Author Archives: Admin

Xeros Technology set to rerate on positive news flow

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I’ve recently taken a position in Xeros Technology, which is delivering on its longstanding promise to place environmentally-friendly tech into washing machines.

It has already made substantial progress in it 3 target sectors:

  • Filtration – Its filter technology prevents plastic microfibres from clothes being expelled from washing machines goes into waste water. 
  • Finish –  XFN is an innovative technology (using its XOrb balls and an XDrum) for wet processing during garment manufacture. It halves the amount of water needed, and removes pumice in denim finishing, and can significantly reduce the chemistry, energy and time needed in the garment finishing stage.
  • Care – its XOrb and XDrum tech not only reduces the amount of water and energy used in washing machines but apparently can help extend the life of garments. 

Moreover, it appears set to deliver much more before the end of this calendar year. As Neil Austin, said in the RNS announcing its 2023 full year results on 28 May, 2024:

“Our agreements with licensees moved closer to commercial launch, as we embarked on the crucial technology transfer process with both IFB and Yilmak Makina. We completed the technology transfer for IFB domestic machines (Goa) in December 2023, and Yilmak Makina’s commercial denim processing machines (Turkey) in Q1 of the new financial year. All these machines have now moved to the manufacture and marketing stage, ahead of scale launch later this year.

“In addition, the work undertaken to increase the Group’s commercial focus has resulted in a stronger than expected pipeline of potential new agreements. We are now in discussion with 10 major organisations with interest across all the Group’s technologies.”

I’ve hesitated for a long time before investing, waiting for the fundraise in April that raised ÂŁ4.7m and brought in Amati and Milton as investors. 

Significant shareholders

Here’s the list of substantial shareholders lifted from its website:

Significant shareholders in Xeros Technology

Amati AIM VCT

In its April factsheet for the Amati Aim VCT, co-fund manager David Stevenson explained why he and CEO & Fund Manager Paul Jourdan had taken a new position in this business.

“Xeros is the developer of a patented polymer bead technology, which reduces laundry requirements for water, power and detergent. It also results in less garment damage through time. The company has spent a lot of time and money getting to this point, but now has growth potential from the incorporation of its technology into domestic and commercial washing machines, and the pre-wash treatment of garments by denim manufacturers. Xeros also has a novel filter device for removing micro-plastics from washing machine waste. The long lead time to commercialisation of these technologies has dragged the valuation of the company down to very low levels, making this an attractive entry point for new investors.”

Given it is so tightly held it will only take a little bit of buying from this level to see it rise substantially and I expect news flow over the next few months to deliver that momentum.

I see certain similarities between it and Seeing Machines in terms of its business model of licensing its tech out to major manufacturers, so I’m not surprised to see Lombard Odier holding a chunky 10.8% of its shares.

House broker Cavendish has a price target of 18p on the stock. Xeros is forecast to make an adjusted LBITDA loss for the year ending 31 December 2024 of ÂŁ2.6m on revenues of ÂŁ2.7m, before hitting cash flow breakeven next year, with a forecast adjusted EBITDA of ÂŁ1.3m on revenues of ÂŁ7.6m for the full year 2025.

In a note published on 28 May 2024, explaining its results for FY 2023, analyst Michael Clifton wrote: “Cash was bolstered post-period end by £1.7m from the exercise of warrants and £4.7m gross from the fundraise in April 2024. Following the fundraise, Xeros now has sufficient liquidity to operate to the end of H2 FY2024E (with some added buffer) by which point we continue to expect the business will have reached adj. EBITDA and cash flow breakeven.

He added: “We reiterate our 18p/share target price which reflects the market-leading quality of Xeros’s solutions; its high gross margins; the underlying environmental, commercial, and legislative drivers; and the size of the addressable markets.”

It’s certainly a high risk stock and ‘not one for widows and orphans’, as the saying goes. However, for those willing to do some research it seems to hold out prospects of near term profitability with a sensible business model. 

