SEEMF - Seeing Machines advances with strategic expansions and strong quarterly performance
(NewsDirect)
Seeing Machines Ltd CEO Paul McGlone joinsProactive's Stephen Gunnion with an update on the company'sprogress and key developments.
McGlone highlighted the expansion with an existing US customerand a tier 1 supplier, driven by increasing regulatory requirements inEurope, which signifies a significant development for the company.This expansion includes new technology integrations and a strongerfoothold in the European market, alongside additional volume inChina.
Further, McGlone discussedthe company's recent performance following their third-quarterresults, noting a return to normal production levels and the launch ofa new major vehicle program. This contributed to Seeing Machinesproducing over 300,000 vehicles in the quarter, supporting ayear-on-year growth rate of 100%. This performance reassured investorsof the company's growth trajectory.
Additionally, McGlone outlined the launch of their biggest everproduction award with a significant European OEM, which includes acomprehensive interior sensing capability for driver and occupantmonitoring. This project is seen as a major technical achievement andis expected to notably increase growth rates.
McGlone also touched on the aftermarketsegment, particularly their Guardian Connections system for trucks andbuses, which showed consistent growth and is set to expand furtherwith the rollout of their third-generation product.
Lastly,McGlone reaffirmed the company's financial targets for 2024 andtheir aim to achieve cash break-even in 2025, indicating strongmomentum across various business areas, including automotive,aviation, and fleet services.
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