In November 2021, the Queensland government installed high-tech artificial intelligence (AI)-enabled cameras across the region to curb irresponsible driving. Less than a year in, they raked in $100 million in fines, thanks to people caught using their phones while driving or not wearing their seatbelts.
No doubt, there are fewer effective ways of making people comply than taking the weight off their wallets. Between 2022 and 2023, driver fatalities in Queensland reduced by 18.8%, with passenger fatalities falling by 36.7%.
To maintain the positive road safety trajectory, the Queensland Department of Transport & Main Roads (DTMR) has extended tech company Acusensus’ (ASX: ACE) contract. Acusensus had designed the AI cameras that kept track of mobile phone usage and seat belt compliance.
The Mobile Phone & Seatbelt Safety Technology Enforcement Framework has now been extended.
The revised contract between DTMR and Acusensus Australia Pty Ltd, a wholly owned subsidiary of Acusensus, will include additional Acusensus ‘Heads-Up’ solutions to support various regional locations in Queensland.
Acusensus Founder and Managing Director, Alexander Jannink, said, “We are very pleased to be extending upon the success of the program with the Queensland Department of Transport & Main Roads. This contract has resulted in reductions in mobile phone use across the Queensland road network, and increases in seatbelt compliance. These outcomes resulted in a reduction in crashes, and a reduction in road fatalities, as evidenced by the improving road casualty trends in Queensland in comparison to other jurisdictions in Australia. We look forward to further supporting the Queensland Government in its efforts to improve road safety in the state.”
Besides detecting seatbelt non-compliance and illegal mobile phone usage, Acusensus’s Head’s Up solution can also track speeding and capture number plates. The initial Mobile Phone & Seatbelt Safety Technology Enforcement Framework contract was for a term of five years from 7 June 2021, with an option for DTMR to renew the Agreement for two further 12-month periods. The additional solutions are expected to be introduced by December 1, 2023 (following acceptance by DTMR) for a five-year period.
Revenue as a result of the variation to the contract is approximately $10.2 million (inclusive of GST) over the five-year period, resulting in total revenue over the lifetime of the contract with DTMR of approximately $31 million (including GST). That said, the Company has not revealed what solutions will be added.
In Q4 FY23, the Company’s cash receipts were $11.6 million (including unearned income of $300k). Its unaudited revenue for the quarter totalled $11.3 million, representing a 30% increase on revenue of $8.7 million in the pcp, thanks to a 24% growth in existing contracts. For FY23, its unaudited full-year revenue of $42.0 million marked an uptick of 46.3% on $28.7 million in the pcp.
With over $28 million cash in hand and contracts across Australia and the US, Acusensus is making a case for AI-based road safety everywhere.
Alinda is a Business Reporter for The Sentiment
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