The writer holds stock in Xerox Technology and Seeing Machines.

Peel Hunt confirms Seeing Machines could capture 70 per cent auto market share

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Peel Hunt confirms Seeing Machines could capture 70 per cent of the global auto market and proffers a 16p bull case target price, while reiterating its current 9p price target.

In an interesting note issued today, Peel Hunt analysts have clarified their thoughts regarding Seeing Machines, stating it is the leading company in the Driver Monitoring (DMS) space with the opportunity to capture around 70 per cent of the 90-100m cars sold globally each year.

In the note, its team of analysts Oliver Tipping, Damindu Jayaweera and James Lockyer, stated: “We  believe Seeing  Machines has  a medium-term opportunity  to  sell  Driver  Monitoring  Systems  (DMS) to  c.70%  of  the  90-100m  cars sold p.a.,  equating to a c.US$650m/year market.”

They added: “By dissecting competitors’  KPIs,  we  conclude  that  Seeing  Machines already has a leading position ahead of the market inflection.”

Of course it’s well-known that the  EU General  Safety  Regulation  (GSR),  provides  a  layer  of  certainty  as  it  mandates  DMS in  all  cars  by  July 2026.

Moreover, from January 2026 the Euro NCAP 2026 protocols will require advanced, camera-based DMS if passenger cars are to achieve a 5 star rating. Given production lead times, I personally believe that means leading OEMs need to lock in this technology now for delivery by then.

Bull/Bear case

Peel Hunt explained its bull/bear case scenarios for Seeing Machines. Its bull case target price is 16p. Its bear case target price is 3.5p. 

“Our bull case assumes Seeing Machines can win in the Chinese market. This sees cars on the road ramp to c.25m units. This is still lower than the 30m+ rear view mirrors Gentex ships p.a., so it is not an unreasonable number for a key player in the Automotive market.

Our bear case assumes that Seeing Machines only ever wins a 15% of its Total Addressable Market, equating to 10m cars on the road p.a. and that the ramp happens slower  in  the  short  term.  We  forecast  a  46%  growth  rate  for  FY26E,  vs  100%  growth  in  our  base  case. A  delay  in  adoption,  and  increased  competition,  especially  in  the  rear-view  mirror  market,  that  leads  to  a  lower market share are the two key risks.”

It should be borne in mind that even this valuation doesn’t fully reflect the huge growth that Gen 3 Guardian is likely to deliver in the current financial year. In my opinion, with contracts ranging from the tens of thousands to hundreds of thousands of units likely to be won by Seeing Machines there is ample scope for upgrades to every broker’s target price. 

In addition, Aviation will provide further upside when Collins delivers its finished its AI-powered eye-tracking product for use in aeroplanes, in collaboration with Seeing Machines.

Of course, do you own research and don’t rely on the views of any single source before investing.

The writer holds stock in Seeing Machines

Seeing Machines’ canny acquisition outweighed by Peel Hunt’s reduced price target

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Investors were left scratching their heads as a bargain acquisition by Seeing Machines that enhances its automotive DMS/OMS offering, cements its presence in Europe and secures it more automotive contracts, was outweighed by news that Peel Hunt has reduced its price target from 12p to 9p.

The acquisition was of Asaphus Vision, a Berlin-based company that was owned by Valeo and which has strong IP in AI and machine learning relating to facial recognition and DMS. According to the RNS issued today, it supports a strategic collaboration with Valeo to grow market share in automotive. Moreover, the  acquisition for US$6m (only $2m in the first two years) is “expected to be cash neutral on an operating basis.”

Peel Hunt had previously stated (in a note dated 26th June) that it would reduce its forecasts “to reflect the timeline for the expansion of its driver monitoring systems (DMS) shifting to the right and slower-than expected roll-out of the Gen 3 aftermarket product.”

It that note it stated:“Greater uptake in ‘basic’ DMS has diluted royalty per car, whilst Gen 3 delays mean Aftermarket sales are low-margin end-of -life Gen 2.”

