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AEye, Accelight Technologies, and LighTekton Co. Announce Partnership to Bring Lidar Solutions to ChinaRead more

AEye Reports First Quarter 2024 Results

Kicked off key strategic partnership that will bring AEye’s lidar into the China market Fourth consecutive quarter of cash burn reduction

DUBLIN, Calif. – (BUSINESS WIRE) – May 14, 2024 – AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced its results for the first quarter ended March 31, 2024.

Management Commentary

“AEye made incredible progress with our capital-light partnership model in the first quarter, including significantly expanding our strategic opportunities and opening the door to the booming lidar market in China.  The first product from our 4Sight Flex reference design, Apollo, has passed an important technical performance milestone, which is driving interest among automotive OEMs.  Additionally, our new Tier 1 partnership with LITEON creates a path to further strengthening our industry leading product in terms of both cost and performance,” said Matt Fisch, AEye CEO.  “Overall, we are starting off 2024 with strong execution and could not be more excited for what the future holds for AEye.”

Key Q1 2024 Financial Highlights

“We remain focused on cost discipline and have reduced our cash burn rate for the fourth consecutive quarter.  With $28.9 million in cash on our balance sheet at the end of the first quarter, we are confident that these efforts extend our runway into 2025.  We have proven that we can deliver on both our product development goals and successfully execute at a burn rate that’s up to 10x lower than our peers.  Thanks to our capital light business model we believe we have the resiliency to ride out the industry headwinds,” said Conor Tierney, AEye CFO.

In December 2023, the company effected a 1-for-30 reverse stock split and all the financial information disclosed has been adjusted to account for the revised share count numbers.

  • GAAP net loss was $(10.2) million, or $(1.61) per share, based on 6.4 million weighted average common shares outstanding.
  • Non-GAAP net loss was $(7.2) million, or $(1.13) per share, based on 6.4 million weighted average common shares outstanding.
  • Cash, cash equivalents, and marketable securities were $28.9 million as of March 31, 2024.

Conference Call and Webcast Details

AEye management will hold a conference call today, May 14, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these results.  AEye CEO Matt Fisch and CFO Conor Tierney will host the call, followed by a question-and-answer session.

The webcast and accompanying slides will be accessible via the company’s website at https://investors.aeye.ai/.

Access is also available via:

Conference call: https://aeye.pub/3W7rZlg

Webcast: https://aeye.pub/3Uq2JW4

About AEye

AEye’s unique software-defined lidar solution enables advanced driver-assistance, vehicle autonomy, smart infrastructure, and logistics applications that save lives and propel the future of transportation and mobility.  AEye’s 4Sight™ Intelligent Sensing Platform, with its adaptive sensor-based operating system, focuses on what matters most: delivering faster, more accurate, and reliable information.  AEye’s 4Sight™ products, built on this platform, are ideal for dynamic applications which require precise measurement imaging to ensure safety and performance.

Non-GAAP Financial Measures

The non-GAAP measures provided in this press release should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles (GAAP) in the United States.  A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release.  Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies.  AEye considers these non-GAAP financial measures to be important because they provide additional insight into the Company’s on-going performance.  The Company provides this information to investors for a more consistent basis of comparison and to help investors evaluate the results of the Company’s on-going operations, and to help enable more meaningful period-to-period comparisons.  Non-GAAP financial measures are presented only as supplemental information to understand the Company’s operating results.  The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.

This press release includes non-GAAP financial measures, including:

  • Non-GAAP net loss which is defined as GAAP net loss plus stock-based compensation, less change in fair value of convertible note and warrant liabilities, plus one-time termination benefits and other restructuring costs; and
  • Adjusted EBITDA, defined as non-GAAP net loss plus depreciation and amortization expense, less interest expense and other, less interest income and other, plus provision for income tax expense.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995.  Forward-looking statements are sometimes accompanied by words such as “believe,” “continue,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “predict,” “plan,” “may,” “should,” “will,” “would,” “potential,” “seem,” “seek,” “outlook,” and similar expressions that predict or indicate future events or trends, or that are not statements of historical matters.  Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.  Forward looking statements included in this press release include statements about AEye entering the lidar market in China, the progress made on commercialization of AEye’s new Apollo product, the benefits of the new Tier 1 relationship with LITEON, and the Company’s cash position, among others.  These statements are based on various assumptions, whether or not identified in this press release.  These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability.  Actual events and circumstances are very difficult or impossible to predict and will differ from the assumptions.  Many actual events and circumstances are beyond the control of AEye.  Many factors could cause actual future events to differ from the forward-looking statements in this press release, including but not limited to: (i) the risks that the strategic partnership intended to bring AEye’s lidar into the China market may not yield the results anticipated; (ii) the risks that the interest among automotive OEMs in the first product from AEye’s 4Sight Flex reference design, Apollo, may not develop to the extent anticipated, or at all; (iii) the risks that our new Tier 1 partnership with LITEON may not create a path to further strengthening AEye’s industry leading product in terms of cost, performance, or otherwise, to the extent anticipated, or at all; (iv) the risks that the reduction in cash burn may not continue to the extent anticipated, or at all; (v) the risks that the cash runway provided by the cash and marketable securities on AEye’s balance sheet as of March 31, 2024 may not extend AEye’s runway into 2025; (vi) the risks that AEye may be unable to maintain a burn rate that is up to 10x lower than its peers and successfully execute to the extent anticipated, or at all; (vii) the risks that AEye may not have the resiliency to ride out industry headwinds, or that such industry headwinds may last longer than anticipated; (viii) the risks that AEye’s cost reduction initiatives may not continue to be effective to the extent anticipated, or at all, due to unforeseen circumstances, or such reductions may have other non-cash consequences negatively impacting AEye’s business operations; (ix) the risks that market conditions may create delays in the demand for commercial lidar products beyond AEye’s expectations; (x) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (xi) the risks that AEye’s products may not meet the diverse range of performance and functional requirements of target markets and customers; (xii) the risks that AEye’s products may not function as anticipated by AEye, or by target markets and customers; (xiii) the risks that AEye may not be in a position to adequately or timely address either the near or long-term opportunities that may or may not exist in the evolving autonomous transportation industry; (xiv) the risks that laws and regulations are adopted impacting the use of lidar that AEye is unable to comply with, in whole or in part; (xv) the risks associated with changes in competitive and regulated industries in which AEye operates, variations in operating performance across competitors, and changes in laws and regulations affecting AEye’s business; (xvi) the risks that AEye is unable to adequately implement its business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xvii) the risks of economic downturns and a changing regulatory landscape in the highly competitive and evolving industry in which AEye operates.  These risks and uncertainties may be amplified by current or future global conflicts and the lingering effects of the COVID-19 pandemic, both of which continue to cause economic uncertainty.  The foregoing list of factors is not exhaustive.  You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the periodic report that AEye has most recently filed with the U.S. Securities and Exchange Commission, or the SEC, and other documents filed by us or that will be filed by us from time to time with the SEC.  These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.  Forward-looking statements speak only as of the date they are made.

Readers are cautioned not to put undue reliance on forward-looking statements; AEye assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.  AEye gives no assurance that AEye will achieve any of its expectations.

Company Contacts:

Leigh Bannister
AEye, Inc.
lbannister@aeye.ai
925-400-4366

Evan Niu, CFA
Financial Profiles, Inc.
eniu@finprofiles.com
310-622-8243