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Investors seek answers for share price decline at Seeing Machines

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Following the precipitous decline in its share price over the past few months, investors in Seeing Machines are seeking answers.

The decline, initially caused by delays in the roll out of its Guardian Gen 3 product and poorer than expected quarterly KPIs seems to have gathered pace recently. The share price is now at lows last experienced during Covid, with no clear explanation from the company.

A wave of redundancies in the past week, together with a restructuring of its senior management appears to indicate that measure have been taken to address problems. However, a lack of clear knowledge of what those problems are has left much room for negative speculation. 

In this void it appears market makers have been only too eager to drop the price and trigger stop losses, fanning fears among private investors. Fortunately, the company has plenty of cash and there is no reason to fear it is going bust. Yet, management credibility has been questioned by some and investor trust needs to be regained.

What is needed at the forthcoming Town Hall event on April 2nd is clear communication as to what caused the issues with the roll out of Guardian Gen 3 and the subsequent poor sales and what is being done to fix them. Until that is done, the share price is likely to languish in the absence of firm contract news in either its Auto or Aftermarket divisions.

I’m a firm believer in the potential of this company but I do think investors deserve a full explanation.

The writer hold stock in Seeing Machines.

Why Seeing Machines should be included in the ‘Humanoid 100’.

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As Morgan Stanley recently outlined in a broker note, robots represent the physical embodiment of AI, which appears to be why they are in the process of becoming THE hottest sector of tech. Yet, despite producing a brilliant note Morgan Stanley has overlooked one key player in its round-up of the top 100 players; Seeing Machines.

That may well be because, unlike the likes of Mobileye, Alphabet and Meta it has a miniscule market cap and resides in a stockmarket slum called AIM. Regardless, someone soon is going to want to marry this beauty. Let me explain why.

To quote the broker note of 6th February: “The physical embodiment of AI touches a $60tn Total Addressable Market (TAM), global GDP, and the meaning of work.”

In that note Morgan Stanley presented the ‘Humanoid 100’, which it described as “a global mapping of equities across a range of sectors and regions that may have an important role in bringing robots from the lab to your living room”.

It used this graphic to illustrate a rudimentary division of these companies into those developing the brain and body value chains.

I’d argue that Seeing Machines should be included in the portion of the Brain (Vision & Compute Semiconductors), which as it currently stands is overly simplistic. For true robots to be successful they will need to develop an understanding of the cognitive state of humans, perhaps even display traits we’d associate with empathy. 

I think SEE sits in the same niche as Mobileye in that diagram. “These are the companies producing semiconductors that are the core of the robot “brain”, allowing robots to learn from, perceive, and/or interact with their environments. Vision-focused semis lie at the edge and allow robots to visualize their environments,” states the note. However, Seeing Machines does something special: it allows robots to visualise humans


It is Seeing Machines, with its software and hardware, that can literally breathe life into robots. As Victor Frankenstein would have exclaimed: “It will pioneer a new way, explore unknown powers, and unfold to the world the deepest mysteries of creation.”

Mobile robots

Still skeptical? Well, Seeing Machines is displaying that technological capability and is applying it to mobile robots; cars, with its AI-powered driver monitoring.

Its technology uses advanced machine vision technology to precisely measure and analyse head pose, eyelid movements and eye gaze under a full spectrum of demanding in-vehicle lighting conditions. This data is then processed to interpret driver attention state, drowsiness, and impairment levels.

That same technology is also enabling an eco-system that provides highly intelligent vehicle interfaces that employ AI to not just respond to speech commands, but to understand more subtle cues from occupants as indicated by hand gestures and eye movements.

Is it so fanciful to imagine that in the near future the ability to assess reduced cognitive ability and understand more subtle clues could be vital for ‘care’ robots used to look after elderly or vulnerable charges. 