Today, Peel Hunt analyst Oliver Tipping confirmed that view: “Greater demand for low-priced ‘basic’ DMS and the delay in getting its Gen 3 aftermarket product ready to ship, mean FY24 margins are lower than expected. Underlying progress remains solid, today’s acquisition further differentiates its expertise, and the EU regulations mandating more advanced DMS (at a higher ASP) in 2026 keep us bullish on the medium term prospects. We revise our numbers based on this shift to the right and lower our 12-month TP from 12p to 9p, but retain our Buy rating.”

Its forecast revenue figures for the financial year ending 30 June 2025 has been reduced to $76.8m from $91m, with its pre-tax loss forecast to rise to $11.8m from $1.2m, with cash EBITDA falling to $1m from $11.3m. 

Bargain acquisition

Far from being dismayed at these developments, I think the market is being far too pessimistic. Seeing Machines has got a bargain acquisition in Asaphus, which only a year ago was valued at $12.5m by owner Valeo, for whom it was its internal DMS/OMS product development division.  Moreover, it’s tech reached commercial deployment in 3 automotive programmes, including one in China.

According to Peter McNally at house broker Stifel: “While Seeing Machines has worked with Valeo in the past, its work has had to be carefully delineated to account for Aphasus. With the company taking ownership of this asset, it appears that Valeo has now aligned itself with Seeing Machines technology and is evidenced by a statement from a representative of Valeo in today’s release which states, ‘We are delighted with this collaboration. Combining their teams with Seeing Machines, we will benefit from the best-in-class perception software to integrate into our hardware and software architecture for driver and occupant monitoring systems. Together, we will be able to provide more competitive solutions.’

McNally believes this tie up with another Tier 1 automotive supplier, in addition to Magna, is “a sign that the market is increasingly moving toward Seeing Machines’ solution.”

Deepening partnerships

So what are the implications for the future? Well, this is McNally’s take. “We note that less than a year ago, Valeo announced its Smart Safety 360 product that was suggested within the industry to use Mobileye (MYLY.O, not covered) advanced driver assistance (ADAS), as well as Seeing Machines DMS in the same product. We also note that Seeing Machines signed a non- exclusive distribution agreement with Mobileye in February 2023. We wonder what the combination of partnerships including these companies could be in the future. It appears that Seeing Machines has made partnerships/agreements with these companies that could be deepening the involvement amongst them.”

I believe this deal makes Seeing Machines an even more attractive target for an acquisition in the near future as its global dominance grows and high quality DMS/OMS becomes the only game in town.

The writer holds stock in Seeing Machines.

The falsification of history

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The mainstream media is trying to convince us that Labour won a great victory in the 2024 General Election. However, it achieved a landslide because of our archaic and unfair electoral system of first past the post.

Here are some facts that make this pretty obvious.

  1. The turnout for this election was apparently the second lowest since 1885, at 60%.
  2. Labour only won 34% of the votes of the 60% who bothered to vote.
  3. In other words, we now have 412 Labour MPs, elected by only 20.4% of voters.
  4. Lastly, don’t forget that in 2019 Corbyn secured 10,269,051 votes against Starmer’s 9,686,329!

Okay, Labour will say, “So what? We now control the House of Commons”. 

The point is that Keir Starmer has no genuine mandate from the people of the UK. He has taken money from various lobbyists, private health care providers, supporters of Apartheid Israel and has vowed to stick to Tory fiscal rules.

When he embarks on further NHS privatisation, continues to support war against Russia, Israeli Apartheid and genocide, fails to support NHS doctors and striking workers and those opposed to economic austerity that lack of support will matter. He also has no real desire to tackle climate change and won’t manage to revive the UK economy.

When the shit hits the fan over the next few years, the choice will likely boil down to Farage or a genuine left/green opposition. At the moment Farage seems well placed to benefit from Labour failure but the left/greens can build from here. 

