Seeing Machines Ltd on Wednesday said it expects to report revenue for the first half of its current financial year broadly in line with the year before, as it continues to progress its cost management efforts.
The Canberra-based designer of artificial intelligence powered operator monitoring systems to enhance transport safety said it expects revenue for the six months that ended December 31 to be $25.3 million, down 1.6% from $25.7 million the year before.
It anticipates annualised recurring revenue of $13.4 million for the six-month period, up 3.1% from $13.0 million last year, and expects its loss before interest, tax, depreciation and amortisation to narrow to between $9.5 million and $10.0 million, from $14.3 million a year prior.
Shares in Seeing Machines were down 13% at 3.30 pence in London on Wednesday afternoon.
Seeing Machines expects operating expenses for the first half of the year to reduce by $5.7 million on-year, compared to a reduction of $2.2 million against the second half of 2024.
‘We continue to identify growth opportunities created by the rising demand for driver monitoring systems, despite some turbulence across the global automative market’, said Chief Executive Officer Paul McGlone.
‘Our collaboration and work with Mitsubishi is extremely promising, and the Referral Agreement with MEAA is expected to contribute this financial year. Together, these partnerships place us in a strong position from which to grow our overall market share within the transport and logistics sector.’
Seeing Machines is due to release its first-half results on March 27.
McGlone continued: ‘Global road safety continues to be a priority for world leaders, and our technology is set to play a key role in achieving that. Our disciplined cost management initiatives over the past 12 months are contributing to progress, and we are well positioned to make further improvements through H2 FY2025 to achieve a significantly lower cost base by FY2026 that will enable us to more effectively exploit the growing global and structural adoption of [Driving Monitoring System technology].’
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