Seeing Machines (SEE) AI Stock Analysis

• Market Cap: £168.32M
• Dividend Yield: N/A
• Average Volume (3M): 11.65M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: -10.24%
• EPS Growth: 33.33%
• Country: UK
• Employees: 421
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): >-0.01
• Shares Outstanding: 4,912,392,000
• 10 Day Avg. Volume: 12,860,738
• 30 Day Avg. Volume: 11,646,671
• PEG Ratio: 0.26
• Price to Book (P/B): 4.16
• Price to Sales (P/S): 2.89
• P/FCF Ratio: -14.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): >-0.01
• Revenue Forecast (FY): £108.10M

• Rating: 48 Neutral
• Price Target: 3.50 p ▼(-43.00% Downside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is held down primarily by weak financial quality (ongoing losses, negative operating cash flow) and bearish near-term technical momentum. These are partially offset by a more positive earnings-call outlook pointing to regulation-driven growth and cost actions targeting cash-flow breakeven.

Positive Factors

Regulatory tailwind (EU DMS mandate)

A mandated EU requirement for in-vehicle camera-based driver monitoring creates durable, addressable volume for DMS suppliers. Regulation reduces demand uncertainty, accelerates OEM adoption cycles, and lifts structural revenue potential for market leaders over multiple years as fleets and passenger vehicles comply.

High gross margins and recent top-line expansion

A high gross margin indicates scalable software-plus-hardware economics and attractive unit profitability once volumes rise. Coupled with recent top-line expansion, this supports margin sustainability and the ability to convert regulatory-driven unit growth into improving operating leverage as fixed costs are absorbed.

Strategic partnerships and product roadmap

Established OEM and tier‑one partnerships plus a Gen 3 product roadmap create durable distribution and integration pathways. These relationships open adjacent markets (insurance, smart factories) and support stickier, multi-channel revenue streams that help scale royalties and SaaS services over the medium term.

Negative Factors

Negative operating cash flow and ongoing losses

Sustained operating losses and negative cash flow constrain financial flexibility and increase reliance on external funding until cash-flow breakeven. This limits the firm's ability to invest behind growth, raises refinancing risk, and makes execution sensitive to capital-market access over the next 2–6 months.

Revenue decline amid product transition

Product migrations can suppress near-term revenues as legacy sales taper before new-generation volumes scale. This transition-driven revenue dip reduces short-term operating leverage and can delay the timing of royalty ramp-ups, complicating forecasts and pressuring margins until Gen 3 adoption accelerates.

Execution risk from RFQ delays

Delays in RFQs and OEM procurement slow contract conversion and push out production ramps. Given long automotive sales cycles, these execution lags can defer royalty receipts, lengthen payback periods on engineering investments, and increase the risk that planned margin and cash-flow improvements arrive later than targeted.

Seeing Machines Business Overview & Revenue Model

Company Description

Seeing Machines Limited, together with its subsidiaries, provides driver monitoring technologies in Australia, North America, the Asia Pacific, Europe, and internationally. It operates through two segments: Original Equipment Manufacturer (OEM) and Aftermarket. The company offers operator monitoring and intervention sensing technologies and services for the automotive, mining, transport, and aviation industries. It develops, sells, and licenses products, services, and technology to detect and manage driver fatigue and distraction, as well as provides software, after-sales monitoring, and consulting services. The company was incorporated in 2000 and is headquartered in Fyshwick, Australia.

