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Seeing Machines Limited (LON: SEE) share price edged higher after reporting a significant jump in its revenues for the year ended June 2021.
The advanced computer vision company reported that its annual revenues surged 18% to A$47.2 million from the A$40.0 million generated during the 2020 financial year.
The company noted that revenues during Q1 of its 2022 fiscal year were A$9.8 million, marking a slight improvement to the A$9.5 million generated in Q1 2021.
Investors were especially pleased by the company’s reduced pre-tac losses, which shrunk to A$16.7 million compared to last year’s A$45.5 million loss.
The aftermarket segment registered the most growth as demand for Seeing Machines Guardian driver fatigue monitoring systems surged 30% to generate sales worth A$35.1 million in revenues compared to last year.
The appointment of Max Verberne, a veteran in the telematics industry, was the main driver behind the surge in aftermarket sales. His main job was to develop a multi-channel strategy for selling the Guardian systems in new and existing markets.
Seeing Machines also reported royalty payments of A$2.3 million, which was a first for the company as vehicles featuring its driver monitoring technology started production. We are likely to see this income stream grow over time, driven by regulatory requirements for most new cars to come equipped with driver monitoring systems.
Paul McGlone, Seeing Machines’ CEO, said: “The landscape for Seeing Machines and our technology has taken a dramatic turn with ongoing momentum driven by industry demand and regulatory tailwinds across all of our focused transport sectors. As a result, we are seeing success across all business divisions, and this is very pleasing.”
The computer vision company recently raised US$41 million via an oversubscribed share placement where they sold each share at 11p, a slight discount to current prices. It appears that investor interest in the company is at an all-time high.
Seeing Machines shares are up 73.9% this year and are trading near the 12-13p level that has acted as resistance since January. A break above this level could lead to higher prices in future. We could also see price fall back if unable to break above the level.
*This is not investment advice. Always do your due diligence before making investment decisions.
Seeing Machines share price.
Seeing Machines share price edged 1.95% higher to trade at 12.01p, rising from Tuesday’s closing price of 11.78p.
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