Seeing Machines moves into profit as volumes and royalties rise

Seeing Machines Ltd ( AIM:SEE OTC:SEEMF ) revealed it has swung to profitability in the second half of its financial year as automotive production volumes surged to record levels and higher-margin royalty revenue accelerated. Adjusted EBITDA for the six months to June is expected at US$10.7 million to US$11.7 million, reversing a US$13.7 million first-half loss. The full-year loss is expected to narrow to US$2 million to US$3 million, against stated market expectations for a US$3.9 million loss. Adjusted revenue rose 45% to US$76.3 million, with second-half revenue more than doubling to US$52.9 million. Automotive royalty revenue climbed 135% over the year to US$33.9 million. Fourth-quarter automotive production reached a record 2.11 million vehicles, up 64% from the preceding quarter and 333% year-on-year. Full-year production increased 195% to 4.49 million vehicles, while more than 8.2 million cars are now on the road using Seeing Machines’ driver and occupant monitoring technology. Cash increased to US$4.3 million at June-end from US$3.4 million in December, with no funding facilities drawn. Seeing Machines added that it has agreed indicative terms and entered exclusive negotiations to refinance its convertible loan note before its 4 October 2026 maturity. Audited full-year results are due before the end of September.