Significant OEM interest in Apollo; Company
looks toward market launch
Beat guidance on cash burn; new capital
resources extend runway
AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high
performance lidar solutions, today announced its results for the
second quarter ended June 30, 2024.
Management Commentary
“AEye gained significant momentum in the second quarter with our
Apollo product launch, OEM and partner engagements, and access to
additional capital, which could extend our cash runway
considerably. We are pleased with the significant interest we saw
in China following our Apollo product launch in Suzhou in June. Our
on-going collaboration with ATI and LighTekton has exceeded our
expectations and has led to multiple OEM introductions.
“With respect to our Tier 1 partner, LITEON, we are seeing
tangible results from their ability to leverage their supply chain
coupled with their expertise in optics. We have successfully
completed the technology transfer to them and are now jointly
executing a product cost reduction initiative. This partnership
continues to drive OEM interest due to LITEON’s track record of
industrializing products and bringing innovative cost-competitive
automotive components to the global market.
“Our capital-light partnership model allows us to concentrate on
key fundamentals: advancing our technology, attracting strategic
partners, and driving company value with modest capital
requirements compared to our peers. We are entering the next
chapter in AEye’s development where we will bring Apollo to market
and actively pursue product design wins with the help of our
partners,” said Matt Fisch, AEye CEO. “Overall, our financial
performance and market trends indicate a positive trajectory, and
we are excited about the future of AEye.”
Key Q2 2024 Financial
Highlights
“During the second quarter, we strengthened our balance sheet,
extended our cash runway into the third quarter of 2025, and
secured access to up to $50 million in additional liquidity. At the
end of the second quarter, AEye had $28 million in cash, cash
equivalents, and marketable securities. We also reduced our net
cash burn for the fifth consecutive quarter, and AEye is on track
to outperform our cash burn guidance for 2024. Factoring in our
ongoing cost savings initiatives, in combination with our existing
liquidity position (including up to $50 million in liquidity
pursuant to the previously announced equity reserve facility with
New Circle), and any additional funds raised from capital markets
activity, could provide us with up to four years of cash runway,”
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 $(8.0) million, or $(1.16) per share, based
on 6.9 million weighted average common shares outstanding.
- Non-GAAP net loss was $(6.2) million, or $(0.91) per share,
based on 6.9 million weighted average common shares
outstanding.
- Cash, cash equivalents, and marketable securities were $28
million as of June 30, 2024.
Conference Call and Webcast
Details
AEye management will hold a conference call today, August 5,
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/4f3SCOH
Webcast: https://aeye.pub/3zEQrkK
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 help investors evaluate the
results of the Company’s on-going operations and to enable more
meaningful and consistent 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, plus change in fair value
of convertible note and warrant liabilities, plus one-time
termination benefits and other restructuring costs, plus impairment
of right-of-use assets; and
Adjusted EBITDA, defined as non-GAAP net loss
plus depreciation and amortization expense, less interest income
and other, less interest expense 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 launch of AEye’s new product, Apollo, the continued momentum
with OEM and partner engagements, access to additional capital and
the impact on AEye’s cash runway, and the Company’s cash position
and cost reduction initiatives, 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 significant OEM interest AEye has seen in its
Apollo product, including the multiple OEM introductions, may not
materialize into revenue to the extent anticipated, or in the time
frame anticipated, or at all; (ii) the risks that the new capital
resources may not extend AEye’s runway to the extent anticipated,
or at all; (iii) the risks that the tangible results seen from
AEye’s Tier 1 partner, LITEON, may not materialize to the extent
anticipated, or at all; (iv) the risks that the OEM interest driven
by AEye’s partnership with LITEON may not continue to the extent
anticipated, or at all; (v) the risks that AEye’s concentration on
key fundamentals may not yield the results anticipated, or in the
time frame anticipated; (vi) the risks that AEye may be unable to
bring the Apollo product to market as anticipated, or at all, nor
be able to actively pursue product design wins to the extent
anticipated, or at all; (vii) the risks that the financial
performance of AEye and the market trends may not continue as
anticipated; (viii) the risks that the cash on hand may not be
sufficient to extend AEye’s cash runway into the third quarter of
2025 due to unforeseen or other circumstances; (ix) the risks that
AEye will be unable to access some or all of the $50 million in
additional liquidity due to the limitations set forth in the
associated stock purchase agreement, or otherwise; (x) the risks
that AEye may be unable to outperform its cash burn guidance for
2024; (xi) the risks that the ongoing cash savings initiatives,
capital raises, and other liquidity resources may not be sufficient
to create a four-year cash runway, due to the inability to access
the other liquidity sources, unforeseen circumstances, or
otherwise; (xii) the risks that AEye’s continuing 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; (xiii) the risks that market
conditions create delays in the demand for commercial lidar
products beyond AEye’s expectations; (xiv) the risks that lidar
adoption occurs slower than anticipated or fails to occur at all;
(xv) the risks that AEye’s products may not meet the diverse range
of performance and functional requirements of target markets and
customers; (xvi) the risks that AEye’s products may not function as
anticipated by AEye, or by target markets and customers; (xvii) 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;
(xviii) 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; (xix) 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; (xx) the risks that AEye is
unable to adequately implement its business plans, forecasts, and
other expectations, and identify and realize additional
opportunities; and (xxi) 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.
