London, July 2, 2026, 21:03 BST
- London closed at the usual 0800-1630 BST slot. No trading after the bell.
- Seeing Machines ended the session 8.1% higher at 4.62p. The FTSE AIM 100 gained 0.25%.
- Seeing Machines said in a July 1 RNS it has several term sheets to refinance its convertible note coming due Oct. 4.
London trading finished for the day after the regular 0800-1630 BST hours. Shares of Seeing Machines Limited (LON:SEE) ended Thursday up 8.1% at 4.62p. The FTSE AIM 100 also rose, closing 0.25% higher at 3,608.56.
Volume stood out. AJ Bell showed Thursday volume at 16.28 million shares, with a market value near 221.7 million pounds. Investors Chronicle put average volume at 6.67 million and noted the stock is still 28.7% under its 52-week peak of 6.48p from Jan. 5.
| Thursday readout | Seeing Machines | Comparison |
|---|---|---|
| Share price | 4.62p | Last close was 4.28p |
| One-day move | up 8.07% | FTSE AIM 100 up 0.25% |
| Volume | 16.28 mln shares | 2.4 times normal |
| 52-week position | 28.7% off the high | 52-week high 6.48p, low 2.40p |
SEE shares reacted right after the RNS, with Sharecast saying Wednesday the stock was 2.6% higher at 4.39p at 1014 BST. The stock finished Thursday at 4.62p, roughly 5% above Wednesday’s mid-morning level, so buyers kept coming in after the initial headlines.
Wednesday’s RNS was brief and skipped lender names or deal terms. Seeing Machines said it’s talking with potential lenders and has several term sheets in hand to refinance the convertible note before it matures on Oct. 4. CEO Paul McGlone said the group had “received multiple term sheets” and was still on track to finish the process “well ahead” of the deadline. Investegate
The move in the shares matters because of the debt math. Magna International Inc. (NYSE:MGA) did a deal with Seeing Machines in 2022 for as much as $47.5 million via a four-year non-transferable convertible note. The conversion price is 11p, the all-in yield is 8%. At Thursday’s close of 4.62p, that conversion price is about 138% higher than the market price.
| Convertible-note datapoint | Figure | Investor issue |
|---|---|---|
| Stated maturity | Oct. 4, 2026 | Maturity lands in about three months |
| Original conversion price | 11p | More than double Thursday’s close at 2.38x |
| Original note capacity | Up to $47.5 mln | Big size next to £221.7 mln in market cap |
| All-in yield in 2022 terms | 8% | Still no details on how much refinancing will run |
Company-posted consensus forecasts show underlying revenue rising from $78.5 million in FY2026 to $103.4 million in FY2027. Adjusted EBITDA is seen swinging from a $3.0 million loss to a $16.0 million profit. The company says analysts including Stifel’s Peter McNally, Singer Capital Markets’ Harold Evans and Peel Hunt’s Oliver Tipping cover the stock.
| Company consensus | FY2026 | FY2027 | Change |
|---|---|---|---|
| Underlying revenue | $78.5 mln | $103.4 mln | up 32% |
| Adjusted EBITDA | $(3.0) mln | $16.0 mln | improved by $19.0 mln |
The numbers behind that outlook are starting to move. In May, Seeing Machines said Q3 automotive production volumes hit 1.28 million units, up 122% from Q2 and 259% higher than last year. The number of cars on the road with its DMS/OMS tech jumped 88% to 6.10 million. Guardian ARR increased 5% over Q2 to $14.7 million.
| Operating data | Latest reported figure | Comparison |
|---|---|---|
| Automotive output | 1,284,557 units | Up 122% from last quarter; up 259% from a year ago |
| Vehicles on road with tech | 6,103,288 | Up 88% year over year |
| Guardian ARR | $14.7 mln | Up 5% from last quarter |
| Q3 auto royalty revenue | Higher than H1 FY2026 combined | No dollar amount given in KPI release |
McGlone in the KPI release called Q3 a “clear inflection point.” Then on June 18, the company said it would add $31 million to an existing auto production job with a big European OEM, with production set for the second half of 2026. OEMs, McGlone said, are showing more interest in “proven, production-ready technology.” Investegate
Regulation sets the timeline for revenue. EU Regulation 2019/2144 includes driver drowsiness and distraction alerts on the list of mandatory vehicle tech. In its Q3 update, Seeing Machines pointed out that OEMs are now getting ready for the European General Safety Regulation cut-off in July 2026.
There’s still a lot missing: the July 1 update did not include signed paperwork, the lender list, coupon, covenants, or the current outstanding amount. The company said closing still depended on standard documentation.
