Seeing Machines AIM:SEE
- Founded
- 2000 · Canberra, Australia
- Incorporated
- Australia
- Chief executive
- Paul McGlone
- Reports in
- AUD
Developer of AI-powered driver and occupant monitoring systems using eye-tracking to detect drowsiness and distraction, licensed to automotive OEMs for regulatory-driven fitment, sold as aftermarket Guardian units to commercial fleets, and applied in aviation. Australian-founded with royalty revenues building as equipped vehicles ship.
Read straight from the annual reports
4.2c at close on 5 Oct 2026 · 11 reported years, 2015–2025
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AUD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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OEM royalty revenue from DMS/OMS installed in production vehicles (>3.7m vehicles across nine automotive production programs, units on road up 69% YoY)
Royalty revenues increased 35% and royalty volumes increased 36% during the year
page 6EU General Safety Regulation (GSR)/Advanced Driver Distraction Warning (ADDW) mandate from July 2026 driving OEM adoption
Implementation of Europe's GSR, requiring advanced distraction warnings in all new vehicles by July 2026, has contributed to increased adoption by automakers
page 6Sales mix shift toward higher-margin licence fee/royalty revenue and away from lower-margin hardware revenue
Gross profit margin rose from 47% in FY2024 to 63% in FY2025 due to a change in sales mix
page 7Reduction in headcount and contractor resources (509 to 393 FTE+contractors) and $12m annualised opex reduction from strategic reorganisation
Adjusted operating expenses decreased 14% primarily due to reduction in people resources, both directly employed and outsourced contractor roles
page 8The Company expects that the General Safety Regulation will continue to influence current and future projects. Programme awards are anticipated in the coming months, enabling automakers to meet the increasing demand for advanced safety technologies, particularly in Europe. Other regions may also adopt similar standards in the future.
page 6No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect, the Company's operations, results or state of affairs in future financial years
page 52No dividends or distributions were made or recommended in FY2025 (FY2024: nil). No stated dividend policy disclosed.
page 29Financial statements prepared on a going concern basis. FY2025 loss $25,266,000 (FY2024: $31,276,000); net cash outflows from operating and investing activities $29,796,000 (FY2024: $11,944,000); net current assets $25,441,000; cash $22,556,000. The Convertible Note (Magna International) matures 4 October 2026; if not converted, principal plus accrued interest totalling $61,888,000 becomes payable, and management is planning to use cash reserves, secure new debt facilities backed by royalty income and debtor financing, or refinance. Auditor PricewaterhouseCoopers (Jon Roberts, partner) issued an unmodified/unqualified 'true and fair view' opinion with two Key Audit Matters: (1) revenue recognition for non-recurring engineering services, and (2) capitalised development costs; no going-concern modification was noted in the extracted opinion sections.
page 59- Regulatory dependency — a material share of forecast OEM royalty growth depends on continued and expanding EU GSR/ADDW mandates (from July 2026) and equivalent adoption in other regions; delay or non-adoption would reduce demandp.9
- Customer concentration in the OEM segment — two customers generated $14,587,000 and $13,182,000 of revenue respectivelyp.22
- Liquidity/refinancing risk — the Magna International convertible note (principal $47,500,000, accrued interest bringing total to $61,888,000) matures 4 October 2026 and, if not converted, must be repaid or refinancedp.59
- Key-person risk — a Key Person Agreement exists for one unnamed employee identified as critical to the Company's long-term success, with accelerated/retention performance rightsp.48
Read from C001167-AR-2025-website.
16 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (16)
FY2026Next report expected 3 Nov 2026