Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries AEye Reports First Quarter 2023 Results By: AEye, Inc. via Business Wire May 11, 2023 at 16:05 PM EDT AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced its results for the first quarter ended March 31, 2023. Management Commentary “After a comprehensive review of AEye’s business, it was clear that we needed to intensify our focus on automotive and our path to commercialization with Continental, while aligning our resources with this streamlined business model,” said Matt Fisch, Chief Executive Officer of AEye. “During the first quarter of 2023, we made considerable progress in reducing our cost structure to align with the go-forward model, and by doing so, we have a plan to extend our cash runway through the end of 2024. I’m confident that AEye’s automotive-first strategy, capital-light model, and strategic partnership with Continental uniquely position us to capitalize on the enormous market opportunity ahead and to create value for our shareholders.” Q1 2023 Financials Revenue of $0.6 million in the first quarter of 2023. GAAP net loss was $(26.3) million, or $(0.16) per share based on 165.9 million weighted average common shares outstanding. Non-GAAP net loss was $(17.7) million, or $(0.11) per share based on 165.9 million weighted average common shares outstanding. Cash, cash equivalents, and marketable securities were $74.1 million as of March 31, 2023. Conference Call and Webcast Details AEye management will hold a conference call today, May 11, 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/448YmRM Webcast: https://aeye.pub/3LzVxSS 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 comparison. 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 change in fair value of convertible note and warrant liabilities, plus one-time termination benefits, 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 AEye’s business model, cost structure, and cash runway, as well as the strategic partnership with Continental and the ability to capitalize on the market opportunity and create value for shareholders, 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 focus on automotive and commercialization with Continental may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (ii) the risks that the reduced cost structure achieved during the first quarter of 2023 may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (iii) the risks that the reduced cost structure alone, or in conjunction with unforeseen future events, may not extend AEye’s cash runway through the end of 2024 as planned; (iv) 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; (v) 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; (vi) the risks that AEye’s products will not meet the diverse range of performance and functional requirements of AEye’s target markets and customers; (vii) 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; (viii) the risks that AEye may not continue to execute against its business plan to the extent anticipated, or at all; (ix) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (x) the risks that AEye is unable to adequately implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xi) 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) March 31, 2023 December 31, 2022 ASSETS Current Assets: Cash and cash equivalents $ 20,501 $ 19,064 Marketable securities 53,592 75,135 Accounts receivable, net 123 617 Inventories, net 4,695 4,553 Prepaid and other current assets 3,527 6,181 Total current assets 82,438 105,550 Right-of-use assets 15,152 15,502 Property and equipment, net 7,902 7,665 Restricted cash 2,150 2,150 Other noncurrent assets 2,438 2,473 Total assets $ 110,080 $ 133,340 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 2,209 $ 3,218 Accrued expenses and other current liabilities 9,646 9,764 Contract liabilities 476 987 Convertible notes 5,384 8,594 Total current liabilities 17,715 22,563 Operating lease liabilities, noncurrent 16,287 16,681 Other noncurrent liabilities 112 126 Total liabilities 34,114 39,370 Stockholders' Equity: Preferred stock — — Common stock 17 16 Additional paid-in capital 353,533 345,742 Accumulated other comprehensive loss (810 ) (1,279 ) Accumulated deficit (276,774 ) (250,509 ) Total stockholders’ equity 75,966 93,970 Total liabilities and stockholders’ equity $ 110,080 $ 133,340 AEYE, INC. Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) Three months ended March 31, 2023 2022 Revenue: Prototype sales $ 125 $ 335 Development contracts 511 747 Total revenue 636 1,082 Cost of revenue 2,261 1,482 Gross loss (1,625 ) (400 ) Operating Expenses: Research and development 9,442 8,576 Sales and marketing 6,268 4,616 General and administrative 8,554 11,330 Total operating expenses 24,264 24,522 Loss from operations (25,889 ) (24,922 ) Other income (expense): Change in fair value of convertible note and warrant liabilities (810 ) (32 ) Interest income and other 277 424 Interest expense and other 176 (343 ) Total other income (expense), net (357 ) 49 Provision for income tax expense 19 8 Net loss $ (26,265 ) $ (24,881 ) Per Share Data Net loss per common share (basic and diluted) $ (0.16 ) $ (0.16 ) Weighted average common shares outstanding (basic and diluted) 165,865,864 155,515,093 AEYE, INC. