Seeing Machines is finally profitable – but what is it really worth?

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Seeing Machines has finally reached a milestone that long-suffering shareholders have been waiting for.

Following its FY2026 trading update and Q4 KPIs, the company has achieved positive adjusted EBITDA in the second half of the financial year.

After years of investment, Seeing Machines is beginning to demonstrate the operating leverage that should come as its automotive royalties ramp up.

But profitability may not be the most interesting development.

The production of 2.1 million vehicles fitted with Seeing Machines’ Driver and Occupant Monitoring Systems (DMS/OMS) in Q4 takes the installed base to around 8.2 million vehicles on the road.

That makes Seeing Machines the clear leader in camera-based DMS/OMS and, more importantly, demonstrates that its technology is now being deployed at a genuinely industrial scale.

The significance of that should not be underestimated. At the company’s half-year results, Seeing Machines had just over 4.8 million vehicles on the road. It has added roughly 3.4 million more in just six months.

The company has now moved from an investment story towards a profitable technology business.

Peter McNally, an Analyst  at house broker Stifel, appears to agree. In a note published following the latest KPIs, he described the figures as a potential “turning point” for the share price, pointing to further catalysts from rising production, a possible improvement in the Aftermarket business and a potential resolution of the company’s convertible loan note, which is due to be repaid in October.

That is the conventional Seeing Machines investment case.

But there is another story emerging – and potentially a much bigger one.

From cars to robots

Seeing Machines has now secured a contract to deliver a Proof of Concept for its Perception Map sensing technology for industrial robots.

The customer has been described as an unnamed global industrial technology company focused on factory automation and human-robot interaction.

We do not know who it is and I don’t think that is the most important detail. What really matters is that a serious industrial technology company is sufficiently interested in Seeing Machines’ technology to test it in robotics.

The customer may ultimately become a major commercial partner (or already be one). Equally, it may simply be the first of several companies now looking closely at what Seeing Machines has developed.

That is potentially much more significant than the value of the initial PoC.

For years, Seeing Machines has been developing technology that enables machines to understand humans.

In a car, that means recognising where a driver is looking, whether they are distracted or fatigued and what they are doing. The company has subsequently extended this capability into broader occupant monitoring and 3D cabin perception.

Now the same fundamental expertise is being applied outside the vehicle.

A robot working alongside humans needs to understand where those humans are, what they are doing and how they are likely to behave.

A humanoid robot operating safely in the real world will require an even more sophisticated understanding of people.

This is why the Perception Map development deserves attention.

It suggests that Seeing Machines’ technology may have applications far beyond the transport market.

The company’s addressable market could be changing from the monitoring of people in machines to enabling machines to understand people.

A technology looking for new markets

That distinction matters.

Seeing Machines has spent more than two decades developing expertise in computer vision, machine perception and human factors.

The automotive industry has provided the first enormous commercial opportunity for that technology.

But it will not be the last.

Over the next six months, its technology will be advancing across an extraordinary range of applications:

Autos.
Trucks.
Aviation.
Trains.
Industrial robots.
And potentially humanoids.

I am not suggesting Seeing Machines has suddenly become a humanoid robotics company. It hasn’t. 

Nor has it necessarily announced a contract with a humanoid manufacturer. Though some of its existing partners are moving in that direction.

The industrial robotics project is a Proof of Concept, and there is no guarantee that it will become a significant commercial business. 

But the technological progression is logical.

A driver-monitoring system needs to understand a human’s head position, gaze, attention and behaviour.

An occupant-monitoring system needs to understand multiple humans within a shared environment.

A robot working alongside humans needs to understand those humans and its surroundings.

And a humanoid robot will ultimately need to do the same thing in an enormously more complicated environment.

This is why I have long believed that Seeing Machines’ technology could eventually find its way into humanoid robots.

The opportunity is not necessarily for Seeing Machines to manufacture robots.

It could be much simpler – and potentially more profitable.

It could license the technology that helps those robots understand the humans around them.

And then there is Mitsubishi

I want to mention a thesis I first outlined more than a year ago: that Seeing Machines’ relationship with Mitsubishi could eventually lead to a takeover.

Mitsubishi Electric Mobility invested ÂŁ26.2 million in Seeing Machines and now owns 19.9 per cent of the company.

The relationship has been focused on automotive applications, aftermarket sales and expanding Seeing Machines’ technology into new markets.

