Seeing Machines notes robust unit sales in Q1 2017

Seeing Machines said that, as a result of significant marketing and sales efforts globally, Q1 2017 delivered more units sold than in FY 2016.

"A key feature of this business unit is its Safety as a Service (SaaS) recurring (annuity-type) revenue and the multiplier effect this will generate for the Company in future years," said chairman Terry Winters.

"Our direct sales are being supplemented by our global value-added reseller (VAR) strategy to leverage local sales, distribution and relationships," Winters said notes for his AGM presentation.

"The Company has cemented itself as a market pioneer and a leader of advanced driver monitoring system (DMS) technology by securing follow-on orders from a major US automotive OEM, and has received strong levels of interest for developing programs with several major European automotive OEMs as they seek to adopt DMS for their semi-autonomous capable vehicles.

"I am really proud of the way Seeing Machines has matured as a business with several key business systems being implemented in 2016.

"ISO 9001 Quality Accreditation, financial processes, HR and performance management systems, marketing automation and customer relationships management integration have all been established to enable the Company to cost effectively scale the business at rates not possible before.

"The quality and output from our R&D team has been multiplied with investments in data truthing teams within a human factors-led framework.

"We delivered revenue growth on our 2015 results of 161% to A$33.6 million (excluding foreign exchange gains and R&D tax grant income).

"Our deliberate planned investment in building our future capability and capacity to execute our business plans in several industry sectors, led to the Company making a net loss of A$1.6 million for the 2016 financial year, compared to a net loss of A$10.6 million for the previous year.

"Your Company continues to invest in developing a significant pipeline of opportunities in the automotive and fleet markets, and internally in the increased ability and capacity to execute at high levels of growth in the 2017 financial year and beyond."

At 9:23am: (LON:SEE) Seeing Machines Ltd share price was 0p at 4.13p