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three months ended March 31, 2023 2022 Cash flows from operating activities: Net loss $ (26,265 ) $ (24,881 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 330 208 Gain on sale of property and equipment (53 ) — Noncash lease expense relating to operating lease right-of-use assets 350 317 Inventory write-downs, net of scrapped inventory 208 267 Change in fair value of convertible note and warrant liabilities 810 32 Stock-based compensation 6,513 5,340 Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest 33 594 Changes in operating assets and liabilities: Accounts receivable, net 494 3,930 Inventories, current and noncurrent, net (386 ) (436 ) Prepaid and other current assets 2,722 510 Other noncurrent assets 71 400 Accounts payable (985 ) (567 ) Accrued expenses and other current liabilities (134 ) (645 ) Operating lease liabilities (392 ) (325 ) Contract liabilities (511 ) (767 ) Net cash used in operating activities (17,195 ) (16,023 ) Cash flows from investing activities: Purchase of property and equipment (599 ) (774 ) Proceeds from sale of property and equipment 76 — Proceeds from redemptions and maturities of marketable securities 22,000 15,500 Net cash provided by investing activities 21,477 14,726 Cash flows from financing activities: Proceeds from exercise of stock options 323 222 Taxes paid related to the net share settlement of equity awards (868 ) (1,931 ) Payments for convertible note redemptions (2,300 ) — Net cash used in financing activities (2,845 ) (1,709 ) Net increase (decrease) in cash, cash equivalents and restricted cash 1,437 (3,006 ) Cash, cash equivalents and restricted cash at beginning of period 21,214 16,333 Cash, cash equivalents and restricted cash at end of period $ 22,651 $ 13,327 AEYE, INC.Reconciliation of GAAP to Non-GAAP Financial Measures(In thousands, except share and per share data)(Unaudited) Three months ended March 31, 2023 2022 GAAP net loss $ (26,265 ) $ (24,881 ) Non-GAAP adjustments: Stock-based compensation 6,513 5,340 Change in fair value of convertible note and warrant liabilities 810 32 One-time termination benefits 1,253 — Non-GAAP net loss $ (17,689 ) $ (19,509 ) Depreciation and amortization expense 330 208 Interest income and other (277 ) (424 ) Interest expense and other (176 ) 343 Provision for income tax expense 19 8 Adjusted EBITDA $ (17,793 ) $ (19,374 ) GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.16 ) $ (0.16 ) Non-GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.11 ) $ (0.13 ) Shares used in computing GAAP net loss per share attributable to common stockholders: Basic and diluted 165,865,864 155,515,093 Shares used in computing Non-GAAP net loss per share attributable to common stockholders: Basic and diluted 165,865,864 155,515,093 View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005013/en/Contacts Company Contacts: Jennifer Deitsch AEye, Inc. jennifer@aeye.ai 925-400-4366 Margaret Boyce Financial Profiles, Inc. aeye@finprofiles.com 310-622-8247 John Brownell Financial Profiles, Inc. aeye@finprofiles.com 310-622-8249 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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AEye Reports First Quarter 2023 Results By: AEye, Inc. via Business Wire May 11, 2023 at 16:05 PM EDT AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced its results for the first quarter ended March 31, 2023. Management Commentary “After a comprehensive review of AEye’s business, it was clear that we needed to intensify our focus on automotive and our path to commercialization with Continental, while aligning our resources with this streamlined business model,” said Matt Fisch, Chief Executive Officer of AEye. “During the first quarter of 2023, we made considerable progress in reducing our cost structure to align with the go-forward model, and by doing so, we have a plan to extend our cash runway through the end of 2024. I’m confident that AEye’s automotive-first strategy, capital-light model, and strategic partnership with Continental uniquely position us to capitalize on the enormous market opportunity ahead and to create value for our shareholders.” Q1 2023 Financials Revenue of $0.6 million in the first quarter of 2023. GAAP net loss was $(26.3) million, or $(0.16) per share based on 165.9 million weighted average common shares outstanding. Non-GAAP net loss was $(17.7) million, or $(0.11) per share based on 165.9 million weighted average common shares outstanding. Cash, cash equivalents, and marketable securities were $74.1 million as of March 31, 2023. Conference Call and Webcast Details AEye management will hold a conference call today, May 11, 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/448YmRM Webcast: https://aeye.pub/3LzVxSS 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 comparison. 