Seeing Machines – argues has a “position… for success against wider market turbulence”. Er, really?…

Most recently writing on company describing itself as an “advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety” Seeing Machines (SEE), in December with the shares at 4.5p I concluded that much of an approx. $32.8 million “strategic investment” would be needed for ongoing cash burn and to still avoid/sell. The shares most recently closed at 3.8p and now a trading update headlined “Strong cash position, 90% increase in cars on road & new partnerships position company for success against wider market turbulence”. So what of a current share price response down to 3.3p?

Seeing Machines (#SEE) – Richard Griffiths to now a “under 3%” shareholding

Seeing Machines – share dealings a “recognition of the significance of the agreement” with Mitsubishi?

‘Computer vision technology company’ Seeing Machines (SEE) has followed a “strategic investment from Mitsubishi” announcement with that CFO Martin Ive has purchased 302,633 shares and Chair Kate Hill 200,000 shares. So what of the shares more than 4% lower today?

Seeing Machines – “strategic investment from Mitsubishi”, for what has it been “carefully considered”?…

Previously on “computer vision technology company” Seeing Machines (SEE), in March with the shares still above 5p I wrote ‘interims argue “remains well-placed”. Er, not at the reported cash burn rate!’. So what of today a “£26.2 million strategic investment from Mitsubishi” announcement and shares in Seeing Machines currently at 4.775p in response?

Seeing Machines (#SEE) – “collaboration agreement” with Mitsubishi including £26.2m investment at 4.09p per share

Seeing Machines (#SEE) – FY update, “as reported in June, the cash EBITDA loss is larger than previously expected”

Seeing Machines (#SEE) – acquisition of monitoring software business Asaphus Vision for $2m and up to a further $4m and collaboration with Valeo

Seeing Machines – interims argue “remains well-placed”. Er, not at the reported cash burn rate!

Previously writing on ‘computer vision’ technology business Seeing Machines (SEE), in October with the shares falling to below 5.25p I cautioned still avoid/sell including with automotive programs taking longer to be awarded. What now with the shares having commenced today at 5.145p and results for the company’s half-year ended 31st December 2023?

Seeing Machines – emphasises significant growth and development, though what about a “strong balance sheet, with cash”?

‘Computer vision’ technology business Seeing Machines (SEE) has announced results for its year ended 30th June 2023 headlined “Increasing global regulatory momentum targeting key transport sectors underpins significant growth” and an agreement for development of a fatigue risk management solution using its technology to be taken to the commercial aviation market segment by Collins Aerospace. So what of a current approaching 4% lower share price response to below 5.25p?

Seeing Machines (#SEE) – FY loss $15.5m, swing to a net debt position!

Seeing Machines (#SEE) – collaboration agreement with, and up to $65m investment from, Magna International

Seeing Machines – “Senior Leadership Transition”. So orderly then?

A “Senior Leadership Transition” announcement from computer vision technology company Seeing Machines (SEE). So orderly then? Announced intra-day at 1:03pm. Hmmm…

Seeing Machines – “Half year trading update”, surely useful insight into whether really well placed financially then…

Writing on Seeing Machines (SEE) in November, I questioned is it really “very well placed” financially to leverage developments?. Now a “Half year trading update” – surely some useful further insight into that key question then…

Seeing Machines (#SEE) – expects H1 revenue of A$13.5m (H1 prior year: A$14.6m), no mention of cash

Seeing Machines – CFO “to step down” as company regales a litany of success. Really?

I noted in September not ‘pleased’ to announce results from Seeing Machines (SEE) – and now the company announces that “James Palmer, Chief Financial Officer, is to step down from his position for personal reasons”. Hmmm…

Seeing Machines – “very well placed” to leverage developments. Really?

An AGM statement from Seeing Machines (SEE) sees it emphasised “the past 12 months have been the most exciting and pivotal periods for Seeing Machines since the business was founded” and that “Seeing Machines is very well placed to leverage these developments”. The shares have currently nudged higher, towards 6p in response – but this also compares to more than 13p reached in June. Hmmm…

Seeing Machines – not ‘pleased’ to announce results then?

Seeing Machines (SEE), the “computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has published its audited results for the year to 30 June 2018”. Not ‘pleased’ to do so then? – though I note “highlights” emphasising “five program awards now under contract with global OEMs to be delivered through multiple Tier 1 automotive suppliers” and “revenue up 117% to A$30.7 million”…

Seeing Machines – after a trading warning just last month, an intra-day “Fleet Business Unit Update”…

A 10:19am “Fleet Business Unit Update” from Seeing Machines (SEE) would seem innocuous enough, but I note it follows an update last month of sales revenue at the lower end of a lower range and “gross margin is expected to be below the board's expectations”. Hmmm…

Seeing Machines – revenue “within the range of the previous guidance”. Er…

A full-year trading update from Seeing Machines (SEE), the self-described “advanced computer vision technology company that designs AI powered operator monitoring systems to improve transport safety”, commences “total sales revenue was A$30.7 million, an increase of 127% year-on-year (2017: A$13.5 million) and within the range of the previous guidance published”. Sounds promising – so why a current more than 5% share price decline?…

Seeing Machines (#SEE) – emphasises revenue growth, but margin impacted by delays & hardware costs