AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high
performance lidar solutions, today announced its results for the
second quarter ended June 30, 2023.
Management Commentary
“AEye has taken a significant step forward this quarter in our
path to commercialization in the automotive market,” said Matt
Fisch, AEye CEO. “We’ve achieved major in-vehicle test milestones
with three prestigious industry players, including NVIDIA and two
global automotive OEMs; AEye has solidified a production-ready
supply chain with Continental to deliver an ADAS product at a price
well below $1,000; and we have been named a finalist for two
automotive series production awards, with a strong pipeline of OEM
RFQs representing a sizable revenue opportunity. Thanks to our
capital-light licensing model and careful expense management, we
accomplished these key milestones while reducing our cash burn
rate. Looking ahead, we see momentum continuing to build throughout
2023 and beyond.”
Key Q2 2023 Financials
Overall, the cost reduction initiatives we implemented in the
second quarter resulted in savings that exceeded our expectations
and were an important driver in the improvement of our Q2 GAAP and
non-GAAP net loss.
- Revenue of $0.6 million in the second quarter of 2023.
- GAAP net loss was $(16.0) million, or $(0.09) per share based
on 175.7 million weighted average common shares outstanding.
- Non-GAAP net loss was $(11.7) million, or $(0.07) per share
based on 175.7 million weighted average common shares
outstanding.
- Cash, cash equivalents, and marketable securities were $58.7
million as of June 30, 2023.
Conference Call and Webcast
Details
AEye management will hold a conference call today, August 7,
2023, at 1:30 p.m. Pacific Time (4:30 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/3pNgUb0
- Webcast: https://aeye.pub/43tMxEp
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. AEye has a
global presence through its offices in Germany, Korea, and the
United States.
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 for the
purpose of understanding 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, plus expenses related to the registration
statements on Form S-1, plus change in fair value of convertible
note and warrant liabilities, plus stock issuance costs, plus
one-time termination benefits, plus impairment of ROU assets,
and
- Adjusted EBITDA which is 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
the commercialization of AEye’s products, the achievement of
certain milestones, the readiness of the supply chain, and AEye’s
status with respect to certain automotive series production awards,
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
AEye’s significant step forward in its path to commercialization in
the automotive market may not result in the benefits anticipated,
or if it does, in the time frame anticipated; (ii) the risks that
AEye’s achievement of major in-vehicle test milestones may not
result in the benefits anticipated, or if it does, in the time
frame anticipated; (iii) the risks that the solidified
production-ready supply chain with Continental may not result in
the benefits anticipated, including the ability to deliver an ADAS
product at a price well below $1,000, or if it does, in the time
frame anticipated; (iv) the risks that AEye, despite being named a
finalist for two automotive series production awards, may not be
awarded one or both of the anticipated series production awards;
(v) the risks that the strong pipeline of OEM RFQs, representing a
sizable revenue opportunity, may not materialize in the time frame
anticipated, or at all; (vi) the risks that the momentum may not
continue to build throughout 2023 or beyond to the extent
anticipated, or at all; (vii) the risks that AEye’s
automotive-first strategy, capital-light model, and strategic
partnership with Continental may not result in the anticipated
opportunity for AEye to effectively capitalize on the market
opportunity ahead, and such market opportunity, if any, may not be
of the size AEye expected, materialize in the time frame
anticipated, or create the anticipated value for our shareholders;
(viii) the risks that AEye may fail to strengthen its competitive
position or deliver on its key objectives due to supply chain
disruptions, economic uncertainties, or otherwise; (ix) the risks
that AEye’s products will not meet the diverse range of performance
and functional requirements of AEye’s target markets and customers;
(x) the risks that the size of the total available market for the
use of lidar will be smaller than predicted or take longer to come
to fruition than predicted; (xi) the risks that AEye may not
continue to execute against its business plan to the extent
anticipated, or at all; (xii) the risks that lidar adoption occurs
slower than anticipated or fails to occur at all; (xiii) the risks
that AEye is unable to adequately implement business plans,
forecasts, and other expectations, and identify and realize
additional opportunities; and (xvi) 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 the lingering effects of the
COVID-19 pandemic, which continues to cause significant 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.
