Seeing Machines (SEE) H1 2025 earnings summary

Executive summary

• H1 FY2025 revenue was US$25.307m, down 2% YoY; gross profit rose 32% to US$14.026m, and adjusted EBITDA loss narrowed to US$17.712m.

• Cost reductions, automotive royalty growth and Guardian Gen 3 sales underpin a targeted cashflow break-even run rate in late 2025.

• Mitsubishi Electric Mobility invested US$32.8m (£26.2m) for a 19.9% shareholding, alongside collaboration and referral agreements.

• Technology was installed in more than 2.88m vehicles, up 90% year over year; Valeo collaboration and the Asaphus acquisition expanded strategic and AI/ML capabilities.

Financial highlights

• Revenue was US$25.307m versus US$25.734m in H1 FY2024; gross profit was US$14.026m versus US$10.573m.

• Operating expenses were US$32.4m, down 13% YoY; adjusted EBITDA loss was US$17.712m versus US$26.503m, and reported EBITDA loss was US$9.697m.

• Loss after tax was US$18.237m versus US$19.802m; cash at 31 Dec 2024 was US$39.6m, up from US$23.4m at 30 Jun 2024.

• Annual recurring revenue was US$13.4m; H1 automotive production volume was 672k, down 2% YoY.

• The board expected FY2025 performance in line with consensus: revenue of US$58m and adjusted EBITDA loss of US$28.9m.

Outlook and guidance

• Cashflow break-even run rate is expected in late calendar 2025, depending on automotive royalty-volume growth; calendar 2026 is expected to be cash-generative.

• Cost reductions of ~US$1m per month, or US$12m annualised, are expected to be fully realised from July 2025.

• Near-term automotive quarterly production volumes are expected to trend above Q2 FY2025; minimum volume guarantees begin in 2025 and are expected to have material impact in FY2026.

• Guardian production capacity is ~6k units per quarter near term, with potential to reach ~9k; sales of 6k units per quarter are expected to add US$1.8m–US$2m ARR per quarter.

• Quarterly cash generation is forecast at ~US$10m in H2 2026, supporting repayment of the convertible note.