Recognition of its ability in the transport sector has brought partners rushing to sign deals with Seeing Machines – many of whom feature in the ‘Humanoid 100’ list. Yet, its latent qualities in the sphere of robotics remains unrecognised by most. Hence, its current market cap belies the true value within. That cannot last much longer
 Do you hear wedding bells?

The writer holds stock in Seeing Machines.

Volkswagen’s small ‘BEV for All’ will feature Seeing Machines technology

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Volkswagen has confirmed that its Volkswagen ID2, set to go on sale in 2026, will feature a camera-based driver monitoring system (DMS) in its rear view mirror. Powered by Seeing Machines technology it is expected to feature both driver and occupant monitoring.

This small battery electric vehicles (BEV), based on the ID2.all concept, which was revealed in 2023, is intended to be a huge seller for the German car company. It is expected to retail for around ÂŁ22k for the entry-level model. 

As a spokesperson for Volkswagen confirmed: “The all-new Volkswagen T-Roc and our up-coming small BEV will be the next vehicles to be equipped with the camera-based DMS from start of production. Since the function (Attention and Drowsiness Assist) will be required by EU law from mid-2026, we are working on equipping all other vehicles with a camera-based DMS.”

Seeing Machines has previously stated that when it comes to cost and packaging complexity, its integrated rear-view mirror (RVM) solution, offered exclusively by the Tier 1 Magna, is best in class.

I’m therefore expecting many other car manufacturers who are late to the DMS/OMS party (but whose cars sell in Europe and are therefore required to meet GSR2 mandatory safety legislation) to choose the rear view mirror solution for their new cars.

Seeing Machines’ cutting-edge DMS/OMS is also available in a two camera-solution, should car manufacturers wish to use that.

The writer holds stock in Seeing Machines.

Disappointing growth, SEE’s broker downgrades

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Following Seeing Machines’ disappointing first half Trading Update combined with quarterly KPIs, both house broker Stifel and Peel Hunt downgraded their price targets and cut revenue expectations, while increasing their estimates for the losses expected for this year. 

In terms of the KPIs: cars produced with SEE technology grew more slowly than expected, falling 34% to 267K in 2Q25 compared with the previous quarter. In addition, sales of Gen 3 Guardian were only 288, making just 1,779 units sold in the first half of the 2025 financial year.

House broker Stifel’s Analyst Peter McNally cut his Price Target from 11.4p to 9.6p but maintained his ‘Buy’ recommendation. McNally summarised his view as follows:

“Seeing Machines’ H1 performance is indicative of wider auto industry struggles, with broadly flat revenues and ARR, leading to a larger-than-expected adjusted cash EBITDA loss of $17.5-18.0m. 

However, cost initiatives over the past 12 months and further planned in H2’25 should reduce cash operating expenses significantly. We also highlight the recent $32.8m strategic investment from Mitsubishi Electric Mobility, which provides  stability as the company gets closer to reaching cash flow breakeven.

While cars on the road has been healthy with 90% y/y growth, Q2 production was down 34% q/q. Although there is a lack of certainty with regard to when exactly this volatility will reverse, we still expect a strong tailwind from the approaching GSR deadline (July 2026) as it moves closer.

Sales of Aftermarket Guardian 3 units have also faced slight delays, however we expect sales to accelerate in H2 as a result of a full commercial release and benefit from the new referral agreement with Mitsubishi Electric Automotive America, which opens the Guardian 3 up to a 1m+ vehicle fleet market.

We reset revenue estimates to a more conservative level based on market uncertainty, but do expect a reduction in the cost base by FY26E to mitigate much of this in FY26/27E. We moderate our target price to 9.6p (from 11.4p) to reflect these new forecasts.”

Explaining in more detail his changes in forecast and valuation, McNally said: 

“We reduce FY25-27E revenues by $10m, primarily as a result of softer royalties, prudently assuming that production volumes do not pick up in FY25E, with possible upside. While the FY25E adj. EBITDA loss increases by $7.5m to $24.4m, we expect the revenue reduction beyond FY25E to be largely mitigated by cost initiatives and as a result we reduce adj. EBITDA profit by just $2m in FY26/27E. As a result of our forecast changes, our DCF-based target price reduces to 9.6p (11.4p). At current levels the shares trade at 3.6x our FY25E EV/Sales, or 11.8x FY26E EV/EBITDA. Buy.”

