While I’m naturally disappointed that Coronavirus has induced another revenue warning at Seeing Machines, it isn’t a great surprise. That the CEO will forgo some salary (along with others) as welll as a huge bonus seems sensible under the circumstances. Well done.
I feel for those hard working employees who have been sacrificed. Hopefully, they’ll prosper in the future.
My firm hope is that the appointment of Michael Brown (Fund Manager at Volantis 1798) to the board will act as an impetus to act in the interests of all shareholders. I’m certainly bemused that after umpteen fund raises it has taken Covid-19 to impel the board to “restructure to improve its focus on profit in the three business units’. (A bit like Boris Johnson getting plenty of PPE into hospitals and care homes after Coronavirus dies down.)
What keeps me invested here is the technology and the regulation that is driving its implementation. I firmly believe Seeing Machines will bounce back when some of the delayed contracts are announced. Until that happens I will look like a mug, of course.
Also, the launch of the Mercedes S level and the Ford F-150 (featuring SEE’s tech) this year should bring a PR boost to the company.
For any tempted to despair, I would urge them to remember these wise words from Philip Fisher: “The stock market is filled with individuals who know the price of everything, but the value of nothing.”
The writer holds stock in Seeing Machines