How the Company Makes Money

Seeing Machines generates revenue mainly through (1) automotive programs and (2) fleet/transport solutions, with additional income from engineering/services and related contracts where applicable. In automotive, the company typically earns money by supplying or licensing its driver monitoring technology for integration into vehicles: this can include per-vehicle (or per-unit) royalties/licensing fees tied to production volumes, and/or revenue from delivering embedded software, reference designs, and associated engineering support to automotive OEMs and tier-one component suppliers. This model generally scales with the number of vehicles produced that include Seeing Machines’ DMS. In fleet/transport, the company earns money from selling in-cab driver monitoring products and associated software/services to commercial operators—commonly including upfront hardware/device sales (or device bundles) plus recurring subscription/SaaS fees for cloud software, analytics, alerts, reporting, and ongoing support. The fleet model can also include services such as installation, training, and customer support, depending on contract structure. Partnerships with automotive OEMs and tier-one suppliers are a key factor in automotive revenue generation because they determine design wins and production deployment; fleet revenues are influenced by direct sales channels and distribution/installation partners that drive adoption across commercial operators. If specific pricing, contract terms (e.g., exact royalty rates), or the proportion of revenue by segment is required, null.

Seeing Machines Financial Statement Overview

Summary

Strong top-line growth (154.14% latest year) and a healthy gross margin (62.89%) are outweighed by weak profitability (net margin -40.53%, negative EBIT), negative operating cash flow, and volatile free cash flow. Leverage is moderate (debt-to-equity 1.29) but adds risk while losses persist.

Income Statement

Seeing Machines has shown impressive revenue growth, particularly a 154.14% increase in the latest year, indicating strong market demand or expansion. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin is relatively healthy at 62.89%, but the net profit margin remains negative at -40.53%, highlighting ongoing challenges in cost management and operational efficiency.

Balance Sheet

The company's debt-to-equity ratio of 1.29 suggests a moderate level of leverage, which could pose risks if not managed carefully. The equity ratio is not explicitly provided, but the balance sheet indicates a reasonable level of stockholders' equity relative to total assets. However, the negative return on equity reflects ongoing profitability challenges, impacting shareholder value.

Cash Flow

Seeing Machines has a positive free cash flow to net income ratio of 1.02, indicating some ability to generate cash relative to its net losses. However, the operating cash flow is negative, and the free cash flow growth rate is volatile, suggesting potential liquidity issues. The company needs to improve its cash flow management to support sustainable growth.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	62.34M	67.63M	57.77M	39.00M	35.44M
Gross Profit	39.20M	31.52M	28.90M	17.51M	11.71M
EBITDA	-16.33M	-26.45M	-13.64M	-18.97M	-12.98M
Net Income	-25.27M	-31.28M	-15.55M	-18.57M	-13.09M
Balance Sheet
Total Assets	131.30M	130.30M	133.09M	137.61M	92.93M
Cash, Cash Equivalents and Short-Term Investments	22.86M	23.68M	36.45M	40.80M	35.90M
Total Debt	55.60M	50.92M	43.23M	3.65M	4.64M
Total Liabilities	88.04M	93.31M	66.56M	30.70M	20.89M
Stockholders Equity	43.26M	36.98M	99.89M	73.82M	72.05M
Cash Flow
Free Cash Flow	-12.54M	-11.94M	-50.68M	-21.80M	-16.29M
Operating Cash Flow	-12.31M	12.10M	-25.04M	-7.90M	-11.08M
Investing Cash Flow	-17.49M	-24.00M	-25.63M	-13.90M	-5.19M
Financing Cash Flow	29.48M	-729.00K	45.29M	38.93M	21.77M

Seeing Machines Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SEE, the sentiment is Negative. The current price of 6.14 is above the 20-day moving average (MA) of 3.48, above the 50-day MA of 4.32, and above the 200-day MA of 3.60, indicating a bearish trend. The MACD of -0.26 indicates Negative momentum. The RSI at 42.54 is Neutral, neither overbought nor oversold. The STOCH value of 57.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:SEE.