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 change in fair value of convertible note and warrant liabilities, plus one-time termination benefits, 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 AEye’s business model, cost structure, and cash runway, as well as the strategic partnership with Continental and the ability to capitalize on the market opportunity and create value for shareholders, 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 focus on automotive and commercialization with Continental may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (ii) the risks that the reduced cost structure achieved during the first quarter of 2023 may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (iii) the risks that the reduced cost structure alone, or in conjunction with unforeseen future events, may not extend AEye’s cash runway through the end of 2024 as planned; (iv) 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; (v) 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; (vi) the risks that AEye’s products will not meet the diverse range of performance and functional requirements of AEye’s target markets and customers; (vii) 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; (viii) the risks that AEye may not continue to execute against its business plan to the extent anticipated, or at all; (ix) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (x) the risks that AEye is unable to adequately implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xi) 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) March 31, 2023 December 31, 2022 ASSETS Current Assets: Cash and cash equivalents $ 20,501 $ 19,064 Marketable securities 53,592 75,135 Accounts receivable, net 123 617 Inventories, net 4,695 4,553 Prepaid and other current assets 3,527 6,181 Total current assets 82,438 105,550 Right-of-use assets 15,152 15,502 Property and equipment, net 7,902 7,665 Restricted cash 2,150 2,150 Other noncurrent assets 2,438 2,473 Total assets $ 110,080 $ 133,340 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 2,209 $ 3,218 Accrued expenses and other current liabilities 9,646 9,764 Contract liabilities 476 987 Convertible notes 5,384 8,594 Total current liabilities 17,715 22,563 Operating lease liabilities, noncurrent 16,287 16,681 Other noncurrent liabilities 112 126 Total liabilities 34,114 39,370 Stockholders' Equity: Preferred stock — — Common stock 17 16 Additional paid-in capital 353,533 345,742 Accumulated other comprehensive loss (810 ) (1,279 ) Accumulated deficit (276,774 ) (250,509 ) Total stockholders’ equity 75,966 93,970 Total liabilities and stockholders’ equity $ 110,080 $ 133,340 AEYE, INC. Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) Three months ended March 31, 2023 2022 Revenue: Prototype sales $ 125 $ 335 Development contracts 511 747 Total revenue 636 1,082 Cost of revenue 2,261 1,482 Gross loss (1,625 ) (400 ) Operating Expenses: Research and development 9,442 8,576 Sales and marketing 6,268 4,616 General and administrative 8,554 11,330 Total operating expenses 24,264 24,522 Loss from operations (25,889 ) (24,922 ) Other income (expense): Change in fair value of convertible note and warrant liabilities (810 ) (32 ) Interest income and other 277 424 Interest expense and other 176 (343 ) Total other income (expense), net (357 ) 49 Provision for income tax expense 19 8 Net loss $ (26,265 ) $ (24,881 ) Per Share Data Net loss per common share (basic and diluted) $ (0.16 ) $ (0.16 ) Weighted average common shares outstanding (basic and diluted) 165,865,864 155,515,093 AEYE, INC. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three months ended March 31, 2023 2022 Cash flows from operating activities: Net loss $ (26,265 ) $ (24,881 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 330 208 Gain on sale of property and equipment (53 ) — Noncash lease expense relating to operating lease right-of-use assets 350 317 Inventory write-downs, net of scrapped inventory 208 267 Change in fair value of convertible note and warrant liabilities 810 32 Stock-based compensation 6,513 5,340 Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest 33 594 Changes in operating assets and liabilities: Accounts receivable, net 494 3,930 Inventories, current and noncurrent, net (386 ) (436 ) Prepaid and other current assets 2,722 510 Other noncurrent assets 71 400 Accounts payable (985 ) (567 ) Accrued expenses and other current liabilities (134 ) (645 ) Operating lease liabilities (392 ) (325 ) Contract liabilities (511 ) (767 ) Net cash used in operating activities (17,195 ) (16,023 ) Cash flows from investing activities: Purchase of property and equipment (599 ) (774 ) Proceeds from sale of property and equipment 76 — Proceeds from redemptions and maturities of marketable securities 22,000 15,500 Net cash provided by investing activities 21,477 14,726 Cash flows from financing