AEye Reports First Quarter 2026 Results; Commercial Pipeline Reaches Record Levels
Revenue Up ~60% Year-Over-Year; Active Customer Count Grows to 21; Active Quotes and Engagements Both Up Nearly 40%; 2026 Cash Burn Guidance Reaffirmed
Business Highlights
-
Record Commercial Engagement: Commercial activity has reached its highest level in the Company’s history, with
AEye now having 21 customers that have taken revenue-generating shipments – a 31% increase since the Company reported Q4 results inMarch 2026 . Quarter over quarter, quotes and engagements both increased by nearly 40%. -
Defense Vertical Expansion:
SynTech , a global defense systems company with ties to leading defense primes, is actively promoting Apollo™ to its customers, with initial shipments already underway. This partnership may unlock opportunities in international defense and aviation, potentially expanding AEye’s addressable market. - Automotive & OEM Momentum: Multiple new RFIs were received in Q1 across both the passenger and commercial vehicle segments, and OEMs have begun to reengage as L3 and L4 roadmaps are being reactivated.
- Trucking Evaluations: Multiple autonomous trucking company programs are underway and Apollo™ sensors are actively being shipped for evaluation, deepening the Company’s position in commercial vehicle autonomy.
-
ITS: OPTIS™ is live at an active
California intersection, in partnership with Flasheye and Blue-Band. -
APAC Progress: Commercial discussions with customers in
Australia ,Korea , andChina are advancing. -
NVIDIA Ecosystem: In
March 2026 ,AEye joined theNVIDIA Halos AI Systems Inspection Lab , the world’s first ANAB-accredited AI systems inspection lab. Apollo™ is validated on NVIDIA DRIVE AGX Orin™ and has been demonstrated on NVIDIA DRIVE AGX Thor™. -
Tier 1
Manufacturing Partnership : AEye’s manufacturing partnership with LITEON creates an industry-leading, globally diversified supply chain derived from off-the-shelf components, positioned to navigate geopolitical risk and shifting trade policies.
Management Commentary
“Q1 execution was steady and on plan -- the commercial pipeline continued to build, our partnerships advanced, and we now have more active proofs of concept (“POC”) and commercial engagements than at any point in our history,” said
Fisch continued, “Apollo™ offers best-in-class detection range when operating behind a windshield, which is a decisive differentiator as OEMs reengage and L3 and L4 programs begin to expand. The partnerships we have built -- from NVIDIA to LITEON to
Financial Highlights
-
Q1 2026 revenue was approximately
$101,000 , up approximately 60% compared to$64,000 in Q1 2025, and roughly flat sequentially. -
GAAP net loss in Q1 2026 was
$(8.3) million , or$(0.18) per share. -
Non-GAAP net loss in Q1 2026 was
$(6.7) million , or$(0.15) per share. -
Cash burn in Q1 2026 was
$9.2 million . -
Cash, cash equivalents, and marketable securities were
$77.2 million as ofMarch 31, 2026 .
“Our commercial momentum continued to build throughout the quarter,” said
2026 Cash Burn Outlook
The Company reaffirms its expectation that cash burn for the full year 2026 will be in the range of
Conference Call and Webcast Details
The webcast and accompanying slides will be accessible via the company’s website at https://investors.aeye.ai/.
Access is also available via:
Webcast: https://edge.media-server.com/mmc/p/799vhiag/
About
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
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 stock issuance and debt issuance costs, less change in fair value of convertible note and warrant liabilities, plus expenses related to contested proxy, less gain on termination of operating lease, net; 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.
