Seeing Machines highlights strong cash position; says it's on track to achieve revenue targets
London, UK
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February 14, 2024 02:39 AM Eastern Standard Time
Seeing Machines Ltd CEO Paul McGlone joined Proactive's Stephen Gunnion with a comprehensive update on the company’s performance for the first half of 2024.
McGlone highlighted a strong financial position with over US$22 million in cash, alongside receivables and inventory totaling an additional US$31 million, positioning the company well for future profitability and breakeven.
He emphasised the absence of a need for additional funding, thanks to a projected increase in high-margin software royalties from the automotive sector, which are expected to significantly boost cash flow.
McGlone also shared optimism about achieving consensus revenue targets, noting a historical trend of stronger performance in the second half of the financial year. Despite a dip in automotive volumes in the recent quarter, McGlone pointed to the early stages of royalty growth and external economic factors as reasons for variability, maintaining confidence in long-term growth targets.
Looking ahead, McGlone anticipates an uptick in cars featuring Seeing Machines’ technology, driven by increasing market demand for semi-autonomous driving features and regulatory requirements. The company’s focus on high-margin royalty revenues within the automotive business is expected to underpin growth and profitability, with significant revenue projections for financial year 2026 based on already secured business.
Additionally, Seeing Machines is making strides in the aftermarket sector, with a promising product launch at the Geotab Connect event in Las Vegas.
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