Stifel, the American investment bank, maintained a 'buy' rating for shares in Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) after the company's prelims - figures that recorded a better-than-expected 48% surge in revenues to US$57.8 million.
It also highlighted a 91% increase in high-margin royalty income as it gave a generally upbeat assessment of the business' prospects.
"We think the market for automotive driver monitoring systems is now accelerating into fast-approaching European regulatory deadlines," Stifel also noted.
Its technology is becoming pivotal in monitoring driver distraction, though it has cross-over applications, including aviation.
According to the results statement, Seeing Machines is on track for cash break-even by 2025 and anticipates its revenues to more than double to US$125 million by 2026. At the end of last month, it had US$30.6 million in the bank.
Mid-afternoon, the shares were down 3.2% at 5.28p. Investment bank Peel Hunt reckons the stock is worth 12p.