AEYE, INC.Consolidated Balance Sheets(In
thousands)(Unaudited) June 30, 2023 December 31,
2022 ASSETS Current Assets: Cash and cash
equivalents $
18,392
$
19,064
Marketable securities
40,260
75,135
Accounts receivable, net
290
617
Inventories, net
4,913
4,553
Prepaid and other current assets
3,297
6,181
Total current assets
67,152
105,550
Right-of-use assets
14,749
15,502
Property and equipment, net
7,783
7,665
Restricted cash
-
2,150
Other noncurrent assets
6,235
2,473
Total assets $
95,919
$
133,340
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
Liabilities: Accounts payable $
3,520
$
3,218
Accrued expenses and other current liabilities
9,020
9,764
Contract liabilities
150
987
Convertible notes
1,641
8,594
Total current liabilities
14,331
22,563
Operating lease liabilities, noncurrent
15,888
16,681
Other noncurrent liabilities
44
126
Total liabilities
30,263
39,370
Stockholders' Equity: Preferred stock
—
—
Common stock
18
16
Additional paid-in capital
358,833
345,742
Accumulated other comprehensive loss
(390
)
(1,279
)
Accumulated deficit
(292,805
)
(250,509
)
Total stockholders’ equity
65,656
93,970
Total liabilities and stockholders’ equity $
95,919
$
133,340
AEYE, INC.Consolidated Statements of Operations(In thousands,
except share and per share data)(Unaudited)
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Revenue: Prototype sales $
245
$
195
$
370
$
530
Development contracts
326
511
837
1,258
Total revenue
571
706
1,207
1,788
Cost of revenue
1,911
1,427
4,172
2,909
Gross loss
(1,340
)
(721
)
(2,965
)
(1,121
)
Operating Expenses: Research and development
5,897
10,762
15,339
19,338
Sales and marketing
2,604
5,323
8,872
9,939
General and administrative
6,345
9,827
14,899
21,157
Total operating expenses
14,846
25,912
39,110
50,434
Loss from operations
(16,186
)
(26,633
)
(42,075
)
(51,555
)
Other income (expense): Change in fair value of convertible
note and warrant liabilities
(116
)
141
(926
)
109
Interest income and other
301
350
578
774
Interest expense and other
(11
)
(307
)
165
(650
)
Total other income (expense), net
174
184
(183
)
233
Provision for income tax expense
19
18
38
26
Net loss $
(16,031
)
$
(26,467
)
$
(42,296
)
$
(51,348
)
Per Share Data Net loss per common share (basic and diluted)
$
(0.09
)
$
(0.17
)
$
(0.25
)
$
(0.33
)
Weighted average common shares outstanding (basic and diluted)
175,675,994
157,310,419
168,962,722
156,071,676
AEYE, INC.Consolidated Statements of Cash Flows(In
thousands)(Unaudited)
Six months ended June
30,
2023
2022
Cash flows from operating activities: Net loss $
(42,296
)
$
(51,348
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
666
463
Gain on sale of property and equipment, net
(52
)
—
Noncash lease expense relating to operating lease right-of-use
assets
706
654
Impairment of right-of-use assets
47
—
Inventory write-downs, net of scrapped inventory
544
335
Change in fair value of convertible note and warrant liabilities
926
(109
)
Stock-based compensation
10,623
11,897
Amortization of premiums and accretion of discounts on marketable
securities, net of change in accrued interest
(65
)
826
Changes in operating assets and liabilities: Accounts receivable,
net
327
4,033
Inventories, current and noncurrent, net
(2,502
)
(1,316
)
Prepaid and other current assets
2,884
900
Other noncurrent assets
(2,164
)
411
Accounts payable
282
932
Accrued expenses and other current liabilities
(785
)
1,354
Operating lease liabilities
(749
)
(859
)
Contract liabilities
(837
)
(1,285
)
Net cash used in operating activities
(32,445
)
(33,112
)
Cash flows from investing activities: Purchase of property
and equipment
(808
)
(1,759
)
Proceeds from sale of property and equipment
96
—
Proceeds from redemptions and maturities of marketable securities
35,850
26,234
Net cash provided by investing activities
35,138
24,475
Cash flows from financing activities: Proceeds from exercise
of stock options
391
668
Taxes paid related to the net share settlement of equity awards
(1,051
)
(3,400
)
Payments for convertible note redemptions
(4,973
)
—
Proceeds from issuance of common stock under the Common Stock
Purchase Agreement
—
1,422
Proceeds from issuance of common stock through Employee Share
Purchase Plan
118
—
Net cash used in financing activities
(5,515
)
(1,310
)
Net increase (decrease) in cash, cash equivalents and restricted
cash
(2,822
)
(9,947
)
Cash, cash equivalents and restricted cash at beginning of period
21,214
16,333
Cash, cash equivalents and restricted cash at end of period
$
18,392
$
6,386
AEYE, INC.Reconciliation of GAAP to Non-GAAP Financial
Measures(In thousands, except share and per share
data)(Unaudited)
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
GAAP net loss $
(16,031
)
$
(26,467
)
$
(42,296
)
$
(51,348
)
Non-GAAP adjustments: Stock-based compensation
4,110
6,557
10,623
11,897
Expenses related to registration statement on Form S-1s
—
250
—
250
Change in fair value of convertible note and warrant liabilities
116
(141
)
926
(109
)
Stock issuance costs
—
28
—
28
One-time termination benefits
45
—
1,298
—
Impairment of right-of-use assets
47
—
47
—
Non-GAAP net loss $
(11,713
)
$
(19,773
)
$
(29,402
)
$
(39,282
)
Depreciation and amortization expense
336
255
666
463
Interest income and other
(301
)
(350
)
(578
)
(774
)
Interest expense and other
(36
)
279
(212
)
622
Provision for income tax expense
19
18
38
26
Adjusted EBITDA $
(11,695
)
$
(19,571
)
$
(29,488
)
$
(38,945
)
GAAP net loss per share attributable to common
stockholders: Basic and diluted $
(0.09
)
$
(0.17
)
$
(0.25
)
$
(0.33
)
Non-GAAP net loss per share attributable to common
stockholders: Basic and diluted $
(0.07
)
$
(0.13
)
$
(0.17
)
$
(0.25
)
Shares used in computing GAAP net loss per share attributable to
common stockholders: Basic and diluted
175,675,994
157,310,419
168,962,722
156,071,676
Shares used in computing Non-GAAP net loss per share
attributable to common stockholders: Basic and diluted
175,675,994
157,310,419
168,962,722
156,071,676
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807663938/en/
Jennifer Deitsch AEye, Inc. jennifer@aeye.ai 925-400-4366
Margaret Boyce Financial Profiles, Inc. mboyce@finprofiles.com
310-622-8247
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