activities: Proceeds from exercise of stock options 323 222 Taxes paid related to the net share settlement of equity awards (868 ) (1,931 ) Payments for convertible note redemptions (2,300 ) — Net cash used in financing activities (2,845 ) (1,709 ) Net increase (decrease) in cash, cash equivalents and restricted cash 1,437 (3,006 ) Cash, cash equivalents and restricted cash at beginning of period 21,214 16,333 Cash, cash equivalents and restricted cash at end of period $ 22,651 $ 13,327 AEYE, INC.Reconciliation of GAAP to Non-GAAP Financial Measures(In thousands, except share and per share data)(Unaudited) Three months ended March 31, 2023 2022 GAAP net loss $ (26,265 ) $ (24,881 ) Non-GAAP adjustments: Stock-based compensation 6,513 5,340 Change in fair value of convertible note and warrant liabilities 810 32 One-time termination benefits 1,253 — Non-GAAP net loss $ (17,689 ) $ (19,509 ) Depreciation and amortization expense 330 208 Interest income and other (277 ) (424 ) Interest expense and other (176 ) 343 Provision for income tax expense 19 8 Adjusted EBITDA $ (17,793 ) $ (19,374 ) GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.16 ) $ (0.16 ) Non-GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.11 ) $ (0.13 ) Shares used in computing GAAP net loss per share attributable to common stockholders: Basic and diluted 165,865,864 155,515,093 Shares used in computing Non-GAAP net loss per share attributable to common stockholders: Basic and diluted 165,865,864 155,515,093 View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005013/en/Contacts Company Contacts: Jennifer Deitsch AEye, Inc. jennifer@aeye.ai 925-400-4366 Margaret Boyce Financial Profiles, Inc. aeye@finprofiles.com 310-622-8247 John Brownell Financial Profiles, Inc. aeye@finprofiles.com 310-622-8249
AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced its results for the first quarter ended March 31, 2023. Management Commentary “After a comprehensive review of AEye’s business, it was clear that we needed to intensify our focus on automotive and our path to commercialization with Continental, while aligning our resources with this streamlined business model,” said Matt Fisch, Chief Executive Officer of AEye. “During the first quarter of 2023, we made considerable progress in reducing our cost structure to align with the go-forward model, and by doing so, we have a plan to extend our cash runway through the end of 2024. I’m confident that AEye’s automotive-first strategy, capital-light model, and strategic partnership with Continental uniquely position us to capitalize on the enormous market opportunity ahead and to create value for our shareholders.” Q1 2023 Financials Revenue of $0.6 million in the first quarter of 2023. GAAP net loss was $(26.3) million, or $(0.16) per share based on 165.9 million weighted average common shares outstanding. Non-GAAP net loss was $(17.7) million, or $(0.11) per share based on 165.9 million weighted average common shares outstanding. Cash, cash equivalents, and marketable securities were $74.1 million as of March 31, 2023. Conference Call and Webcast Details AEye management will hold a conference call today, May 11, 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/448YmRM Webcast: https://aeye.pub/3LzVxSS 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 comparison. 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 change in fair value of convertible note and warrant liabilities, plus one-time termination benefits, 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 AEye’s business model, cost structure, and cash runway, as well as the strategic partnership with Continental and the ability to capitalize on the market opportunity and create value for shareholders, 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 focus on automotive and commercialization with Continental may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (ii) the risks that the reduced cost structure achieved during the first quarter of 2023 may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (iii) the risks that the reduced cost structure alone, or in conjunction with unforeseen future events, may not extend AEye’s cash runway through the end of 2024 as planned; (iv) 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; (v) 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; (vi) the risks that AEye’s products will not meet the diverse range of performance and functional requirements of AEye’s target markets and customers; (vii) 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; (viii) the risks that AEye may not continue to execute against its business plan to the extent anticipated, or at all; (ix) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (x) the risks that AEye is unable to adequately implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xi) 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) March 31, 2023 December 31, 2022 ASSETS Current Assets: Cash and cash equivalents $ 20,501 $ 19,064 Marketable