AEye Reports Second Quarter 2024 Results
Significant OEM interest in Apollo; Company looks toward market launch
Beat guidance on cash burn; new capital resources extend runway
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
“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
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
In
-
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 ofJune 30, 2024 .
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:
Conference call: https://aeye.pub/4f3SCOH
Webcast: https://aeye.pub/3zEQrkK
About
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
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
Readers are cautioned not to put undue reliance on forward-looking statements;
| Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
2024 |
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 |
|
||
|
|
||||||||||||||||
|
Consolidated Statements of Operations |
||||||||||||||||
|
(In thousands, except share amounts and per share data) |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
|
|
|
||||||||||||||
|
Three months ended
|
|
Six months ended
|
||||||||||||||
|
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 |
|
||||
|
|
||||||||
|
Consolidated Statements of Cash Flows |
||||||||
|
(In thousands) |
||||||||
| (Unaudited) | ||||||||
|
Six months ended |
||||||||
|
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 |
|
||
|
|
||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||
|
(In thousands, except share amounts and per share data) |
||||||||||||||||
| (Unaudited) | ||||||||||||||||
|
Three months ended
|
|
Six months ended
|
||||||||||||||
|
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
eniu@finprofiles.com
310-622-8243
Company Contact
info@aeye.ai
925-400-4366
Source: