Seeing Machines H1 underlying losses narrow, expects to break-even by year-end

(Sharecast News) - Monitoring technology business Seeing Machines said on Wednesday that interim losses had narrowed and that new partnerships had positioned it for success against wider market turbulence.

Seeing Machines said reported H1 revenues were expected to be $25.3m, while annualised recurring revenue was projected to be $13.4m, in line with last year's figures of $25.7m and $13.0m, respectively.

The AIM-listed group also highlighted its "strong balance sheet", with $39.6m in cash as of 31 December, and noted that it had made a $2.2m reduction in operating expenses to $5.7m in H1.

Seeing Machines said its underlying loss had also continued to improve, with its H125 expected to be around $9.5m-10.0m, up from $14.3m in H124. Adjusted EBITDA losses were expected to be roughly $17.5m-18.0m, a marked improvement on the prior year's $26.5m loss.

Chief executive Paul McGlone said: "We continue to identify growth opportunities created by the rising demand for driver monitoring systems, despite some turbulence across the global automative market.

"We remain focused on working to achieve a sustainable cashflow break-even run rate. The exact timing of achieving this is dependent on the recovery of automotive royalty revenue and, given the wider market volatility mentioned above, we now expect this target to be reached by the end of the 2025 calendar year.

As of 0930 GMT, Seeing Machines shares had sunk 10.53% to 3.40p.

Reporting by Iain Gilbert at Sharecast.com