AEYE, INC. Consolidated Balance Sheets (In
thousands) (Unaudited) June 30,2024
December 31,2023 ASSETS Current Assets: Cash
and cash equivalents
$
11,215
$
16,932
Marketable securities
16,774
19,591
Accounts receivable, net
7
131
Inventories, net
382
583
Prepaid and other current assets
1,793
2,517
Total current assets
30,171
39,754
Right-of-use assets
10,499
11,226
Property and equipment, net
459
281
Restricted cash
2,150
2,150
Other noncurrent assets
735
906
Total assets
$
44,014
$
54,317
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
Liabilities: Accounts payable
$
3,678
$
3,442
Accrued expenses and other current liabilities
5,178
6,585
Contract liabilities
74
—
Total current liabilities
8,930
10,027
Operating lease liabilities, noncurrent
14,064
14,858
Convertible note
146
—
Other noncurrent liabilities
64
409
Total liabilities
23,204
25,294
Stockholders’ Equity: Preferred stock
—
—
Common stock
1
1
Additional paid-in capital
376,658
366,647
Accumulated other comprehensive (loss) income
(8
)
10
Accumulated deficit
(355,841
)
(337,635
)
Total stockholders’ equity
20,810
29,023
Total liabilities and stockholders’ equity
$
44,014
$
54,317
AEYE, INC.
Consolidated Statements of
Operations
(In thousands, except share amounts and
per share data)
(Unaudited)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Revenue: Prototype sales
$
6
$
245
$
26
$
370
Development contracts
26
326
26
837
Total revenue
32
571
52
1,207
Cost of revenue
160
1,911
423
4,172
Gross loss
(128
)
(1,340
)
(371
)
(2,965
)
Operating expenses: Research and development
3,838
5,897
8,370
15,339
Sales and marketing
67
2,604
408
8,872
General and administrative
4,223
6,345
9,838
14,899
Total operating expenses
8,128
14,846
18,616
39,110
Loss from operations
(8,256
)
(16,186
)
(18,987
)
(42,075
)
Other income (expense): Change in fair value of convertible note
and warrant liabilities
(15
)
(116
)
(13
)
(926
)
Interest income and other
228
301
423
578
Interest expense and other
56
(11
)
373
165
Total other income (expense), net
269
174
783
(183
)
Loss before income tax expense
(7,987
)
(16,012
)
(18,204
)
(42,258
)
Provision for income tax expense
—
19
2
38
Net loss
$
(7,987
)
$
(16,031
)
$
(18,206
)
$
(42,296
)
Per Share Data Net loss per common share (basic and diluted)
$
(1.16
)
$
(2.74
)
$
(2.80
)
$
(7.51
)
Weighted average common shares outstanding (basic and
diluted)
6,874,454
5,855,866
6,499,089
5,632,091
AEYE, INC.