In addition, Peel Hunt today downgraded from a ‘Buy’ to ‘Reduce’, slashing its Price Target from 7p to 3p. In its note, analysts wrote: “We cut FY25/26/27E revenue by 17%/19%/10% to reflect weaker automotive demand and the slow start from the Guardian generation 3.”

My view

Naturally, I’m disappointed by the update today. I had expected cars on the road to whizz past 3m, despite volatility in the auto market. I didn’t expect car makers to sacrifice safety in an effort to cut costs, thereby risking reputational damage by producing more dangerous cars for consumers. It is shocking that saving lives from driver fatigue and distraction is deemed a lower priority than making profits. Still, it highlights why regulation (in the form of GSR) and pressure from Euro NCAP are vitally important in forcing car manufacturers to improve car safety.

I don’t hold the management of Seeing Machines responsible for this atrocious attitude from car manufacturers, although it has clearly impacted revenues in the short term – and is likely to continue for two more quarters we’ve been advised.

Still, it shouldn’t be ignored that Seeing Machines continues to have more cars on the road with its technology than any of its rivals and I don’t expect this to change.

That is because I expect Seeing Machines to win a significant share of the RFQs that are currently underway. News of a significant contract win could ease investor concerns and encourage brokers eventually to upgrade estimates.

However, I’m far less forgiving of the time it has taken to ramp up production of Guardian Gen 3, which to be frank was late to launch and has so far sold only in small volumes. It’s no wonder many private investors have sold out. However, given CEO Paul McGlone’s statement in a video interview with Tylah Tully that there are 7 significant trials in progress – one of which I believe is Amazon – I hope that things are now on track for significant sales in the final quarter of this financial year. 

Fortunately, the company currently has a $39.6m cash balance and time to set things right before the end of this financial year.

Personally, I’m prepared to hold as I expect the share price to rebound on contract news before the end of this financial year. However, do your own research.

The writer holds stock in Seeing Machines.

Will Seeing Machines win Japanese car contracts in Q1CY 2025?

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I’m optimistic that we will see a contract with at least one Japanese car manufacturer, possibly several, announced prior to Seeing Machines’ London presentation for investors on April 2nd. 

On December 23rd, 2024 Stifel analyst Peter McNally announced in a broker note: “We see potential for significant technological synergies through the combination of Mitsubishi’s innovations with Seeing Machine’s existing, market leading offerings. We plan to take a closer look at this and the Japanese market in Q125.”

The promised note has yet to be published and, in my view, may be timed to coincide with important news of progress with Japanese car manufacturers. Given the urgent need for numerous Japanese OEMs to move ahead installing camera-based DMS/OMS into their vehicles I was already expecting some announcements in Q1 – the announcement of this event increases the probability that we’ll get news of important progress this quarter. 

The simple reason is that many Japanese OEMs, such as Toyota, appear to be behind in the race to install camera-based DMS in their premium vehicles being sold into Europe. It’s unthinkable that many of their new vehicles won’t get 5 Euro NCAP stars in 2026 yet, with the new 2026 Euro NCAP protocols coming into effect in January 1st 2026, they have less than a year to get that in place. 

So far as I am aware, the one supplier that can cost-effectively deliver a top quality DMS/OMS in that timeframe is Seeing Machines. I know Seeing Machines has a presence in Japan and my sources indicate it has certainly had conversations with many Japanese car manufacturers over the years and apparently impressed them.

Of course, I may be wrong. Therefore, it’s important to do your own research.

The writer hold stock in Seeing Machines.

Mitsubishi’s strategic stake in Seeing Machines

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A few thoughts on the strategic investment in Seeing Machines taken by Mitsubishi Electric Mobility Corporation, part of the huge Mitsubishi conglomerate.