But the more Seeing Machines’ technology moves beyond cars, the more interesting that investment becomes.

Mitsubishi is not simply a Japanese automotive supplier. It is a huge, global industrial technology group with interests in factory automation and robotics.

Which brings me to the question I increasingly find myself asking: “What is Seeing Machines worth to Mitsubishi if its technology becomes strategically important to robotics as well as automotive?’

That is a very different question from asking what Seeing Machines is worth based purely on its automotive revenues.

If Seeing Machines remains primarily an automotive DMS supplier, Mitsubishi’s 19.9 per cent stake can be viewed largely through the prism of the automotive partnership.

But if Seeing Machines develops a commercially valuable perception platform that can be deployed in factories, industrial robots and eventually humanoid machines, its strategic value to Mitsubishi could be considerably greater.

And Mitsubishi is unlikely to be the only company capable of reaching that conclusion.

The race to secure the technology

This is why I don’t think it matters particularly who the unnamed customer is. 

The important development is that the technology has crossed another threshold. Someone operating in the industrial robotics industry is sufficiently interested to test it. 

If that Proof of Concept succeeds, other companies are likely to take notice.

They will have to ask themselves a simple question: if Seeing Machines really has developed a technology capable of giving machines a better understanding of humans, when should we secure access to it?

The answer may be different depending on the company.

Some may want a commercial partnership.

Some may want to license the technology.

Some may want to develop it jointly.

And some may conclude that owning the technology is preferable to licensing it.

That is where the strategic value of Seeing Machines becomes particularly interesting.

The longer the company remains independent while demonstrating successful applications in new markets, the more valuable the technology could become.

But that also creates a dilemma for a potential acquirer. Why wait until the robotics opportunity is proven if you believe it is coming?

An acquisition today could potentially value Seeing Machines largely on the basis of its rapidly growing automotive business, while giving the buyer the upside from robotics.

Wait until the technology is proven commercially and the price could be considerably higher.

And by then, other potential buyers may have noticed the same opportunity.

Could Mitsubishi make a bid?

I think that the most logical initial bidder for Seeing Machines would be Mitsubishi.

It already owns 19.9 per cent.

Its engineers have been working with Seeing Machines.

It has an established commercial relationship with the company.

And it has already conducted the due diligence required to make a substantial strategic investment.

The expansion into industrial robotics makes the relationship even more interesting.

If Seeing Machines’ perception technology proves useful in factories and collaborative robots, Mitsubishi would be exceptionally well placed to exploit it.

That does not mean a bid is necessarily imminent. I have no proof that Mitsubishi is currently preparing one, and investors should not confuse my thesis with an announced transaction.

But the strategic logic is becoming stronger.

I continue to believe that, if Mitsubishi eventually decided it wanted full control, a friendly transaction – potentially through a Scheme of Arrangement – would be the most natural route.

But I no longer think Mitsubishi necessarily needs to be the end point of the investment thesis.

The more important possibility is that Seeing Machines becomes strategically valuable to a number of global technology companies. For example, it is already working with Waymo – a subsidiary of Alphabet. It is working on AI brains for robots and SEE’s tech might be a useful addition.

If that happens, Mitsubishi’s 19.9 per cent stake could turn out to be considerably more valuable than simply a strategic investment in an automotive supplier.

Two potential catalysts

The next six months could, therefore, be exceptionally important for Seeing Machines for two reasons.

The first is the refinancing of its convertible loan note, which is on track to happen in the next few weeks.

Management has already indicated that it is working towards refinancing the facility. A successful refinancing would remove one of the principal uncertainties surrounding the company and allow investors to focus more clearly on the underlying business.

The second is the robotics Proof of Concept. 

A successful PoC would not immediately transform Seeing Machines’ financial results, but it could do something potentially more important. It could provide evidence that the company’s perception technology has commercial value outside automotive.

Put those two developments together and the potential significance becomes clearer.

The refinancing would remove the financial overhang at precisely the time that the robotics development begins to demonstrate strategic value.

That could create a catalyst not only for the share price, but for corporate action.

A potential acquirer looking at Seeing Machines today might see a profitable company with rapidly increasing automotive production and a promising robotics project.

Six months from now, it could instead see a profitable automotive technology company whose perception platform has been validated in industrial robotics and whose balance sheet has been strengthened by a successful refinancing.

