Seeing Machines has reported its results for the six months to 31 December 2025, with improving margins and strong automotive growth offsetting a planned decline in one-off engineering revenues.
Adjusted revenue came in at $23.4m, down from $25.3m a year earlier, though the drop was largely expected as OEM revenue fell as non-recurring engineering fees and certain legacy licence arrangements wound down.
Investors will be interested to note that recurring numbers improved, with annualised recurring revenue rising to $14.0m.
Aftermarket revenue jumped 18% to $12.7m, and automotive royalties surged 33% to $8.4m, as production volumes from maturing programmes continued to build.
Gross margin improved from 55% to 58%, and the adjusted EBITDA loss narrowed by $4.0m to $13.7m.
All in all, a solid set of results.
The company now has more than 4.8 million cars on the road fitted with its driver and occupant monitoring systems, up 67% year-on-year.
On the business development front, Seeing Machines expanded a European Tier 1 programme by around $10m in lifetime value, secured a new production award with Mitsubishi Electric Mobility Corporation in Japan, and added several aftermarket fleet wins including a $1.8m order from a North American autonomous vehicle operator.
Looking ahead, the company expects royalty volumes to rise significantly as the General Safety Regulation implementation approaches in Europe, prompting OEMs to scale their compliance strategies. Adjusted EBITDA is expected to turn positive in both Q3 and the second half of the financial year.
“We delivered strong underlying performance in the half, with Automotive royalties growing 33% alongside a 62% increase in production volumes, and continued expansion in Guardian driving recurring revenue growth and improved margins,” said Paul McGlone, CEO of Seeing Machines.
“We are scaling rapidly, with over 4.8 million cars on road, new program wins across Europe and Japan and increasing Aftermarket momentum. At the same time, continued innovation, including our 3D Cabin Perception Mapping platform and impairment detection capabilities, reinforces our technology leadership.”