Seeing Machines Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FNX	77 Outperform	£150.12M	20.22	102.37%	7.02%	-4.35%	5.34%
BOKU	70 Outperform	£486.72M	32.99	9.64%	―	22.19%	78.35%
CNS	64 Neutral	£60.18M	-9.78	-9.83%	―	-5.43%	-292.31%
PAY	64 Neutral	£338.29M	8.32	17.25%	20.30%	1.58%	-57.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BKS	60 Neutral	£129.84M	51.47	7.20%	―	26.09%	32.43%
SEE	48 Neutral	£168.32M	-7.13	-52.97%	―	-10.24%	33.33%

Seeing Machines Corporate Events

Seeing Machines Publishes Investor Presentation to Expand on H1 FY2026 Update

Seeing Machines has released an investor presentation to accompany its H1 FY2026 trading update, offering additional detail on the key metrics highlighted in that earlier disclosure. The materials, available via the company’s website, are aimed at giving shareholders and potential investors deeper insight into operational performance and the progress of its transport safety technology business.

The communication was issued as a non-regulatory Reach announcement, indicating it is designed primarily for investor information rather than to fulfil formal market disclosure obligations. This underlines the company’s efforts to maintain active engagement with the market and provide greater transparency around its financial and strategic trajectory without signalling any immediate change in regulatory or risk status.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £3.50 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines publishes detailed investor presentation alongside H1 FY2026 update

Seeing Machines Limited has released an investor presentation to accompany its H1 FY2026 trading update, offering additional detail on the key metrics previously disclosed to the market. The non-regulatory communication is intended to give shareholders and potential investors deeper insight into the company’s operational performance and strategic progress, reinforcing its positioning as a specialist in AI-driven transport safety technology.

The presentation, available via the company’s website, underscores Seeing Machines’ effort to maintain transparent, regular engagement with capital markets as it scales its driver and operator monitoring systems business worldwide. By expanding on headline figures from the interim update, the material may help investors better assess growth momentum across automotive, fleet, off-road and aviation segments and the company’s competitive footing in a rapidly evolving safety-tech sector.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £3.50 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines Ramps Up Driver-Monitoring Rollout Ahead of EU Safety Deadline

Seeing Machines reported expected H1 FY2026 revenue of US$23.4m–US$24.0m, slightly below the prior year as non-recurring engineering work tapered off, while annualised recurring revenue rose to US$14.0m and adjusted EBITDA losses narrowed on lower operating expenses. Cash fell to US$3.4m by 31 December 2025, though a US$14.1m post-period royalty payment bolstered liquidity, and management targets positive adjusted EBITDA in Q3 and H2 FY2026 as cost savings and recurring income build.

The company’s automotive business continued to scale ahead of the July 2026 EU General Safety Regulation deadline, with cars on the road using its DMS/OMS technology up 67% year on year, production volumes up 62% and automotive royalty revenue up 43% to US$9.0m. New and expanded programs in Europe and Japan, alongside launches of impairment detection and a next-generation cabin perception platform, plus growing Guardian aftermarket orders and a new Future Mobility Group, position the company to benefit from rising regulatory-driven demand and expanding royalty streams.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £4.00 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines Adds Singer Capital Markets as Joint Corporate Broker

Seeing Machines Limited has appointed Singer Capital Markets as a joint corporate broker, adding to its existing broker Stifel Nicolaus Europe, in a move that may broaden its access to capital markets and investor networks. The appointment underscores the company’s efforts to strengthen its financing and advisory relationships as it advances the commercial rollout of its AI-driven operator monitoring technologies across global transport safety sectors.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £4.00 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines Rides Regulatory Tailwinds as Automotive and Fleet Safety Sales Surge

Seeing Machines reported strong growth in its automotive driver and occupant monitoring business, with cars on the road using its technology rising 67% year on year to about 4.8 million and quarterly production up 13% from the prior quarter and 117% from a year earlier. Management expects royalty growth to accelerate as European automakers increase driver monitoring system fitment to meet the EU’s 2026 General Safety Regulation mandate, reinforcing the company’s positioning within vehicle safety architectures.

