Seeing Machines (LON: SEE), a maker of AI-powered driver and occupant monitoring systems for carmakers, said its second half turned profitable as new European safety rules drove a surge in vehicle production volumes. Shares were trading choppily in early dealing today.
The stock changed hands at 475p, flat against yesterday’s close of 475p, having opened near 490p and swung between a session high of 504p and a low of 473.5p. That range sits well inside its 52-week band of 240p to 648p.
In a trading update published today, Seeing Machines said the EU’s General Safety Regulation, which came into force on 7 July, drove automotive production volumes up 195% for the year and 333% year-on-year in the fourth quarter alone. That pushed automotive royalty revenue, the higher-margin fees it earns per vehicle fitted with its technology, up 135% to $33.9m for the year.
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The volume surge shifted the revenue mix toward those royalties, lifting adjusted revenue in the second half to $52.9m from $23.4m in the first half, and flipping second-half adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) positive at $10.7m to $11.7m, against a $13.7m loss in the first half. For the full year, adjusted revenue rose 45% to $76.3m, in line with expectations, while the full-year adjusted EBITDA loss narrowed to $2.0m-$3.0m.
Chief executive Paul McGlone said: “FY2026 was a pivotal year for Seeing Machines, with record Automotive production volumes, strong revenue growth and a profitable second half that demonstrates the operating leverage in our business.” He added that with the mandate now in force, demand is “increasingly underpinned by regulatory requirements”.
Cash stood at $4.3m at 30 June, up from $3.4m in December despite the positive second-half cashflow. Seeing Machines is in exclusive talks to refinance its convertible loan note ahead of its maturity on 4 October, an overhang still unresolved. Audited full-year results are due before the end of September.
