SEEMF - Seeing Machines highlights strong cash position; says it's on track to achieve revenue targets
(NewsDirect)
Seeing Machines Ltd CEO Paul McGlonejoined Proactive's Stephen Gunnion with a comprehensive update onthe company’s performance for the first half of 2024.
McGlone highlighted a strong financialposition with over US$22 million in cash, alongside receivables andinventory totaling an additional US$31 million, positioning thecompany well for future profitability and breakeven.
He emphasised the absence of a need foradditional funding, thanks to a projected increase in high-marginsoftware royalties from the automotive sector, which are expected tosignificantly boost cash flow.
McGlone also shared optimism about achieving consensus revenuetargets, noting a historical trend of stronger performance in thesecond half of the financial year. Despite a dip in automotive volumesin the recent quarter, McGlone pointed to the early stages of royaltygrowth and external economic factors as reasons for variability,maintaining confidence in long-term growth targets.
Looking ahead, McGlone anticipates anuptick in cars featuring Seeing Machines’ technology, driven byincreasing market demand for semi-autonomous driving features andregulatory requirements. The company’s focus on high-margin royaltyrevenues within the automotive business is expected to underpin growthand profitability, with significant revenue projections for financialyear 2026 based on already secured business.
Additionally,Seeing Machines is making strides in the aftermarket sector, with apromising product launch at the Geotab Connect event in Las Vegas.
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