Transport-technology company, Seeing Machines, has announced that its pretax loss for the year ending June 30 has narrowed to $15.6 million compared to $18.5 million the previous year. Additionally, revenue has surged to $57.8 million from $39.0 million, which surpasses the company's own expectations of $53.9 million.
The CEO of Seeing Machines, Paul McGlone, expressed optimism about the future: "Our three established business units are projected to experience continued growth as we approach compliance deadlines in Europe. With every vehicle on European roads requiring technology to address the risks of fatigue and distraction, we anticipate promising results."
Furthermore, Seeing Machines has set an ambitious revenue target of at least $125 million by fiscal 2026.
In another development, the company has signed a purchase agreement and statement of work with RTX to collaboratively develop an eye-tracking aviation fatigue detection product. As part of this agreement, Seeing Machines will receive non-recurring engineering revenue amounting to $2.65 million over two years. The final product will ultimately be introduced to the commercial aviation market by RTX's Collins Aerospace.
