Seeing Machines (SEE) H1 2026 TU earnings summary

Executive summary

• H1 FY2026 adjusted revenue was US$24.0m; automotive production reached 1.09m units, up 62% YoY, with more than 4.8m vehicles on road using DMS/OMS technology.

• EU GSR-led production growth is expected to support positive adjusted EBITDA in Q3 FY2026 and cash generation in H2 FY2026.

Financial highlights

• Adjusted revenue fell 7.2% YoY from US$25.3m, as lower NRE activity and absent Magna licensing revenue partly offset Guardian and automotive royalty growth.

• ARR was US$14.0m, up from US$13.5m at June 2025, driven by Guardian connections.

• Adjusted EBITDA loss narrowed to US$13.1m from US$17.7m in H1 FY2025.

• Cash was US$3.4m at 31 December 2025; a US$14.1m accelerated royalty payment was received after period end.

Outlook and guidance

• EU GSR applies to new vehicles sold from July 2026; OEM production ramps in Q3 and Q4 FY2026 are expected to lift automotive royalties.

• Quarterly automotive production is expected to exceed 1m in H2 FY2026; minimum volume guarantees are expected to accelerate, equivalent to ~1m production volume.

• Positive adjusted EBITDA is expected in Q3 FY2026, with cash generation in H2 and calendar 2026 expected to be cash generative.

• Convertible Note refinancing is underway ahead of its October 2026 maturity, with completion expected in Q4 FY2026.