11th Nov 2024 12:18
(Alliance News) - Seeing Machines Ltd on Monday said vehicles on the road and production of cars equipped with its technology grew in the first quarter, despite "challenges" in the global automotive sector.
The Canberra-based company designs AI-powered operator monitoring systems to enhance transport safety. It said the total number of vehicles on the road using its technology rose to 2.6 million by the quarter ending September 30, doubling from 1.3 million a year earlier.
In the first quarter, automotive production incorporating Seeing Machines' technology reached 405,669 units, up 6.4% from the previous quarter's 381,215 units and an 83% increase from 222,138 units a year ago.
Annual recurring revenue for the quarter rose 13% to GBP13.6 million from GBP12.0 million a year prior.
Chief Executive Officer Paul McGlone said: "We continue to see our automotive programs progress successfully to production despite the ongoing and widely documented challenges across the global automotive sector. I am confident growth will continue as regulations and automated driving features continue to drive demand for driver and occupant monitoring system technology."
Seeing Machines shares were down 0.9% at 3.46 pence each in London on Monday at midday.
By Eva Castanedo, Alliance News reporter
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