Seeing Machines Limited (LON: SEE), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has published its quarterly Key Performance Indicators (KPIs) for the quarter ended 30 June 2024.
Q4 FY2024 KPI highlights:
– Cars on the road with Seeing Machines’ technology increased to 2,211,422 units, representing an increase of 104% from 12 months ago (Q4 FY2023: 1,086,176)
– Quarterly production of 381,215 units, up 22% from the previous quarter
– Monitored Guardian connections increased by 19% during the last 12 months to 62,010 units (Q4 FY2023: 51,975)
Automotive Production Volumes (production of new vehicles using Seeing Machines’ DMS technology):
| Q4 FY2023 | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | |
| Production FY2023 – 24 | 211,325 | 222,138 | 208,231 | 313,662 | 381,215 |
| % Growth Qtr on Qtr | 22% | 5% | -6% | 51% | 22% |
| Q4 FY2022 | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 | |
| Production FY2022-23 | 105,390 | 112,077 | 141,747 | 173,802 | 211,325 |
| % Growth Comparative | 101% | 98% | 47% | 80% | 80% |
Aftermarket (Guardian) (installed technology for commercial transport fleets and logistics organisations):
| Q4 FY2023 | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | |
| Monitored connections | 51,975 | 54,140 | 56,896 | 59,706 | 62,010 |
| % Growth Qtr on Qtr | 6% | 4% | 5% | 5% | 4% |
| Units sold, yet to be connected | 7,630 | 7,189 | 7,470 | 6,320 | 16,127 |
Seeing Machines Automotive production volumes in FY2024 were 1,125,246, a strong year-on-year increase of 76%. The Group’s technology is now installed in over 2.2 million vehicles.
In Aftermarket, monitored Guardian connections have increased by 19% over the last 12 months. Monitored connections at the end of June 2024 of 62,010 exclude Guardian units sold to customers for upgrades. Upgrade sales represented 991 units during Q4 FY2024. Units sold, yet to be connected, reflects the higher proportion of sales in May and June, consistent with previous years.
Following the new Agreement with Caterpillar, announced on 26 June 2024, and the up-front license payment of US$16.5 million relating to Guardian technology, monitored Guardian connections presented from Q1 FY2025 will exclude Guardian units monitored by Caterpillar. Seeing Machines will define a revised metric at the next update, taking this change into account.
Paul McGlone, CEO of Seeing Machines, said: “We have maintained growth of over 100% in the number of cars on road featuring our technology from 12 months ago, despite the quarter-on-quarter volatility experienced during the year. Regulations are now in place so we are confident that these figures will continue to grow for existing Automotive programs and as new programs start production.
“Similarly in Aftermarket, the new regulation in Europe will require more commercial vehicle OEMs to seek After Manufacture fitment for our Guardian technology, underpinned by successful homologation (regulatory approval) with our Northern Ireland customer, Wrightbus, as announced on 30 July 2024. With Guardian Generation 2 stock sold we are now focused on Guardian Generation 3, initially with European commercial vehicle OEMs, then all customers across existing markets in Europe, The Americas and Asia Pacific.”
The Company expects to issue its FY2024 Trading Update in August.