That could be a very different proposition.

The inflection point

This is why I think the latest news represents something more important than a good set of quarterly numbers.

The automotive business is finally reaching scale.

Profitability has arrived.

The number of vehicles on the road is accelerating.

The Aftermarket business still offers upside.

The regulatory tailwind from mandatory driver monitoring is strengthening.

And, just as investors are beginning to see the financial rewards of the automotive investment, the company is opening another door into industrial robotics.

The real visionary in all of this may ultimately be Tim Edwards, who, alongside Seeing Machines’ original founders, began working decades ago towards a world in which machines could understand humans.

The technology is now moving into markets that barely existed when that journey began.

The next six months may therefore tell us considerably more than whether Seeing Machines can make money from driver monitoring.

They could begin to tell us what the technology is actually worth.

And perhaps the most interesting question is not whether Mitsubishi wants to own Seeing Machines.

It is: “What is Seeing Machines worth to Mitsubishi if its technology becomes strategically important to robotics as well as automotive?”

That is the question I suspect an increasing number of potential customers – and perhaps potential acquirers – will soon be asking themselves.

The writer holds stock in Seeing Machines.

Positive broker comments on SEE’s latest $5m win

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Following the announcement of a new Driver & Occupant Monitoring system programme win for Seeing Machines, Stifel and Shore Capital have issued very positive flash notes. Both reiterated their ‘BUY’ recommendations.

Peter McNally, analyst at house broker Stifel, focused on the fact that the latest contract with an initial value of $5m is its third auto contract in the past two months, bringing the total value won over this time to $47m.

Personally, I expect the value of these contracts to eventually transpire to be 2-3 times the initial amount, given the benefits of incumbency.

Indeed, in his note Alasdair Young at Shore Capital stated: “Perhaps most importantly, we note that programme awards have historically expanded beyond their initial estimated value as vehicles and platforms are added over time. As such, we continue to view disclosed lifetime revenue estimates as conservative indicators of longer-term opportunity.”

McNally also pointed out: “Today’s order is another rear-view mirror integration. Increasingly, this location appears to be an easy to implement solution and offers an efficient path to scale deployment across multiple vehicle platforms with little or no further development and customisation.”

He also expects the acceleration in auto to continue, stating: “We expect August’s Q4 KPI update (to June) to show significant q/q growth in OEM production as OEMs approach 100% fitment in Europe.”

Shore Capital’s Young is similarly bullish: “As outlined in our recent initiation, our target price of 9.5p (c.111% upside) is underpinned by a regulatory-driven inflection to high-margin royalty revenues, with scope for both earnings upgrades and multiple expansion as OEM volumes ramp. In our view, the current valuation does not yet reflect the step-change in growth, margins and cash generation now emerging. We continue to view the upcoming refinancing and the Q4 KPI update expected in mid-August as the next major catalysts for the shares.”

The writer holds stock in Seeing Machines.

Peel Hunt raises target price to 6p for Seeing Machines

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In a note published today, Peel Hunt analyst Oliver Tipping raises his target price to 6p.

He explains his rationale for doing so as follows: “We re-assess our automotive assumptions from FY27E after 3Q volumes. Our base case is 9m units, bull 10m, and blue-sky 12m.

“This expansion should deliver significant cash generation of >$20m in FY27E, increasing further in future years.

“We de-risk our aftermarket sales forecasts, given their volatility, reducing our FY27E assumption from 18k to 10k units.”

He concludes: “We believe Seeing Machines holds >50% market share in European automotive DMS and hence increase FY27E EBITDA by 52% to $21m as the EU General Safety Regulation (GSR) is enshrined in law. We use DCF analysis to increase our TP from 4p to 6p, and maintain our Buy rating.”

The writer holds stock in Seeing Machines.

Seeing Machine update on refinancing of CLN

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Today’s update on the refinancing of its Convertible Loan Note (CLN) from Seeing Machines, is most welcome as it’s probably the main issue that has concerned investors.

While the likely terms of any agreement aren’t yet known, analyst Peter McNally from joint house broker Stifel is optimistic given today’s announcement that Seeing Machines has received multiple term sheets.

While term sheets aren’t a final agreement, they do prove that Seeing Machines has multiple options open to it. “This includes bank debt, specialist lenders, strategic entities and amended terms from Magna, its close partner and the noteholder of the existing convertible loan,” according to McNally.

