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Highlights
FY2025 revenue expected between US$62m–63m, ahead of market expectations, supported by rising automotive royalty income.
Automotive production volumes rose 35% to over 1.5 million units, driving higher-margin royalty revenue and positioning the Company ahead of the EU GSR 2026 mandate.
Secured £26.2m investment from Mitsubishi Electric Mobility Corporation and signed referral agreements to expand Guardian Generation 3 sales across the Americas and Europe.
Seeing Machines Limited (AIM:SEE), the computer vision technology company specialising in AI-powered operator monitoring systems, announced its trading update for the year ended 30 June 2025 (FY2025) based on unaudited results.
Group revenue for FY2025 is expected to be in the range of US$62 million to US$63 million, ahead of market expectations (FY2024: US$67.6 million). Annualised recurring revenues were US$13.4 million, compared with US$13.2 million in FY2024, excluding Caterpillar.
Cash at year end was US$23.1 million (FY2024: US$23.5 million). Adjusted EBITDA loss is expected to be between US$29 million and US$30 million, reflecting a sequential improvement in H2 FY2025 with a loss of US$12.5 million compared with US$17.7 million in H1 FY2025. Average monthly adjusted EBITDA losses fell from US$3.0 million in H1 to US$2.1 million in H2, representing an improvement of approximately US$0.9 million per month.
Automotive and Royalties
Automotive production volumes rose 35% year-on-year to over 1.5 million units, compared with 1.125 million units in FY2024. This expansion, driven by increased deployment of camera-based Driver Monitoring Systems (DMS), strengthened higher-margin royalty revenues. Europe is approaching the General Safety Regulation (GSR) deadline of July 2026, which mandates DMS technology in all new vehicles, further underpinning long-term growth.
Automotive revenue for FY2025 included US$10.2 million in royalty licence income related to guaranteed minimum volume royalty payments for a programme that began in Q4. The Company noted that additional minimum volume guarantee programmes, with a total remaining minimum value of US$43 million, are scheduled to commence during FY2026.
Operational Progress
The number of vehicles on the road with Seeing Machines’ Driver and Occupant Monitoring System rose 69% to 3.73 million units at 30 June 2025, compared with 2.21 million units a year earlier.
Guardian Generation 3 entered full production during the year, with Q4 hardware sales rising 120% to 2,536 units, compared with 1,151 in Q3. Annual hardware sales totalled 5,466 units.
Operational efficiency was enhanced through a strategic reorganisation that removed approximately US$12 million in annualised operating costs. Leadership changes included the appointment of John Noble as Chief Technology Officer and Dr Mike Lenné as Chief Safety Officer.
The Company secured a landmark £26.2 million (US$32.8 million) investment from Mitsubishi Electric Mobility Corporation, alongside referral agreements with Mitsubishi Electric Automotive America and Mitsubishi Electric Europe to accelerate Guardian Generation 3 sales across the Americas and Europe. Further discussions with Mitsubishi have opened opportunities for broader applications of Seeing Machines’ technology across rail, home monitoring, building management, and factory automation.
Additional contract wins included a US$1.2 million deal with a North American self-driving vehicle company to supply the Guardian Back-up Driver Monitoring System, and homologation approval of Guardian Generation 3 with two commercial bus manufacturers in the UK.
Outlook
Trading in early FY2026 has been in line with expectations, with momentum in automotive royalty volumes continuing into H2 FY2025. The minimum volume guarantee programmes due to start in FY2026 and regulatory deadlines are approaching.