securities 53,592 75,135 Accounts receivable, net 123 617 Inventories, net 4,695 4,553 Prepaid and other current assets 3,527 6,181 Total current assets 82,438 105,550 Right-of-use assets 15,152 15,502 Property and equipment, net 7,902 7,665 Restricted cash 2,150 2,150 Other noncurrent assets 2,438 2,473 Total assets $ 110,080 $ 133,340 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 2,209 $ 3,218 Accrued expenses and other current liabilities 9,646 9,764 Contract liabilities 476 987 Convertible notes 5,384 8,594 Total current liabilities 17,715 22,563 Operating lease liabilities, noncurrent 16,287 16,681 Other noncurrent liabilities 112 126 Total liabilities 34,114 39,370 Stockholders' Equity: Preferred stock — — Common stock 17 16 Additional paid-in capital 353,533 345,742 Accumulated other comprehensive loss (810 ) (1,279 ) Accumulated deficit (276,774 ) (250,509 ) Total stockholders’ equity 75,966 93,970 Total liabilities and stockholders’ equity $ 110,080 $ 133,340 AEYE, INC. Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) Three months ended March 31, 2023 2022 Revenue: Prototype sales $ 125 $ 335 Development contracts 511 747 Total revenue 636 1,082 Cost of revenue 2,261 1,482 Gross loss (1,625 ) (400 ) Operating Expenses: Research and development 9,442 8,576 Sales and marketing 6,268 4,616 General and administrative 8,554 11,330 Total operating expenses 24,264 24,522 Loss from operations (25,889 ) (24,922 ) Other income (expense): Change in fair value of convertible note and warrant liabilities (810 ) (32 ) Interest income and other 277 424 Interest expense and other 176 (343 ) Total other income (expense), net (357 ) 49 Provision for income tax expense 19 8 Net loss $ (26,265 ) $ (24,881 ) Per Share Data Net loss per common share (basic and diluted) $ (0.16 ) $ (0.16 ) Weighted average common shares outstanding (basic and diluted) 165,865,864 155,515,093 AEYE, INC. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three months ended March 31, 2023 2022 Cash flows from operating activities: Net loss $ (26,265 ) $ (24,881 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 330 208 Gain on sale of property and equipment (53 ) — Noncash lease expense relating to operating lease right-of-use assets 350 317 Inventory write-downs, net of scrapped inventory 208 267 Change in fair value of convertible note and warrant liabilities 810 32 Stock-based compensation 6,513 5,340 Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest 33 594 Changes in operating assets and liabilities: Accounts receivable, net 494 3,930 Inventories, current and noncurrent, net (386 ) (436 ) Prepaid and other current assets 2,722 510 Other noncurrent assets 71 400 Accounts payable (985 ) (567 ) Accrued expenses and other current liabilities (134 ) (645 ) Operating lease liabilities (392 ) (325 ) Contract liabilities (511 ) (767 ) Net cash used in operating activities (17,195 ) (16,023 ) Cash flows from investing activities: Purchase of property and equipment (599 ) (774 ) Proceeds from sale of property and equipment 76 — Proceeds from redemptions and maturities of marketable securities 22,000 15,500 Net cash provided by investing activities 21,477 14,726 Cash flows from financing activities: Proceeds from exercise of stock options 323 222 Taxes paid related to the net share settlement of equity awards (868 ) (1,931 ) Payments for convertible note redemptions (2,300 ) — Net cash used in financing activities (2,845 ) (1,709 ) Net increase (decrease) in cash, cash equivalents and restricted cash 1,437 (3,006 ) Cash, cash equivalents and restricted cash at beginning of period 21,214 16,333 Cash, cash equivalents and restricted cash at end of period $ 22,651 $ 13,327 AEYE, INC.Reconciliation of GAAP to Non-GAAP Financial Measures(In thousands, except share and per share data)(Unaudited) Three months ended March 31, 2023 2022 GAAP net loss $ (26,265 ) $ (24,881 ) Non-GAAP adjustments: Stock-based compensation 6,513 5,340 Change in fair value of convertible note and warrant liabilities 810 32 One-time termination benefits 1,253 — Non-GAAP net loss $ (17,689 ) $ (19,509 ) Depreciation and amortization expense 330 208 Interest income and other (277 ) (424 ) Interest expense and other (176 ) 343 Provision for income tax expense 19 8 Adjusted EBITDA $ (17,793 ) $ (19,374 ) GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.16 ) $ (0.16 ) Non-GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.11 ) $ (0.13 ) Shares used in computing GAAP net loss per share attributable to common stockholders: Basic and diluted 165,865,864 155,515,093 Shares used in computing Non-GAAP net loss per share attributable to common stockholders: Basic and diluted 165,865,864 155,515,093 View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005013/en/
Company Contacts: Jennifer Deitsch AEye, Inc. jennifer@aeye.ai 925-400-4366 Margaret Boyce Financial Profiles, Inc. aeye@finprofiles.com 310-622-8247 John Brownell Financial Profiles, Inc. aeye@finprofiles.com 310-622-8249