Seeing Machines reports $5.7M gross profit following Guardian uptake

Advanced computer vision technology company, Seeing Machines, reported a gross profit of $5.7 million according to financial results for the six months to 31 December 2019 as well as operational revenue of $15.8 million reflecting comparative growth of 12.8 per cent.

The company's fleet and off-road division reported operational revenue of $12.9 million (H1 2019: $8.8 million), the increase resulting from accelerated growth in connected units and improved pricing for Guardian hardware implemented throughout H1.

Guardian was connected to 20,551 vehicles globally at the period end. The 4,500 connections during 1H FY20 reportedly represent an increase of 58 per cent on the connection for the corresponding prior period.

Guardian hardware costs reduced by 21 per cent, which according to Seeing Machines, represented expected savings of approximately $8.4 million on the current order volume which is to be delivered in batches during 2020.

The Guardian Driver Monitoring System (DMS) has collected over 3.8 billion kilometres of naturalistic driving data from connected vehicles, underpinning the ongoing training and development of Seeing Machines' DMD platform technology.

“We continue to work through significant opportunities across each business unit and leverage the growing momentum for driver monitoring technology in Europe, the US and around the world,” said Seeing Machines CEO, Paul McGlone.

“Our teams are working with some of the world’s biggest brands in automotive and aviation, and these deep relationships will secure our long-term competitive position across each of our transport sectors.

“Our focus remains on meeting the expectations of our customers and delivering on current programs, while responding to a growing number of opportunities in automotive, fleet and aviation.

“It is clear that DMS is becoming increasingly more integral to improved safety on roads and there is growing recognition for its ability to improve efficiencies and safety in aviation,” he said. “As this continues to be embraced globally, Seeing Machines is in an outstanding position as the world-leading provider of this technology.”

Founded in 2000 and headquartered in Fyshwick, ACT, Seeing Machines specialises in vision-based monitoring technology that enables machines to see, understand and assist people.

Seeing Machines’ technology portfolio of AI algorithms, embedded processing and optics, power products that need to deliver reliable real-time understanding of vehicle operators. The technology spans the critical measurement of where a driver is looking, through to classification of their cognitive state as it applies to accident risk. Reliable 'driver state' measurement is the end-goal of DMS technology.

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