  • It secures the cash for Seeing Machines to hit breakeven regardless of the vagaries of the economy, automotive sector or machinations of any single industry player or partner. 
  • It ensures that when a bid is made for Seeing Machine it will be at a very competitive price. The company cannot possibly go on the cheap. 
  • It provides a local partner in the Japanese market, which should make it much easier to gain a strategic stranglehold in the Japanese automotive sector, while also ensuring further diversification in its Tier 1 relationships.
  • Via Mitusubishi’s network we should see Gen 3 Guardian sales in trucks rocket from here on in. It also produces and sells buses and trucks via the FUSO brand – a collaboration with Daimler Trucks. 
  • It potentially opens up new markets to Seeing Machines technology. Mitsubishi manufacturers road construction, agricultural equipment and even forklifts, which could use Seeing Machines’ driver monitoring technology to reduce accidents caused by driver fatigue.
  • The fact that Mitsubishi was determined to take the maximum percentage of shares it could take without triggering a bid (19.9 per cent) tells me how highly it values this investment. It plans to develop more personalised robots in the future for a rapidly ageing society in Japan and combining Seeing Machines’s human fatigue/cognitive state detection with heartbeat detection would be useful features for a domestic ‘carer’ robot to have. 

Consumer Electronics Show

With the Consumer Electronics Show (Jan 7-9) expected to bring news of further license deals, the list of possible buyers of Seeing Machines grows ever longer. 

Moreover, in calendar 2025 I expect its market leadership to become both undeniable and unassailable in the medium term, as:

  • It surpasses 5m cars on the road with its DMS/OMS technology
  • It becomes profitable on a monthly basis by June.
  • Guardian goes past 100k units.
  • The Aviation product is readied for use. 

VW Tayron on sale now

The Volkswagen Tayron, which includes Seeing Machines DMS in its rear view mirror, is due to go on sale in the UK this week. 

The first UK reviews of the vehicle should take place in the spring, possibly mid-to-late March; there may well be some reviews from overseas drives before that, in late February or early March.

This should rapidly boost the profile of its life-saving technology, not to mention public interest in buying shares in a tangible AI product.

The writer holds stock in Seeing Machines

Stifel flash note: SEYE KO’d by Seeing Machines?

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In a flash note published yesterday, Stifel confirmed that Smart Eye’s Q3 results clearly show it is taking at beating at the hands of the global leader Seeing Machines.

Stifel analyst Peter McNally confirmed what well researched investors already know; that the auto industry is in a tough place, particularly for Smart Eye. Regarding Smart Eye, he commented: “Automotive revenue shows a slight dip (-1.5% q/q) to SEK 32.4m and is therefore similar to last quarter, which was flattish also. Part of the reason for being flattish is a transition away from services (NRE) to licences, which grew 100% y/y to an undisclosed amount.”

For those who still think Smart Eye is a contender for the automotive crown, McNally’s killer punch is that: “On a like-for-like basis, Seeing Machines Automotive revenue (excluding Aerospace) in FY24 was well over $60m versus Smart Eye’s $11.4m (Q323- Q224), so it still looks like Seeing Machines is well ahead.”

According to McNally, two more take-aways from the results were, firstly: “Commentary on growth in Automotive licences is positive saying the growth rate should increase in Q4 and ‘even higher growth in 2025.’ Clearly this suggests that they see adoption is increasing, which is good news for the industry, but we still think they are playing catch up at this stage as their revenues are significantly lower.”

Secondly, “Smart Eye is also suggesting that volumes will pick up in Q4 in Aftermarket, which somewhat agrees with Seeing Machines’ expectation of a ramp in volumes in its fiscal H225 (Jan-Jun 2025).”

Having listened to the Smart Eye presentation, I found the reluctance of the company to state the number of cars on the road with its technology a telling indication that it has been bested in autos by Seeing Machines. Smart Eye once used to boast of having 1m cars on the road but, as Seeing Machines approaches 3m by the end of this calendar year, the Swedish company has yet to announce hitting 2m, preferring to use the opaque terms ‘design wins’ and ‘models’.