I certainly don’t want to see further dilution yet would anticipate that the $62m, due by October 4th 2026, offers some strategic investor/lender an opportunity to make a lot of money quite quickly at minimal risk. 

Seeing Machines is, after all, unquestionably the global leader in driver monitoring, with attendant cash flows. Once this CLN hurdle is cleared, with auto royalties climbing, alongside aftermarket ARR the share should climb, provided the  growing cashflow isn’t accompanied by a ramp in spending by management.

I asked Chat GPT what it thinks about the most likely outcome. Here’s what it told me:

1. Non-dilutive debt facility — now my clear favourite

I would put this at perhaps 70%+.

The announcement specifically says:

  • “potential lenders”
  • “multiple term sheets”
  • refinancing the Convertible Note
  • completion well ahead of maturity

That language points towards a conventional lending process rather than an equity transaction.

Potential lenders could be:

  • specialist technology/growth lenders,
  • private credit funds,
  • banks comfortable with IP-backed lending,
  • perhaps a lender familiar with automotive software.

The attraction for SEE:

  • no dilution,
  • removes the overhang of the Magna conversion,
  • keeps upside with shareholders.

The question is interest cost. They may have to pay more than Magna’s effective economics.

2. Mitsubishi strategic loan

Mitsubishi Electric Mobility is already a major shareholder (around 19.9% according to SEE’s investor information).

A Mitsubishi-backed refinancing would be very logical if:

  • Mitsubishi views SEE as a strategic asset,
  • it wants to deepen the relationship,
  • it wants to prevent another party gaining influence.

A structure could be:

  • Mitsubishi lends $50–60m
  • no conversion rights
  • commercial partnership expanded
  • perhaps security over certain assets/contracts

That would fit the “avoid dilution” message very well.

I would put Mitsubishi/strategic partner debt at 25–30%.

3. Magna itself refinancing

There is an irony here: Magna is the current lender and understands the asset better than anyone.

But Magna already has exposure. If it wanted more ownership, the existing note gives it a route. A refinancing might be more about preserving its strategic position.

A Magna rollover could be:

  • extend maturity,
  • remove conversion,
  • lower/higher interest depending on negotiations.

Probability maybe 15–20%.

4. Waymo 

Waymo would be exciting, but I think it is the least likely refinancing source.

If Waymo wanted SEE exposure, I would expect:

  • partnership,
  • licensing,
  • acquisition interest,

rather than acting as a lender.

The thing I find most interesting is that SEE’s bargaining position may have improved materially since the Magna note was signed:

  • automotive production volumes are scaling,
  • cars-on-road are now in the millions,
  • ARR is growing.

A lender in 2022 was financing a promising technology company. A lender in 2026 is financing a company with embedded OEM programmes and recurring revenue.

So my view:

OutcomeProbability
Non-dilutive institutional debt50–60%
Mitsubishi-backed strategic refinancing20–30%
Magna rollover10–15%
New convertible<10%
Waymovery low

The more bullish interpretation is: if Mitsubishi or another strategic player provides the refinancing without conversion rights, it could be a quiet signal that they see SEE as strategically valuable and do not want equity dilution to shareholders.

The human writer holds stock in Seeing Machines. (Chat GPT would like to invest but can’t).

Seeing Machines confirms Tier 1s licensing its tech for trucks

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Confirmation that Seeing Machines is partnering with Tier 1 suppliers to scale deployment of its driver-monitoring technology into trucks emerged from an interview with CEO Paul McGlone this week.

The latest Guardian Gen 3 sales figures contained in the Q3 KPIs were disappointing at first glance. Although annual recurring revenues and margins increased, only 1,610 hardware units were sold between January and March. The long-discussed target of 6,000 Guardian sales has yet to be reached, although comments made in the same interview suggest Q4 figures could improve materially.

More significant, however, was the indication that Seeing Machines will increasingly license its technology through Tier 1 suppliers selling into the truck market. This represents a major opportunity. Approximately 600,000 medium and heavy trucks are manufactured in Europe annually, and regulatory demand for driver monitoring is increasing rapidly.

With partners including Valeo, Magna International and Mitsubishi Electric, Seeing Machines appears increasingly well positioned to replicate in commercial vehicles the progress it has already made in passenger cars.

