarket system and service solutions. Based in Canberra, Australia with offices and people in USA and Europe, the Company's products have been adopted by global industry leaders in its markets. www.seeingmachines.com

 

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