Of course, do your own research.

The writer holds stock in Seeing Machines.

Euro NCAP pushes for quality DMS, as provided by Seeing Machines

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Following the publication of the 2026 Euro NCAP safety protocols, Seeing Machines is on the cusp of a significant re-rate as OEMs and Tier 1s race to meet higher performance requirements for driver/occupant monitoring.

The two documents can be viewed here, courtesy of Colin Barnden, Principal Analyst at Semicast Research: 

The significance of these documents appear to have passed many investors by. However, no less a figure than Richard Schram, Technical Director at Euro NCAP, has confirmed to me that from January 1st, 2026 a new passenger car will not achieve a 5 star Euro NCAP safety rating in Europe unless it has a driver/occupant monitoring system that meets the criteria specified in these 2026 protocols.

The implications of this news are huge for any OEM wishing to sell new passenger cars models in Europe. This is because, even though driver monitoring is mandatory in Europe from July 2026, Euro NCAP is effectively “pushing for higher performance than the regulation does”, according to Schram.

This is great news for Seeing Machines as, being the most technically proficient provider of DMS/OMS with a fast to implement rearview mirror system, it offers the most realistic solution for many OEMs in that timeframe whose premium models will certainly require 5 star safety. [Elon Musk are you listening?]

I’m therefore anticipating a raft of extensions to existing contracts as well as new contracts to secure its services via Magna, but also via its other partners over the next 6 months.

I think that in the short term there will be such demand for its technology that its average selling price (ASP) will not drop significantly even as volumes expand. Moreover, that ASP is, I believe, already at a significant premium to its competitors. 

The upshot is that within the next 6 months, as SEE speeds towards 4m cars on the road with its technology, SEYE will be left in the dust, alongside Tobii and Cipia – which must be feeling the pain from the economic collapse of Israel.

Seeing Machines itself has previously stated that it expects to take around 40 per cent of the global passenger car market for DMS by volume, 50 per cent by value. I’ve long held the view that 75 per cent by value is possible and I think this news from Euro NCAP confirms that there was a sound reason for my holding onto this stock, despite experiencing a roller-coaster ride.

As OEMs, Tier 1s and fund managers realise the implications of this news I expect increased buying of SEE stock as it brushes off misplaced investor concerns. This should push the price up significantly. 

Call me paranoid but over the next 6-8 months I believe private investors should beware market makers shaking the tree in order to acquire their shares cheaply for institutional buyers.

Of course, do your own research as this is only my opinion. Maybe my prediction of a 75 per cent market share of the global DMS market 8 years ago was a fluke.

The writer holds stock in Seeing Machines.

Seeing Machines drives towards cashflow breakeven 

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Despite well publicised woes in the auto industry, Seeing Machines penetration of the auto market continues apace with the latest quarterly KPIs showing that it is on track to pass 3m cars on the road for this calendar year, as predicted by Safestocks back in May. 

The Q1 FY2025 auto figures showed quarterly production of 405,669 units, taking the number of cars on the road with Seeing Machines’ technology to 2,617,091.

That represents 100 per cent growth year-on-year, which sets it apart from all its rivals – none of which has even hit 2m cars on the road.

In a note published today by house analyst Stifel, analyst Peter McNally wrote: “Reassuringly, the company’s 8th Automotive production programme has commenced, which adds another since the 7th was announced at the Q424 KPIs in August (6th at the end of FY23). Although Automotive industry volumes are light, more of the company’s OEM customers are launching, meaning adoption/ royalties should continue to rise further. We think two more are likely in 2025 and additional programmes are launching within individual OEMs providing a compound effect.”

He added: “We think it can probably add another 1.9m cars on the road in FY25E (vs 1.1m in FY24) with only mild decreases in average selling price.”

