Source - SMW
Seeing Machines has narrowed its FY pretax loss to A$1.6m, from a year-earlier loss of A$12.0m.

Revenue totalled A$33.6m, from A$12.9m.
"Seeing Machines has made significant progress in growing its core IP leadership advantage which enables the Company's technology to successfully operate across all real-world light levels versus competitors whose capability is constrained to controlled light levels indoors," said chairman Terry Winters in a statement. 

"We successfully licensed Seeing Machines' DSS mining product to Caterpillar - resulting in a significant one-off revenue boost for the company year in the ended 30 June 2016.

"Strong investment in our fleet-focussed product, branded Guardian, is beginning to show signs of success with revenue growth of 29% for the business unit in FY2016. 

"As a result of significant marketing and sales efforts globally, Q1 FY2017 is expected to deliver more units sold than the full FY2016. A key feature of this business unit is its Product as a Service (PaaS) recurring (annuity-type) revenue and the multiplier effect this will generate for the company in future years.

"The Company has cemented itself as the market pioneer and leader of driver monitoring system (DMS) technology by securing a follow-on order from a major US automotive OEM, and has received strong levels of interest for developing programs with several major European automotive OEMs as they seek to adopt DMS for their semi-autonomous capable vehicles.

"A pivotal achievement for Seeing Machines has been the development of its System in Package (SiP) - essentially a very cost-effective chipset that runs Seeing Machines' core algorithms that power all of our applications.

"We delivered revenue growth on our FY2015 results of 161% to A$37.3 million (excluding foreign exchange gains). 

"With a deliberate planned increase in operational costs in order to execute our business plans across several industry sectors, the Company made a net loss of A$1.6 million for the 2016 financial year, compared to a net loss of A$10.2 million for the previous year."

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