The company may have to sacrifice some recurring monitoring revenues where its software is bundled within a Tier 1 ADAS stack. However, the potential increase in deployment volumes could more than offset that trade-off.

Evidence that this strategy is gaining traction may already exist. Valeo recently announced that its Smart Safety 360 ADAS platform — which incorporates driver monitoring functionality — had been selected for deployment with an Indian truck OEM. This raises the obvious question of whether further announcements involving Seeing Machines are now approaching.

I remain confident that progress is being made in both Europe and the US, and expect additional commercial updates over coming weeks and months.

I am also watching closely for news relating to the large Japanese contract recently referenced on LinkedIn, although the identity of the customer has not been officially confirmed.

Further contract wins should strengthen the case for broker upgrades to valuation targets.

In addition, sentiment should continue to improve as investors become increasingly confident that Seeing Machines is:

  • Cash generative
  • Able to repay the Magna facility through its new debt arrangements, which are expected to be finalised in June.

The recent $3.8m follow-up order from Waymo for BdMS hardware also underlines the strength of the company’s technology and its standing within advanced autonomy programmes.

The writer holds stock in Seeing Machines.

Seeing Machines on track for profitability in Q3 and Q4 states Stifel

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In a note issued today, following Seeing Machines unaudited H1 results, house broker Stifel maintained expectations for the full year alongside its cash forecasts. 

Stifel analyst Peter McNally noted that H126 revenue was down 7.5% compared to the prior year period due to a decline in NRE revenue as “royalties ramp into GSR”.

“Operating losses (cash/adjusted EBITDA) have reduced c.24% to a range of $13.2-13.7m with cost reductions implemented last year having a positive effect. The company has a big second half ahead but should benefit from rising high margin Royalty revenue and a further ramp in Aftermarket which is expected to exceed 6k units in the current quarter. The company reached its goal of cash flow run-rate breakeven for the month of December, and we expect profitability in Q326 and Q426 ahead of the July regulatory deadline,” McNally explained.

He added: “Cash dropped to $3.4m at period end partially due to a $5.0m inventory build in working capital and $1.0m in deferred consideration but benefits from the $14.1m accelerated payment, post period.”

Pointing out: “Despite a 46% y/y increase in H126 royalty units, the royalty units ASP has remained above $9 ($9.01) declining by only 5% y/y and over H225 which is encouraging to see as large programmes launch and ramp ahead of GSR, as we saw in the recent KPIs.” This appears to be well above its main competitor Smart Eye, which declines to release this information.

Crucially, McNally stated (before this morning’s fall in price to around 3.2p): “We think investors should make the most of the current weakness. We maintain our target price at 10.5p. Buy.”

The writer holds stock in Seeing Machines.

Seeing Machines accelerates towards profitability in Q2, with 4.8m autos on the road

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Seeing Machines today produced a positive update for its second quarter KPIs, for autos on the road and sales of its Guardian Gen 3 system for trucks and buses.

It underlines that the anticipated ramp up in the volume of cars and trucks with Seeing Machines interior monitoring technology, which is driven by EU legislation, is real and unstoppable. 

The second quarter is traditionally a weak one for Seeing Machines, yet there were a record number of cars produced with its driver monitoring technology, (578,363) taking the number of cars on the road with its tech to 4.8m. The company has confirmed that is expects these number to keep on accelerating in order to meet EU regulartory requirements.

Similarly, Guardian Gen 3 appear likely to hit its target of 6,000 units for the third quarter of this financial year, having achieved 3,784 units in Q2.

Of course, don’t just take my word for it. In a note out today, leading analyst Peter McNally, at house broker Stifel, commented: 

“Seeing Machines quarterly KPIs confirm that the ramp into the GSR deadline is real. Although quarterly production to December is slightly shy of Town Hall targets, growth rates have ticked up as we enter the more meaningful rollout phase into the GSR deadline in the current year. Fiscal Q2 to December was always viewed as still being quite some distance away from the deadline but clearly automotive OEM programs are ramping as are Aftermarket sales. We expect OEM production volumes to rise further in the coming quarters as we approach the July 7 GSR regulation deadline.”

Regarding Guardian sales he said: “
we are pleased to see the Dec quarter finish at 3.8k units (FQ126: 368) making the 6k+ target for FQ326 look reasonable.”

