Seeing Machines Ltd - Canberra, Australia-based artificial intelligence driver monitoring specialist - Pretax loss widens to $19.8 million in the six months to December 31 from $4.5 million a year prior. Revenue edges up 5.5% to $25.7 million from $24.4 million. Cost of sales however increases 70% to $15.2 million from $8.9 million. Expenses increase 31% to $27.9 million from $21.3 million. Looking ahead, Seeing Machines says it is well placed to deliver continued progress in the year ahead with a typical weighting to the second half. Chief Executive Officer Paul McGlone cites ‘balance sheet strength and proven technology supported by regulatory changes.’ The company anticipates that its financial performance for financial year 2024 will be in line with consensus. Says consensus is revenue of $66.3 million, up 15% from $57.8 million in financial 2023, cash loss before interest, tax, depreciation and amortisation of $28.4 million, and a cash position of $26.1 million, 28% lower compared to net cash of $36.1 million at June 30, 2023.

Current stock price: 5.05 pence each, 1.7% lower on Monday afternoon in London

12-month change: down 14%

Copyright 2024 Alliance News Ltd. All Rights Reserved.