In a separate interview with Proactive Investors today, Seeing Machines CEO Paul McGlone confirmed that 2 more auto programmes are due to be launched this financial year.

Guardian

McGlone also explained that Guardian Gen 3 sales would be ramping up in the second half. Given that average recurring revenue for Aftermaket driver monitoring (excluding any effect from Caterpillar) rose 13 per cent over Q1 2024, the improved gross margin from Gen 3 hardware sales should underpin an even better performance over the remainder of this financial year.

Indeed, in that same interview CFO Martin Ive again confirmed that the company is determined to hit cashflow breakeven on a monthly basis by the end of this financial year. 

Undervalued

Certainly, the company’s share price has recently been hit by concerns over cash, however McNally’s view on this is: “
we believe 3rd party development costs will reduce in addition to headcount, and cash should benefit from growth in higher margin OEM Royalties (c.100% GM) and a Guardian Gen 3 ramp in H225. We think the company has a portfolio of non-dilutive additional cash options if needed, as history suggests.”

McNally adds: “Following the recent share price decline, the shares trade at 3.1x EV/Sales, which we think is attractive for a market leader in a large industry with a 3-year forecast revenue CAGR of 23% or 42% for gross profit through FY27E. Buy.” 

Personally, I’m expecting further auto OEMs wins, license deals and a ramp in Gen 3 Guardian sales in the second half to raise the share price significantly as this financial year progresses. Furthermore, many funds are watching this stock from the sidelines and profitability is the key catalyst that I believe will see them buy in.

In my experience, nervous private investors tend to move out of a stock just when they should be buying more or at the very least holding. Mr Market hasn’t done years of research in this stock and is driven by fear and greed. Of course, do your own research.

The writer holds stock in Seeing Machines

Auto industry woes affect Seeing Machines

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While Seeing Machines’ FY24 results illustrated a year of significant progress, auto industry headwinds and a slower than expected ramp in Guardian Gen 3 sales have led to Stifel reducing its revenue estimates for FY25-26. This in turn has led to it reducing its DCF-based target price to 11.4p from 13p.

It’s certainly disappointing news for shareholders but Peter McNally, analyst at Stifel, commented in a detailed note issued on October 31st: “Despite delays we maintain our positive stance on the shares moderating our target price to 11.4p (13.0p) and see the company extending its leadership with proven implementation and deployment into an increasingly regulated market.”

Revenues for 2025 are now predicted to be US$73.1m with a pre-tax loss of $13.3m, while in 2026 revenues of $97.5m produced a pre-tax profit of $5m.

Material uncertainty

In the full Annual Report (on page 46), the auditor PWC also made a comment about ‘material uncertainty’, reflecting the cash outflow of $11.9m in the FY24 results. Personally, I believe they are only fulfilling their obligations to warn investors about potential risks (while also covering themselves), yet it is unsettling for green investors unused to the conservative ways of auditors.

Stifel’s McNally certainly didn’t appear unduly concerned, stating: “We note the auditor’s “material uncertainty” comment but see a path to breakeven given strong (although reduced) operational drivers and cash costs containment”.

He went on to explain his estimate changes and assumptions in detail: “We reduce FY25/26E revenue by 11%/17% assuming a slightly higher GM% of 64% (62%), driven by a slightly higher software mix resulting in a cash EBITDA loss of $14.9m ($10.8m) for FY25E but profit of $8.6m ($19.5m) in FY26E. This is based on stable cash opex of $65m, resulting in $9.8m cash at FY25E year-end and cash generation thereafter as royalties continue to ramp and Guardian Gen 3 volumes increase.”

In his presentation today on Investor Meet, Paul McGlone reiterated that the company still expects to hit breakeven on a monthly basis in Q4 of this financial year.

He went to explain that if additional working capital is required due to the lumpy nature of automotive revenues: “We have a reasonably simple solution in the form of receivables funding and that process is underway. We expect it to deliver additional working capital in the range of $5-10m.”

