The following is a summary of the Seeing Machines Limited (SEEMF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Seeing Machines reported a major win amounting to U.S.$82 million for cabin monitoring, which has begun production.

• In terms of fleet business, there are approximately 57,000 Guardian connections.

• The reported profits and cash metrics indicated positive growth, mostly driven by automotive royalties.

• Cash at the end of Q1 2024 was over $22 million, down from over $36 million at the end of June 2023.

• The cash burn rate is expected to decrease to less than $1 million a month by Q4 of FY24.

• Revenue from the aftermarket increased by 38% to $14.3 million, with over 6,000 Guardian units sold during the period.

• An increase in both volumes and revenue is expected as the large German OEM production commences this month.

• Cost savings of around $3 million are expected in H2 of FY24 due to reductions in ongoing costs.

Business Progress:

• Over 1.5 million cars on the road are now equipped with Seeing Machines' technology.

• Anticipated growth in royalties is due in part to increasing interest in hands-free driving features and an increasing focus on drowsiness detection and distraction monitoring.

• Notable progress has been made with the U.S. National Highway Traffic Safety Administration (NHTSA), with an emphasis on distraction, impairment, and drowsiness.

• The company anticipates continued growth in the after-manufacturer segment, with sales expected to continue until 2025.

• The launch of Generation 3 of their product is expected to double current automotive royalties.

• Continued advancements are being made in the aviation sector, with product development and increased RFQ pipelines in collaboration with Collins.

• The company has a strong business pipeline, with a market share expected to remain around 40%.

• There is an expected growth rate of 30% CAGR for Guardian product connections over the next three years, with a low churn rate of less than 2%.

More details: SEEING MACHINES LTD IR

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