The company’s aftermarket Guardian product for commercial transport fleets posted a sharp rebound, with hardware unit sales jumping to 3,764 from just 368 in the previous quarter and driving a modest increase in annual recurring revenue to $14.0m. CEO Paul McGlone said the improved automotive and Guardian volumes support expectations of achieving positive adjusted EBITDA in the third quarter and in the second half of FY2026, underscoring operational momentum despite some deferred new RFQs and production volumes still tracking below guaranteed levels on a cumulative basis.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £4.00 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines Unveils 3D Cabin Mapping Platform at CES 2026

Seeing Machines has unveiled a next-generation 3D Cabin Perception Mapping platform at CES 2026, delivering real-time, comprehensive digital reconstruction of vehicle interiors from a single high-trust perception layer that supports multiple cameras, occupants and safety features. By replacing traditional feature-specific pipelines with a unified 3D interior model, the new architecture promises higher accuracy, consistency and scalability, cutting development cost and time to market for automakers while enabling flexible deployment and expansion of safety and user experience functions; the technology is also positioned for future use in robotics and broader human–machine interaction environments, reinforcing the company’s push to underpin intelligent, human-centred mobility. Key capabilities demonstrated included multi-row, multi-occupant tracking with full 3D body pose, out-of-position and child-seat detection, seat configuration monitoring and random object detection across the cabin.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £5.00 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines Secures US$14.1m Accelerated Royalty Boost Ahead of First Positive Cash Quarter

Seeing Machines will receive an accelerated lump-sum royalty payment of about US$14.1m from a Tier 1 automotive customer under an existing automotive program guarantee, replacing royalties that would have been paid over the next four years and delivering a high-margin cash injection in the current month. The move is expected to boost profitability and cash generation in the second half of FY2026, with the third quarter set to mark the company’s first period of positive earnings and cash flow, while forthcoming European General Safety Regulation requirements and growing uptake of its Guardian aftermarket solution in Europe and North America are projected to materially lift automotive royalty revenues and quarterly unit sales, supporting improved positive cash flow in early 2026 and strengthening its position as it works toward meeting convertible note obligations in October 2026.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £6.50 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines to Debut 3D Cabin Perception Tech at CES 2026

Seeing Machines will debut its next-generation 3D Cabin Perception Mapping solution at CES 2026, demonstrating high-fidelity in-cabin sensing that tracks all vehicle occupants in real time to improve safety and enhance the in-vehicle experience. The company will also showcase how its interior sensing integrates with exterior sensor systems to support more intelligent, automated driving, highlight its production-ready driver and occupant monitoring rear-view mirror solution used in its largest automotive program to date, and appear in multiple partner exhibits as it deepens collaborations across the autonomous driving ecosystem.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £6.50 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines Launches Future Mobility Group to Target Autonomous Vehicle Deployment

Seeing Machines has created a dedicated Future Mobility Group to capitalise on rising demand from autonomous vehicle programs as the sector shifts from development to commercial deployment. The new unit will embed the company’s next-generation driver and occupant monitoring systems into robotaxis, logistics and delivery fleets, and tele-operated vehicle platforms, aiming to provide scalable, human-centred safety solutions and deepen commercial and technical integration with global autonomy customers, reinforcing its first-mover position in interior sensing for automated transport.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £5.00 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.

Seeing Machines Unveils New Initiative to Combat Alcohol-Related Driver Impairment

Seeing Machines has launched the first part of a new Technical Paper series focused on non-fatigue driver impairment, particularly alcohol-related impairment, using its Driver Monitoring System (DMS) technology. This initiative aims to improve road safety by addressing the limitations of traditional Blood Alcohol Concentration (BAC) measures and providing real-time assessments of functional impairment. The company is collaborating with experts and universities to enhance the effectiveness of DMS technology in detecting impairment from alcohol and other substances, such as cannabis, thereby offering better safety protections for road users.

The most recent analyst rating on (GB:SEE) stock is a Hold with a £5.00 price target. To see the full list of analyst forecasts on Seeing Machines stock, see the GB:SEE Stock Forecast page.