Seeing Machines upbeat on growth trajectory and funding position
London, UK
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August 23, 2023 05:06 AM Eastern Daylight Time
Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) CEO Paul McGlone speaks to Thomas Warner from Proactive after the advanced computer vision technology company released a trading update for the year to 30 June 2023.
The update revealed a robust top-line performance, with revenues exceeding expectations at $57.8 million, marking a nearly 50% increase from the previous year. McGlone highlights momentum in sales, emphasising the importance of annual recurring revenue from their fleet and aftermarket business, driven by connected vehicle support which reached $13.6 million—a 27% YoY rise.
He also makes note of what he considers the company's strong balance sheet, with a cash position of $36.8 million and engagement in regulatory advancements worldwide, including in key market the US. McGlone expresses confidence in Seeing Machines' ability to sustain its current level of growth, particularly in the aftermarket sector and automotive business which is buoyed by increasing deployment of their technology in production vehicles.
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