Seeing Machines loss widens but notes 'strong' underlying data
Seeing Machines Ltd on Friday reported a widened half-year pretax loss and lower revenue, but said it is ‘scaling rapidly’ and trading as expected.
Seeing Machines shares were down 3.9% at 2.98 pence on Friday in London.
The Canberra-based computer vision technology firm reported revenue of $22.9 million for the six months ended December 31, down 9.5% from $25.3 million the previous year. This was below Seeing Machines’ forecast in February, for revenue of between $23.4 million and $24.0 million.
Annualised recurring revenue, however, increased to $14.0 million from $13.5 million.
Seeing Machines reported a pretax loss of $22.8 million, widened from a $18.5 million loss for the first half of 2024.
Adjusted revenue, which includes adjustments linked to minimum royalty guarantees, decreased 7.5% to $23.4 million from $25.3 million. Seeing Machines said this reflected decreased non-recurring engineering activity in the OEM business, and the removal of certain license revenue as previous exclusivity arrangements concluded.
Seeing Machines’ adjusted earnings before interest, tax, depreciation and amortisation loss narrowed to $13.7 million from $17.7 million. Adjusted Ebitda accounts for capitalised development costs, restructuring and acquisition related costs, certain tax items, and revenue adjustments linked to minimum royalty guarantees, the firm said.
‘We delivered strong underlying performance in the half,’ commented Chief Executive Paul McGlone, ‘with Automotive royalties growing 33% alongside a 62% increase in production volumes, and continued expansion in Guardian driving recurring revenue growth and improved margins.
‘We are scaling rapidly, with over 4.8 million cars on road, new program wins across Europe and Japan and increasing Aftermarket momentum. At the same time, continued innovation, including our 3D Cabin Perception Mapping platform and impairment detection capabilities, reinforces our technology leadership.’
Seeing Machines said it continues to trade in line with market expectations, and remains encouraged by its ongoing positive momentum.
It expects positive adjusted Ebitda in its third quarter, and McGlone said it remains ‘on track’ to also deliver positive adjusted Ebitda in the second half of financial 2026.
‘As GSR implementation approaches, royalties from automotive production volumes are projected to rise significantly in the upcoming quarters,’ the company said. ‘Seeing Machines stands to benefit from increased royalty volumes, a broader base of recurring revenue, and greater operating efficiency as [original equipment manufacturers] transition their compliance strategies into active production.’
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