Seeing Machines advances with strategic expansions and strong quarterly performance
–News Direct–
Seeing Machines Ltd CEO Paul McGlone joins Proactive's Stephen Gunnion with an update on the company's progress and key developments.
McGlone highlighted the expansion with an existing US customer and a tier 1 supplier, driven by increasing regulatory requirements in Europe, which signifies a significant development for the company. This expansion includes new technology integrations and a stronger foothold in the European market, alongside additional volume in China.
Further, McGlone discussed the company's recent performance following their third-quarter results, noting a return to normal production levels and the launch of a new major vehicle program. This contributed to Seeing Machines producing over 300,000 vehicles in the quarter, supporting a year-on-year growth rate of 100%. This performance reassured investors of the company's growth trajectory.
Additionally, McGlone outlined the launch of their biggest ever production award with a significant European OEM, which includes a comprehensive interior sensing capability for driver and occupant monitoring. This project is seen as a major technical achievement and is expected to notably increase growth rates.
McGlone also touched on the aftermarket segment, particularly their Guardian Connections system for trucks and buses, which showed consistent growth and is set to expand further with the rollout of their third-generation product.
Lastly, McGlone reaffirmed the company's financial targets for 2024 and their aim to achieve cash break-even in 2025, indicating strong momentum across various business areas, including automotive, aviation, and fleet services.
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Seeing Machines Ltd
COMTEX_452112425/2655/2024-05-09T07:08:58
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