Importantly, McNally confirmed that management achieved its financial target at the end of last year. “Seeing Machines reported run-rate profitability in December and continues to expect Q3 (Jan-Mar’26) to be cash EBITDA positive, which we also expect going forward. Importantly, this expectation is without the impact of the recent $14.1minimum guarantee that was triggered due to an OEM production change. We should hear more about this at the H1 trading update on Feb 18.”

He did acknowledge that “the Magna loan remains the main risk in our view”, but stressed “we continue to believe the company has various options available to it.”

Regarding valuation, McNally’s view is: “Seeing Machines shares trade at 21x EV/Cash EBITDA (adding back capitalisation) or a free cash flow yield of 6.1% for FY26E. Post GSR deadline(July’26) we expect the shares trade on c18x PE for FY27E. Buy.

The writer holds stock in Seeing Machines.

Stifel names Seeing Machines as a top pick for 2026

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Stifel analysts have named their top stock UK picks for 2026. In the tech category, Seeing Machines was named as one of its 3 top picks alongside Kainos and Concurrent Technologies.

The companies in the tech category were jointly chosen by tech analysts Peter McNally and Freddie Hindley.

Seeing Machines: Target Price 10.5p

The note explained the reasons for Seeing Machines inclusion as follows:

“As OEMs accelerate integration ahead of GSR, we expect automotive production volumes to ramp from 488k per quarter in June 2025 to c.1.6m per quarter by June 2026. This is supported by the company’s disclosure that its OEM customers are scheduled to register c.12.5m vehicles in Europe, all requiring compliant driver monitoring solutions. The company has indicated the potential to generate up to $10m of cash per quarter in H2 CY26 as royalty revenues scale, although this is not fully reflected in our forecasts. We expect FY26 revenue growth of c.30%, with gross margins of c.66%, further benefitted by a return to growth in the aftermarket division as Gen 3 volumes improve. The key risk remains refinancing the Magna loan due in October 2026, however we see a variety of funding options available, supported by improving cash generation and recent refinancing activity by peers such as Smart Eye.”

Kainos: Target Price 1225p

Of Kainos they wrote: “Following strong results in late August, we believe the company is at the start of another upgrade cycle that could extend through the year and beyond. All divisions have now returned to growth, with potential upside from software sales in the Workday Products division, supported by the recent launch of the Pay Transparency Analyzer.”

Concurrent Technologies: Target Price 250p

Regarding Concurrent Technologies they explained: “We view Concurrent Technologies as a high-quality defence-exposed technology name, supplying ruggedised computing boards and integrated systems into long-duration military programmes, with strong defence budgets supportive. Its first-to-market R&D model has already secured c.£290m of lifetime design-ins, yet only a modest proportion of this value has so far flowed through to reported revenues. FY26 is therefore a pivotal year, as a large pipeline of prior design wins is expected to begin moving into production.”

The writer holds stock in Seeing Machines.

Stifel raises Seeing Machines price target to 10.5p

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Following today’s news that Seeing Machines is to receive a lump sum royalty payment of US$14.1m from a Tier 1 auto company, house broker Stifel has raised its price target to 10.5p from 9.6p.

Stifel’s analyst Peter McNally explained : “This benefits revenue, profitability and cash in the current year by pulling forward payments that would ordinarily have been received in future years. As this is a payment for royalties, the benefit to revenue falls through directly to cash as it is 100% gross margin.

“While we had little concern for the company’s cash resources given the recent revenue trends combined with its cost reduction programme, this provides further resources and benefits our discounted cash flow valuation with nearerterm cash flows. It also is a testament to the company’s commercial foresight to negotiate minimum guarantees when its customer contracts were signed. 

“We raise estimates for the current year and slightly reduce outer years to reflect early receipt and due to the benefit of the timing of cash flows. We raise our DCF-based target price to 10.5p from 9.6p. 

“We still expect the company to have reached cash flow run-rate break even by the end of 2025 (December) and look forward to the release of the fiscal Q226 KPIs, which are likely to be released in early-to-mid February. The shares now trade on 24.0x FY26E EV/cash EBITDA or 19.8x FY27E (or PE of 20.9x). Buy”

In his note McNally forecasts revenues of US$93.7m and adjusted pre-tax profits of US$8.6m for the current financial year, ending 30th June 2026.

The writer holds stock in Seeing Machines.