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 in this press release include, without limitation, statements about AEye’s cash burn for 2026, the operational runway well into 2028, the benefits expected from new commercial relationships, the benefits to be derived from the reactivation of L3 and L4 roadmaps, and the benefits of AEye’s manufacturing partnership with LITEON, 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
Investors are cautioned not to put undue reliance on forward-looking statements;
Consolidated Balance Sheets (In thousands) (Unaudited) |
|||||||
| As of |
As of |
||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents |
$ |
45,162 |
|
$ |
43,356 |
|
|
| Marketable securities |
|
32,076 |
|
|
43,104 |
|
|
| Accounts receivable, net |
|
96 |
|
|
77 |
|
|
| Inventories, net |
|
963 |
|
|
1,015 |
|
|
| Prepaid and other current assets |
|
1,397 |
|
|
2,081 |
|
|
| Total current assets |
|
79,694 |
|
|
89,633 |
|
|
| Right-of-use assets |
|
1,399 |
|
|
441 |
|
|
| Property and equipment, net |
|
770 |
|
|
577 |
|
|
| Other noncurrent assets |
|
189 |
|
|
242 |
|
|
| Total assets |
$ |
82,052 |
|
$ |
90,893 |
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable |
$ |
3,843 |
|
$ |
3,615 |
|
|
| Accrued expenses and other current liabilities |
|
2,341 |
|
|
4,957 |
|
|
| Total current liabilities |
|
6,184 |
|
|
8,572 |
|
|
| Operating lease liabilities, noncurrent |
|
927 |
|
|
235 |
|
|
| Convertible note, noncurrent |
|
146 |
|
|
146 |
|
|
| Other noncurrent liabilities |
|
579 |
|
|
598 |
|
|
| Total liabilities |
|
7,836 |
|
|
9,551 |
|
|
| Stockholders’ Equity: | |||||||
| Preferred stock |
|
- |
|
|
- |
|
|
| Common stock |
|
4 |
|
|
4 |
|
|
| Additional paid-in capital |
|
489,651 |
|
|
488,361 |
|
|
| Accumulated other comprehensive income (loss) |
|
(41 |
) |
|
30 |
|
|
| Accumulated deficit |
|
(415,398 |
) |
|
(407,053 |
) |
|
| Total stockholders’ equity |
|
74,216 |
|
|
81,342 |
|
|
| Total liabilities and stockholders’ equity |
$ |
82,052 |
|
$ |
90,893 |
|
|
Consolidated Statements of Operations (In thousands, except share amounts and per share data) (Unaudited) |
|||||||
| Three months ended |
|||||||
|
|
2026 |
|
|
2025 |
|
||
| Revenue |
$ |
101 |
|
$ |
64 |
|
|
| Cost of revenue |
|
201 |
|
|
96 |
|
|
| Gross loss |
|
(100 |
) |
|
(32 |
) |
|
| Operating expenses: | |||||||
| Research and development |
|
3,765 |
|
|
3,490 |
|
|
| Sales and marketing |
|
986 |
|
|
383 |
|
|
| General and administrative |
|
4,178 |
|
|
2,895 |
|
|
| Total operating expenses |
|
8,929 |
|
|
6,768 |
|
|
| Loss from operations |
|
(9,029 |
) |
|
(6,800 |
) |
|
| Other income (expense): | |||||||
| Change in fair value of convertible note and warrant liabilities |
|
19 |
|
|
680 |
|
|
| Interest income and other |
|
645 |
|
|
214 |
|
|
| Interest expense and other |
|
22 |
|
|
(2,108 |
) |
|
| Total other income (expense), net |
|
686 |
|
|
(1,214 |
) |
|
| Loss before income tax |
|
(8,343 |
) |
|
(8,014 |
) |
|
| Provision for income tax |
|
2 |
|
|
2 |
|
|
| Net loss |
$ |
(8,345 |
) |
$ |
(8,016 |
) |
|
| Per Share Data: | |||||||
| Net loss per common share (basic and diluted) |
$ |
(0.18 |
) |
$ |
(0.46 |
) |
|
| Weighted average common shares outstanding (basic and diluted) |
|
45,214,397 |
|
|
17,448,617 |
|
|
Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||
| Three months ended |
|||||||
|
|
2026 |
|
|
2025 |
|
||
| Cash flows from operating activities: | |||||||
| Net loss |
$ |
(8,345 |
) |
$ |
(8,016 |
) |
|
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization |
|
40 |
|
|
37 |
|
|
| Noncash lease expense relating to operating lease right-of-use assets |
|
75 |
|
|
51 |
|
|
| Gain on termination of operating lease, net |
|
- |
|
|
(1,685 |
) |
|
| Common stock purchase agreement costs |
|
136 |
|
|
111 |
|
|