Furthermore, he added: “To the extent that we need additional cash, we have a whole range of opportunities before us, some of which are well progressed and are consistent with the types of programmes or results that we’ve delivered in the last 2-3 years.”

I assume here that he is referring to license deals which, as Stifel points out have had a dramatic effect on profitability and cash given its similar 100% gross margin nature to royalties. McNally teased in his note: “Licensing is very difficult to predict but the company has benefitted from licensing deals over the past few years from Magna for $5.4m in October 2022, Collins Aerospace for $10.0m in May 2023, and most recently Caterpillar for $16.5m in June 2024.”

I’m therefore fairly confident Paul McGlone and his team will pull another rabbit out of the bag this year. Happily, it seems smarter people that me are thinking the same.

Speaking directly about the cash concerns McNally wrote: “With $23.4m of cash on the balance sheet we feel that the company has sufficient cash for the year with the goal of reaching run-rate cash flow break even by the end of FY25E (June). The company also has a history of sourcing strategic funding and software license agreements that have benefited cash. We believe these options still exist and can provide additional cash if required.”

Peel Hunt

In a short note issued today Peel Hunt reiterated its ‘BUY’ rating but reduced its target price to 7p from 9p. Analyst Oliver Tipping stated:

“Management has re-affirmed its commitment to reach a cash break-even run rate in FY25. However, we believe this could be challenging. 

“Ultimately,  OEMs  across  the  industry  have  been  struggling  and  they dictate the speed of production. We fear timelines could shift to the right. 

“Seeing Machines’ ability to reach its break-even  run  rate  goal  is  likely  to hinge on its ability to control costs. Competitors, like Tobii, have already begun severe  spending  cuts  and we  believe  Seeing  Machines  will  require similar measures given  its  current  cash  burn  rate of $2m a month. To account for wider industry weakness, we reduce our TP from 9p to 7p.”

Reasons to be cheerful

While the share price tanked on Thursday, as nervous private investors do what they usually do when real life intervenes; panic and sell low, there are reasons to be cheerful.

In the Investor Meet presentation today Seeing Machines did confirm that for this financial year it expects: 

  1. 1.9 – 2.1 million annual production units for Automotive, contributing to high-margin royalty revenue. 
  2. A 20% increase in connected Guardian units generating monthly services revenue. 
  3. 13,000 – 15,000 Guardian Gen 3 units to be sold, predominantly in Q2 at a much higher margin (50%) than previously with Gen 2 units (10%). 
  4. Aviation to achieve Blue Label (functioning prototype) product delivery, adaptable for certain fields of use (simulator, air traffic control). 
  5. Cash flow break-even run rate target at end of FY2025.

In addition, during the Investor Meet presentation CEO Paul McGlone revealed that there has been a resurgence in the inflow of RFIs and RFQs for the auto industry. “We are currently processing RFQs for OEMS based in Japan, Korea, Europe, China and North America. The vehicles associated with those RFQs are largely for Europe, Japan and North America and would have start of production timing between 2027 and 2029. And we expect the sourcing of these programmes to begin in 2025 calendar year.”

Thus, I think Peel Hunt’s fears of auto timelines shifting to the right are unfounded. Indeed, Seeing Machines has already suffered from that and the market is now hot for DMS/OMS once more.

Amazing news?

Regarding Gen 3 sales, I’m also hearing a whisper that Seeing Machines has begun trials with a global US online retailer, which is A household name. If they are successful and a deal is announced a few months from now I’m pretty confident the share price will soar on that news alone. Can you guess the name?

I’ve been in this stock a long time, too long in truth. However, I’ve no intention of selling out when the company is so close to achieving breakeven. That’s because I believe it will trigger a bidding war. Do your own research of course.

The writer holds stock in Seeing Machines.

P.S. If anyone does make any money from this information do please consider making a small donation to a charity for the people in Gaza. As we worry about money they are being murdered en masse and ethnically cleansed, which according to international law constitutes genocide. Thanks.