Corbyn’s legacy remains, as does he in the House of Commons. Resistance isn’t futile. The Uniparty may have won this electoral battle but we, the people, can resist it effectively if we organise.

$16.5m license deal for Seeing Machines with slight delay for Gen 3 ramp

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Seeing Machines (AIM: SEE) surprised the market with a ‘good news-bad news’ RNS, that led to house broker Stifel reducing its price target to 13p, while still maintaining its ‘Buy’ recommendation.

The good news was that it has renewed its software license for its Guardian aftermarket product with Caterpillar. It appears that is has received a $16.5m upfront payment covering a period of 5 years.

Unfortunately, it was effectively overshadowed by the bad news; a statement that “cash EBITDA” was behind expectations, due to a slower transition to the Gen 3 product.

Stifel analyst Peter McNally doesn’t appear to be overly concerned by the Gen 3 delay, reducing revenue estimates by 7.1% and 6.0% for FY25/26. He also assumes a higher level of operating costs going forward resulting in his reported EBITDA estimates dropping from $14.3m in FY25E to $7.0m and cash EBITDA loss falling to $10.8m from $3.5m. With the benefit of the cash from Caterpillar, his FY25 gross cash estimate reduces by a smaller amount to $14.2m from $17.9m.

He wrote: 

“The cash EBITDA weakness has been due to a slower transition to Gen3 Aftermarket products, and we think this will have an effect on our forward estimates, which we adjust to reflect today. However, the company reiterates its guidance for FY25 cash flow run-rate breakeven and the payment from Caterpillar helps boost the company’s already healthy balance sheet.

As the company gets closer to cash flow breakeven, we think the shares will appeal to a much broader group of investors, which should have a beneficial effect on the share price.

Seeing Machines remains one of our top picks within the sector. The shares trade at 4.1x EV/Sales for FY24E or 3.4x for FY25E. The estimate changes result in a revised target price of 13p from 15p, but leave plenty of upside to the current price.”

My personal view

I was very pleased with the license deal, particularly as it enables SEE to sell into the on-road portion of the General Construction category. As the RNS stated: “The changes open up access for Seeing Machines to sell its Guardian solution for on-highway vehicles directly and through its distribution network to select customers in many market segments of the General Construction and other core industries.” 

I wonder if it might even open up the possibility of further licence deals with other manufacturers in the near future, covering vehicles ranging from asphalt pavers, backhoe loaders, cold planers, fork lifts and so on?

What was a mistake in my view was combining an RNS detailing a positive licence deal and one attempting to explain the slower sales of Gen 3. Indeed, I would have preferred the ‘cash EBITDA” issue to have been dealt with in a separate RNS as part of the Trading Update. 

Unfortunately, the way the information was presented effectively killed what was a very good news story without giving any real insight into the issues with Gen 3 uptake. It’s not the first time great news has been upstaged by something negative and it was a clumsy way to communicate to the market.

Regarding the ‘bad’ news, the RNS that was published this week posed more questions than it answered. The reasons for the slower transition to Gen 3 weren’t properly explained, so I expect management to soon clarify exactly what has caused the delay. I’d also like to know if it correct to assume a higher level of operating costs going forward.

That said, Gen 3 is a game changer once it gets going. And that isn’t like to be far off. One source, who prefers to remain nameless but is so accurate that I refer to him as Nostradamus, told me: “I’m expecting sales to ramp up around November/December.” 

Another source has indicated that getting final sign off from the regulatory authorities for the Aftermarket Gen 3 Guardian solution in situ was the delaying factor. (I guess we should be thankful that the EU’s GSR standards are so high). However, that has apparently been achieved recently, so I’m expecting announcements regarding that. 

But why wasn’t that communicated in the original RNS, which would have made clear that the slow Gen 3 uptake really is just a temporary issue that has effectively been resolved? Somehow there appears to have been a miscommunication that cost investors dearly.