| Debt issuance costs |
|
- |
|
|
1,984 |
|
|
| Inventory write-downs, net of scrapped inventory |
|
- |
|
|
24 |
|
|
| Change in fair value of convertible note and warrant liabilities |
|
(19 |
) |
|
(680 |
) |
|
| Stock-based compensation |
|
1,542 |
|
|
2,501 |
|
|
| Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest |
|
57 |
|
|
(74 |
) |
|
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net |
|
(19 |
) |
|
5 |
|
|
| Inventories, current and noncurrent, net |
|
52 |
|
|
4 |
|
|
| Prepaid and other current assets |
|
684 |
|
|
98 |
|
|
| Other noncurrent assets |
|
53 |
|
|
80 |
|
|
| Accounts payable |
|
205 |
|
|
222 |
|
|
| Accrued expenses and other current liabilities |
|
(2,895 |
) |
|
(2,408 |
) |
|
| Operating lease liabilities |
|
(121 |
) |
|
(57 |
) |
|
| Net cash used in operating activities |
|
(8,555 |
) |
|
(7,803 |
) |
|
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment |
|
(187 |
) |
|
(6 |
) |
|
| Purchases of marketable securities |
|
- |
|
|
(14,303 |
) |
|
| Proceeds from redemptions and maturities of marketable securities |
|
10,900 |
|
|
5,731 |
|
|
| Net cash provided by (used in) investing activities |
|
10,713 |
|
|
(8,578 |
) |
|
| Cash flows from financing activities: | |||||||
| Proceeds from issuance of convertible note |
|
- |
|
|
2,950 |
|
|
| Transaction costs related to issuance of convertible note |
|
- |
|
|
(578 |
) |
|
| Proceeds from issuance of common stock under Common Stock Purchase Agreements |
|
- |
|
|
9,495 |
|
|
| Stock issuance costs related to Common Stock Purchase Agreements |
|
(100 |
) |
|
(152 |
) |
|
| Taxes paid related to the net share settlement of equity awards |
|
(252 |
) |
|
(333 |
) |
|
| Net cash provided by (used in) financing activities |
|
(352 |
) |
|
11,382 |
|
|
| Net increase (decrease) in cash and cash equivalents |
|
1,806 |
|
|
(4,999 |
) |
|
| Cash and cash equivalents at beginning of period |
|
43,356 |
|
|
10,266 |
|
|
| Cash and cash equivalents at end of period |
$ |
45,162 |
|
$ |
5,267 |
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except share amounts and per share data) (Unaudited) |
||||||||
| Three months ended |
||||||||
|
|
2026 |
|
|
2025 |
|
|||
| GAAP net loss |
$ |
(8,345 |
) |
$ |
(8,016 |
) |
||
| Non-GAAP adjustments: | ||||||||
| Stock-based compensation |
|
1,542 |
|
|
2,501 |
|
||
| Stock issuance and debt issuance costs |
|
136 |
|
|
2,095 |
|
||
| Change in fair value of convertible note and warrant liabilities |
|
(19 |
) |
|
(680 |
) |
||
| Expenses related to contested proxy |
|
- |
|
|
296 |
|
||
| Gain on termination of operating lease, net |
|
- |
|
|
(1,685 |
) |
||
| Non-GAAP net loss |
|
(6,686 |
) |
|
(5,489 |
) |
||
| Depreciation and amortization expense |
|
40 |
|
|
37 |
|
||
| Interest income and other |
|
(645 |
) |
|
(214 |
) |
||
| Interest expense and other |
|
(158 |
) |
|
13 |
|
||
| Provision for income tax |
|
2 |
|
|
2 |
|
||
| Adjusted EBITDA |
$ |
(7,447 |
) |
$ |
(5,651 |
) |
||
| GAAP net loss per share attributable to common stockholders: | ||||||||
| Basic and diluted |
$ |
(0.18 |
) |
$ |
(0.46 |
) |
||
| Non-GAAP net loss per share attributable to common stockholders: | ||||||||
| Basic and diluted |
$ |
(0.15 |
) |
$ |
(0.31 |
) |
||
| Shares used in computing GAAP net loss per share attributable to common stockholders: | ||||||||
| Basic and diluted |
|
45,214,397 |
|
|
17,448,617 |
|
||
| Shares used in computing Non-GAAP net loss per share attributable to common stockholders: | ||||||||
| Basic and diluted |
|
45,214,397 |
|
|
17,448,617 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260513412374/en/
Investor Relations
info@aeye.ai
925-400-4366
lidrir@allianceadvisors.com
Media Relations
Alliance Advisors IR
Fatema Bhabrawala
fbhabrawala@allianceadvisors.com
647-620-5002
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