Consolidated Statements of Cash
Flows
(In thousands)
(Unaudited)
Six months ended June
30,
2024
2023
Cash flows from operating activities: Net loss
$
(18,206
)
$
(42,296
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
56
666
Gain on sale of property and equipment, net
—
(52
)
Noncash lease expense relating to operating lease right-of-use
assets
727
706
Impairment of right-of-use assets
—
47
Inventory write-downs, net of scrapped inventory
112
544
Change in fair value of convertible note and warrant liabilities
13
926
Stock-based compensation
4,754
10,623
Amortization of premiums and accretion of discounts on marketable
securities, net of change in accrued interest
(428
)
(65
)
Expected credit losses
34
—
Changes in operating assets and liabilities: Accounts receivable,
net
90
327
Inventories, current and noncurrent, net
89
(2,502
)
Prepaid and other current assets
724
2,884
Other noncurrent assets
171
(2,164
)
Accounts payable
108
282
Accrued expenses and other current liabilities
(1,402
)
(785
)
Operating lease liabilities
(799
)
(749
)
Contract liabilities
74
(837
)
Other noncurrent liabilities
(358
)
—
Net cash used in operating activities
(14,241
)
(32,445
)
Cash flows from investing activities: Purchases of property
and equipment
(234
)
(808
)
Proceeds from sale of property and equipment
—
96
Purchases of marketable securities
(15,173
)
—
Proceeds from redemptions and maturities of marketable securities
18,400
35,850
Net cash provided by investing activities
2,993
35,138
Cash flows from financing activities: Proceeds from exercise
of stock options
134
391
Proceeds from the issuance of convertible note
146
—
Payments for convertible note redemptions
—
(4,973
)
Taxes paid related to the net share settlement of equity awards
(47
)
(1,051
)
Proceeds from issuance of common stock under the Common Stock
Purchase Agreements
5,560
—
Stock issuance costs related to Common Stock Purchase Agreements
(288
)
—
Proceeds from issuance of common stock through the Employee Stock
Purchase Plan
26
118
Net cash provided by (used in) financing activities
5,531
(5,515
)
Net decrease in cash, cash equivalents and restricted cash
(5,717
)
(2,822
)
Cash, cash equivalents and restricted cash at beginning of period
19,082
21,214
Cash, cash equivalents and restricted cash at end of period
$
13,365
$
18,392
AEYE, INC.
Reconciliation of GAAP to Non-GAAP
Financial Measures
(In thousands, except share amounts and
per share data)
(Unaudited)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
GAAP net loss
$
(7,987
)
$
(16,031
)
$
(18,206
)
$
(42,296
)
Non-GAAP adjustments: Stock-based compensation
1,740
4,110
4,754
10,623
Change in fair value of convertible note and warrant liabilities
15
116
13
926
One-time termination benefits and other restructuring costs
—
45
—
1,298
Impairment of right-of-use assets
—
47
—
47
Non-GAAP net loss
$
(6,232
)
$
(11,713
)
$
(13,439
)
$
(29,402
)
Depreciation and amortization expense
27
336
56
666
Interest income and other
(228
)
(301
)
(423
)
(578
)
Interest expense and other
(56
)
(36
)
(373
)
(212
)
Provision for income tax expense
—
19
2
38
Adjusted EBITDA
$
(6,489
)
$
(11,695
)
$
(14,177
)
$
(29,488
)
GAAP net loss per share attributable to common
stockholders: Basic and diluted
$
(1.16
)
$
(2.74
)
$
(2.80
)
$
(7.51
)
Non-GAAP net loss per share attributable to common
stockholders: Basic and diluted
$
(0.91
)
$
(2.00
)
$
(2.07
)
$
(5.22
)
Shares used in computing GAAP net loss per share attributable to
common stockholders: Basic and diluted
6,874,454
5,855,866
6,499,089
5,632,091
Shares used in computing Non-GAAP net loss per share
attributable to common stockholders: Basic and diluted
6,874,454
5,855,866
6,499,089
5,632,091
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240805846698/en/
Investor Relations Contacts:
Agency Contact Evan Niu, CFA Financial Profiles, Inc.
eniu@finprofiles.com 310-622-8243 Company Contact AEye, Inc.
Investor Relations info@aeye.ai 925-400-4366
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