Mercifully, for the impatient, auto is doing very well. Not only am I confident that SEE will hit 3m cars on the road by the end of this financial year but Colin Barnden, the renowned analyst at Semicast Research, confirmed the likely ramp on LinkedIn. “The assumption is just the BMW and VW programs will lead to DMS deliveries exceeding 1 million units per quarter within the next twelve months. After many years of delays and frustration, 2024 will be the year DMS deliveries finally exceed ten million units.”

Apparently, the mix in terms of auto vehicles in Q2 led to a slight miss on the profit front for auto but with volumes shooting up it’s of little concern going forward. So why mention it in the RNS? 

I’m still very keen on this stock but would really like a little more care taken in the way news flow is handled and the RNSs are put together. It appears a bit too amateurish for a company that is a global leader in an increasingly hot niche market.

The writer holds stock in Seeing Machines

Seeing Machines to hit 3m cars on the road this year

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Yesterday, Seeing Machines released its latest quarterly KPIs. These included very positive numbers for cars on the road with its driver monitoring tech. Indeed, I believe it is set to pass the 3m figure by the end of this calendar year, leaving Smart Eye far behind. (Literally in its rear view mirror).

The reason I’m so confident of that is because production of the VW models with its tech have begun, and VW churns out over 3m cars in Europe every year, never mind globally. 

Production of Seeing Machines Gen 3 Aftermarket product have also started, so I’m expecting a very healthy ramp up of revenues for that. 

With auto royalties increasing, auto extensions expanding long term production figures, and Aftermarket revenues set to swell, hitting its year end forecasts seems assured. This is particularly the case as my sources confirm management are laser focused on reducing costs to ensure it hits cash flow breakeven on a monthly basis in the next financial year. 

Breakeven confirmed

Paul McGlone, Seeing Machines CEO yesterday confirmed this, stating categorically: “We have worked hard this past quarter to remove cost from our business as part of our disciplined approach and rigorous operational focus. As we see our high-margin royalty revenues increase, we reiterate we are on track to meet FY2024 expectations and achieve a cash break-even run rate during FY2025.”

Certainly, house broker Stifel seems very confident. Yesterday, its analyst Peter McNally put out a note summarising the positives:

  • “The highlight of Seeing Machines Q324 KPIs (Jan-March ’24) are Automotive production volumes which are up 51% or more than 105k to c.313k in just three months (+80% y/y). This is welcome news after a still healthy but slightly slower Q224 and is likely to affect the shares positively, in our view.
  • The news comes with further reiteration from the company that it is on track to meeting FY24 (to June) expectations and continues to expect a cash flow break- even run rate during FY25. We make no changes to estimates as we approach year end but see this as positive given its main competitor recently pushed out its breakeven potential target by up to six months.
  • The shares remain one of our top picks within the sector as we approach regulatory mandates for all new vehicle types in the EU. We think investors should take advantage of the current price given the shares trade at 4.1x EV/ Sales for FY24E or 3.1x for FY25E. Buy.”

He maintains his target price of 15p. 

I’m still confident that with news of more contracts very likely, the share price has a lot further to rise before the end of June.

The writer holds stock in Seeing Machines.

Is Seeing Machines set to be a 10-bagger?

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Seeing Machines has hit a 3-year low but my research leads me to believe that it will announce contract news before the end of the current financial year that should catapult it well into double figures. Inside the next year I’m hoping it will become a ten-bagger.

Mr Market is looking in the rear view mirror instead of focusing on the direction of travel; near-term profitability and years of profitable growth ahead across Auto, Aftermarket and Aviation. 

Yes, anticipated auto contracts have been delayed but through no fault of Seeing Machines. According to my sources delays have been caused by haggling between Tier 1s and the OEMs. Nothing to do with the superlative technology of SEE. As the OEMs need a quick solution I anticipate the delay will be overcome soon.

