Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) CEO Paul McGlone speaks to Thomas Warner from Proactive about the advanced computer vision technology company's prospects for 2024.
McGlone talks about Seeing Machines' attendance at CES 2024 currently taking place in Las Vegas, highlighting the relevance of the company's automotive tech and AI solutions, which monitor driver behaviour like fatigue and distraction. McGlone discusses the launch of their third-generation aftermarket product, Guardian Generation 3, at CES. This product, targeting trucks and commercial vehicles, aligns with the upcoming European General Safety Regulation, mandating such technologies in all vehicles from July 2024.
This new product, compact and integrating camera and processing, connects to their 24/7 Guardian Centre and offers a long-term technical roadmap, already attracting early adopters. He goes on to say that Seeing Machines, which was initially focused on mining and heavy vehicles, has expanded into the automotive and aviation sectors.
The new European market, driven by regulations, differs from traditional fleet sales, targeting manufacturers for pre-installation in new vehicles. This approach opens up a potential market of 330,000 new commercial vehicles annually in Europe.
For 2024, Seeing Machines aims for steady, high double-digit growth and margin expansion across its segments, moving towards cash breakeven and profitability in the next financial year. This growth is underpinned by increasing royalty flows, monthly recurring revenue from aftermarket connections, and advancements in the aviation sector.
