StockMarketWire.com - Seeing Machines has reversed to an H1 pretax loss of A$14.1m, from a year-earlier profit of A$11.3m, with revenue coming in materially lower as the company moved to a royalty arrangement with Caterpillar, from a direct-to-market model.

This shift allowed Seeing Machines to refocus its efforts toward the Automotive, Fleet, Aviation and Rail markets and technologies.

Revenue was A$3.6m, from A$29.3m.

CEO Ken Kroeger said Seeing Machines continued to grow its business in the Automotive, Fleet, Aviation, Mining and Rail markets and technologies with strong support from shareholders.

"Revenue in our Fleet business has more than doubled, with long-term contracted business and a stronger pipeline developed across a number of regions and channels worldwide," he said.

"The nature of the revenue is also evolving from one-off hardware sales to a longer-term predictable subscription based revenue stream."

He said Seeing Machines' progress on the development of the Fovio vision processor and SiP platform would not only enable scalability within the Automotive business, but would also be leveraged across most of Seeing Machines' segments and broader artificial intelligence applications.

"Retaining Automotive within Seeing Machines is already benefiting the broader business and our progress with automotive OEM opportunities is very pleasing," added Kroeger in a statement.

"The recent announcement that Intel Corp will buy Mobileye for US$15 billion indicates the very strong interest in the market for advanced automotive vision technologies."





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