SEEMF - Seeing Machines upbeat on growth trajectory and funding position
(NewsDirect)
Seeing Machines Ltd (AIM:SEE, OTC:SEEMF)CEO Paul McGlone speaks to Thomas Warner from Proactive after theadvanced computer vision technology company released a trading updatefor the year to 30 June 2023.
Theupdate revealed a robust top-line performance, with revenues exceedingexpectations at $57.8 million, marking a nearly 50% increase from theprevious year. McGlone highlights momentum in sales, emphasising theimportance of annual recurring revenue from their fleet andaftermarket business, driven by connected vehicle support whichreached $13.6 million—a 27% YoY rise.
He also makes note ofwhat he considers the company's strong balance sheet, with a cashposition of $36.8 million and engagement in regulatory advancementsworldwide, including in key market the US. McGlone expressesconfidence in Seeing Machines' ability to sustain its currentlevel of growth, particularly in the aftermarket sector and automotivebusiness which is buoyed by increasing deployment of their technologyin production vehicles.
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