Seeing Machines Ltd (AIM:SEE, OTC:SEEMF, FRA:M2Z) CEO Paul McGlone talked with Proactive's Stephen Gunnion about second-quarter KPIs, highlighting growth in automotive royalties, Guardian hardware sales, and increasing annual recurring revenue as regulatory tailwinds build toward the July 2026 General Safety Regulation (GSR) deadline.
McGlone said he was “really pleased to see a positive growth number in this quarter,” noting confidence that regulatory drivers would translate into rising volumes. While the timing of step-change growth remains uncertain, he emphasised that OEM compliance preparations for GSR are well underway, with all required integration work already completed for the 2026 deadline.
The discussion addressed RFQ delays across the automotive market, which McGlone attributed to broader industry uncertainty. However, he clarified that these delays have no impact on GSR-related production volumes, as current RFQs would not affect revenue until 2028 at the earliest.
A key focus was Seeing Machines' guaranteed volume arrangements, which underpin cash flow. McGlone explained that these agreements set a revenue floor, ensuring minimum payments regardless of production variability. In Q2, actual volumes exceeded minimum guarantees for the first time under the arrangement, strengthening confidence for Q3 and Q4.
He added that incumbency advantages in Europe position the company strongly ahead of GSR enforcement, and reaffirmed expectations of cash flow breakeven in Q3 and profitability in the second half.
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