Nevertheless, I’m still expecting auto contract wins before the end of this financial year, probably with Japanese OEMs. These should be sizeable contracts and one name that keeps on popping up is Honda, but I’m optimistic we win another too. Japanese OEMs are behind the curve on interior sensing and Seeing Machines could help improve their position.

I’m also expecting to see some decent Aftermarket contracts announced. A big name client could have a huge impact so I would be grateful if it’s not buried in an RNS on the grounds of an NDA.

As positive news comes out many PIs will be tempted to sell, some may need to. Yet, I think the momentum will continue, driven by auto KPIs, aviation products being developed with Collins Aerospace, and a growing realisation that Seeing Machines is going to be profitable on a monthly cashflow basis during the 2025 financial year. This was confirmed by Peter McNally, an analyst for house broker Stifel, in a recent interview with Safestocks.

That momentum, accelerated by broker upgrades, should enable holders to experience the joys of holding a ten-bagger within a year from now.

Of course, nothing is certain. Especially with two ongoing conflicts in Ukraine and the Middle East, not to mention some sectors of the US stock market in bubble territory. So, do your own research and  always question assumptions.

The writer holds stock in Seeing Machines.

Seeing Machines set to become cash flow positive in FY2025

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In an exclusive interview with Safestocks, Stifel technology analyst Peter McNally has confirmed that his view is that Seeing Machines does not require a fundraise and is set to become cashflow positive, on a monthly basis, in the 2025 financial year (FY2025).

Peter McNally, took over coverage of Seeing Machines at Stifel (house analyst) five months ago but he has known the company for a number of years. I think his insights will prove invaluable. I’m presenting my questions and Peter McNally’s answers in a Q&A format to preserve the integrity of his answers.

Q&A with Peter McNally

Q. Regarding the H1 2024 Trading Update & Quarterly KPIs, what was your view?

Firstly, the KPIs look good to me. They are the only company out there that is actually doing any normal KPIs and providing transparency. The cars on the road number at 1.5m is a great milestone to reach. We know it is just the beginning. The numbers themselves look very healthy, we’re not changing estimates or anything like that.

What we saw was that everything is in line. We wondered if the headline number of 5% growth was going to dissuade any folks. We tried to call out on our note that they are not making excuses for themselves by stating that the underlying growth is 28%, if you take out that Magna exclusivity licence. It is actually quite valid because that 28% growth is more around royalties, boxes, monitored connections and that license really is kind of a one-off.

That was 28% growth in the first half. Based on our estimates, to hit the full year numbers they have to move from US$26.5m in the first half to US$40m in the second half. That sounds like a big number but for them it is actually not. Typically, the company revenues are 40% first half weighted and 60% second half weighted — to get to our number assumes 61% weighting in the second half. That is pretty much in line with typical seasonality. You also have to keep in mind that you have some sales that were done of the Gen 3 Guardian product on the back of CES and, as regulatory deadlines approach, there will be demand for more services. 

Their existing launches are still ramping, so we think that is good news. If you were to do it on a like-for-like basis, it assumes the second half grows at 20% and they just did 28% in the first half. So we’re pretty comfortable with it.

Regarding the cash position, we’re also comfortable with that given that we expect a $14m increase in revenues in the second half while the costs are virtually the same. There is about $1m increase between this year’s costs and last year’s costs, and I am talking cash cost not just income statement costs. 

The cash costs for this business in FY2024 are, in my estimates, only about $1m more  than they are in 2023 but revenue rises by $7.9m. The company hasn’t cut its cost structure by much, it’s just that the revenues are coming through. That is what reduces the cash burn down to a very low level, along with $5.5m of receivables and inventory unwind in the second half. They are saying somewhere between $5-6m.

Q. So there is no reason for a raise this calendar year?

A. There is no reason for a raise at all, so far as I can see. Unless they wanted to. They are on track to be profitable next year. It’s not a shoo in, they’ve certainly got their work cut out for them. It all looks like it’s going to plan, so we’re not worried.

