Seeing Machines reports growth: FY2020

Computer vision technology company, Seeing Machines, has released a trading update for the period ended 30 June 2020.

The company designs AI-powered operator monitoring systems to improve transport safety.

Total income for FY2020 is expected to be $42.6 million, representing a 30 per cent increase on the previous period.

Revenue for FY2020 is expected to be $39.7 million, approximately 8.5 per cent ahead of consensus guidance (consensus: $36.6 million).

Cash at 30 June 2020 was $38.7 million, up by 22 per cent on consensus guidance (consensus: $31.8 million).

Total connected Guardian units at 30 June 2020 was 23,415.

Seeing Machines CEO, Paul McGlone, is pleased with the company's results amid unique challenges and unprecedented pressure since COVID-19 emerged.

“Notwithstanding this, we have continued to make progress and that is a testament to the hard work of our team and has reaffirmed the importance of our mission which is to keep people safe and reduce transport related
accidents,” said McGlone.

Guardian connections have reportedly increased in FY2020 by more than 46 per cent, according to McGlone, despite limitations posed  by grounded transport companies and pressure on commercial fleets to deliver supplies across vast geographies.

Seeing Machines expects to publish its audited year end results in late October.

In other news, Rivet Mining Services confirmed fatigue, distraction and rollover events greatly reduced after a year of installing Guardian.

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