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Seeing Machines drops revenue forecast after delayed orders
Computer vision technology firm Seeing Machines warned investors on Monday that a recent shipping delay has caused the company to lower its full-year sales estimates by as much as A$13m.
As a result of a "global shortage" in traditionally short lead-time parts used in Seeing Machine's second-generation fleet product, the Guardian Gen II, production of several units due to be shipped "shortly", would now be delayed roughly six weeks, resulting in revenue expected from the sale falling outside of the current financial year.
Seeing Machines now expects to achieve sales of A$30m to A$35m, versus its previous outlook of A$38m to A$43m provided back in October 2017.
"Seeing Machines remains optimistic and excited by the large and fast-growing market opportunities across all transport sectors. The Fleet business has very strong momentum, with an installed base of 10,000 units, around the world and a strong pipeline of sales opportunities, representing total commercial value of over AUD $200m through engagements with large transport and logistics companies in Asia Pacific, Europe, UK, the Middle East and USA, and a growing ecosystem of distributors globally," the firm said.
As of 0830 BST, Seeing Machines shares had lost 9.94% to 7.70p.