Q. When exactly do you expect Seeing Machines to be cash flow positive?

A. Our estimates assume that on an operational basis in FY2025 they will do operating cash flow of just over $21m but we think they will spend about that amount on capitalisation and hardware as well. We have a small net cash outflow of about US$1m for FY2025. However, on a monthly run-rate basis, they will become cash flow positive during fiscal 2025, but we haven’t put out the exact month.

Q. Is there a likelihood that they might want to make an acquisition? For instance, to add more features to their auto offering?

A. I would say that at the moment they are 100% focused on the business that they have at hand. That doesn’t mean that they are not opportunistic. If something were to come up I’m sure they would have a look at it. But I don’t think acquisitions are on the radar screen at the moment. Maybe they might be, further down the line. Could it be some form of geographical expansion, I think that’s possible. 

In terms of features they are in the driving seat. They are the one who is developing the features in the marketplace. I don’t think they need to buy in any features, I think they can develop them themselves. If there’s a short cut to development time that’s always a consideration, but I don’t think that’s in their mind at the moment.

Q. In terms of a US listing I hear a lot of chatter. However, if they do decide to go down that path isn’t it much further down the line, say 18 months to 2 years away?

A. There are many people who have suggested a US listing at some stage. Will they do it? I don’t know. I guess they could consider it but I think they have a lot of ground to cover before they would consider something like that. I think they are focused on making this business work right now rather than another listing.

Two years from now they might be in a very comfortable position, where the royalties are just rolling in. If they were to consider a US listing I think it is much further down the line.

The writer holds shares in Seeing Machines.

Lexus DMS found wanting by Euro NCAP

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Toyota’s luxury brand Lexus recently had its DMS tested by Euro NCAP and got a miserable 0.3 out of 2 points. The vehicle in question was the 2023 Lexus RZ. 

It must have come as a huge shock to Toyota, which is struggling like Tesla to deal with the influx of quality Chinese cars. I understand that Woven (not Smart Eye) was the supplier.

It’s actually a huge positive for Seeing Machines and I’m feeling pretty confident that Toyota will do the sensible thing and find itself a supplier that can deliver maximum points from the Euro Cap DMS test. I certainly don’t expect it to choose Smart Eye, by the way.

I’m also hearing that Volvo may be experiencing buyer’s remorse for its choice of DMS. Let’s wait and see what happens there.

While the share price of Seeing Machines is an annoyance, I’m increasingly confident that the couple of auto wins predicted by Paul McGlone will come to fruition by the end of the first quarter of 2024. He delivered on Gen 3 Guardian and I can only reiterate my belief that all the auto contract delays have been due to the OEMs.

The writer holds stock in Seeing Machines.

5 predictions for 2024

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I’ve started to celebrate New Year early in solidarity with the people of Samoa (any excuse will do). Therefore, having imbibed a lot of the amber nectar (Irish Whiskey in my case), I’m fearlessly making 5 predictions for 2024.

  1. Donald Trump becomes US President as many in the US start to realise that its global military hegemony is coming to an end. Ex-President Biden’s handlers do the decent thing and put him into a retirement home.
  2. Sir Keir Starmer becomes head of a minority Labour Government. He is then forced to resign over a scandal involving his relationship with Israeli lobbyists and links to the ‘deep state’.
  3. As Ukraine continues to lose in NATO’s proxy war against Russia, President Zelensky is assassinated by his own security services and Ukraine sues for peace with President Putin.
  4. Israeli genocide in Gaza is stopped not by the US but by a failed invasion of Lebanon. Hezbollah shows the world that it is a formidable fighting force. The world starts to realise that a one-state solution, creating a democratic entity that offers full human rights to both Israelis and Palestinians is the future for both Israelis and Palestinians.
  5. The future of autonomous driving is postponed for another decade and driver assistance using Artificial Intelligence becomes the hottest part of the tech sector. Seeing Machines is bought for 76.5p following a bidding war.

It only remains to wish all of you a happy, healthy and prosperous New Year!