London AI car firm records surge in revenue on demand for driver-tracking software
Car tech firm Seeing Machines has accelerated into profitability after new European safety legislation triggered a surge in demand for its driver-tracking software.
The AIM-listed group, which builds camera and AI software that tracks drivers’ eyes and heads in real time, reported a 45 per cent jump in revenue to $76.3m, up from $52.8m the year prior. In the second half of the year alone, revenue surged 126 per cent.
This came from a 135 year-on-year jump in royalties revenue to $33.9m after global car manufacturers rapidly scaled up integration of Seeing Machines’ systems in light of new European legislation. The European Union’s General Safety Regulation (GSR) mandate, which came into force on 7 July 2026, requires camera-based driver monitoring technology across all new vehicle registrations in Europe.
Production volumes of cars using Seeing Machines technology expanded by 195 per cent to nearly 4.5m units. In the fourth quarter, the firm hit a new record with quarterly production hitting 2.1m units – rocketing 333 per cent on the previous year.
The firm is expecting earnings before tax to come between $10.7m and $11.7m for the second half, a swing from a $13.7m loss in the first half. It expects to close the fiscal year with $4.3m in cash.
Seeing Machines goes global
Seeing Machines expanded its global footprint with tie-ups with three new Japanese automakers as well as adding other $40m in new programme expansions with its existing tranche of European manufacturers.
More than 8.2m vehicles worldwide are estimated to be operating with the company’s safety software on board.
Its commercial fleet technology Guardian, which is used by Transport for London, also recorded a 90 per cent quarter-over-quarter surge in hardware unit sales in the final quarter, bringing its full-year revenue to $15m.
Paul McGlone, chief executive of Seeing Machines, said the firm’s latest financial year was “pivotal” and added the new legislation had meant demand for systems was “increasingly underpinned by regulatory requirements”.