Results from Seeing Machines Ltd's (AIM:SEE, OTC:SEEMF) Swedish-based competitor, Smart Eye, this morning suggest the AIM-listed company is in a "better competitive position", according to broker Stifel.
Smart Eye's small Automotive division, which is the division that competes directly with Seeing Machines, has shown organic growth of 73% to SEK19.9 million, which Stifel said is "a significant uptick in growth but is still much smaller in absolute terms (US$1.8 million or £1.4 million) for the quarter and compares to Seeing Machines US$57.8 million (£45.7 million) for FY23".
Smart Eye won one "small looking" deal in the aftermarket but otherwise, the business "seems to have been quiet with no other new wins" and the company's estimated revenue metric remaining static.
"In our view, Seeing Machines still appears to be in a better competitive position given the current pace of Automotive production," the analysts said.